THE JOHN LOTHIAN NEWS DAILY UPDATE – 10/26/2020

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

The JLN staff is mourning the passing of our friend and mentor, Peter Wind. We are joined in this grief by his colleagues at Cargill, Penson, MF Global and many other firms where he touched people’s lives.

Personally, I am just numb from the loss.

We have created a memorial reflection page on JohnLothianNews.com and already have reflections to share from Bernie Dan, Jan Waye, Chris Malo, Carl Gilmore and Tony McCormick. If you would like to share a reflection for us to publish on this page, please email me at johnlothian@johnlothian.com

Thank you to all who have already expressed sympathy for Peter’s passing on social media and via email.

It is surprise deaths like this that reinforce my drive to capture the stories for the Open Outcry Traders HIstory Project and The Path to Electronic Trading.

Peter Wind shared how he once went into the Eurodollar pit to fill an order for a Cargill Investor Services hedge fund client, something he rarely did. He wanted a better price and started to offer, rather than buy the order. He was spoofing the market, as many brokers would do. But this time someone took him up on his offer and he got backwards on the order. He ended up chasing the market higher to fill the buy order. He explained what he had done to the customer and the customer took the sale trade loss for Peter. That was the last time he did that. And that is how spoofing was handled in the pit.

The announced Boca 2021 will be virtual on March 16 to 18. Due to the coronavirus, this is the best course of action for the FIA to take. They intend to move back to in-person conferences as soon as it is safe to do so.

The FIA released a major clearinghouse data initiative: CCP Tracker.

The Wall Street Journal reports that “Covid-19 Is Surging at Weddings, Dinner Parties and Group Events.” I know it is tough, but think hard about going to group events.

We had one new donation to the JLN MarketsWiki Education GoFundMe campaign, from JLN Advisory Committee member Diane Saucier. Thank you Diane and all who have given and all those yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.

The Chicago Tribune is reporting that “Billionaire Ken Griffin, in battle with Gov. J.B. Pritzker over graduated-rate income tax amendment, ups his stake to $53.75 million to oppose it.”

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

First Read

Peter Wind, Longtime Industry Colleague and Mentor, Passes Away
By John J. Lothian

It is with a heavy heart I report that former Cargill Investor Services (CIS) executive Peter Wind has passed away at the age of 70. Peter was the chairman of the advisory committee for John J. Lothian & Company, a good friend and mentor to me and to many in the industry.

He died at home on Saturday after collapsing in the morning. He was alone at the time as his wife, Stephanie, was at their son’s home helping with a new grandchild. He had not been ill.

Wind was an early supporter of what became the John Lothian Newsletter. It was Bernie Dan who relayed the news of Wind’s passing and it was Dan who first introduced my newsletter to Wind and fellow CIS executive Jan Waye. Wind and Waye both reached out to me after reading my newsletter for several weeks, inviting me to lunch. They wanted to know who I was, and why I knew so much about the industry and markets.

Wind became the prime salesman for JLN as he used my newsletter as a calling card. When he called on a prospect he would ask if they read JLN and if not, he said he would get them on the distribution list. At one time, I had over 200 CIS employees receiving JLN in the early days because of Peter’s pitching.

Wind became more than a supporter of JLN, he became a friend. He lived just a couple of towns south of me. He was a member of the same denomination of Christian church as me, the United Church of Christ. He had a summer home not too far from the spot in Michigan where my family went to church camp.

To read the rest of this commentary, go here.

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Remembrances of Peter Wind
From Bernie Dan:

My good friend and colleague for 35 years, Peter C. Wind, suddenly passed away on Saturday October 24, 2020. My thoughts and prayers are with Peter’s family, especially his beautiful wife Stephanie, during this difficult time.

Peter was a good man and cared deeply about his family and friends. He was a mentor to many and was always trying to help those in need. He made us all laugh – his infectious humor was priceless. His keen intellect, thirst for knowledge and broad interests enabled Peter to live an interesting and fulfilling life.

To read the rest of these remembrances, go here.

