| August 30, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
Paul Georgy of Allendale is today's featured speaker from the MarketsWiki Education World of Opportunity series in Chicago from July.~JJL
Speaking of opportunity, would you like to be a sponsor of our MarketsWiki Education Intern Recruiting Event? You can find details HERE. There is a unique savings opportunity if you want to be a speaker at the event and have a table to meet prospective interns. MarketsWiki sponsors get a discount on speaker opportunities, so if you become a Friend level sponsor in our special deal for $2500, you can save $500 and add to your marketing reach.~JJL
RCM's Jeff Malec had the stat of the day today: "Eighty-nine percent of futures markets experienced a contraction of volatility in the first six months of 2017."~JK
The FCA is going after Payment Protection Insurance (PPI) with an ad campaign featuring Arnold Schwarzenegger. I don't think PPI bleeds, so I'm uncertain if they can kill it.~SD
The Warsaw Stock Exchange (GPW) is celebrating the 10th anniversary of the NewConnect Alternative Trading System, opened on August 30, 2007 as a market in stocks of small companies looking to raise capital for growth.~JJL
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Nasdaq Launches Original Series -- Cultural Capital -- on Facebook's Watch
GlobeNewswire
Today, Nasdaq announced its first in a series of original shows on Watch, Facebook's new platform for shows. The new show, Cultural Capital, brings viewers behind the scenes of some of the most innovative companies and gain an inside look at their inspiring workspaces and diverse culture. The first episode featuring The RealReal is now available on Facebook and a new show will be released each Tuesday for a full 12-episode season.
/goo.gl/2du5QB
***** You don't watch this on your watch, you watch this on Watch.
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B3 transfers equities to its multi-asset clearing platform
Cinnnober
Cinnober's real-time clearing solution now handles post trading process for both the equities and the derivatives markets in Brazil
BRL 21 billion of collateral returned to the market (approx. USD 6.4 billion); Phase two completed of major Post-Trade Integration Project going from two clearinghouses to one for equities and derivatives; More efficient risk management by analyzing the risk on entire portfolios
B3 (the Brazilian exchange and clearinghouse) successfully launched on Monday the equities, corporate bonds, and equities lending markets on its new multi-asset clearing platform. The clearing solution is delivered by Cinnober, built on its TRADExpress RealTime Clearing system.
/goo.gl/854oxA
***** Billions in savings is no small feat.
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We Pick the Best Online Brokers
Kiplinger.com
In a tight contest, Fidelity and Merrill Edge tie for first place, squeaking past Schwab.
bit.ly/2gpSzUD
**Not exactly a full list to start with but the majors are represented and evaluated.~JK
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Your Future Starts with You - Paul Georgy
Education.MarketsWiki.com
"We were gung-ho we were going to be commodity brokers. When one of the speakers walked into the room he said within one year, half of you are no longer going to be in business. Within two years, there will only be five of you left in business. And within five years, there's only going to be one of you left in the business. I'm the survivor and pretty happy about it."
In this video from MarketsWiki Education's World of Opportunity event in Chicago, Paul Georgy, CEO of Allendale, breaks down what it takes to be successful in the futures business through the lens of his career. Georgy started out in the purebred cattle industry, but it went belly up after interest rates went higher and tax laws changed. After a few years of struggling as a commodity broker, Georgy and a friend started their own introducing broker business. It gave him the opportunity to grow as well as be creative  two keys to prosperity in today's futures markets.
Watch the video »
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Tuesday's Top Three
Monday's top story was from the New York Times: Day Trading in Wall Street's Complex 'Fear Gauge' Proliferates, how to play the VIX. Second was the sad news from the NY Post, Wall Street recruiter jumps to her death from luxury NYC home. Third was Bloomberg's piece on the Finland-based pension fund that is spooked by Donald Trump.
