| March 30, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
For those of our readers who celebrate Easter, I hope this Easter holiday brings your family health, happiness, and lots of love.~JJL
Easter is the only time when you can put all your eggs in one basket and get away with it.~JJL
We included a link to a WSJ infographic earlier in the week titled "10 Years After the Crisis." It contained info regarding what has changed in the time since the financial crisis. Apparently, since it was published, a senior WSJ editor tried to take it offline because it contained facts that were not "politically palatable." It was taken off the front page and links to it were deleted. You can read the complaint from WSJ reporters - WSJ reporters complain about attempts to take graphic offline - and decide for yourself.~SD
The Center for Financial Services at DePaul University is hosting "Bitcoin and Cryptocurrency: Promise or Peril?" on Monday May 7 from 1:30pm to 5:30pm CDT at the University Club of Chicago, 76 East Monroe Street, Madison Room. You can go here to read more about it and register for the event, which is free.~SR
Singapore's government is launching a Blockchain Challenge to produce "minimal viable products" or proof of concepts that solve industry problems. Prizes are $50,000 and $100,000.~JK
Automated Trader magazine has closed its doors.~SD
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The Spread - Week of 3/26 to 3/29
JohnLothianNews.com
Heyo! Markets in 2018 = not boring. This week in The Spread we cover gyrating indices, a gigantic deal, the resurgence of "exotic" ETPs, the Easter holiday, the start of the MLB season and a few sour notes in the financial media space.
Watch the video and see the stories referenced here »
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The Ancient History of Bitcoin; Cryptocurrencies may seem brand-new and disruptive, but look to the past and it's clear they can be regulated.
Peter Coy - Bloomberg
In the 1920s a Florida citrus grower named William Howey hit on a way to raise money from investors. He would sell them strips of land in his groves and tend the trees on their behalf, giving them a share of the profit after the harvest. The transaction was presented as an ordinary sale of real estate, but for practical purposes the buyers had become shareholders in his farm. After Howey died in 1938, the then-new U.S. Securities and Exchange Commission sought an injunction against his company to stop the sales. In 1946 the Supreme Court ruled that Howey's contracts should have been registered with the SEC as securitiesÂessentially, shares of stock.
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***** What is a security?~JJL
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Kremlin queries legality of decision to take RT TV channel off air in Washington
Reuters Staff
The Kremlin said on Friday it was studying a move by cable and digital TV providers in the United States to take Russia's RT TV channel off the air in Washington, saying the move looked illegal and discriminatory.
/goo.gl/Z2xsB9
***** Maybe this is an issue that Bart Chilton's RT show can address.~JJL
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Thursday's Top Three
Call it three for CME on Thursday. Our top three items were all about the CME's deal to buy NEX Group for $5.4 billion. The top read piece was the Financial News' article CME plans hundreds of job cuts after £3.8bn NEX takeover. Second was the CME press release CME Group to Acquire NEX Group plc, Bringing Together Cash, Futures and OTC Marketplaces. Third was the Wall Street Journal's take on it in CME Group Seals Deal to Buy U.K.'s NEX for $5.4 Billion. Have a great CME weekend everyone.
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MarketsWiki Stats
122,671,173 pages viewed; 23,056 pages; 212,230 edits
MarketsWiki Statistics
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| Lead Stories | NYSE in Talks to Buy Chicago Stock Exchange; Discussions come after collapse of Chinese-led group's bid for the Midwestern market; $70 million possible price
Dave Michaels and Alexander Osipovich - WSJ
The New York Stock Exchange is in talks to buy the tiny Chicago Stock Exchange, after the recent collapse of a two-year acquisition effort by a Chinese-led investor group, people familiar with the situation said.
/goo.gl/vZxsSd
King of the (Bond) World: Terry Duffy Makes His Biggest Trade
Annie Massa and Liz McCormick - Bloomberg
It's a Terry Duffy classic. After years of expanding CME Group Inc.'s empire through deal-making, the CEO of the world's largest derivatives market is at it again. In a major merger with Michael Spencer's NEX Group Plc, Duffy has cemented his place at the very center of the global bond market.
