Botanicals
Pat Kenny Didn’t Retire. He Just Walked Away
After four decades in derivatives, trading technology, and public service, Pat Kenny is spending the summer on Geneva Lake and plotting his next act WILLIAMS BAY, WI (JLN) — July 13, 2026: Pat Kenny, the most interesting man in the world, as I have repeatedly called...
TMX’s McKenzie Says Cboe Deal Will Cut Costs, Boost Global Reach
Canadian exchange chief touts “hyper‑regional” strategy, sees room alongside ASX in Australia
TORONTO, ONTARIO (JLN) ― May 13, 2026 ― TMX Group Inc. is leaning into its smaller scale as a strategic advantage as it pursues a landmark deal with Cboe Global Markets, Chief Executive Officer John McKenzie said in an interview with John Lothian News at the WFEClear 2026 conference at Toronto’s Royal York hotel.
“Over the last few years, if you look at our track record on both organic and all‑in growth, we are one of the top performing markets in the world,” McKenzie said, adding that TMX is “serving clients well and…meeting their needs” and that growth is “the outcome of having the right strategy…on a global basis,” rather than “growth for growth sake.” He argued that TMX’s size is an asset, not a handicap, saying, “We actually benefit from the fact that we are smaller than some of the big global players, because we can actually do things that are a bit more nimble,” including investing in earlier‑stage companies and “scale them up,” particularly in index businesses where TMX can “buy a small index operator, tuck it in and then grow it faster.”
CFTC Adrift: Selig’s Silent First 60 Days Leave Crucial Division Posts Empty
With staff gutted, Chicago enforcement hollowed out, and only one commissioner at the commission, Chairman Michael Selig has yet to name a single division head, leaving the nation’s chief derivatives regulator looking directionless as retail futures, prediction markets, and crypto trading explode.
ELMHURST, IL (JLN) ― February 19, 2026 ― It has been 59 days since Michael Selig was sworn in as CFTC chairman. Since then, he has named two senior advisors, a chief of staff, and a general counsel. He has yet to name a single head of any of the divisions that do the nuts and bolts work of the CFTC, or at least are supposed to, assuming there were any employees left to do it. The CFTC full-time employee headcount has been slashed by over 20 percent since the Trump administration took office.
Celebrating 25 Years of the John Lothian Newsletter – A Leap of Faith in 1999
Twenty-five years ago, in August 1999, I began producing this daily newsletter as a marketing and networking tool to promote my electronic trading brokerage services, Commodity Trading Advisor offerings, and my personal brand.
I was competing with large discount commodity firms that were transitioning to electronic trading, and I needed to market myself and my firm and find a way to stand out, but I didn’t have many monetary resources to do so. Therefore, I had to think outside the box.
TMX’s Luc Fortin Discusses AI Integration and Global Expansion Plans at FIA Conference
At the FIA International Futures Industry Conference in Boca Raton, FL, Luc Fortin, president and CEO of Montréal Exchange (MX) and global head of trading of TMX Group, revealed to JLN that TMX is actively exploring the integration of artificial intelligence (AI) into its trading operations. The exchange, which is a prominent player in Canada and the West, views AI as a significant trend worth close attention. The interview was part of the JLN Industry Leader video series, sponsored by Wedbush.
Cannabis Shares Underperform Going Into Year-End Amid U.S. Regulatory Logjam
Although adult-use sales of cannabis remain robust in U.S. states where it is legal, Nasdaq IR Intelligence analyst Saleem Daya sees continued stock underperformance across the cannabis space going into year-end, building on activity in the second and third quarters of 2021.
In an interview with John Lothian News, Daya notes the benchmark Solactive North American Marijuana Index is about 13% lower this quarter and is down close to 20% year-to-date, a move he attributes to disappointment that the U.S. federal reform that many were hoping for in early 2021 has not taken place and impatience with a regulatory process that remains mired in disagreement over its scope and depth.
Hemp Prices Hold Mostly Steady As Year End Approaches; Added Volatility Seen In 2022
— Hempcrete finds a new role in as a carbon reduction agent
As the books close on the fall harvest, most midpoint hemp prices remain steady to marginally higher, according to the November 2021 PanXchange Hemp: Benchmark & Analysis report.