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MarketsWiki Stats
106,818,032 pages viewed; 22,704 pages; 208,450 edits
MarketsWiki Statistics
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| Lead Stories | Wall Street, Not Waiting on Mnuchin, Readies Debt-Limit War Room
Liz McCormick - Bloomberg
Sifma revisiting, revising 2011, 2013 contingency plans; TMPG minutes show Fed-sponsored group is doing the same
The key industry groups that seek to prevent seismic disruptions in the world's biggest debt market aren't waiting around to see if Treasury Secretary Steven Mnuchin can get Congress to lift the debt limit before America exhausts its borrowing capacity.
/goo.gl/HZ8fB7
Bitcoin Foundation seeks legal protection from US currency regulation
Matt Nixon - Independent
Llew Claasen, Executive Director of The Bitcoin Foundation, has announced that the organisation has retained legal counsel to advise in its effort to fight against increasing federal and state regulation in the US. The foundation believes that increases in regulation are attempts to "control and stifle the adoption and use of so-called 'virtual currencies' such as Bitcoin."
/goo.gl/6W1e6Y
DEUTSCHE BOERSE: Will this woman soon be the head of the Supervisory Board?
Arno Balzer - Welt.de
The acting leadership duo of Deutsche Börse has degenerated. Ann-Kristin Achleitner could assume the chairmanship of the Supervisory Board. These reasons speak for a change of power in the leadership wars.
/goo.gl/6tKejV
Tradeweb's Mifid bilateral trading plans draw fire
Samuel Wilkes - Risk.net
Platform operator Tradeweb is developing a process that will allow market participants to continue executing over-the-counter derivatives bilaterally once Europe's new trading rules come into force next year. Non-bank market-maker Citadel, however, believes the plans exploit a loophole that circumvents international efforts to move trading of standardised derivatives onto trading venues.
/goo.gl/9vnx8T
Mexico gives go-ahead to new stock market; Hopes that concession for BIVA venture will generate new investments and jobs
Jude Webber in Mexico City - FT
President Enrique Peña Nieto of Mexico has formally awarded an operating concession to a new stock market that aims to be up and running early next year and which would boost the number of companies listed in Latin America's second-biggest economy by nearly 40 per cent in three years.
/goo.gl/NJenYj
Fallout From Harvey to Disrupt Energy Markets Around the World; The recent U.S. role as a net exporter will lead to global repercussions from the storm, especially for countries like Mexico
Alison Sider and Stephanie Yang - WSJ
Tropical Storm Harvey is upending the flow of oil and petroleum all around the worldÂa consequence of the growing influence of the U.S. in the global energy industry.
/goo.gl/zRrw2B
Why Gold Is Less of a Haven These Days; Its status has been eroded by unconventional monetary policy and cryptocurrencies.
Mohamed A. El-Erian - Bloomberg
Having waited patiently for the "any-minute-now" moment, gold investors are taking comfort from the recent rise in price in response to geopolitical tensions. Yet the responsiveness of gold, as well as the overall price, appears weaker than would have been expected from historically based models -- and for understandable reasons. The precious metal's status as a haven has been eroded by the influence of unconventional monetary policy and the growth of markets for cryptocurrencies.
/goo.gl/ze1eG5
Large part of Louis Dreyfus's grains team leaves company
Reuters
A large part of Louis Dreyfus Company's European grains trading team, including Global Head of Grains David Ohayon, has left the company, trade sources said on Tuesday.
reut.rs/2xKF8lQ
Central Banks Can't Ignore the Cryptocurrency Boom
Enda Curran, Piotr Skolimowski and Craig Torres - Bloomberg
Digital coins challenge the guardians of official money; Central banks are being urged to heighten their oversight
When the cryptocurrency Exio Coin starts a round of fundraising on Sept. 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation.
/goo.gl/dCd4cS
Billionaires-Backed India Bourse Eyes Block Deals to Revive
Santanu Chakraborty, Bhuma Shrivastava - Bloomberg
The Metropolitan Stock Exchange of India plans to woo brokerages to execute large stock trades on its venue, as a new management team tries to breathe life into a bourse that has floundered for a decade.
