| June 12, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Bits & Pieces
By John J. Lothian
This week will see the JLN team back together, though Sarah Rudolph is taking a couple of days off. Jim Kharouf and Mike Forrester returned safely from London after attending IDX. During the week and at the conference, the JLN team shot 24 video interviews covering exchanges, technology and regulation. Those interviews will be rolled out starting this week.
I am back from the woods and caves of Kentucky where we had a perfect week of weather while exploring Mammoth Cave and surrounding attractions.
I am proud to report my daughter Katherine, who is spending the summer as a lifeguard up in Wisconsin, made her first save. She pulled an eight-year-old girl out of Geneva Lake after she became tired while swimming and went under.
You will start to hear more and more about upcoming events sponsored by John Lothian News, including the FOW-JLN Chicago event on June 28th. Register here. If you haven't seen the program for Trading Chicago, please take a look below. We have timely topics and terrific speakers. It is well worth your time.
Also, the MarketsWiki Education events for Chicago and New York and open for registration and they are coming in bunches. You can see details for the events, registration information and pricing here
John Lothian News offering two sessions of the Trading Tech 300 program with the Boy Scouts and the Pathway to Adventure Council. We will be teaching the journalism and communications merit badges that day. Details and sign-up are here
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Have you checked out the lineup for Trading Chicago?
JLN
The FOW-JLN conference Trading Chicago is on June 28th  less than three weeks from now. Is it on your calendar yet?
Check out the lineup. Speakers this year include the Streetwise Professor Craig Pirrong, Leslie Sutphen and Gary DeWaal debating Dodd-Frank, Fidessa's Steve Grob, Chris Hehmeyer and Joshua Yang talking about our markets in an age of populism with Carl Gilmore. Other notables include Jay Feuerstein of Budo Group, Richard Mackey of Rosenthal Global Securities and Tim Gits of Eurex and Chris Anderson of Itiviti talking about opportunities in the red hot interest rate markets. There are more speakers to check out on the Agenda page
Tickets for CTAs, hedge funds, proprietary traders and asset managers are FREE. For a quick snapshot of the event, see our cool animation of Trading Chicago below. You can register directly HERE
But wait, there's more.
We have opened up registration for the Marketswiki Education events in New York on July 11 and 12, and our events in Chicago on July 17, 19 and 21. Every year it gets bigger. Every year we have great speakers who tell interns and young professionals about careers, trends and opportunities in the financial marketplace. Click here to sign up.
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You're Invited to FOW-John Lothian News Trading Chicago on June 28th!
Register here
This one-day event at the Swissotel on June 28th is aimed largely at the end-users of the markets: commodity trading advisors, asset managers, hedge funds and proprietary traders.
The conference will cover the issues that impact those firms directly - regulation, technology and market structure, with an underlying thread of trading in an age of uncertainty. All of this will be delivered in a variety of formats, from an Oxford-style debate on the Dodd-Frank Act's repeal to TED-style talks to panel discussions.
The event is free to attend for CTAs, asset managers, props and hedge funds. For full conference information, click HERE.
Watch the preview »
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30th Anniversary of Equity Futures Market
OSE
Osaka Exchange, Inc. (OSE) is celebrating the 30th anniversary of the launch of its equity futures market.
Over the past 30 years, the equity futures market in Japan has seen steady growth and development, commencing with the pioneering launch of Osaka Stock Futures 50 (OSF 50) (*1) on June 9, 1987, followed by Nikkei 225 Futures and TOPIX Futures in 1988, and later Nikkei 225 mini in 2006(*2).
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***** 30 is a good number.
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Bridging the Week: June 5 to 9 and June 12, 2017 (SEC Disgorgement Actions Are Not Forever; Keep Suspicions in SARs; Audit Trail Requirements)
Gary DeWaal
The United States Supreme Court ruled last week that the Securities and Exchange Commission cannot bring enforcement actions seeking disgorgement more than five years after alleged wrongful conduct has occurred. In 2013, the Court previously precluded such untimely filings for SEC enforcement actions seeking civil penalties. The logic of these decisions should equally apply to enforcement actions brought by the Commodity Futures Trading Commission as well as other federal regulatory agencies that do not have their own distinct statute of limitations. In addition, the SEC brought an enforcement action against a broker-dealer for not only failing to file suspicious activity reports, but also for filing SARs without adequately explaining the rationale for such filings.
