Illinois insurance ethics class requirement

Illinois insurance ethics class requirementIllinois Insurance Ethics Class Requirement

3 Hour Ethics Classes Throughout Northern Central Illinois

Illinois CE Ethics Classroom Requirement

Is it time to renew your Illinois insurance producer license? We can help you take care of the 24 hours of continuing education required by the Illinois Department of Insurance. CPMI Professional Development provides the required live ethics classes, and continuing education courses and packages for Illinois Insurance producers.

All agents must complete at least 3 hours of in-class Ethics to comply with the Illinois insurance CE requirement. The live ethics course does not have an exam requirement. See the IL Dept of Insurance letter on this requirement here.

Which option best describes your need?

Ethics Class Locations

We also offer a variety of Illinois continuing education basic materials, as well as traditional, on location ethics classes throughout the state to help you meet your CE requirements.

Ethics classes offered in: Arlington Heights, Champaign, Chicago, Moline, Naperville, Northbrook/Highland Park, Oakbrook Terrace, Palatine, Peoria, Rockford, Schaumburg, Springfield

Combine ethics with up to 24 hours of IL insurance continuing education for just $39 more or click on "Signup Now" above to see class dates and times for the ethics class portion only.

In-house Classes

In addition to our listed class schedules, we are happy to offer in-house classes throughout the state planned specifically for your agency or organization. Call 815-271-8200 for more information.

What class participants have said:

"Time passed quickly. Good interaction with the group. I liked the dialog and discussion from the group on ethics."

"Very interactive and kept the students engaged. I appreciated not being lectured to."

"I thought the course was very informative. I would sign up for other classes with Paul Mensinger."

Textbook CE Courses

In addition to our classroom ethics courses, we also offer a variety of Illinois continuing education course textbooks and online courses.

Requirements for Agents Renewing an Illinois Insurance License

Do you need to renew your Illinois insurance producer license? You need to know:

Illinois trade schools

Illinois trade schoolsIllinois Trade Schools

When looking to start as well as advance your career there are a few things to bear in mind before beginning a career training program. Some programs offer short term curriculum which will lead to a diploma or maybe a certificate upon finish. Several educational facilities might also offer associates and/or bachelors degrees to those who have finished all of the essential program requirements.

While in the early stages of performing your research keep all of your choices open and request information from schools that are close by and farther away considering they offer something of interest. Also keep in mind online programs and find out if that would be an option. By contacting several institutions from the list of trade schools in Illinois (including those which are technical and/or vocational) down below and assessing each to your ambitions you ought to be on your way to locating a good option for your personal needs.

To help you make the best decision you'd be advised to check with schools both near and far to evaluate your choices. Remember the types of courses vary at each school for the certifications, degrees, and diplomas obtained once you have finished all of the work that is mandatory.

Global strategies trading,llc

Global strategies trading,llcGlobal Strategies Trading, Llc

Global Strategies Trading, LLC(GS) is in exclusive partnership with the Los Angeles Economic Development Corporation(LAEDC) and the World Trade Centers of Los Angeles Long Beach(WTC) for the specific purpose of substantially increasing California products into new export markets. The GS/LAEDC/WTC partnership has the full support of the United States Department of Commerce, Los Angeles County regional support of Chambers, Ports, Trade Organizations, Economic Development Agencies, and political support for this very important initiative to increase California exports.

GS conducts monthly trade missions to the Republic of Cuba to increase the presence of California products in Cuba. GS will conduct trade missions to the following developing high growth countries in 2004: Poland, Czech Republic, Lithuania, Romania, China, Vietnam, Panama, Chile and India. All these developing countries represent tremendous opportunity to California companies to increase trade, exports and investments.

Company Type: Trading Company

Main Products and Service: GS can provide the following: Country Research and Analysis Market Company Matching

Target Market: North America, South America, Western Europe, Eastern Europe, Eastern Asia, Southeast Asia, Mid East, Africa, Oceania Search Products Search

Don’t tell anybody about this story on hft power jump trading

Don’t tell anybody about this story on hft power jump tradingDon’t Tell Anybody About This Story on HFT Power Jump Trading

Far from Wall Street in a Chicago neighborhood once synonymous with urban blight, two futures industry veterans are using secrecy and speed to mint fortunes.

Their firm, Jump Trading LLC, was all but invisible until it was among six companies subpoenaed in April by New York prosecutors. Jump has ascended the ranks of high-frequency traders during the past 15 years to become one of the top firms on the Chicago Mercantile Exchange, where $925 trillion of derivatives changed hands last year. Its annual revenue has exceeded half a billion dollars.

The company was founded by traders Bill DiSomma and Paul Gurinas, whose level heads caused them to stand out in the cacophony of a Chicago trading floor. Today, the pair parcel money among 20 or so teams, each guarding its computer models from the others to trade stocks, bonds and commodities with strategies that go almost as fast as light.

“Billy was one of the few upright, stand-up guys in the pits,” said Yra Harris, owner of Praxis Trading who knew DiSomma when they worked in the Chicago trading pits during the 1990s. “He had a very good presence. There were all kinds of games being played in the pits, but he wasn’t one of those who messed others around.”

Befitting its history of stealth, neither the firm nor its principals spoke for this article, and three people familiar with the matter said former employees were told not to speak with Bloomberg News.