/goo.gl/6JWTvi
EU moves to close share trading loophole
Huw Jones - Reuters
The European Union has moved to close a loophole that could have allowed banks to hook up with each other to skirt tougher transparency rules for share trading from January.
/goo.gl/dkyZoA
Right now, human traders have the edge over quants and algos
Dan Butcher - Efinancialcareers.com
It's not easy being a trader in this day and age. Old-school trading pits have been cleared out. Electronic trading platforms powered by various types of artificial intelligence, including machine learning and artificial neural networks (ANN, also known as connectionist systems) are in ascendance, causing both buy-side and sell-side firms to employ fewer human traders.
/goo.gl/vg14FF
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Futures Singapore announces SinoPac as new Exchange Member
ICE
Intercontinental Exchange (NYSE:ICE), a leading operator of global network of exchanges and clearing houses and provider of global data and listing services, today announced that SinoPac has been approved as a member of ICE Futures Singapore, effective immediately.
/goo.gl/Brduao
BSE to remain open today despite heavy rains in Mumbai
Business Standard
While torrential rains have brought India's commercial capital to a standstill, BSE will remain open on Wednesday.
/goo.gl/48U2F5
EEX New Participant: Castleton Commodities Merchant Europe SÃ rl
Mondovisione
Castleton Commodities Merchant Europe SÃ rl has been additionally admitted to exchange trading for Freight Financial Futures and Options.
/goo.gl/y4EwqX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange Closed for Labour Day
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Monday, September 4, 2017 for the Labour Day holiday.
/goo.gl/QQ2nEc
Nasdaq Nordic And Baltic Exchanges Announce Pilot Program For ESG Reporting
Mondovisione
Nasdaq (Nasdaq: NDAQ) today announced an ESG (economic, social and governance) Reporting Pilot Program for its Nordic and Baltic markets. The program will be based on the voluntary ESG Reporting Guide published by Nasdaq's exchanges in Stockholm, Helsinki, Copenhagen, Iceland, Tallinn, Riga and Vilnius in March 2017.
/goo.gl/XnLVEa
SIX Achieves Strong Results In The First Half Of 2017
Mondovisione
Successful opening of the Swiss Finance Museum.
SIX can look back on a strong first half in 2017 which reflects its successful strategy. On the one hand, this success is due to the consistent focus on the core business and the development of new central infrastructure services for the Swiss financial center overall. On the other hand, SIX continues to benefit from its broadly diversified business model and strict cost discipline in implementing this strategy.
/goo.gl/vq6uxG
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How Banks And Fintech Startups Redefine Finance
Cointelegraph.com
For years, traditional financial institutions have kept their distance from the fintech industry, loath to embrace the trend that is threatening their monopoly over banking, finance, loans and investment.
bit.ly/2gpgN1c
Major Japanese Trust Banks Adopt DTCC'S Omgeo Alert To Automate, Replace Post-Trade Processes
Mondovisione
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Japan Trustee Services Bank, Ltd. (JTSB) and The Master Trust Bank of Japan, Ltd. (MTBJ) have gone live on the Omgeo ALERT (ALERT) for Trustee Service via global custodian Brown Brothers Harriman & Co. (BBH). The ALERT for Trustee Service connects to ALERT's Global Custodian Direct (GC Direct) workflow for those markets where trustees are the legal owners of investment fund assets. BBH, the first custodian to onboard trustee-affiliated investment managers to the service, has been an ALERT GC Direct user since 2015.
/goo.gl/V97zCY
What Can Manchester United Teach Us About Fintech
Ian Allison - Newsweek
Gaurav Chakravorty, co-founder of AI investment advisors qplum, likes to use sporting analogies to illustrate changing trends within finance. The way high frequency trading (HFT) seemed to work like magic in the old days reminds him of Manchester United under Sir Alex Ferguson.
