John Lothian Newsletter
Todays Newsletter
Regulators across Europe clash over bans on short selling; Euronext confirms it will not make bid for BME
First Read Hits & Takes By John Lothian & JLN Staff Pat Arbor is the subject of the latest MarketsWiki Education Open Outcry Traders HIstory Project video. Arbor, the longtime chairman of the Chicago Board of Trade in the late open...
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Edited by John Lothian and the news team, our flagship newsletter provides daily news and commentary about global exchange-traded derivatives, securities and related OTC markets. The newsletter is offered on a voluntary pay basis. If you find it useful, we ask that you pay for it. Free for students and journalists. Subscribe here or make a payment.
The Fed Brings the Global Financial System Back From the Abyss; The Global Oil Market Is Broken, Drowning in Crude Nobody Needs
First ReadNot the Ronin Death WatchBy Thom Thompson for John Lothian NewsThe CME announced on March 20 that it had auctioned the portfolios of Ronin Capital, a direct clearing member, because its capital was insufficient "going forward." Friday's Issues...
Virus Models Offer No Quick Fix for Panicked Leaders and Traders
First Read Hits & Takes By John Lothian & JLN Staff The coronavirus has claimed the life of one of the leading women from our industry, Carole Brookins. Ms. Brookins' career ranged from being a market reporter at the Chicago Board of Trade to executive...
ABN Amro takes $200m hit from failure of a single client
First Read Hits & Takes By John Lothian and JLN Staff The challenge of the coronavirus outbreak has been compared to a war. Yesterday, there was a story that compared our current situation to World War II. It is a good comparison, because there are going to be...
Countries Starting to Hoard Food, Threatening Global Trade
First Read Hits & Takes By John Lothian and JLN Staff The World Health Organization says the coronavirus is growing faster in the U.S. than in any other country at 40% and New York's cases are spiking, growing faster than expected. New York's Governor Andrew Cuomo...
Companies Can Borrow From the Fed Now
First Read Hits & Takes By John Lothian and JLN Staff How about a good news story to start the newsletter? John Mormando is an RJ O'Brien broker in New York who contracted the coronavirus on March 1. The 53-year old was just released from Valley Hospital in...
The Worst of the Global Selloff Isn’t Here Yet, Banks and Investors Warn
First Read Trouble at Ronin? By Thom Thompson - John Lothian News With everyone looking for the first big financial collapse of the coronavirus market meltdown, all eyes turned to Ronin, a Chicago-based proprietary trading firm, last Friday. Ronin is (was?) a direct...
Disease Doubling Faster Now; Deaths Top 10,000: Virus Update; Trump Administration Asks States to Keep Quiet About Jobless Figures
First Read Hits & Takes By John Lothian The number of cases of coronavirus doubled in the US. in two days. And worldwide cases doubled in the last twelve days, from 100,000 to 200,000. In the US, they are spiking and in New York City alone...
Fed Faces Threat Like Never Before While Virus Petrifies Markets; This Is Starting to Look More Like a Financial Crisis; Stopping the flow of people is stopping the flow of cash.
First Read Hits & Takes By John Lothian and JLN Staff The NYSE yesterday sent out a notice they are closing their trading floors as of Monday, March 23. This includes their equities and options trading floors in New York and their NYSE Arca...
U.S. Plans to Keep Markets Open, Considering Shorter Hours; Chicago trading firms seek more capital
First Read Hits & Takes By John Lothian and JLN Staff The U.S Treasury Secretary Steve Mnuchin did his best Game of Thrones John Snow impersonation yesterday (You Know Nothing!) when he suggested shortening trading hours as a way to...
Could shutting exchanges stop the markets rot? SEC chief says ‘markets should continue to function’ but global staffing has been hit by virus
First Read ++++ Ceres Hit Hard By Restaurant Ban Thom Thompson - JLN The popular restaurant in the Chicago Board of Trade's Jackson Street Lobby closed Monday afternoon in response to the Illinois governor's restrictions on restaurants and bars...
Coronavirus Measures Put New Limits on Daily Life; With unprecedented force and speed, a global recession is likely taking hold
First ReadHits & TakesBy John Lothian & JLN StaffBlessed are those who flatten the curve is the theme of the day, both from a virus impact and an interest rate curve basis. Schools, trading floors, churches, restaurants, bars and much of everyday...
Traders See ‘Flock of Black Swans’ on Worst Day for European Stocks
First Read Hits & Takes By John Lothian and JLN Staff Welcome to Friday the 13th. More cancellations and postponements. Wednesday, it was the NBA. Yesterday, it was the NHL, MLB, Broadway, Disneyland, Disneyworld and March Madness. Even Barchart joined the fun....
CME to Close Its Trading Floor Amid Coronavirus Outbreak
First Read Hits & Takes By John Lothian Always start with WHO. The World Health Organization (WHO) yesterday declared the coronavirus outbreak to be a pandemic. Stories emerged about Italy shutting down everything but food stores and pharmacies. Word came out that...
CFTC Approves New Futures Exchange Aimed at Individual Traders
First Read Hits & Takes By JLN Staff The markets have passed the post Dodd-Frank rules stress test, but have not figured out how to turn the stress test off. It was suggested to me we should be thanking Mr. Dodd and Mr. Frank for the way the markets have handled...
Yes, You Should Work From Home to Help Fight Coronavirus Spread
First Read Hits & Takes By JLN Staff We have decided to publish our Special Report on Spoofing on the most appropriate day of the year for such a report, April 1st. The title of the report will be "Spoofing is No Joke."~JJL Here is a message from ICE Data Services...
