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

Exchanges: Euronext was down due to technical issues, but has resumed. Coronavirus: India peaking, Sweden moving away from no-lockdown. World hits 400,000 new virus case record. World: Chicago is the “rattiest” city. China economy grows 4.9%.

Thank you to our newest contributors to the JLN MarketsWiki Education GoFundMe campaign. Contributors include retired Cargill Investor Services executive Jan Waye, an early newsletter subscriber. Also giving were Buck Haworth, founder and CFO of BornTec, Executive Director and Associate General Counsel at CME Group Mo Guilfoile, Allston Trading CEO Nancy Laethem Stern, Hollis Griffin (TBD), TD America executive JB Mackenzie and Jordan & Jordan President and CEO Tom Jordan. We also received another $500 anonymous donation. Thank you to those who have given and those who have yet to give.

Former CBOT member Ross Prio III has passed away at the age of 67. Prio grew up less than a half a mile from my family’s summer home in Williams Bay, Wisconsin and graduated from Williams Bay High School.

My local school district, number 205, decided to go back to remote-learning only after the coronavirus numbers in DuPage County surged recently.

I watched the Pete Souza documentary on MSNBC last night on the recommendation of my daughter, Katherine. The documentary was outstanding and I have great respect for Souza and his message.

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


Women In Listed Derivatives (WILD) is holding an online auction for its “Next Generation Women in Finance Scholarship FUNraiser” starting October 16 – October 28 and culminating in “spooky Trivia fun” on 10/28. It is open to everyone and the bidding ends at 7pm on 10/28. 100% of the proceeds from the auction and the trivia event go to fund the Next Generation Women in Finance Scholarship. You can go here to register and here to learn more about it.~SR


First Read

The Spread: Remembering Joe Sullivan

This week on The Spread, a binary options fraudster is charged by the CFTC, the father of the VIX publishes a paper on leveraged ETPs, and we take a moment to remember the remarkable life of Joseph Sullivan.

Watch the video »


Chicago is the ‘rattiest city’ in America for the sixth year in a row
Giulia Heyward and Ralph Ellis – CNN
Chicago is the six-time holder of a title that no city wants. The Windy City has topped the list of the rattiest cities in the United States for the sixth year in a row. Orkin, an Atlanta-based pest control service, ranks US cities based on the number of new rodent treatments from September 1 to August 31 of each year. The result is a list of 50 cities, with most changing spots each time the list is updated. Chicago, however, is still No. 1.

*****We are not the second city in rats.~JJL


Citadel Securities sues SEC; At issue: The agency OK’d an order type introduced by stock-exchange operator IEX. Says one industry analyst: “It’s a far step to sue your regulator. This will make rule-setting very difficult.”
Citadel Securities LLC sued the U.S. Securities and Exchange Commission over the regulator’s approval of an order type introduced by stock-exchange operator IEX Group Inc. “The SEC failed to properly consider the costs and burdens imposed by this proposal that will undermine the reliability of our markets and harm tens of millions of retail investors,” Citadel Securities said in a statement after the petition was filed Friday with the U.S. Court of Appeals in Washington.

*****It ain’t over until Citadel says it is over.~JJL


Tech’s Influence Over Markets Eclipses Dot-Com Bubble Peak; Companies that do everything from manufacturing phones to operating social-media platforms now account for nearly 40% of the S&P 500
Amrith Ramkumar – NY Times
Technology companies are set to end the year with their greatest share of the stock market ever, topping a dot-com era peak in the latest illustration of their growing influence on global consumers. Companies that do everything from manufacturing phones to operating social-media platforms now account for nearly 40% of the S&P 500, on pace to eclipse a record of 37% from 1999, according to a Dow Jones Market Data analysis of annual market-value data going back 30 years. Apple Inc., AAPL -1.40% which earlier this year became the first U.S. company to hit a $2 trillion market capitalization, accounts for more than 7% of the index on its own. Early last month, it accounted for 8% of the S&P, the largest share ever for any stock in data going back to 1998.

*****Ah, the good old days of the tech crash.~JJL


Friday’s Top Three
Our top story Friday was Cboe agrees to acquire BIDS Trading, from The Trade. Second was JLN’s Joe Sullivan’s Influence and Success, Part 2. Third was Pilots swap the cockpit for trading screens, from the Financial Times.

John Lothian Newsletter

Today’s Newsletter

Crypto Nomads: Surfing the World for Risk and Profit

Crypto Nomads: Surfing the World for Risk and Profit

First Read $51,906/$300,000 (17.3%) ++++ Hits & Takes John Lothian & JLN Staff The STA is holding the 88th Annual Market Structure Conference in person on October 6-8 at the JW Marriott in Washington, DC with the title "The Great Return." That is a very good...

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

Now Read This

Ed Tilly: Opportunities at Cboe Global Markets – MWE World of Opportunity

Ed Tilly: Opportunities at Cboe Global Markets – MWE World of Opportunity

Cboe Global Markets Chairman, President and Chief Executive Officer Ed Tilly sat down with John Lothian News over Zoom for the MarketsWiki Education World of Opportunity series to discuss current opportunities at the Cboe as the exchange operator continues to expand globally. He also talked about how Cboe is responding to increased retail investor demand. He noted opportunities are still available on the trading floor and mused about what he would do if he were starting his career today.

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