‘Low Profile’

Jump’s reluctance to speak comes as arrangements between financial exchanges and HFT firms are being examined by New York Attorney General Eric Schneiderman and the U. S. Commodity Futures Trading Commission. Jump hasn’t been publicly accused of wrongdoing by any government investigator.

“Although Jump is well known and respected within the industry, they keep a very low profile beyond the narrow confines of electronic trading,” said William Sterling, former chief of UBS AG’s global equities electronic business who co-runs Headlands Technologies LLC, a quantitative trading firm.

Jump’s headquarters are north of Chicago’s financial district in an area once dominated by one of the nation’s most dangerous public-housing projects, the Cabrini-Green Homes, whose high-rises were demolished during the last decade. Its offices are in the former warehouse of Montgomery Ward, a remnant of the city’s days as the mail-order capital of the U. S.

Jump has about 350 employees who also work in offices in New York, London and Singapore, according to a version of its website that was deleted earlier this year. While the closely held company, which trades with its own money, makes few disclosures about its inner workings or finances, there are clues to its size.

Public Filings

Some of its financial filings are public. In 2010, Jump reported net income of $268 million and operating revenues of $512 million for that year, according to documents filed with the U. S. Securities and Exchange Commission. Profit amounted to $316 million in 2008, according to another filing with the regulator. At the end of March 2014, it owned U. S. stocks valued at $239 million, according to data compiled by Bloomberg from an SEC filing.

Last year, Jump paid CME Group Inc. the world’s largest futures exchange, $83 million in trading fees while receiving about $17 million for market making activities, according to a separate SEC filing that doesn’t identify Jump by name.

In April, Jump sought to force Twitter Inc. to reveal who was posing as one of its employees posting tweets. After Bloomberg News in April revealed that Schneiderman subpoenaed Jump as part of an industry investigation, the trading firm erased most of its website.

‘Made Billions’

“From what I understand, they’ve made billions in profits,” said James Koutoulas, chief executive officer of Typhon Capital Management LLC in Chicago, who said he has friends with ties to Jump. After the controversy stirred by Michael Lewis’s book “Flash Boys,” which said the U. S. stock market is rigged, “the high-frequency trading guys are trying to avoid any type of publicity,” he said.

Neither DiSomma, 49, nor Gurinas, 46, responded to phone or e-mail requests for interviews, and Jump didn’t respond to messages sent to its “media inquiries” e-mail address. The firm declined to meet with Bloomberg News on an unscheduled visit by a reporter to their offices in April. Subsequent meetings with Jump’s chief operating officer, Matt Schrecengost, arranged by Tessa Wendling, the firm’s general counsel, were canceled. She didn’t return phone calls or e-mails seeking comment.

Innate Humility

Humility is innate in Gurinas, according to his mother.

“He doesn’t like stories about him, and so wouldn’t want any of his friends to talk about him,” Nola Gurinas said in a phone interview.

While some high-frequency firms were created by computer programmers, DiSomma and Gurinas were pit traders at the CME -- the guys who shout and wave their arms to get the best prices. They met in 1992, and, as financial markets started migrating to electronic trading, they saw the potential of using computers to take advantage of price discrepancies in different markets, a tactic called arbitrage.

In 1999, DiSomma and Gurinas left to start their own firm, Akamai Trading LLC, partnering with John Harada. William Shepard, a board member of CME Group since 1997, bought a stake while agreeing not to get involved in management, according to a former Jump employee. Harada left to co-start rival Allston Trading LLC, and DiSomma and Gurinas changed Akamai Trading’s name in 2001 to Jump, a nod to how traders attract attention to themselves on exchange floors.

Shepard is the only CME Group director without a photo next to his biography on the exchange’s website. His links to Jump require the exchange to disclose any financial relationship between the two companies because of his status as a board member. CME Group didn’t name the firm he works for in the regulatory filing earlier this year that disclosed the payments between Jump and the exchange. Shepard didn’t return phone calls or e-mails seeking comment.

CME Group’s conflict of interest policy prohibits board members from voting on matters where they could stand to benefit, said Anita Liskey, a spokeswoman for the exchange. She declined to comment on Shepard or Jump.

Jump hired scientists, mathematicians and programmers to build complex algorithms for trading U. S. and European equities, futures, currencies and bonds at speeds measured in fractions of a second. Unlike other firms that lease microwave towers to shave milliseconds off the time it takes to send trade orders in the U. S. and Europe, Jump buys them through a subsidiary, including one tower in Belgium that was once used by the North Atlantic Treaty Organization.

‘Industry Leader’

“We have become an industry leader, quietly setting the standard for sophisticated trading strategies,” Jump said on a now-erased version of its website.

Jump is one of the few HFT firms that have made the investment to become a clearing member at Chicago-based CME Group. That means it pays the lowest trading fees in return for maintaining preset capital minimums, according to CME Group’s rules. It also must contribute cash and securities to CME Group’s clearinghouse default fund.

DiSomma and Gurinas, who grew up in the Chicago area and graduated from the University of Illinois at Champaign-Urbana, are opposites, according to former employees. DiSomma is outgoing and cracks jokes, while Gurinas is reserved and prefers the quiet life, people who know them said.

