John Lothian

John Lothian

Executive Chairman and CEO


The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.


Hits & Takes

JLN Staff

Joe Biden was inaugurated as the 46th President of the United States yesterday, but it was Trading Technologies that claimed the big news of the day with a change in leadership. Rick Lane is out as chairman and CEO of the global provider of high-performance professional trading software, infrastructure and data solutions and Tim Geannopulos is in as chairman and CEO.

Meanwhile, tastytrade was sold to IG Group, giving the British spread betting company entry into the fast growing individual trading brokerage space in the U.S.

Oh, and the U.S. stock market hit record highs yesterday, evidently liking something it saw in the day’s news. Biden set a record for the biggest gain in the stock market from election day to inauguration day, with the S&P “finishing 14 percent higher” on Inauguration Day than it was on Election Day. The President with the previous record? Herbert Hoover.

There was a hidden message in the new White House website aimed at recruiting coders to the U.S. Digital Service.

Our friends at Hong Kong Exchanges and Clearing Limited (HKEX) announced the launch of a cash-settled Mini USD/CNH (US dollar/Offshore Renminbi, or RMB) Futures contract — a smaller-sized contract to complement the popular USD/CNH derivatives products. Smaller is better these days.

Speaking of HKEX, they reported on LinkedIn that “today was a #record-breaking day in the Hong Kong markets! Securities market #turnover set an all-time high of HK$302.5 billion, while #StockConnect Southbound turnover notched a fresh record of HK$99.07 billion.”

Yesterday I was interviewing Olivier Raevel for the Open Outcry Traders HIstory Project video series when he was interrupted by a call from another journalist. Raevel, whom I met when he was head of commodities at Euronext, had some big news to talk about. Reuters reported that “French IT services provider Logaviv and market operator Griffin will launch Europe’s first agricultural commodities over-the-counter (OTC) market, with contracts initially targeting wheat, corn and rapeseed, they said on Wednesday.”

Raevel, now a managing director Europe at Griffin Markets & president of Griffin Markets Europe, was a marketmaker on the IPE and a board member for ICE when the exchange was still a project, trying to build an OTC market to compete with Enron Online.

Susan Estes announced on LinkedIn that “OpenDoor Securities has ceased operations as of this morning, January 13, 2021.” OpenDoor Trading was launched as the first women-owned and operated bond trading platform in the world. Chris Fererris was an Advisory Board member of the firm.

The Tower of London is down to seven ravens. Not good.

I will be selling Bernie Sanders mittens through Amazon. They are the latest thing and I meme it.

There were no new donations to our JLN MarketsWiki Education GoFundMe campaign. So far we have had 115 donations. Support our efforts to preserve industry history by contributing to our GoFundMe campaign.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL


So far this month, bitcoin miners have made $700 million, an $8 million increase from December’s total mining revenue of $692 million, according to data from The Block. Good news for Galaxy Digital, who recently announced they would begin not only mining bitcoin themselves, but also providing financial services for miners.~MR


First Read

Why Do You Hire a Super Salesman to Run Trading Technologies?
Tim Geannopulos replaces Rick Lane as Chairman and CEO of TT
John Lothian – John Lothian News

Rick Lane is out at Trading Technologies as CEO and chairman, but still with the company in a non-titled supporting role for the time being, at a time when the company is rumored to be in the midst of a sale.

Tim Geannopulos, the former global head of sales at Trading Technologies and a major TT shareholder, is in as the new CEO and chairman, returning to the company after a stint as a consultant and start-up investor and fintech executive.

So why is this change occurring at a time when the company is reportedly for sale? There is not an easy answer, but my question in the title gives part of the answer, I think.

To read the rest of this commentary, go here.


Ricardo Manrique Talks Global Index Trends Amid New Exchange Competition

Ricardo Manrique is the head of strategy for FTSE Russell and has a great perspective on the global index business after having significant roles at other index companies, including MSCI, STOXX and Dow Jones.

With a global battle waging between exchanges over the FTSE Russell and MSCI indexes, as well as the rise of individual investor traders (Robinhood), John Lothian News interviewed Manrique over Zoom to talk about the index business and factors like ESG, Brexit and day traders and how they are influencing the global markets.

Watch the video »


Sponsored Content

【Special Report】 First year anniversary workshop of TOCOM/JPX Electricity Futures


Asia’s Most Successful Electricity Futures at Tokyo Commodity Exchange (TOCOM)/Japan Exchange Group (JPX) celebrated its first year of listing in a co-hosted webinar with Quick Corp. on December 15, 2020. The event was attended by over 250 people from 152 companies.

At the workshop, Mr. Hatakeyama, Director-General for Commerce and Service Industry Policy of METI gave an opening remarks and Mr. Ishibashi of Astmax Trading, Inc. gave a keynote speech on Electricity trading and Risk management. In the panel discussion, traders from different power companies shared their experiences in using TOCOM Electricity Futures and their internal risk control systems. They pointed out that there is still a huge opportunity in Electricity Futures market in Japan and requested the exchange to list new products such as those covering the Hokkaido and Kyushu areas and change the product design to extend contract months.

For more details, please refer to the following link


Joe Biden and the restoration of the American republic; Inaugural address was a call for a return to US norms and values
The editorial board – FT
Since at least the time of Abraham Lincoln, US presidential inauguration speeches have contained appeals to unity. Rarely since then has unity been such a central or oft-repeated theme as it was of Joe Biden’s address on Wednesday — but rarely, too, has American democracy felt as fragile as today.

*****Restoration is a good word.~JJL


An Ancient Form of European Money: Bronze Rings, Ribs and Blades; Because the objects had a standardized weight, scientists suggest they were a form of currency used some 3,500 years ago.
Becky Ferreira – NY Times
The modern world runs on a constant flow of money that has its roots in simpler proto-currencies pioneered on regional levels by ancient peoples. A pair of archaeologists believe they have identified a very early example of commodity money in Europe, used some 3,500 years ago during the Bronze Age, with denominations that took the form of bronze rings, ribs and ax blades. People at this time frequently buried collections of these ubiquitous items, leaving a wealth of scattered “hoards” across the European continent.

*****Bronze rings were the bitcoin of their day.~JJL


Wednesday’s Top Three
Our top story Wednesday was the picture President Joe Biden posted on Twitter of the two First Couples standing in front of the reflecting pool looking at the Washington Monument. Second was an opinion piece from The Financial Times, The American republic’s near-death experience, about Ex-President Trump’s attempted “coup” and the continuing danger to U.S. democracy. Third was What Time Does Biden’s Inauguration Start? A Viewers Guide From How to Watch to the Schedule, from the Wall Street Journal.


John Lothian Newsletter

Today’s Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

Now Read This

Mike Cavanaugh – Open Outcry Traders History Project

Mike Cavanaugh – Open Outcry Traders History Project

Mike Cavanaugh found his way to the trading industry despite his degree in political science because he had a brother-in-law in the wheat pit at the CBOT. He did a summer internship working for “one of the more prolific wheat traders” and soon fell in love with the place. 

Pin It on Pinterest

Share This Story