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John Needham
Works at Needham Consulting, Ltd.
Attended Saint John's University, Collegeville, MN
Lives in Chicago
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John Needham

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Here is a link that includes all four pieces from Cody's Honor Band performance Wednesday night. Cody on percussion.

This was his last 8th-grade concert. We're a little nostalgic about that, of course, but also very excited to get him off to high-school where he'll be in band again.
Our 8th-grader, Cody, played his final Honor Band conert Wednesday night. It is hard to expre...
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Here is 15YO Bailey's trumpet concerto from earlier this evening. It was cool, he was accompanied by his piano instructor.
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People talk about exchange volumes, and exchange revenue, how high the volumes are, how robust trading revenue is, and cite this as evidence that the U.S. derivatives industry is healthy and growing.

In my view, they’re looking at the wrong metric.
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+Eugene M. Grygo takes a look at Bernie Sanders' populist positions on Wall Street, over at FTF News, and he includes a quote from your humble correspondent. 
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To all the Futures and #FinTech people left on Google Plus - those that have not subtracted themselves, that it - this is a friendly reminder to renew your subscription to the always-valuable +John Lothian News (JLN) newsletter.

You can use the link below. 
The John Lothian Newsletter and JLN Environmental/Energy are offered on a voluntary pay basis. If you find them useful, we ask that you pay for them. Students and journalists may receive the newsletter at no cost. See payment details below. Subscribe to newsletters here. John Lothian Newsletter Payment Options Not a subscriber? Click here. Individual (1-yr) – $175 Request InvoiceorPay Now Individual (6-mo) – $90 Request InvoiceorPay Now Enterpris...
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On its September 30th FOCUS report the Jefferies FCM reported over $27MM in Customer Seg assets, with just $316k in Customer Seg required. We all knew they were slowing winding down their FCM operations. That is now complete.

On the October 31st FOCUS report, both the Customer assets in Seg, and the Seg required, were zero for Jefferies.

And with that, the venerable Bache and Prudential-Bache FCM names are tossed unceremoniously onto the dust heap of history.

There are now just 55 FCMs clearing customer business in the US. That's down roughly 50% in the last 12 years.
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"CCP Interoperability" for futures and other derivatives is a really stupid idea for lots and lots of reasons, and John McPartland from the Chicago Fed explains some of them in layman terms. Definitely worth a read.

(via the +John Lothian Newsletter; if you don't read this every day, you should.)
Chicago Fed researchers point to problems around issue of concentration margin,Risk Management ,Interoperability,Central counterparty (CCP),Federal Reserve Bank of Chicago,Derivatives,European Market Infrastructure Regulation (Emir),Mifid II,Top story,Custody risk,Custody top story
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New post: the CFTC's FCM Financial Data report was just released. Details at the link.
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Wow. CFTC Commissioner Giancarlo has withdrawn that phony committee "report" (written by a bunch of energy traders and exchanges), the report that supposedly proved that position limits are not worth the effort in the commodities derivatives market.

Giancarlo is the CFTC sponsor of the Commission's Energy and Environmental Markets Advisory Committee. IT is good that he withdrew the report. IT was nonsense, written by energy insiders, absolutely the most biased piece I've seen on the topic of position limits. Having that report the implied endorsement of CFTC was a complete joke.
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One year ago TODAY the CFTC pushed the Ownership & Control Reporting (OCR) implementation date six months, to last September 30th. Later they pushed it another six months to April 27, 2016. Now I'm told they are considering yet another delay.

Meanwhile, the regulation departments at multiple exchanges are already live, with dozens of Reporting Firms submitting completely clean files every day. Thousands of clean forms have been submitted to CME, ICE-US, and other exchanges.

Your federal government at work, folks.

It is fair to ask, at this point, what CFTC thinks will be different after yet another delay. What will be true later that shouldn't already be true 2.5 years after the Final Rule was published?
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Fun fact: since December, 2013, 14 U.S. FCMs have stopped clearing customer business. One more - XFA - has been ordered to stop by NFA.

Details at the link below.
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"And there were in the same country shepherds abiding in the field, keeping watch over their flock by night.

And, lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid.

And the angel said unto them, Fear not: for, behold, I bring you good tidings of great joy, which shall be to all people.

For unto you is born this day in the city of David a Saviour, which is Christ the Lord.

And this shall be a sign unto you; Ye shall find the babe wrapped in swaddling clothes, lying in a manger.

And suddenly there was with the angel a multitude of the heavenly host praising God, and saying,

Glory to God in the highest, and on earth peace, good will toward men."
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Story
Introduction
john.p.needham@gmail.com Texas-based consultant in the exchange traded/OTC derivates space. Proud father. Passion for good food & wine. Lousy but devoted golfer.
Bragging rights
2014 winner of The Brat Award given for consistent support for the Stephen P. Bratkowski Memorial Foundation which does charitable work for disadvantage children and adults in Memphis, TN.
Education
  • Saint John's University, Collegeville, MN
    Natural Science, 1978 - 1982
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Male
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John Needham's +1's are the things they like, agree with, or want to recommend.
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Turkish lira - Wikipedia, the free encyclopedia
en.wikipedia.org

In 1926, the Ministry of Finance introduced notes for the Republic of Turkey in denominations of 1, 5, 10, 50, 100, 500 and 1000 lira. These

FFastFill England vs. Barbarians Cricket Day (England Team)
www.justgiving.com

FFastFill Cricket Day is fundraising for Futures for Kids

Keiser Report: FBI vs Gold Standard 'Extremists' (E248)
www.youtube.com

In this episode, Max Keiser and co-host, Stacy Herbert, discuss the gold standard extremism and how your dollar got to be worth just 3.8 cen

Went for the Labor Day sale. I had chosen two suits from the sale ads. Neither was avilable in the store - not entirely unexpected, but I figured they could order them for me, I was happy to wait. But none of the suits from the sale ad were available. Anywhere. Not the ones I wanted, and none of the others either. The sales person *did* offer to sell me a different suit, very similar to one of the ones I wanted. But the price for that obe was the same as both suits I had picked out. A complete bait-and-switch operation, this store is.
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Public - 3 weeks ago
reviewed 3 weeks ago
Outstanding service, we installed a large backyard fence, added three wrought iron gates, over the period of about a year. Very happy with the quality and craftsmanship, especially on the gates. They do terrific work at a very reasonable price.
Public - 3 weeks ago
reviewed 3 weeks ago
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