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JPMorgan says everyone should read these 11 books this summer
Raul Hernandez - Business Insider
JPMorgan has released its 18th annual summer reading list.
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***** Do yourself a favor and buy a Kindle to read them.
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The World's Unlikeliest Socialists; Angered by Brexit, London's Kensington backs Corbyn
Matthew Campbell and Alex Morales - Bloomberg
The residents of Kensington make unlikely socialists. Kensington Palace is the official residence of Britain's future king, William. The West London district is home to bankers, celebrities and aristocrats of all nations drawn to its immaculate Georgian squares, tasteful luxury shops and easy access to the green spaces of Hyde Park. Even in one of the world's most expensive cities, the cost of admission is eye-watering: 1.3 million pounds ($1.7 million) is the price of the median home, with the finer places going for many times that.
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****** I love Kensington, one way or another.
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What Is It Like to Be Nice to Everybody?; People with a disorder called Williams syndrome are irrepressibly friendly and driven to engage with others
Jennifer Latson - WSJ
Eli D'Angelo has never met anyone he didn't immediately like. Most of the conversations he strikes up with strangers begin with compliments, segue into a series of earnest questions about the person's life, health, relatives and pets, and build up to an invitation to a sleepover. They always end with a hug and often with Eli telling his new friend, "I love you."
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****** I don't have this gene, but I know some that probably do.
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Friday's Top Three
Friday's top stories were led by the New York Times piece Hollywood-esque title
The Bounty Hunter of Wall Street. Second went to everyone's curiosity in The Guardian's piece Bilderberg: the world's most secretive conference is as out of touch as ever/ My guess is they didn't get invited. Third went to the Wall Street Journal's Futures Trader Banned After Pleading Guilty to 'Spoofing'
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MarketsWiki Stats
102,413,218 pages viewed; 22,542 pages; 206,417 edits
MarketsWiki Statistics
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| Lead Stories | Trump to nominate ex-NYSE Euronext VP Dawn DeBerry Stump to CFTC
Reuters
U.S. President Donald Trump intends to nominate Dawn DeBerry Stump, a former vice president at NYSE Euronext, to serve as commissioner on the Commodity Futures Trading Commission, the White House said in a statement on Friday.
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The Riddle of the Wall Street Brain Drain; Is it a problem if lots of the best and brightest go into finance?
Noah Smith - Bloomberg
Nowadays, if you're a smart college graduate, Silicon Valley and its tech-startup scene is the hot place to be. But 10 years ago, it seemed like everyone with a brain and big ambitions wanted to go to Wall Street. The worlds of investment banking and trading were a golden ladder to the good life.
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Derivatives Industry Sends Warning to EU on Brexit Clearing Move
Silla Brush - Bloomberg
ISDA survey shows initial margin increasing as much as 20%; European Commission plans to issue clearing proposals Tuesday
The forced relocation of euro clearing to the European Union after Brexit would drive up costs, a derivatives-industry group said as policy makers in Brussels prepare to retake control of the London-dominated business.
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Asia Traders Overwhelmed by New Europe Law as Deadline Looms
Bloomberg
Asian institutions have been overwhelmed by the breadth and scope of sweeping changes to Europe's financial rules due in January, according to an industry group.
The law, known as MiFID II, threatens to upend everything from trading to research distribution, jolting firms in the region that are already burdened by a recent focus on other cross-border rules, said Keith Noyes, Asia Pacific director at the International Swaps and Derivatives Association.
jlne.ws/2stIE54
LSE boss: It wasn't Brexit that killed the Deutsche Boerse dream
Lucy Burton - Telegraph
Xavier Rolet isn't afraid of failure, which can only be a good thing given the year he's just had.
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Despite Hopes, 'Flash Boys' Heroes Are Far From Reshaping U.S. Stock Market
Alexander Osipovich - WSJ
In September, IEX Group Inc. threw a party at Manhattan's Bowery Hotel to celebrate becoming a full-fledged stock exchange.