/jlne.ws/2uvn5Dr
In Hong Kong's IPO Frenzy, Stocks Go From Boom to Bust in Days
Fox Hu, Moxy Ying, Bloomberg
You don't have to be a genius of late to make a killing in newly minted Hong Kong stocks. Just close your eyes and buy.
/goo.gl/DTfsgx
HSBC to pay $100 million to end Libor rigging lawsuit in U.S.
Jonathan Stempel - Reuters
HSBC Holdings Plc (HSBA.L) has agreed to pay $100 million to end private U.S. litigation accusing it of conspiring to manipulate the Libor benchmark interest rate, becoming the fourth major bank to settle.
/goo.gl/jYarAe
Barclays to Pay $2 Billion to Resolve Mortgage-Securities Claims; Settlement removes a major uncertainty that has hung over the bank's stock valuation for months
Jenny Strasburg - WSJ
Barclays BCS 0.51% PLC agreed to pay $2 billion in civil penalties to resolve U.S. Justice Department claims that the U.K. lender fraudulently sold mortgage securities that helped fuel the financial crisis, causing investors "enormous losses," the government said Thursday.
/goo.gl/JgkrHt
APEX to launch new customized clearing system provided by Cinnober
Cinnober
Asia Pacific Exchange Pte (APEX), confirms today that it will launch a new and customized clearing system delivered by Cinnober. Based on TRADExpress RealTime Clearing, a comprehensive real-time clearing system for OTC and exchange-traded markets, APEX and their new derivatives marketplace will provide a complete end-to-end solution for the post-trade value chain.
/goo.gl/vQ2wAK
NYSE's lapses lead to first enforcement under 'Reg SCI' continuity rule
Julie DiMauro - Reuters
In the first case involving a rule aimed at ensuring the stability of financial market operations, three NYSE exchanges have agreed to pay a fine of $14 million to settle allegations by the Securities and Exchange Commission that due to a variety of lapses from 2008 through 2016 they failed to comply with laws and regulations governing registered securities exchanges.
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Saudi to join FTSE emerging index from next March, attract billions
Andrew Torchia and David French - Reuters
The Saudi Arabian stock market will join FTSE Russell's emerging market index starting in March next year, the company said on Wednesday, a move expected to draw billions of dollars of fresh foreign portfolio investment to the kingdom.
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The risk culture in financial institutions needs fixing, but how?; Goals are ambiguously defined, so finding the best way to reach them is not an easy task, writes Tommaso Palermo
London School of Economics and Political Science
canary_wharf_skylineCanary Wharf Skyline, by David Iliff, under a CC-BY-SA-3.0 licence
In the aftermath of the financial crisis and other large scale corporate scandals, a large number of public inquires and documents written by regulators, consulting firms and professional associations drew attention to something that needs fixing: the risk culture of financial sector organisations (see, for example, publications by the International institute of Finance, the Financial Stability Board, the Institute of Risk Management, and very recently, the Australian Prudential Regulation Authority).
/goo.gl/7YHNeu
Compliance Officers Targeted in SEC Action Against Broker-Dealer
Samuel Rubenfeld - WSJ
The Securities and Exchange Commission took aim at two compliance officers at a broker-dealer, alleging that they aided and abetted the brokerage's failure to file reports on suspicious transactions.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | NYSE in talks to acquire Chicago Stock Exchange: WSJ
Reuters Staff
Intercontinental Exchange Inc's (ICE.N) New York Stock Exchange (NYSE) is in talks to buy the Chicago Stock Exchange (CHX), the Wall Street Journal reported on Friday, a month-and-a-half after U.S. regulators blocked the sale of CHX to China-based investors.
/goo.gl/HcwuYq
Notice Regarding Sequential Sales of Shares Japan Exchange Group Owns
JPX
Japan Exchange Group, Inc. (JPX) announces that it has made a decision regarding the sequential sales of the shares of Singapore Exchange Limited (SGX) that JPX owns as follows.