‘Quiet Guy’

Scott Davis worked alongside Gurinas in the Standard Poor’s 500 Index futures pit during the late 1990s. “He was not your typical loudmouthed, boisterous guy in the pit,” said Davis. “He was a quiet guy. He went about his business.”

DiSomma lives modestly by Wall Street standards. He sometimes drove to work in a pickup truck and owns a 111-year-old house in Chicago’s Oak Park suburb -- an area known for the diverse economic backgrounds of its residents. DiSomma bought his house, located a block south of railroad tracks, for $645,000 in 1999, according to county records. By contrast, the founder of another high-speed trading firm, Virtu Financial Inc.’s Vincent Viola, is selling his 19-room Manhattan townhouse for $114 million, real-estate listings show.

DiSomma also owns a 623-acre (2.5 square kilometers) farm in Cuba, Illinois, about 200 miles (322 kilometers) southwest of Chicago where he hunts for deer, pheasant and turkey and fishes for largemouth bass, according to photos on the property’s website .

Hospital Donation

His family foundation had $29.8 million at the end of 2012, according to the latest tax filings. DiSomma donated $25 million to a hospital and medical college in Peoria, Illinois, in 2011, according to the Journal Star, a newspaper in the city. The hospital had treated his daughter after she was injured in an all-terrain vehicle accident.

“At Jump Trading, what we do. it’s not exactly God’s work,” DiSomma said in February 2010 interview with the Journal Star. “What you guys do down here is closer to God’s work,” he said referring to OSF Saint Francis Medical Center’s children’s hospital, which used DiSomma’s donation to build a training facility called the Jump Trading Simulation and Education Center.

Gurinas, whose wife is a recruiter at Jump, lives with his family in Lincoln Park, an upscale neighborhood on Chicago’s north side. He spent $3.1 million in 2006 on a 3,690-square-foot home, according to the Cook County Assessor. Gurinas also owns land and a ranch in Montana. A Jump affiliate has a microwave license in Missoula, Montana.

Government Reports

One of the firm’s specialties is trading quickly on the information contained in government statistical releases, according to two competitors of the firm and a former employee. Jump pre-loads its trading algorithms based on whether, say, the unemployment rate will rise or fall, then executes the strategy within tiny fractions of a second following the announcement, the former employee said.

The programmed trades often exploit price differences between exchange-traded funds based on the SP 500 stock index and futures based on the SP traded at CME Group, the former employee said. They follow this arbitrage across many equity indexes and futures, such as the Nasdaq or Russell groupings of stocks, as well as in markets in the U. K. and Germany, the person said.

To succeed in the U. S. Jump needed the fastest connection between the data center for the New York Stock Exchange in New Jersey and CME Group’s facility outside Chicago.

Saving Time

Then, as now, firms competed fiercely to shave milliseconds off the round-trip time. That meant if Jump had signed a lease on one fiber-optic network and then a faster one was built later, it would rent space on that one, too, the former employee said. At one point, the firm had access to four distinct fiber-optic lines, the former employee said.

The firm was also among the first to use microwave towers to send information between Illinois and New Jersey, according to executives at rival firms. Jump also uses microwaves in Europe, including a tower it bought last year that relayed messages for the U. S. military during the Cold War. Though it can carry less data, microwave can travel distances in roughly half the time of even the most advanced fiber-optic cables.

Jump guards its brand. In April, it filed a petition in an Illinois circuit court to compel Twitter to disclose who was behind an account using the name “jumptradingalgoswild.” Jump said the account was unauthorized and it needed the name of the account holder “who may be responsible in damages for impersonating Jump Trading and infringing Jump’s intellectual property, including its trademarks.”

Case Dropped

Without specifying why, Jump and Twitter requested that the case be dismissed at the end of June, which it was, according to court records in Chicago. The Twitter account is no longer active. Stacie Hartman, a lawyer for Jump listed on the petition, and Twitter’s legal representative, Jade Lambert, didn’t return phone calls requesting comment.

Jump’s industrial-style offices, which occupy two floors of the eight-story building, are a mishmash of concrete pillars, exposed overhead cabling and sleek lighting and glass doors.

The office atmosphere is akin to a Silicon Valley startup, with employees dressing casually. They have catered lunch every Friday, company-sponsored happy hours and sporting events. The firm holds annual summer picnics and holiday parties have been held at the Art Institute of Chicago and the Field Museum.

‘Highly Sought’

“Jump is among the high-frequency trading shops that is highly sought after by our candidates, who’ve often told us they have a very strong work-hard-and-reward-hard culture,” said Deepali Vyas, founder of VnV Partners, a recruitment firm in New York.

While Jump describes itself as having a “casual atmosphere and flat organizational structure,” according to a former version of its website, it has an unusual setup compared with rivals.

Jump rents out computers and other infrastructure to its traders, who are organized into independent trading teams. The groups operate as separate cost centers and are staffed by as few as two people or as many as about 20, according to two former employees. Some groups trade across markets while others focus on one.

Jump applies its secrecy ethic within the firm. The teams don’t share information about trading strategies with each other -- profitable groups are rewarded with more technology or money to trade with, former employees said.

