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
The thing I like about JPX is that when one of their markets has an issue, they apologize for the inconvenience to investors. I appreciate their apology, even if it was the hardware’s malfunctioning’s fault.
Bloomberg is reporting that “Two Decades After Mad Cow, British Beef Is Heading to U.S. Again.” British beef is on the way to the U.S. for the first time in at least two decades, at a time when food remains a sticking point between the countries in post-Brexit trade talks.
Economist Austan Goolsbee has a commentary in the Wall Street Journal titled “Big Companies Are Starting to Swallow the World.” The exuberant rebound of large companies while their small competitors struggle will require more vigilant government antitrust action than ever before, an economist says.
The FINRA Foundation awarded the 2020 Ketchum Prize to Michael Morris, a key architect of the ABLE Act recognized for efforts to advance financial capability for people with disabilities.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Occurring on October 20 this year, the Annual Chicago Conference on Futures and Derivatives sponsored by Thompson Coburn and Exchange Analytics is taking the form of a webinar featuring panels on regulation and enforcement. The event moderator is Marc Nagel. Additional panel information and registration are available here.~Thom Thompson
Reminder: FIA is holding its Legal Opinions Primer webinar on Tuesday, 13 October from 14:00 PM – 15:00 PM BST. If you are an experienced user of FIA legal opinions, new to the world of FIA netting and other legal opinions for regulatory capital purposes or just curious as to why FIA maintains a library of legal opinions, tune in to hear experts from Clifford Chance LLP and FIA explain the types of legal opinions that FIA maintains, their structure and purpose in the context of regulatory capital requirements. You can go here to register.~SR
Wall Street Rides is Virtual and Expanding
This is the 6th year Wall Street Rides has held its event to raise money for autism research. Rides Far has raised over $1.5 million and has more than 35 corporate sponsors this year, including Cboe as a Diamond Sponsor. In this JLN video, Cboe Executive Vice President and Head of Markets Bryan Harkins talked with John Lothian about how the event is different this year in response to COVID, the community of people who sponsor and take part in the ride, and how it benefits those on the autism spectrum. This year, the opening ceremony will be streamed live on Facebook and Twitter and participants will ride individually wherever they are throughout the world.
Tim McCourt from the CME Group – Micro E Mini Options
Tim McCourt, Managing Director and Global Head of Equity Products at the CME Group, discusses the launch, reception, and use of the CME’s new options contracts on its Micro E Mini S&P 500 and Nasdaq 100 futures.
Why Europeans no longer dream of America; It was once seen as a place of reinvention — but our attitudes to the US are shifting from envy to compassion
Simon Kuper – FT
In Franz Kafka’s first novel, Amerika (1927), a teenage boy from central Europe is sent to the US in disgrace, having “seduced” the family maid. (It later emerges that she — a giant, terrifying, Kafkaesque ogre — did the seducing.) In New York harbour, the boy is welcomed by a wealthy stranger: his uncle, who turns out to be a US senator. The ship’s captain offers congratulations: “A shining career awaits you now.”
*****2020 has been more Kafkaesque than even Kafka could have imagined.~MR
A YouTuber Hangs His Own Shingle With an Auction Website; Doug DeMuro has a strong following for his giddy videos about exotic and quirky cars. Cars & Bids, his new site, got off to a roaring start.
Imad Khan – WSJ
Making the most important pitch of his career, Doug DeMuro stood in cargo shorts in front of a camera, unwavering in his giddy demeanor. He was about to unveil his new car auction website to his 3.7 million YouTube subscribers. The site would feature cars “that I like most,” he said.
*****Look out for risks from left field. This one is from the rooftops outside of left field.~JJL
Most executives seek work-life balance after experiencing pandemic blues: survey
Nearly eight out of 10 corporate executives have experienced poor mental health during the coronavirus crisis, prompting a number of them to re-evaluate and improve work-life balance, a survey showed on Monday.
*****I am finding more work-life balance these days, but have to really try new things to find it.~JJL
Wednesday’s Top Three
Our top story Wednesday, by a big margin, was Trump Embarrassed His Country and Himself, an opinion piece (about the debate, of course) by Jonathan Bernstein of Bloomberg. Second was One Eurex: welcome to our refreshed branding, Eurex’s introduction to their newly designed website and branding. Third was the Financial Times’s How ‘Davey Day Trader’ stoked a bond market rally, about a “dizzying rally in the bonds of Penn National Gaming.”