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Holiday Hours for ICE Markets, Administrators and Clearing Houses
ICE
The tables below provide a list of holiday trading hours across all ICE markets, administrators and clearing houses. For some markets, holiday trading hours for specific contracts or benchmarks are announced close to the holiday itself. When those announcements are made, a notification is posted to the Notices/Circulars page for each respective market or the ICE Benchmark Administration holiday page.
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Should the London Stock Exchange gatecrash the CME's party?
Lucy Burton, financial services editor - Telegraph
This week's £3.9bn deal between Michael Spencer's electronic trading business and the world's largest futures exchange has come at an awkward time for the London Stock Exchange.
/goo.gl/jo9mPj
Tokyo Commodity Exchange: Revised Component Weight Percentage Of Nikkei-TOCOM Commodity Index
MondoVisione
The Tokyo Commodity Exchange, Inc. ("TOCOM" or the "Exchange") today announced revised weightings of the Nikkei-TOCOM Commodity Index components, effective June 1, 2018, as indicated below.
/goo.gl/tQdyjp
TMX Group Statement on the Passing of Peter Munk
Newswire.ca
Lou Eccleston, TMX Group Chief Executive Officer said:
"Mr. Munk was the true embodiment of the entrepreneurial spirit: a bold visionary, a committed risk-taker, and a fearless leader. A proud and fiercely loyal Canadian, Mr. Munk leaves behind an impressive list of business accomplishments, rivaled only in stature by his remarkable philanthropic efforts. Today we pay tribute to a formidable, game-changing force in this country's business landscape. Mr. Munk set an impressive standard with his contributions to Canadian society and we look back with immense gratitude. TMX offers our deepest sympathies to Mr. Munk's family, friends and former colleagues and to all those whose lives he touched through his humanitarian work."
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Japan's Nomura invests in fintech firm in push for younger clients
Reuters
Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, would hold a majority stake in 8 Securities, which provides robo-advisory services through mobile apps using exchange-traded funds, Nomura said in a statement.
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TradingScreen Bolsters Offerings through Strategic Partnership with Liquidnet; Liquidnet integration with TradeSmart® OEMS to Further Benefit Buy-Side Customers
TradingScreen
TradingScreen Inc. (TS) today announced a partnership with Liquidnet, a global institutional trading network, to further benefit buy-side customers' order access and execution capabilities. The partnership allows for integration with TS' order and execution management system, TradeSmart®, enabling users to access Liquidnet's global pool of institutional liquidity and advanced trading strategies.
/goo.gl/myA77f
IHS Markit Turns to Natural Language Processing
Rob Daly - MarketsMedia
Valuation provider IHS Markit is delving into natural language processing to improve the content of its event catalogs across all of the vendor's vertical offerings.
/goo.gl/98FWCK
Microsoft Reorganizes to Fuel Cloud and A.I. Businesses
Steve Lohr - NY Times
The Windows era at Microsoft, long in eclipse, is officially history.
Microsoft said on Tuesday that it was splitting up its Windows engineering team and that the leader of its Windows business was leaving.
/jlne.ws/2uB5Q3E
European Banking Authority Publishes FinTech Roadmap
Shearman & Sterling LLP - JDSupra
The European Banking Authority has published a Roadmap setting out its conclusions following responses to its August 2017 discussion paper on its approach to financial technology. The EBA adopts the definition of FinTech that is used by international standard-setting bodies, namely, "technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services".
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Drops From $7,900 to $6,600 as Crypto Market Takes a Beating
Joseph Young - CCN
The valuation of the entire cryptocurrency market has declined to $253 billion, down $100 billion over the past week. The price of most major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash dropped by more than 13 percent throughout March 30.
bit.ly/2E75aSS
Everything You Need to Know About Cryptocurrency Regulations
Shaurya Malwa - BTCManager
Cryptocurrencies were a tough pill to digest even before the governments got involved. Now, the policymakers all over the world are trying to take control of the digital currency. Right from exchanges to ICOs, keeping track of what's legal has become just as daunting as figuring out which new-fangled token might turn into next big thing.