Founders’ Teams

DiSomma and Gurinas sit with the traders and each have their own teams. Jump Core Strategies, run by Gurinas, caused resentment within the firm because of the growth of its assets, former employees said.

Among the successful teams are Statistical Trading Group, or STG, which has been run by former Citadel LLC traders Tom Gallagher and Satyanarayana Dharanipragada. Other groups have been led by Igor Pavlovsky, a Massachusetts Institute of Technology graduate who trades currencies, and ex-Citadel employees Ken Terao and Alexei Kamenev. Messages left for Gallagher, Dharanipragada, Pavlovsky and Terao weren’t returned, and Kamenev declined to comment.

An exodus of employees to Jump from Citadel was the subject of a clash between billionaire Ken Griffin’s Chicago hedge-fund firm and Jump in 2012. Citadel said former workers may have taken proprietary trading strategies and computer code worth hundreds of millions of dollars to Jump. Jump said that Citadel was misusing the courts to get information on a competitor.

James Chiu

An Illinois judge rejected Citadel’s bid to compel Jump to identify ex-employees who joined the firm since 2005, and any strategies they later developed. The case was dismissed in October 2012.

At Jump, James Chiu -- whom ex-employees said was in the trading firm’s Oceans group -- broke CME Group rules in 2010, according to a CME Group disciplinary memo from 2014.

A CME Group panel found that from Aug. 30 through Sept. 15, 2010, Chiu manually entered orders, supplementing trades that he had already placed, then canceling them before his other orders could be executed, the exchange said in a March 3, 2014, notice on its website. His actions potentially disrupted the market, the panel said.

The exchange said Chiu was employed as a proprietary trader by a member firm, but didn’t name Jump in the disciplinary action. The panel found that Chiu broke the exchange’s rule prohibiting “dishonorable or uncommercial conduct,” among others. Chiu, whose LinkedIn Corp. profile says he was a former team leader at Jump, settled with the CME Group without admitting or denying wrongdoing. He was ordered to pay a $155,000 fine and was suspended from any trading on the exchange’s markets for two months.

Predicting Future

Chiu, who now runs his own proprietary-trading firm, Vatic Labs, in San Francisco, said in a phone interview that CME Group issues disciplinary actions all the time and his was nothing out of the ordinary. Vatic is a word meaning something that describes or predicts what will happen in the future.

About two months after the CME Group rule violations that Chiu was later punished for, DiSomma, Gurinas and Schrecengost met with then-chairman of the CFTC, Gary Gensler. They discussed the definition of spoofing -- or illegally canceling bids and offers quickly after placing them in order to create a false impression of demand -- as well as high-frequency trading and the May 6, 2010, market plunge known as the flash crash, according to the market regulator’s website. The meeting was part of the regulator’s efforts to implement new market rules stemming from the Dodd-Frank Act.

As for his old firm, Chiu hewed to the company line.

“I’m not allowed to talk about my time at Jump,” he said.

Jump trading,a quiet leader in the hft world

Jump trading,a quiet leader in the hft worldJump Trading, a quiet leader in the HFT world

Far from Wall Street in a Chicago neighborhood once synonymous with urban blight, two futures industry veterans are using secrecy and speed to mint fortunes.

Their firm, Jump Trading LLC, was all but invisible until it was among six companies subpoenaed in April by New York prosecutors. Jump has ascended the ranks of high-frequency traders during the past 15 years to become one of the top firms on the Chicago Mercantile Exchange, where $925 trillion of derivatives changed hands last year. Its annual revenue has exceeded half a billion dollars.

The company was founded by traders Bill DiSomma and Paul Gurinas, whose level heads caused them to stand out in the cacophony of a Chicago trading floor. Today, the pair parcel money among 20 or so teams, each guarding its computer models from the others to trade stocks, bonds and commodities with strategies that go almost as fast as light.

“Billy was one of the few upright, stand-up guys in the pits,” said Yra Harris, owner of Praxis Trading who knew DiSomma when they worked in the Chicago trading pits during the 1990s. “He had a very good presence. There were all kinds of games being played in the pits, but he wasnt one of those who messed others around.”

Befitting its history of stealth, neither the firm nor its principals spoke for this article, and three people familiar with the matter said former employees were told not to speak with Bloomberg News.

‘Low Profile

Jumps reluctance to speak comes as arrangements between financial exchanges and HFT firms are being examined by New York Attorney General Eric Schneiderman and the U. S. Commodity Futures Trading Commission. Jump hasnt been publicly accused of wrongdoing by any government investigator.

“Although Jump is well known and respected within the industry, they keep a very low profile beyond the narrow confines of electronic trading,” said William Sterling, former chief of UBS AGs global equities electronic business who co - runs Headlands Technologies LLC, a quantitative trading firm.

Jumps headquarters are north of Chicagos financial district in an area once dominated by one of the nations most dangerous public-housing projects, the Cabrini-Green Homes, whose high-rises were demolished during the last decade. Its offices are in the former warehouse of Montgomery Ward, a remnant of the citys days as the mail-order capital of the U. S.

Jump has about 350 employees who also work in offices in New York, London and Singapore, according to a version of its website that was deleted earlier this year. While the closely held company, which trades with its own money, makes few disclosures about its inner workings or finances, there are clues to its size.