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Chance of smooth Brexit fades after British election chaos
Alastair Macdonald - Reuters
Theresa May's insistence on starting Brexit negotiations next Monday is questioned by Britons who think the prime minister's calamitous election setback means she should now seek to stay in the EU single market.
/goo.gl/wcTA4S
World cotton futures die a quiet death
Gregory Meyer - Financial Times
Creating a new cotton futures contract took Intercontinental Exchange years of planning, multiple rounds of wrangling with cotton merchants and finally an act of US Congress  but the exchange operator has quietly pulled the plug just 18 months after its debut.
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Costs of bank cyber thefts hit SWIFT profit last year
Tom Bergin - Reuters
Dealing with cyber hacks on banks ate into profit last year at the SWIFT messaging system, which financial institutions use to move trillions of dollars each day. Hackers stole $81 million from the Bangladesh central bank in February last year after gaining access to its SWIFT terminal and the emergence of other successful and unsuccessful hacks rocked faith in a system previously seen as totally secure.
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When Currencies Fall, Export Growth Is Supposed to FollowÂUntil Now; The U.K. economy is providing a live test of whether globalization has blunted the textbook effect of currency depreciation
Christopher Whittall and Mike Bird - WSJ
For decades, economics textbooks argued that suddenly weaker currencies are a boon to growth, because they make a country's exports more competitive or profitable on the global stage, which in turn boosts domestic production and employment. What if that theory no longer holds?
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Fed's Effort to Guide Markets Falls Short; Moves to rein in financial conditions appear to be having little impact
David Harrison - WSJ
The Federal Reserve's interest-rate increases aren't having the desired effect of cooling off Wall Street's hot streak.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | IEX statistics for May: the devil is in the details
Meanderful Blog
A reader may know by now that I'm not a huge fan of the IEX hubris and hypocrisy emanating from their general direction concerning their speed-bump. The smart HFT will continue to worry that such market structure debauchery will harm the market in the longer term even if it provides opportunity in the short term. HFTs rely on healthy markets. IEX's Dark Fader does not promote market health.
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LCH names Davie to run global rates business; Davie will run LCH's global OTC and listed rates derivatives clearing business, as well as the launch of SwapAgent.
Joe Parsons - The Trade
LCH has appointed Michael Davie as global head of rates for the group, taking over the role from Daniel Maguire who was named group COO earlier this year.
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APW wheat prices soar to $212.50/mt on drought hedge, strong Australian dollar
Platts
Australian APW wheat prices hit the highest level so far in 2017 on Thursday at $212.50/mt FOB, according to S&P Global Platts data.
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Eyeing a relevant spot among exchanges
Ashish Rukhaiyar - The Hindu
Even after 10 years in business, the Metropolitan Stock Exchange of India is trying to find its place
Back in 2012, when the MCX Stock Exchange (MCX-SX) was working towards starting its equity segment, its actions were being closely watched by the existing two stock exchanges - the BSE and the National Stock Exchange (NSE). To be fair, the unveiling in February 2013 did make an impact, albeit for a short period of time.
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Lower charges help BSE overtake NSE in currency derivative trading
Ram Sahgal, Saikat Das - Economic Times
MUMBAI: The BSE is the latest favourite with currency derivative traders, with daily trading volumes of hedging instruments on Asia's first bourse rising past those on the competing and well-equipped National Stock Exchange (NSE)
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Decision on Market Division pertaining to Alteration of Listing Market (from Mothers to 1st Section): Strike Company,Limited
JPX - TSE
The new market division for Strike Company,Limited, whose alteration of listing market is scheduled for Jun. 23, 2017 (Fri.), will be the 1st Section.
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Broadening of Daily Price Limits (Preliminary Notice) : TOSE CO.,LTD.
JPX - TSE
The trading conditions of TOSE CO.,LTD. (Code: 4728) on the TSE market today and on the previous business day have fallen under the following (1) or (2) for two consecutive days. TSE wishes to bring to your attention that if the trading condition of the issue continues to fall under (1) or (2) on the next business day (June 13), TSE will broaden only its upper daily price limit.