Owing to the lack of global coordination among authorities, the rules vary wildly. There's a possibility of that changing after finance chiefs discuss digital assets at the upcoming G20 meeting in Buenos Aires. Until then, there's a wide range of opinions on how to best regulate this space.
bit.ly/2E71MaK
Email Service MailChimp to Block ICO, Crypto Marketing
Coindesk.com
Email distribution company MailChimp will bar marketing campaigns for cryptocurrencies and initial coin offerings starting next month.
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An Explanation For The Rise Of 'Stable Coins' As A Low-Volatility Cryptocurrency
Rachel Wolfson - Forbes
While cryptocurrencies have great potential to excel, the volatile nature and constant price fluctuations are some of the greatest criticisms directed towards the crypto market. After all, a useful currency should provide a store of value and unit of account, both of which require balance. As a result, there is a growing desire to bring stability to the cryptocurrency market, which is now being done through the implementation of "stable coins."
bit.ly/2E7dfXH
Seven Questions To Ask Before Investing In Cryptocurrency
Forbes
The popularity of cryptocurrency is steadily on the rise, despite the market's volatility in terms of costs and regulations. With the price of bitcoin consistently over $8,000 in recent weeks, cryptocurrency makes quite an appealing, albeit risky, investment. So, how do you know if this is the right investment for you?
bit.ly/2E758dI
What happened to India's white-hot bitcoin and cryptocurrency market? Â Quartz
Nupur Anand - Quartz
A chill has set into the cryptocurrency market, especially in India.
Tightening regulation and policy ambiguity have sucked the life out of trading in the past few months, though industry insiders say the phase may be temporary.
"The market is very, very dull," said Sathvik Vishwanath, co-founder and CEO of Unocoin, a bitcoin exchange.
bit.ly/2E713X4
Polish bank begins using a blockchain-based document management system
John Biggs - TechCrunch
A blockchain company called Coinfirm has announced a partnership with PKO BP, a major Polish bank, to provide blockchain-based document verification using a tool called Trudatum. The project is a an actual implementation of one of the primary benefits of blockchain-based tools, namely its ability to permanently and immutably store data. This announcement brings blockchain implementations out of the realm of proof-of-concept and into the real world.
/goo.gl/S6hx4M
China central bank will launch crackdown on virtual currencies
Reuters Staff
China's central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday.
/goo.gl/1A5xg8
South Korean Insurer Denies Hacked Cryptocurrency Exchange's Claim; Youbit filed $2.8 million claim after devastating December heist
Eun-Young Jeong - WSJ
A major South Korean insurance company denied a claim by a cryptocurrency exchange that suffered a devastating cyberattack in December, the exchange operator said Thursday.
/goo.gl/DQR3z8
Thailand to Regulate Digital Coins From April to Guard Investors
Anuchit Nguyen - Bloomberg
Rules will require disclosures and warnings to clarify risks; But Thai SEC doesn't want to drive ICOs underground or abroad
Thailand will impose rules on cryptocurrencies and initial coin offerings from April to bolster investor protection, the military-run nation's Securities and Exchange Commission said.
/goo.gl/MG3Y6N
Almost Half of Fund Allocators Don't Know What to Make of Crypto
Katia Porzecanski - Bloomberg
Bitcoin and other digital currencies have been around for almost a decade. Apparently, that's not enough time to form an opinion.
/goo.gl/LMf8qN
Other News Sources
*Bittrex Launches Next-Generation Website Beta - Cryptoslate.com
*Binance Preparing to Capture Coinbase Market Share, Coinbase Ready For Battle~Cryptovest.com
*China is Still Planning to Launch its Own National Cryptocurrency~News BTC
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| Politics | | An overview of politics as it relates to the financial markets | Amazon Severs Ties With Top Lobbying Firms in Washington
Ben Brody, Spencer Soper, Jennifer Jacobs - Bloomberg
Akin Gump and Patton Boggs said to have been fired last week; New Amazon hires in Washington include Brathwaite and Holly
Amazon.com Inc. cut ties with Washington's biggest lobbying firm and brought on new advisers following passage of the tax overhaul bill last year and in the face of new challenges in the age of President Donald Trump.
