THE JOHN LOTHIAN NEWS DAILY UPDATE – 1/27/2021

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

Today we have a video for the Open Outcry Traders HIstory Project in the newsletter. This video features our first IPE trader to be interviewed for the series, Olivier Raevel. Raevel gives some great color from his experiences on the trading floor and noted that he is sad for the traders of today that they don’t have the experience of working on the trading floor and meeting people from all over the world, from all different economic classes and educational backgrounds. This is something we lost with the move to electronic trading and the closing of the trading floors.

I am in Florida, not in Chicago and the big snowstorm, though Elmhurst only received about 6 inches of snow. I am on an odyssey to take my mom back to Florida and her home there.

Today I leave to return to the Midwest and am stopping in South Carolina to see my former boss and mentor Tom Price and his wife Nancy. Tom is the owner of The Price Futures Group, Inc., where I was president of electronic trading from 1997 to 2011. It was there that this newsletter was created and there that John J. Lothian & Company, Inc. was incubated. We had 10 people working in the Price Group’s offices before we left to get our own offices.

I will be interviewing Tom and Nancy for our Open Outcry Traders HIstory Project. Tom was a trader on the floor of the CME in the cattle pit after leaving Texas to come to Chicago. Nancy was a clerk on the floor, and clerks know everything as they have time to wander the floor and are not confined to a trading pit during market hours. It should be a fun couple of interviews.

Masks will be worn and social distancing rules will be in practice for the interviews.

Bloomberg’s Justin Fox has a story that “It Seems Money Does Buy Happiness After All.”

Robin Trott, executive director of a Singapore-based consultancy, and Elizabeth Cook, a CME Group, Inc. board member, are the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Robin is a former Citi and JPMorgan executive. At Citi he was a director and APAC head of electronic execution, futures, clearing and collateral and at JPMorgan he led Asia Pacific trading solutions and was responsible for all eTrading clients in Asia, except for Japan. Elizabeth is the president and owner of McCat Group LLC and President and owner of Lucky Star LLC. She is also a board member of WILD and of Associated Colleges of Illinois. She is a former floor trader on the CME, where she was the founding broker in the currency options in 1985 when they first started trading at the exchange. Thank you to Robin and to Elizabeth and to all who have given and all who have yet to give. Support our efforts to preserve industry history by donating out 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

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Jason Somensatto of the cryptocurrency platform 0x will be leaving the company to take on an advisory role at the CFTC. Somensatto announced on Twitter that he will be working as a “policy and tech specialist for LabCFTC to build a deeper understanding of how crypto/fintech intersects with regulation.”~MR

The International Monetary Fund‘s regular January update to its World Economic Outlook, published Tuesday, projects global economic growth at 5.5 percent in 2021 and a slower 4.2 percent growth rate in 2022. The IMF said its forecast for 2021 partly reflects expectations for “vaccine-powered” activity later this year. The recovery is seen varying widely across countries, with the U.S. up 5.1 percent in 2021, compared with its 3.4 percent decline in 2020. The full report can be found here. ~SC

 

First Read

SEC Commissioner Peirce Rolls Out Welcome Mat For New Chairman
Thom Thompson – John Lothian News

“Even though there are unknowns, there are potential benefits,” is what SEC Commissioner Hester Peirce would like foreign regulators to keep in mind regarding cryptocurrency regulation. Her comment came in response to a question from Tom Quadmann about working with foreign regulators during the Center for Capital Markets Competitiveness’s virtual conference on digital assets. Quadmann, an executive vice president at the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, had asked the commissioner what she thought about international leaders like ECB President Christine Lagarde, who last week called for global cryptocurrency regulation.

Peirce had been talking about the different approaches she saw regulators taking with regard to cross-border issues. Substituted compliance – compliance with a comparable foreign jurisdiction’s regulations as a substitute for local regulation – and joint research into cryptocurrencies by regulators are two familiar approaches.

To read the rest of this story, go here.

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Olivier Raevel – MarketsWiki Education Open Outcry Traders History Project
JohnLothianNews.com

[[Olivier Raevel]] is the first trader from the International Petroleum Exchange, or IPE, to be interviewed for the JLN MarketsWiki Education Open Outcry Traders History Project. He made history as a founding member of [[Intercontinental Exchange Group]] and recommended that ICE buy the IPE. He was among the first generation of electronic traders in commodities, pushing the OTC online trading of ICE in competition with Enron Online.

Raevel has been a floor trader, an over-the-counter trader, a founding member of the board of ICE and an exchange executive. Today he works for Griffin Markets.

Watch the video »

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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 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 the 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
https://www.tocom.or.jp/uploads/en_news/2021/report_E.pdf

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Tuesday’s Top Three
Our top story on Tuesday was a CME announcement, CME Group to Launch a Global Emissions Offset (GEO) Futures Contract on March 1. The second most read was a fun story from CNN, Why swearing is a sign of intelligence, helps manage pain and more, and third was Bloomberg’s What Leon Black Got for Paying Jeffrey Epstein $158 Million.

 

John Lothian Newsletter

Today’s Newsletter

Central banks step up fightback against cryptocurrencies

Central banks step up fightback against cryptocurrencies

First Read $49,706/$300,000 (16.6%) ++++ Hits & Takes John Lothian & JLN Staff Would you like to serve the futures industry in the U.S. to preserve the self-regulatory structure? The NFA is seeking committee members and arbitrators. More details are HERE....

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

Now Read This

The Spread – June 18, 2021

The Spread – June 18, 2021

Inflation really is a thing; Small traders are still big; John Lothian weighs in on the current trading landscape; and Nasdaq wins the May options market share race. All in this and the debut of the options “Term of the Week” in The Spread.

Walt Lukken and Nick Solinger Explain FIA Tech Investor Deal

Walt Lukken and Nick Solinger Explain FIA Tech Investor Deal

FIA Tech announced yesterday a deal to take on 10 global banks as investors in the company in order to grow the for-profit FIA-affiliated firm. John Lothian interviewed FIA Chairman and CEO Walt Lukken and FIA Tech President and CEO Nick Solinger over Zoom about the deal. 

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