/goo.gl/H7ziho
Blockchain MD Says Bitcoin Is Not in a Bubble Long Term
Bloomberg
Spencer Bogart, Blockchain Capital LLC managing director, discusses the investment landscape for digital currencies with Bloomberg's Caroline Hyde on "Bloomberg Technology."
/goo.gl/oByrYj
BTL Group Announces Launch of Interbit in Beta, Update on Energy Project and Filing of Q2 Financials
EIN Pressier
BTL GROUP LTD. is pleased to announce the successful launch of the DX Beta version ("Beta") of its proprietary blockchain platform, Interbit. The Beta sets the goal of demonstrating the developer experience of interacting and building applications directly on Interbit and brings the platform one step closer to being launched in a live commercial environment. Beta is being distributed to a number of selected partners who will be providing critical feedback.
/goo.gl/AKb6K9
France and Sweden are scooping up a bigger share of Europe's fintech deals since Brexit
John Detrixhe - Quartz
France and Sweden's share of financial technology deals in Europe has grown since Britons voted to leave the EU in June last year, according to research firm CB Insights (pdf).
/goo.gl/puRogX
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Business Record in Russia Is Humiliating; He never had what it takes to negotiate with Moscow.
Leonid Bershidsky - Bloomberg
The latest Trump-Russia revelations -- this time concerning a Moscow real estate project scuttled in early 2016 -- fit in well with the comical history of Trump's attempts to do business in Russia. They are the latest proof that, unlike many craftier U.S. entrepreneurs and executives, the current U.S. president never figured out how to deal with Russians.
/goo.gl/REXbgH
This Freshman GOP Senator Could Defy Wall Street
Elizabeth Dexheimer - Bloomberg
John Neely Kennedy won't say where he stands on rule change; Republicans pushing mandatory arbitration for bank customers
Banks have a challenge when Congress returns from summer recess next week. His name is John Neely Kennedy.
/goo.gl/f8RPbu
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Industry pushes CFTC to prioritise cross-border clarity
Risk.net
New European trading rules due to take effect in January 2018 add urgency to an overhaul of the cross-border aspects of US regulation by recently appointed Commodity Futures Trading Commission chairman Christopher Giancarlo, market participants say.
/goo.gl/8CgcAy
SC bans seven foreigners and corporations from trading on Bursa
TheStar.com.my
Seven foreign individuals and corporations have been permanently barred from trading in any counter on Bursa Malaysia due to their role in the manipulation of Iris Corp Bhd shares in 2006.
/goo.gl/95y6EV
Seeking the Kindness of Regulators in China; Wanda, Evergrande and R&F need a favor from Beijing.
Nisha Gopalan - Bloomberg
China's property companies have always depended on Beijing's good graces to keep the market buoyant.
/goo.gl/QZBv6z
Busting Myths About Online Trading
FINRA
In this podcast, FINRA busts four common myths about online trading.
/goo.gl/sLzXjr
RBI Sends Second List Of Cases To Banks For Insolvency Action
Vishwanath Nair -Bloomberg
The Reserve Bank of India (RBI) has sent a second list of defaulting companies to lenders, recommending that these firms be referred for resolution via the Insolvency & Bankruptcy Code, two bankers with knowledge of the matter said on the condition of anonymity. However, the RBI has given banks until December to try and come up with a resolution plan, failing which the firms must be taken to bankruptcy court, said these bankers.
/goo.gl/tTemCi
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | This T-Bill Sale Is the Final Calm Before the Debt-Ceiling Countdown Starts
Alex Harris - Bloomberg
Four-week bill auction draws highest bid-to-cover since March; Money funds likely to keep shunning October maturities
Tuesday's four-week Treasury bill auction may prove to be the final moment of tranquility for short-end traders before lawmakers return to work Sept. 5 to tackle the dual threats of a U.S. government shutdown and default.
/goo.gl/ajTPR2
S&P sees U.S. keeping AA+ rating if it avoids default
Reuters Staff
Standard & Poor's said on Tuesday the United States would maintain its AA+ credit rating, its second highest, as long as the federal government avoids a default even if it does not increase the debt ceiling in a timely manner.