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Sebi approves Vikram Limaye as NSE chief; The nod comes three months after the exchange proposed Limaye's name to the regulator
Samie Modak - Business Standard
The Securities and Exchange Board of India (Sebi) has approved the National Stock Exchange's (NSE's) proposal to appoint Vikram Limaye as the latter's managing director and chief executive officer (MD & CEO).
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Tel Aviv bourse to remove hurdles for new members
Reuters
The Tel Aviv Stock Exchange said on Sunday it is making it easier for financial groups to become bourse members in its latest bid to improve trading volumes.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Hong Kong Cozies Up to Shenzhen to Create Future Tech Giants
Natasha Khan and Enda Curran - Bloomberg
Two cities agree to build tech park in disputed border zone; Hong Kong trying to keep up as Chinese cities forge ahead
It's the story of an obscure fishing community that was afforded special trading status and grew to become one of the world's most vibrant economic centers.
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Seed fund raises $60m to back European tech start-ups; Firstminute to focus on robotics, artificial intelligence and the internet of things
John Thornhill, Innovation Editor - FT
A pan-European seed fund formed by Brent Hoberman, co-founder of lastminute.com, has raised $60m to invest in technology start-ups across the region.
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Competing 'Invisible' Payment Systems to Keep Market Unsettled; Competing payments technologies from card networks, retailers and tech firms mean there is no one market leader yet
Kim S. Nash- WSJ
Retailers, technology companies, and credit-card processors are working toward "invisible payments" that use IT to eliminate many - eventually, perhaps all - of the physical financial steps in buying goods and services. But the market is in the early stages of adoption and it will be highly fractured for years to come, according to experts at a fintech panel Thursday at Columbia University.
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Bitcoin Breaks $3,000, Continuing Epic Bull Run
David Z. Morris - Fortune
The cryptocurrency bitcoin has continued its stunning run-up, briefly surpassing the $3,000 threshold early Sunday afternoon.
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Interview: Fintech CEO on how to create Buzz in a start-up
CNBC
Award-winning CEO, Becky Downing, shares her tips on how to grow a fintech: Execution is what matters, not the idea, and data is crucial.
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| Politics | | An overview of politics as it relates to the financial markets | Trump selects ex-banker to oversee Wall Street
John Bowden - The Hill
The White House has clarified that President Trump's nominee to run a U.S. regulator office didn't actually attend Dartmouth College, Bloomberg News reported Friday.
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D.C. and Maryland to sue President Trump, alleging breach of constitutional oath
Aaron C. Davis - Washington Post
Attorneys general for the District of Columbia and the state of Maryland say they will sue President Trump on Monday, alleging that he has violated anti-corruption clauses in the Constitution by accepting millions in payments and benefits from foreign governments since moving into the White House.
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Investors Contemplate the Corbyn Effect
Mike Bird - WSJ
After the U.K.'s surprise election result, investors are asking a question they haven't in many decades: what will a self-described socialist mean for their British investments?
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Fox News favorite announces future run for US Senate
Samantha Chang - BPR
A rising tide lifts all boats, so it's not surprising that President Trump's meteoric ascension to the world's most powerful job has inspired other celebrities to consider politics.
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As Politics Boil, Financial Markets Are in Dream Land; Elections bring anxiety yet markets are calm, but the reasons behind the anxiety threaten markets
Richard Barley - WSJ
Financial markets are in fairy-tale land. Surprises like the U.K. election, the victory of President Donald Trump and Brexit show a deep unease with economic conditions. Yet easy money, relatively steady global growth and low inflation have encouraged talk of "Goldilocks."
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Macron Trolls Trump to Establish International Role, Win Votes
Gregory Viscusi and Margaret Talev - Bloomberg
Stance on U.S. leader's climate move popular beyond France; Macron facing key parliamentary elections in a week's time
French President Emmanuel Macron has found a way to establish himself on the international scene: give Donald Trump a taste of his own trolling. Oh, and it's not bad for domestic politics either.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Trump Administration to Call for Curbs on Consumer-Finance Regulator; The report from the Treasury Department also recommends a reassessment of banking rules
Ryan Tracy - WSJ
The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday, according to people familiar with the matter.