/goo.gl/JuxHd9
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | RegAT likely to move forward in 2018 - MMI chief
Jack Ball - Global Investor Group
The controversial regulation has been beset with delays since it was proposed in November 2015
bit.ly/2uw9Guv
Podcast: CFTC Talks EP036: USDA Secretary Sonny Perdue
CFTC
This week on CFTC Talks, we bring on special guest USDA Secretary Sonny Perdue. We cover his background, his priorities and strategic goals for the USDA and Ag prices...
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FINRA Helps Consumers Assess Risks of Using Data Aggregators to Organize Personal Finances; Sharing Sensitive Information Can Pose Potential Privacy and Security Risks
FINRA
The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert to help consumers consider the risks of sharing personal financial account information and other sensitive information with data aggregators.
/goo.gl/mffDqV
Know Before You Share: Be Mindful of Data Aggregation Risks
FiNRA
If putting all your financial information online and in one place sounds like a good idea, there are many companiesÂoften called data aggregatorsÂready to help you organize your financial life. However, before you share your account information and other sensitive financial details with data aggregators, it pays to know how these services operate, and how to protect yourself from potential privacy and security risks.
/goo.gl/E7sYAt
Test Broadcast IP Multicast Channels
FINRA
Beginning Monday, July 9, 2018, FINRA will introduce dedicated test broadcast IP multicast channels to be used for evening format testing for all its data feedsÂBTDS, ATDS, 144A, SPDS, SPDS-144A, TDDS 2.0 and BBDS. FINRA will discontinue disseminating test data content via the production data feed channels once the dedicated test broadcast IP multicast channels are implemented. This initiative will protect data feed recipients against the possibility of the comingling of test data with live market activity.
/goo.gl/ZGf7VF
Barclays agrees $2bn fine in US for mortgage misselling
Hannah Boland - Telegraph
Barclays has agreed to pay $2bn (£1.4bn) to settle a lawsuit over mortgage-backed securities sold in the run-up to the financial crisis, marking a significant victory for the lender which had rejected an earlier, much-larger settlement deal.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why a Bigger Dose of Market Panic Could Help
Jeff Sommer - NY Times
The most surprising thing about the wobbly stock market of 2018 is that investors haven't panicked  or at least that they haven't panicked much.
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As bitcoin goes bust, one classic market signal is pointing to more pain
Phillip Streible - CNBC
Bitcoin futures have entered into a contango market, suggesting further agony for the cryptocurrency.
/cnb.cx/2Gm5KC4
Has the market been de-Fanged?; Business model of social media groups is under threat from the scandal around Facebook
John Authers - FT
Has the market been de-Fanged? The Fang stocks (an acronym for Facebook, Amazon, Netflix and Google that now includes other big internet names) have led the market in a remarkable way. Before its reversal, NYSE's Fang+ index had beaten the S&P 500 by 100 per cent since its 2014 inception.
/goo.gl/6Cg7Ns
As U.S. Soy and Corn Areas Shrink, Other Crops Are Expanding
Alan Bjerga, Kevin Varley - Bloomberg
USDA data shows surprise drop in most popular American crops; Acreages for spring wheat, cotton, sorghum are set to increase
Diversity is making a comeback in U.S. cropland. The declining popularity of corn and soybeans, predicted Thursday by the U.S. government, may mean wheat, cotton and other commodities literally regain ground they've lost in recent years.
/goo.gl/o8kUqo
Stocks Are About to Get a $400 Billion Dividend Boost
Cormac Mullen - Bloomberg
April tends to be strong month for equities: Morgan Stanley; Wave of dividend payments could provide 'temporary relief'
Here's a fresh reason to celebrate the end of a lousy quarter in global equities: the new one kicks off with the potential adrenaline boost of as much as $400 billion in dividends.