/goo.gl/oHwo1D
Good Luck With That Bond Party
Marcus Ashworth - Bloomberg
The European new issue bond market is emerging blinking from its recess but it is not yet roaring into its usual post-summer festival. Yields are simply too low to drum up demand.
/goo.gl/NpF4Eg
ETF Giants Turn Sights From U.S. Fee War to Europe's Cash Trove
Sarah Jones and Ivan Levingston - Bloomberg
The lure: the prospect of higher fees, surge in ETF issuance; The big hurdle: mastering a market that isn't one market
Hammered by fee wars at home, fund managers including BlackRock Inc., Invesco Ltd. and Eaton Vance Corp. are bringing the battleground to Europe.
/goo.gl/TKFBy5
Investors raise bets that market turbulence will ease; Two popular exchange traded funds nearly double in size this month
Robin Wigglesworth and Joe Rennison in New York - FT
Investors have ratcheted up bets that the stock market's recent turbulence will ease despite the biggest monthly losses in almost a year, doubling the size of two popular exchange traded funds this month.
/goo.gl/cw4476
Under investor pressure, Goldman to explain trading strategy
Olivia Oran
Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters.
/goo.gl/EEHKfL
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The Promise of Fiscal Money
Yanis Varoufakis - Project Syndicate
Western capitalism has few sacred cows left. It is time to question one of them: the independence of central banks from elected governments.
bit.ly/2wQDrqx
It's Official: Warren Buffett Made About $13 Billion on Bank of America Deal; Berkshire exercised warrants to buy 700 million shares, making it Bank of America's largest shareholder
Rachel Louise Ensign - WSJ
Warren Buffett's Berkshire Hathaway Inc. BRK.A 0.02% officially became the biggest shareholder of Bank of America Corp. BAC -0.59% on Tuesday, notching billions in gains on the bank's recovery from the financial crisis.
/goo.gl/aDUhZd
Cantor Fitzgerald Stops Trading Venezuelan Bonds; Worries about U.S. sanctions among factors slowing trade in Venezuela bonds
Anatoly Kurmanaev in Caracas and Matt Wirz in New York - WSJ
Cantor Fitzgerald LP stopped trading Venezuelan debt Tuesday, days after the Treasury Department slapped financial sanctions on the country for undermining democracy.
/goo.gl/NcY7TA
68 Small and Medium-Sized German Banks Fail National Stress Test
Steven Arons and Carolynn Look - Bloomberg
Almost 5 percent of small and medium-sized German banks missed regulatory capital requirements in a stress test conducted by Germany's two top financial watchdogs.
/goo.gl/KLdSpU
The mysterious rise in shares of the Swiss National Bank; A recent surge in the central bank's stock has puzzled investors
Ralph Atkins in Zurich - FT
Not just over-ambitious hikers in the Swiss Alps have suffered altitude sickness this month. Shareholders in Switzerland's ultra-conservative central bank have experienced a similar sensation.
/goo.gl/AYa2pk
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China-backed fund to decide whether to take deal to Trump: sources
Greg Roumeliotis and Liana B. Baker
A China-backed private equity fund will decide this week whether to seek U.S. President Donald Trump's approval for its proposed $1.3 billion acquisition of U.S. chipmaker Lattice Semiconductor Corp (LSCC.O), people familiar with the matter said on Tuesday.
/goo.gl/KdEpZ5
Asian Fixed Income: Two Growth Segments in China's Bond Market
Michele Leung - S&P Dow Jones Indices
China's bond market continued to expand in 2017. The local currency bond market, as tracked by the S&P China Bond Index, grew over 19% in the past year. As of June 30, 2017, the S&P China Bond Index tracked 9,342 bonds with a market value of CNY 51 billion. Two segments that recorded robust growth were the provincial and corporate bonds.