Jump trading llc acase study in high-frequency trading,big money

Jump trading llc acase study in high-frequency trading,big moneyJump Trading LLC: A Case Study in High-frequency Trading, Big Money

Far from Wall Street in a Chicago neighborhood once synonymous with urban blight, two futures industry veterans are using secrecy and speed to mint fortunes.

Their firm, Jump Trading LLC, was all but invisible until it was among six companies subpoenaed in April by New York prosecutors. Jump has ascended the ranks of high-frequency traders during the past 15 years to become one of the top firms on the Chicago Mercantile Exchange, where $925 trillion of derivatives changed hands last year. Its annual revenue has exceeded half a billion dollars.

The company was founded by traders Bill DiSomma and Paul Gurinas, whose level heads caused them to stand out in the cacophony of a Chicago trading floor. Today, the pair parcel money among 20 or so teams, each guarding its computer models from the others to trade stocks, bonds and commodities with strategies that go almost as fast as light.

“Billy was one of the few upright, stand-up guys in the pits,” said Yra Harris, owner of Praxis Trading who knew DiSomma when they worked in the Chicago trading pits during the 1990s. “He had a very good presence. There were all kinds of games being played in the pits, but he wasnt one of those who messed others around.”

Befitting its history of stealth, neither the firm nor its principals spoke for this article, and three people familiar with the matter said former employees were told not to speak with Bloomberg News.

‘Low Profile

Jumps reluctance to speak comes as arrangements between financial exchanges and HFT firms are being examined by New York Attorney General Eric Schneiderman and the U. S. Commodity Futures Trading Commission. Jump hasnt been publicly accused of wrongdoing by any government investigator.

“Although Jump is well known and respected within the industry, they keep a very low profile beyond the narrow confines of electronic trading,” said William Sterling, former chief of UBS AGs global equities electronic business who co - runs Headlands Technologies LLC, a quantitative trading firm.

Jumps headquarters are north of Chicagos financial district in an area once dominated by one of the nations most dangerous public-housing projects, the Cabrini-Green Homes, whose high-rises were demolished during the last decade. Its offices are in the former warehouse of Montgomery Ward, a remnant of the citys days as the mail-order capital of the U. S.

Jump has about 350 employees who also work in offices in New York, London and Singapore, according to a version of its website that was deleted earlier this year. While the closely held company, which trades with its own money, makes few disclosures about its inner workings or finances, there are clues to its size.

Public Filings

Some of its financial filings are public. In 2010, Jump reported net income of $268 million and operating revenues of $512 million for that year, according to documents filed with the U. S. Securities and Exchange Commission. Profit amounted to $316 million in 2008, according to another filing with the regulator. At the end of March 2014, it owned U. S. stocks valued at $239 million, according to data compiled by Bloomberg from an SEC filing.

Last year, Jump paid CME Group Inc. the worlds largest futures exchange, $83 million in trading fees while receiving about $17 million for market making activities, according to a separate SEC filing that doesnt identify Jump by name.

In April, Jump sought to force Twitter Inc. to reveal who was posing as one of its employees posting tweets. After Bloomberg News in April revealed that Schneiderman subpoenaed Jump as part of an industry investigation, the trading firm erased most of its website.

‘Made Billions

“From what I understand, theyve made billions in profits,” said James Koutoulas, chief executive officer of Typhon Capital Management LLC in Chicago, who said he has friends with ties to Jump. After the controversy stirred by Michael Lewiss book “Flash Boys,” which said the U. S. stock market is rigged, “the high-frequency trading guys are trying to avoid any type of publicity,” he said.

Neither DiSomma, 49, nor Gurinas, 46, responded to phone or e-mail requests for interviews, and Jump didnt respond to messages sent to its “media inquiries” e-mail address. The firm declined to meet with Bloomberg News on an unscheduled visit by a reporter to their offices in April. Subsequent meetings with Jumps chief operating officer, Matt Schrecengost, arranged by Tessa Wendling, the firms general counsel, were canceled. She didnt return phone calls or e-mails seeking comment.

Innate Humility

Humility is innate in Gurinas, according to his mother.

“He doesnt like stories about him, and so wouldnt want any of his friends to talk about him,” Nola Gurinas said in a phone interview.

While some high-frequency firms were created by computer programmers, DiSomma and Gurinas were pit traders at the CME -- the guys who shout and wave their arms to get the best prices. They met in 1992, and, as financial markets started migrating to electronic trading, they saw the potential of using computers to take advantage of price discrepancies in different markets, a tactic called arbitrage.

In 1999, DiSomma and Gurinas left to start their own firm, Akamai Trading LLC, partnering with John Harada. William Shepard, a board member of CME Group since 1997, bought a stake while agreeing not to get involved in management, according to a former Jump employee. Harada left to co-start rival Allston Trading LLC, and DiSomma and Gurinas changed Akamai Tradings name in 2001 to Jump, a nod to how traders attract attention to themselves on exchange floors.

Shepard is the only CME Group director without a photo next to his biography on the exchanges website. His links to Jump require the exchange to disclose any financial relationship between the two companies because of his status as a board member. CME Group didnt name the firm he works for in the regulatory filing earlier this year that disclosed the payments between Jump and the exchange. Shepard didnt return phone calls or e-mails seeking comment.