Hemp Harvest Rolls to a Close Amid Less Than Average Yields In Several Regions
-Texas regulators take a startling turn against delta-8
At first glance, the October PanXchange Hemp: Benchmark & Analysis report looks like more of the same when compared with September’s, but a closer look shows several issues have intensified: price pressures in the hemp biomass sector from newly harvested supply, the continued controversy over (and demand for) for delta-8 and the use of hemp in animal feed.
JLN Reinforces Work From Home Strategy With Decision to Close CBOT Building Office
John Lothian News continues to go strong during the pandemic, but we have decided to close our office in the CBOT Building when our lease is up at the end of the year. The JLN team will continue to work from home and venture into Chicago when opportunity or the need arises, but we will have no permanent presence downtown after the first of the year. JLN has had its own CBOT offices since 2010 after incubating the firm in the offices of my former employer, The Price Futures Group.
Hemp Biomass Prices Dip as 2021 Harvest Adds Supply, But Emerging Demand Seen
Mid-range prices of hemp biomass were bobbing in a sea of red in the September PanXchange Hemp: Benchmark & Analysis report, but the exchange said it was standing by its forecast that prices for “quality 2021” biomass will rally after the current harvest.
Hemp Prices Pause as Harvest Continues
The PanXchange Hemp: Benchmark & Analysis report took an unusual turn this month, calling hemp hurd for animal bedding the most interesting industrial hemp story of August. That may not sound like an exciting development to a casual observer, but it is one segment of the market where the report indicated there is little supply to spare.
Hemp Hangs Tough In July
The month of July brought more than its share of disruptions to the growing season — wildfires and severe drought in much of the West, for example — but prices for biomass and industrial hemp ended the month mostly unchanged, according to the latest PanXchange Hemp: Benchmark & Analysis.
The Complete 2021 MarketsWiki Education World of Opportunity Virtual Event & Additional Videos
The 2021 JLN MarketsWiki Education World of Opportunity was held on July 21 as a virtual event and featured an interview with Small Exchange CEO Donnie Roberts and an interview of and presentation from Get Real VR partner Ed Haravon.
Cannabis shares pull back as U.S. regulatory momentum fizzles
Nasdaq IR Intelligence analyst Saleem Daya explains why the sector’s heated year-end performance cooled in Q2; cites rising yields, retail investor fatigue as action on U.S federal legislation remains stalled.
‘Weed Out the Dreamers’ to Make Hemp Sustainable
In a midyear update with JLN, PanXchange CEO Julie Lerner says the hemp industry needs to turn its focus to farm economics; sees continued promise in carbon credits.
Old Downtown Chicago Trading Hub Becomes New AI Data Center
First Read Hits & Takes John Lothian & JLN Staff The former Cboe Global Markets trading headquarters at 400 S. LaSalle Street is undergoing a $300 million to $400 million conversion into a 33-megawatt AI data center by Legacy Investing and GI Partners, Natalie...
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The Spread
Introducing “Auditions” – A JLN Topic Page for Market-Related Entertainment Content Creators
John Lothian News announces the upcoming launch of “Auditions,” a new space on johnlothiannews.com and the John Lothian Newsletter for entertainment content creators to introduce to the JLN audience their market related TV scripts, movie scripts, documentaries, short stories, books and poems. The official launch date is not set, but is coming soon.
Mogator Media Capital (Mogator Media Capital), along with writers Daniel F. Sullivan (Pencils with Erasers Podcast) and John Nuckel (JohnNuckel.com), are presenting the first audition, a script for a feature film titled “The Front Runner.” Based on a true story from the Chicago Board of Trade, the film chronicles a man’s attempt in 1992 to corner the 30-year U.S. Treasury bond futures market, albeit for a brief 15 minutes.
Hyperliquid Won Perpetuals. After $536 Million of Options Traded in September, Can It Win Options Too?
OBSERVATIONS Gensler to Supreme Court: “I Was There,” and Dodd-Frank Didn’t Make the CFTC a Sports Book WILLIAMS BAY, WI (JLN) — October 9, 2026: Gary Gensler was often a burr under the futures industry’s saddle while he ran the CFTC. Now he is TradFi’s best friend,...