/goo.gl/pnkXhw
China's Equity-Market Underdogs Could End the Year in Front
Bloomberg News
The also-rans of China's stock rally this year, mainland equities have been overshadowed by the spectacular surge in their offshore-listed counterparts -- until now.
/goo.gl/tNFgkf
Duds of Booming Indian Stock Market Win Over $20 Billion Manager
Nupur Acharya - Bloomberg
India's worst-performing stocks look like good value to the asset manager spun off from the country's oldest mutual-fund company.
/goo.gl/usg2h
The Battle for India's $45 Billion Gold Industry Has Begun
Swansy Afonso and Ameya Karve - Bloomberg
India's past and future are colliding in Anand Ghugre's family jewelry shop in Mumbai.
/goo.gl/xon1Df
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | None of UK's Brexit policy papers is 'satisfactory' warns Juncker
Mehreen Khan in Brussels and George Parker - Financial Times
None of the Brexit policy papers produced by the UK government ahead of this week's talks in Brussels was "satisfactory", said Jean-Claude Juncker, European Commission president.
Mr Juncker said an "enormous amount of issues" needed to be settled before the EU would consider moving on to a second phase of negotiations, which would focus on the future UK/EU relationship, including a trade deal.
on.ft.com/2xK9BR1
Conservatives come together to sell a Brexit transition; With Theresa May a more peripheral figure, a coalition of Remainers and Leavers aims to delay the full liberation from Brussels
George Parker
Theresa May's walking holidays have become features of the British political calendar. In April she went hiking in north Wales and came back thinking it would be a good idea to have a general election. This summer, while she was admiring the Italian and Swiss Alps, her ministers took the chance to map out a new approach to Brexit, best summarised as: "Take back control, but just not yet."
/goo.gl/4A3EoW
Brexit Delays Endanger U.K.'s Fresh Food Supply, Retailers Warn
Sam Chambers - Bloomberg
Dutch tomatoes, Spanish oranges could languish at ports; U.K. needs more investment to prevent delays, group says
U.K. shoppers could be deprived of fresh Spanish oranges and prime cuts of Irish beef unless the government quickly smooths out post-Brexit customs processes, the British Retail Consortium warned.
/goo.gl/ZTZ4sh
Russia Offers Emergency Bank Aid to Prevent Otkritie Contagion
Jake Rudnitsky and Anna Baraulina - Bloomberg
Central bank to offer short-term loans to avoid panic; Regulator takes over first systemically important bank
Russia's central bank moved to contain a slow-motion banking crisis, offering support to other lenders after announcing the takeover of the largest institution yet.
/goo.gl/GFN3iQ
William Hague claims UK will get worse Brexit deal because of Theresa May's dismal election result
Catherine Neilan - City AM
The former Conservative leader William Hague has said Britain will get a worse deal when it leaves the EU because of the result of the general election.
/goo.gl/GN6UdH
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| Miscellaneous | | Stories that don't quite fit under the other sections | U.S. coding school Galvanize to lay off 11 percent of workforce
Salvador Rodriguez - Reuters
Galvanize, a for-profit coding school that has raised $63 million in venture funding, plans to lay off 11 percent of its workforce, the company told Reuters on Tuesday.
reut.rs/2xKrj6T
How to Make 500-Year Storms Happen Every Year; Build. Pave. Repeat.
Justin Fox - Bloomberg
Here's a bit of Houston history for you, courtesy of the Harris County Flood Control District:
/goo.gl/t1ZTaf
Harvey Could Reshape How and Where Americans Build Their Homes
Christopher Flavelle - Bloomberg
Storm comes as U.S. flood insurance program is up for renewal; Texas has one of the most relaxed approaches to building codes
Jerry Garcia's home in Corpus Christi missed the worst of Hurricane Harvey by just a few miles and lost nothing more than some shingles and his backyard pier, which turned up further down Oso Bay. A 5-foot bulkhead and sloping lawn shielded it from the flooding that's devastated parts of Texas.
/goo.gl/shP6gQ
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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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