CME Groups conflict of interest policy prohibits board members from voting on matters where they could stand to benefit, said Anita Liskey, a spokeswoman for the exchange. She declined to comment on Shepard or Jump.

Jump hired scientists, mathematicians and programmers to build complex algorithms for trading U. S. and European equities, futures, currencies and bonds at speeds measured in fractions of a second. Unlike other firms that lease microwave towers to shave milliseconds off the time it takes to send trade orders in the U. S. and Europe, Jump buys them through a subsidiary, including one tower in Belgium that was once used by the North Atlantic Treaty Organization.

‘Industry Leader

“We have become an industry leader, quietly setting the standard for sophisticated trading strategies,” Jump said on a now-erased version of its website.

Jump is one of the few HFT firms that have made the investment to become a clearing member at Chicago-based CME Group. That means it pays the lowest trading fees in return for maintaining preset capital minimums, according to CME Groups rules. It also must contribute cash and securities to CME Groups clearinghouse default fund.

DiSomma and Gurinas, who grew up in the Chicago area and graduated from the University of Illinois at Champaign-Urbana, are opposites, according to former employees. DiSomma is outgoing and cracks jokes, while Gurinas is reserved and prefers the quiet life, people who know them said.

‘Quiet Guy

Scott Davis worked alongside Gurinas in the Standard Poors 500 Index futures pit during the late 1990s. “He was not your typical loudmouthed, boisterous guy in the pit,” said Davis. “He was a quiet guy. He went about his business.”

DiSomma lives modestly by Wall Street standards. He sometimes drove to work in a pickup truck and owns a 111-year - old house in Chicagos Oak Park suburb -- an area known for the diverse economic backgrounds of its residents. DiSomma bought his house, located a block south of railroad tracks, for $645,000 in 1999, according to county records. By contrast, the founder of another high-speed trading firm, Virtu Financial Inc. s Vincent Viola, is selling his 19-room Manhattan townhouse for $114 million, real-estate listings show.

DiSomma also owns a 623-acre (2.5 square kilometers) farm in Cuba, Illinois, about 200 miles (322 kilometers) southwest of Chicago where he hunts for deer, pheasant and turkey and fishes for largemouth bass, according to photos on the propertys website.

Hospital Donation

His family foundation had $29.8 million at the end of 2012, according to the latest tax filings. DiSomma donated $25 million to a hospital and medical college in Peoria, Illinois, in 2011, according to the Journal Star, a newspaper in the city. The hospital had treated his daughter after she was injured in an all-terrain vehicle accident.

“At Jump Trading, what we do. its not exactly Gods work,” DiSomma said in February 2010 interview with the Journal Star. “What you guys do down here is closer to Gods work,” he said referring to OSF Saint Francis Medical Centers childrens hospital, which used DiSommas donation to build a training facility called the Jump Trading Simulation and Education Center.

Gurinas, whose wife is a recruiter at Jump, lives with his family in Lincoln Park, an upscale neighborhood on Chicagos north side. He spent $3.1 million in 2006 on a 3,690-square-foot home, according to the Cook County Assessor. Gurinas also owns land and a ranch in Montana. A Jump affiliate has a microwave license in Missoula, Montana.

Government Reports

One of the firms specialties is trading quickly on the information contained in government statistical releases, according to two competitors of the firm and a former employee. Jump pre-loads its trading algorithms based on whether, say, the unemployment rate will rise or fall, then executes the strategy within tiny fractions of a second following the announcement, the former employee said.

The programmed trades often exploit price differences between exchange-traded funds based on the SP 500 stock index and futures based on the SP traded at CME Group, the former employee said. They follow this arbitrage across many equity indexes and futures, such as the Nasdaq or Russell groupings of stocks, as well as in markets in the U. K. and Germany, the person said.

To succeed in the U. S. Jump needed the fastest connection between the data center for the New York Stock Exchange in New Jersey and CME Groups facility outside Chicago.

Then, as now, firms competed fiercely to shave milliseconds off the round-trip time. That meant if Jump had signed a lease on one fiber-optic network and then a faster one was built later, it would rent space on that one, too, the former employee said. At one point, the firm had access to four distinct fiber - optic lines, the former employee said.

The firm was also among the first to use microwave towers to send information between Illinois and New Jersey, according to executives at rival firms. Jump also uses microwaves in Europe, including a tower it bought last year that relayed messages for the U. S. military during the Cold War. Though it can carry less data, microwave can travel distances in roughly half the time of even the most advanced fiber-optic cables.

Jump guards its brand. In April, it filed a petition in an Illinois circuit court to compel Twitter to disclose who was behind an account using the name “jumptradingalgoswild.” Jump said the account was unauthorized and it needed the name of the account holder “who may be responsible in damages for impersonating Jump Trading and infringing Jumps intellectual property, including its trademarks.”

Case Dropped

Without specifying why, Jump and Twitter requested that the case be dismissed at the end of June, which it was, according to court records in Chicago. The Twitter account is no longer active. Stacie Hartman, a lawyer for Jump listed on the petition, and Twitters legal representative, Jade Lambert, didnt return phone calls requesting comment.

Jumps industrial-style offices, which occupy two floors of the eight-story building, are a mishmash of concrete pillars, exposed overhead cabling and sleek lighting and glass doors.