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Acting U.S. Banking Regulator Is Recused From Decisions on Many Banks; Interim OCC head Keith Noreika's recusal list includes former law firm employers, major banks including J.P. Morgan and Bank of America
Ryan Tracy - WSJ
The acting head of a top U.S. banking regulator has temporarily recused himself from matters involving 80 banks, law firms and other entities, according to documents made public Friday.
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France Holds Out as Bank Regulators Drive for Basel Overhaul
Boris Groendahl and Silla Brush - Bloomberg
The French have staunchly opposed proposed Basel III changes; Basel Committee members convene in Lulea, Sweden, June 14-15
Global bank regulators have been toiling for a decade on capital rules intended to help prevent another financial crisis. Now they're within touching distance of a final deal, with one main obstacle standing in their way: France.
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Simplifying The Compliance Challenge; From Where We Stand
DTCC
From Where We Stand, market utilities play an integral role in helping firms meet complex regulatory requirements in the most efficient and cost-effective way possible.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Pound Faces Fresh Headwinds as U.K. Political Limbo Is Prolonged
Ven Ram - Bloomberg
Sterling adds to Friday's losses that followed election result; Risk reversals show stiff premium to protect against losses
The pound looked set to be buffeted by fresh headwinds on Monday after U.K. Prime Minister Theresa May's efforts of clinging to power through a loose political alliance suffered a setback.
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U.S. Stocks Still Best for Vanguard Founder After 400% Gains
Selcuk Gokoluk - Bloomberg
Index fund founder has his assets in U.S. stocks and bonds; Says he'd seek out emerging markets over other developed ones
While a chorus of market experts is telling investors to look outside of the U.S. for big returns, at least one loud voice is singing a very different tune -- Vanguard Group founder Jack Bogle.
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State investors stock up on record gold reserves amid uncertainty; Allure of precious metal helped by 'haven asset' status and rising prices
Attracta Mooney - FT
The gold reserves of the world's biggest public sector investors reached an 18-year high as they hoarded the precious metal after Donald Trump's election and the Brexit vote added to geopolitical uncertainty.
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The End of ECB Purchases and Why Finland Is Already Prepared
Leo Laikola and Kati Pohjanpalo - Bloomberg
Finland plans new 10-year bond in second half of 2017; Treasury targets maturity profiles that will work when QE ends
One day, the European Central Bank will no longer be the backbone of Europe's bond market and anyone who grew too comfortable with that support will be in for a shock.
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Cost of 'Black Swan' bet on falling markets hits pre-crisis low; Hedge funds could make 25 times their money if S&P 500 falls 7 per cent in a month
Miles Johnson - FT
The cost for hedge funds of taking out "Black Swan" insurance against a sharp fall for US equities has fallen to the lowest level since before the financial crisis as stock markets continue to touch all-time highs.
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Scooters instead of boardroom 'kabuki': how one fund manager picks winners
Svea Herbst-Bayliss - Reuters
Mitch Golden scrutinizes hedge fund managers and their investment ideas in a variety of settings from the back of a motor scooter in Ho Chi Minh City to a park bench in New York's Central Park. The lieutenant of billionaire investor David Einhorn says it gives him the sort of perspective he can't get from sitting in an office.
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Hedge Fund Delivers 19% Return by Betting Only on Safest Bonds
Jonas Cho Walsgard - Bloomberg
Asgard fund buys mainly AAA rated debt, takes no credit risk; Leverage is now about 11 times, goes long risk premiums
The best returns are not in the riskiest stocks but in the least risky bonds. But you can't get them without leverage.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Quorum: J.P. Morgan's Ethereum fork could eat your lunch; J.P. Morgan and Zcash were discussing Quorum along side Enterprise Ethereum Alliance at Consensus 2017.
IB Times
Remember when J.P. Morgan's Jamie Dimon warned that Bitcoin could eat the banking industry's lunch? Since then the bank has pivoted to broadly embrace FinTech, placing big bets on machine learning and a new startup residency.
