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John Needham
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+CFTC just released 2016 year-end FCM Financial Data. There is a new summary over at the old Needham Consulting blog.

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Sixteen

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A long time coming.

Probably many of you have already seen this, but in case you didn't.

Proving that the wheels of justice grind slowly but inexorably towards a just conclusion, yesterday a federal judge in New York ordered former MF Global CEO Jon Corzine "to pay a $5 million civil monetary penalty for his role in MF Global’s unlawful use of customer funds totaling nearly one billion dollars and for his failure to diligently supervise the handling of customer funds." Corzine also received a lifetime ban from the U.S. futures industry. (The best news is that he is prohibited from seeking or accepting reimbursement from any insurance policy; the $5 million will come directly from his own pocket.)

Former MF Global assistant treasurer Edith O'Brien also was fined, $500k, and was given an 18-month suspension from associating with any US FCM for "aiding and abetting MF Global’s violations." She supervised the FCM's treasury department. O'Brien was the one who transferred the Customer Segregated funds out of the customer accounts to cover Corzine's trades.

Corzine's lifetime ban is a just conclusion: in September, 2010 he took over a company whose corporate ancestry pre-dates the American Revolution and within 13 months drove it into bankruptcy, scandal and ruin. MF Global filed for bankruptcy on Halloween in 2011. Many hundreds of good people in Chicago, elsewhere in the US, and throughout the world, lost their jobs and careers thanks to Corzine's failed management. Good riddance to him.




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So, I guess I do have a few thoughts about the Cubs winning the World Series, so I posted them over at the family website:

http://www.needhamfamily.net/the-new-blog-page/2016/11/3/world-series-champs

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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.

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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.)

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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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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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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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