The office atmosphere is akin to a Silicon Valley startup, with employees dressing casually. They have catered lunch every Friday, company-sponsored happy hours and sporting events. The firm holds annual summer picnics and holiday parties have been held at the Art Institute of Chicago and the Field Museum.

‘Highly Sought

“Jump is among the high-frequency trading shops that is highly sought after by our candidates, whove often told us they have a very strong work-hard-and-reward-hard culture,” said Deepali Vyas, founder of VnV Partners, a recruitment firm in New York.

While Jump describes itself as having a “casual atmosphere and flat organizational structure,” according to a former version of its website, it has an unusual setup compared with rivals.

Jump rents out computers and other infrastructure to its traders, who are organized into independent trading teams. The groups operate as separate cost centers and are staffed by as few as two people or as many as about 20, according to two former employees. Some groups trade across markets while others focus on one.

Jump applies its secrecy ethic within the firm. The teams dont share information about trading strategies with each other -- profitable groups are rewarded with more technology or money to trade with, former employees said.

Founders Teams

DiSomma and Gurinas sit with the traders and each have their own teams. Jump Core Strategies, run by Gurinas, caused resentment within the firm because of the growth of its assets, former employees said.

Among the successful teams are Statistical Trading Group, or STG, which has been run by former Citadel LLC traders Tom Gallagher and Satyanarayana Dharanipragada. Other groups have been led by Igor Pavlovsky, a Massachusetts Institute of Technology graduate who trades currencies, and ex-Citadel employees Ken Terao and Alexei Kamenev. Messages left for Gallagher, Dharanipragada, Pavlovsky and Terao werent returned, and Kamenev declined to comment.

An exodus of employees to Jump from Citadel was the subject of a clash between billionaire Ken Griffins Chicago hedge-fund firm and Jump in 2012. Citadel said former workers may have taken proprietary trading strategies and computer code worth hundreds of millions of dollars to Jump. Jump said that Citadel was misusing the courts to get information on a competitor.

An Illinois judge rejected Citadels bid to compel Jump to identify ex-employees who joined the firm since 2005, and any strategies they later developed. The case was dismissed in October 2012.

At Jump, James Chiu -- whom ex-employees said was in the trading firms Oceans group -- broke CME Group rules in 2010, according to a CME Group disciplinary memo from 2014.

A CME Group panel found that from Aug. 30 through Sept. 15, 2010, Chiu manually entered orders, supplementing trades that he had already placed, then canceling them before his other orders could be executed, the exchange said in a March 3, 2014, notice on its website. His actions potentially disrupted the market, the panel said.

The exchange said Chiu was employed as a proprietary trader by a member firm, but didnt name Jump in the disciplinary action. The panel found that Chiu broke the exchanges rule prohibiting “dishonorable or uncommercial conduct,” among others. Chiu, whose LinkedIn Corp. profile says he was a former team leader at Jump, settled with the CME Group without admitting or denying wrongdoing. He was ordered to pay a $155,000 fine and was suspended from any trading on the exchanges markets for two months.

Predicting Future

Chiu, who now runs his own proprietary-trading firm, Vatic Labs, in San Francisco, said in a phone interview that CME Group issues disciplinary actions all the time and his was nothing out of the ordinary. Vatic is a word meaning something that describes or predicts what will happen in the future.

About two months after the CME Group rule violations that Chiu was later punished for, DiSomma, Gurinas and Schrecengost met with then-chairman of the CFTC, Gary Gensler. They discussed the definition of spoofing -- or illegally canceling bids and offers quickly after placing them in order to create a false impression of demand -- as well as high-frequency trading and the May 6, 2010, market plunge known as the flash crash, according to the market regulators website. The meeting was part of the regulators efforts to implement new market rules stemming from the Dodd-Frank Act.

As for his old firm, Chiu hewed to the company line.

“Im not allowed to talk about my time at Jump,” he said.

Republic bank of chicago in oak brook,illinois(il)overview,financial summary,detailed financial

Republic bank of chicago in oak brook,illinois(il)overview,financial summary,detailed financialRepublic Bank of Chicago in Oak Brook, Illinois (IL)

Republic Bank of Chicago - Overview

General FDIC Certificate #: 19333

Status: Active

Federal Reserve ID: 671334

Bank Holding Company (Regulatory Top Holder): Republic Bancorp Co. (RSSDID: 1201194, Location: Oak Brook, IL)

Date Established: December 01, 1964

Deposit Insurance Fund member: Yes

Ownership Type: Non-Stock

Subchapter S Corporations: Yes

Asset Concentration Hierarchy: Commercial Lending Specialization

Date of Deposit Insurance: December 01, 1964

Last Structure Change Effective Date: April 23, 2010

Last Structure Change Process Date: April 26, 2010

Last Data Update: April 26, 2010

Data Source Date: April 05, 2012 Location Address: 2221 Camden Court, Oak Brook, IL 60523

County: Dupage

Quarterly Banking Profile Region: Chicago

FDIC Geographic Region: Chicago

FDIC Supervisory Region: Chicago

FDIC Field Office: Chicago

Office of the Comptroller the Currency (OCC) District: Central

Office of Thrift Supervision Region: Central

Metropolitan Statistical Area (MSA): Chicago, IL (#1600)