/goo.gl/YP3D6y
LIBOR/OIS move seen adding $16 billion to business, family debt expenses: JPMorgan
Reuters Staff
The recent widening of the spread between the three-month London interbank offered rate (LIBOR) and three-month overnight index swap rate (OIS) would add a total of $16 billion in borrowing costs for businesses and families, J.P. Morgan analysts said on Thursday.
/goo.gl/b6gtPZ
VIX Up 81% Shows Extent of Stock Market Pain in Jarring Quarter
Elena Popina, Sarah Ponczek, Lu Wang - Bloomberg
Volatility almost doubles for the quarter as concerns mount; The S&P 500 posts the first three-month decline since 2015
Are we having fun yet? For two years traders bemoaned the tranquility in global equity markets. That era just ended in a fit of turbulence, as stocks plunged into the first correction since early 2016 and volatility almost doubled from historically low levels over the past three months. Dip buying no longer worked, and holding tight on the S&P 500 Index delivered the first quarterly loss in 2 1/2 years.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Former Merrill Lynch CEO John Thain Slated to Join Deutsche Bank Supervisory Board; Ex-UBS, ex-Morgan Stanley executives are also nominated to German lender's board
Jenny Strasburg - WSJ
John Thain, former chief executive of the New York Stock Exchange and crisis-era leader of Merrill Lynch & Co., is expected to join Deutsche Bank AG's supervisory board in May, according to a person familiar with the board's plans.
/goo.gl/AATvvG
Deutsche Bank chief and chairman face testing times; Pressure mounts on John Cryan as it emerges that the bank is informally sounding out successors
Olaf Storbeck in Frankfurt and Martin Arnold in London - FT
John Cryan's appointment as chief executive of Deutsche Bank in 2015 was expected to herald a fresh start for the German lender after years of lacklustre returns, a battered share price and a legacy of legal cases.
/goo.gl/3G7A4y
R.J. O'Brien Wins 2018 CTA Intelligence US Services Award For Best FCM - Client Service For Second Consecutive Year
Mondovisione
Chicago-based R.J. O'Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced that for the second consecutive year, the firm won the award for "Best FCM - Client Service" at the CTA Intelligence U.S. Services Awards 2018.
/goo.gl/6MEyN5
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's New Cyber Rules Add to Cost of Doing Business There; Under new rules, businesses can use only government-approved virtual private networks to bypass the country's internet restrictions
By Liza Lin in Shanghai and Yoko Kubota in Beijing - WSJ
China's campaign against virtual private networks used to bypass its internet restrictions adds to the extra expensesÂand headachesÂfor foreign companies doing business in the country.
/goo.gl/Tajuqz
World Gold Council And International Islamic Financial Market Collaborate To Improve Access To Gold Market For Islamic Investors
MondoVisione
On 28 March, the International Islamic Financial Market (IIFM) and World Gold Council led the IIFM-WGC Industry Consultative Meeting on Gold Documentation and Products Standardisation in Istanbul, Turkey. The meeting was hosted by Borsa Istanbul and organized by the Islamic Finance Directorate.
/goo.gl/tqmkir
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | UK companies and residents will be stripped of .EU domains after Brexit
By James Vincent - The Verge
The latest casualty in the UK's impending departure from the European Union? Domain names ending with .eu.
/goo.gl/LxEaNL
Opportunity will still knock for London after Brexit; The UK capital has had a good run but now it needs to reimagine itself
Richard Sennett - FT
On March 29 2019, London will cease to be the de facto capital of Europe. This is the date on which Britain formally leaves the EU. Financially, London's position as the command-and-control centre of the European economy will be under threat. Culturally, the city will gradually lose its status as a glamorous trendsetter. And socially, it will find itself increasingly at odds with the rest of the country. But rather than drown in regret, London should seize this opportunity to reimagine itself.
/goo.gl/W852g3
Tony Blair: It is not too late to stop Brexit
BBC
Former Prime Minister Tony Blair has said it is not too late to stop Brexit, as the UK reaches one year to go until it leaves the European Union.
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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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