/goo.gl/fRIegn
Why Goldman Sachs Could Be Wall Street's Biggest Winner Under Trump
William D. Cohan - Fortune
Lloyd Blankfein has always been a big worrier. At Harvard, the future CEO of Goldman Sachs worried that he wouldn't be able to match wits with the prep-school students who seemed light-years more savvy than a little kid from an outer borough of New York City. "I was as provincial as you could be," he once told me, "albeit from Brooklyn, the province of Brooklyn."
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Behind Jamie Dimon, JPMorgan's Bench Remains Deep
Gillian Tan - Bloomberg
JPMorgan Chase & Co.'s chief operating officer Matt Zames is bidding the bank farewell. Investors needn't follow.
/goo.gl/gSDKbG
How Wells Fargo's CEO Is Going to Save the Bank
Geoff Colvin - Fortune
When news of the Wells Fargo fake-Âaccounts scandal broke this past September, the company's stock responded as it had for much of the year: It rose.
/goo.gl/aVHK5Z
Why high-cost money managers aren't worried about the passive investing boom
Julia La Roche - Yahoo Finance
It's a mistake for investors to dismiss the entire hedge fund industry because it has underperformed the stock market in recent years. There'll come a time when the market won't be so kind to those invested in low-cost, passively-managed index funds. And when that time comes, what appears to be exorbitant fees charged by fund managers will seem totally justified.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong, Singapore rivalry hobbling Asia in $100 bn fintech race: lobby group; 'Regulatory complexity and uncertainty created by competition among the region's leading financial centres is cramping firms that are seeking to scale up'
Reuters
Asia's competitiveness in fintech is being undermined by the rivalry among the region's financial centres that has created regulatory complexity and uncertainty, a financial lobby group has warned.
/goo.gl/BSfD1m
Emerging-Market Debt's Frayed Edges
Lisa Abramowicz - Bloomberg
Investors are deepening their love affair with emerging-market debt at a time of profound complacency in stocks and bonds. As they do so, some buyers may be disregarding some fundamental facts.
/goo.gl/TWQOvS
Qatar Assets Add Up Losses as Tension With Arab States Grows
Filipe Pacheco and Arif Sharif - Bloomberg
Investors in Qatari stocks, bonds and currency forwards have been saddled with losses since the country was thrust into the epicenter of an unprecedented spat with its neighbors.
/goo.gl/yjxY2k
China Market Regulator Steps Up IPO Rejections; Approval rate through May 19 was 73%, down from 92% in 2016 and 91% in 2015
WSJ
China's securities watchdog, which has vowed to prevent fraudulent stock listings, is rejecting a far larger portion of initial public offerings this year.
/goo.gl/Sas3sO
Beijing Lands in Another Debt Mess; Chinese authorities give provincial governments the green light to issue new land-revenue bonds
Anjani Trivedi - WSJ
The debt Beijing is ostensibly trying to rinse away through deleveraging is being reconstituted in a new form.
/goo.gl/mRn5iT
Hong Kong Shorts, Meet Your New Nemesis
Nisha Gopalan - Bloomberg
Hong Kong short sellers, you have a new challenge -- banks and bullish analysts.
/goo.gl/4GLlFP
China Holds Firm to $5 Trillion Anchor as Fed, ECB Seek Exit
Bloomberg News
PBOC's assets contracted 3.1% from January-end to March-end; Asset holdings reduction won't continue, economists say
Investors who fret about when and how global central banks will run down their crisis-era balance sheets can be relaxed about the biggest of them all -- China's.
/goo.gl/sZ9bH1
China Bond-Rating Champ Unfazed by Foreign Competitor Threat
Bloomberg News
China Chengxin says domestic firms will prove to have an edge; Local bond ratings tend to be higher than typical overseas
The world's second-largest corporate bond market is opening up to foreign ratings companies, but that's not fazing China's local champion, which sees another case of overseas players foundering in a competitive mainland market.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Britain's May does not have majority for leaving single market: Conservative lawmaker
Reuters
British Prime Minister Theresa May does not have a majority in parliament for taking Britain out of the European single market, a pro-EU member of May's Conservative Party said on Sunday.
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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