Consolidated Metropolitan Statistical Area (CMSA): Chicago-Gary-Kenosha, IL-IN-WI (#14)

Combined Statistical Area (CSA): Chicago-Naperville-Michigan City, IL-IN-WI (#176)

Core Based Statistical Area (CBSA): Chicago-Joliet-Naperville, IL-IN-WI (#16980)

CBSA Metro Statistical Area: Chicago-Joliet-Naperville, IL-IN-WI (#16980)

Core Based Statistical Division: Chicago-Joliet-Naperville, IL (#16974) History of Changes Participated in FDIC Assisted Absorption/Consolidation/Merger

Corrections Financial Summary Total assets: $1,360.1 mil

Equity capital: $142.5 mil

Deposits held in domestic offices: $1,129.5 mil

Return on assets (ROA): 0.26% ($3.5 mil)

Quarterly return on assets: -0.72% (-$9.8 mil)

Return on Equity (ROE): 2.59% ($3.7 mil)

Quarterly return on equity: -6.92% (-$9.9 mil)

Net income: $3.7 mil

Exclusive-update1-citadel accuses jump employees of stealing secrets

Exclusive-update1-citadel accuses jump employees of stealing secretsEXCLUSIVE-UPDATE 1-Citadel accuses Jump employees of stealing secrets

By Dan Wilchins and Herbert Lash

n">(Reuters) - Citadel, one of the world's biggest hedge fund manager, has accused employees of a rival Chicago high-frequency trading firm of stealing its trading programs.

It said in a court petition that at least one its former employees stole trading algorithms and brought them to Jump Trading, a firm that employs 325 people in Chicago, London and Singapore.

Ken Griffin's Citadel is using an unusual legal strategy to try to glean information from Jump -- it is petitioning an Illinois state court for documents before filing a lawsuit, a move that is legal in that state.

Jump Trading said in a motion to dismiss late last month that the hedge fund's request is frivolous and an effort to win competitive information through the courts.

"Citadel's petition has no merit whatsoever. Jump plans to defend against the motion aggressively," said Tessa Wendling, general counsel at Jump, in a statement emailed to Reuters.

A spokeswoman for Citadel, which has about $12 billion in net assets, declined to comment.

Citadel's efforts to learn information before even filing a lawsuit reflect just how zealously some hedge funds and Wall Street firms will fight to protect their trading codes, which have become a bigger source of revenue in recent years.

In 2009, Citadel filed a lawsuit accusing former senior trader Mikhail Malyshev and two other ex-employees of violating non-compete clauses in starting their own firm, Teza Technologies. Malyshev's group at Citadel used trading algorithms to exploit small mispricings in the market.

According to Citadel's petition, about 10 employees from that same area, Citadel's tactical trading group, have moved to Jump Trading since 2005.

Over that time, some of the strategies used by Citadel's tactical trading group have become less profitable. According to the fund manager's petition, the strategies are behaving in a way consistent with their having been copied by rivals.

Citadel is looking for Jump to hand over personnel documents, strategy and trading records, and source code. Citadel also wants to take depositions from its former employees who are now at Jump.

The hedge fund manager is not accusing its former employees of violating non-compete agreements, but does believe employees may have violated non-disclosure agreements.

Citadel's petition pits founder and Chief Executive Griffin, a notoriously tough fund manager, against Bill DiSomma and Paul Gurinas, two former floor traders in Chicago's future pits who built Jump into one of the biggest U. S. proprietary trading firms.

In its response filing, Jump said that Citadel had no evidence that the algorithms had become less profitable because of any of Jump's actions. It said that any of the hundreds of other algorithmic trading firms could be at fault.

"The petition is nothing more than a transparent attempt by Citadel to obtain a competitive advantage by gaining access to Jump's proprietary and confidential trading strategies," Jump's motion said.

In the 2009 lawsuit, Citadel successfully won an injunction barring Malyshev and his two colleagues from working at Teza Technologies through November 2009.

(Reporting By Dan Wilchins and Herbert Lash; Additional reporting by Matthew Goldstein; Editing by Tim Dobbyn)

Trading multiple accounts

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Hantec Markets is a trading name of Hantec Markets Limited who is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. FCA Register No: FRN 502635.

Hantec Markets does not offer its services to residents of certain jurisdictions such as USA, Japan, Afghanistan, Algeria, Angola, Bosnia and Herzegovina, Cuba, Ecuador, Guyana, Iran, Iraq, Lao PDR, Myanmar, North Korea, Panama, Papua New Guinea, Sudan, Syria, Uganda, Yemen.

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Online trading academy chicago il stock trading as asmall business stock exchange of mauritius comp

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Legal: XM is a trading name of Trading Point Holdings Ltd, registration number: HE 322690, (12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor 3042 Limassol, Cyprus), which wholly owns Trading Point of Financial Instruments Ltd (Cyprus), registration number: HE 251334, (12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus).

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12th December 2013 · 0 Comments

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Financial Advisors are obligated to disclose any events that may influence their professional conduct or ability to advise their clients. Disclosure events can be criminal matters, regulatory actions, civil judicial proceedings, customer complaints, employment terminations, arbitrations, civil litigations or other financial matters in which the advisor has been involved.

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