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HKEX’s Kevin Rideout Talks about MSCI Move to HKEX from SGX

JohnLothianNews.com

Hong Kong Exchanges and Clearing Limited recently signed a long-term agreement with MSCI to list their indices in Hong Kong rather than in Singapore at SGX, which had listed the contracts for decades.

John Lothian of John Lothian News interviewed HKEX executive Kevin Rideout over Zoom on Thursday to ask him about HKEX’s plans for the MSCI index suite. John asked him how the deal occurred, the audience HKEX is targeting for the products, and why these indices are important to global investors.

Watch the video »

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The Spread: A Freight Train of Volatility?
JohnLothianNews.com

This week on The Spread, Cboe is set to acquire BIDS, TT branches out to South Africa, and more.

Watch the video »

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FIA announces Boca 2021 Virtual (March 16 18)
FIA
FIA will host its annual Boca conference virtually from March 16-18. FIA remains committed to providing forums both in-person and virtually for the industry to meet, discuss topical issues, and engage with peers, regulators and clients. However, due to the ongoing safety concerns about the coronavirus globally, which most experts expect to continue for at least the first half of 2021, FIA will not hold an in-person event in March. We intend to move back to our regular industry-leading, in-person conferences as soon as it is safe to do so. Until then, FIA virtual events will continue to provide a critical platform for dialogue and engagement. We look forward to working with the industry to deliver a virtual Boca that measures up to the quality of thought-leadership programming you’ve come to expect from a Boca conference.
/bit.ly/2HDoWxd

******As expected, Boca will be virtual.~JJL

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CCP Tracker; Quarterly data on risk exposures at derivatives clearinghouses
FIA
The CCP Tracker is designed to provide greater transparency into the amount of risk in the global clearing system and the financial resources available to protect the system from losses. Using the public quantitative disclosures published by derivatives clearinghouses on a quarterly basis, the CCP Tracker contains a set of charts and tables that allow users to compare several key metrics for each quarter going back to the second half of 2015.
/bit.ly/3kISLLf

*****I have not felt the same way about trackers since watching The Hunger Games.~JJL

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The Covid-19 Pandemic Is Making Everyone More Susceptible to Scams; Thieves have used fake calls, fake texts, fake puppies, fake arrest warrants and more to steal millions of dollars this year.
Emily Cadman, Jack Pitcher, and Chanyaporn Chanjaroen – Bloomberg
There’s one group of people for whom 2020 couldn’t have been more perfect if they’d scripted it themselves: scammers. A world ravaged by Covid-19 has all of the elements long identified by researchers as key reasons why fraud thrives in the aftermath of disasters: emotional upheaval, financial distress and the rupture of regular support networks.
/bloom.bg/3mnKqwS

*****I have a bridge for sale that prevents COVID-19. Just stay on the other side of the bridge.~JJL

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The baseball card market is thriving thanks to COVID-19
Paula Froelich – NY Post
Forget the anxiety of the stock market, savvy investors are looking to Mickey Mantle. Baseball cards are a safe, reliable way to grow your investment portfolio, according to a new report, the Daily Mail reported. And it’s all about blue-chip names like Yankee legend Mantle.
/bit.ly/35C3Dnt

***** My sons inherited my step-brother-in-law’s baseball card collection, including some real gems. This news will make them happy.~JJL

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The U.S. and Europe are losing the coronavirus battle
Ishaan Tharoor – Washington Post
President Trump’s White House chief of staff, Mark Meadows, made a telling admission. “We’re not going to control the pandemic,” Meadows said Sunday on CNN’s “State of the Union,” suggesting that the spread of the coronavirus was a fait accompli and that containment was not a central plank of the White House’s strategy. On Friday, the United States recorded a record single-day high of more than 83,000 new cases. The next day, it was just 39 cases short of the previous mark.
/wapo.st/37Ee4tz

*****I can’t stand all this winning.~JJL

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Covid-19: US pulls plan to give early vaccine to Santa Claus
BBC
The US has cancelled plans to offer Santa Claus performers early access to a coronavirus vaccine in exchange for their help in promoting it publicly.
/bbc.in/3otP3af

*****Santa “Vaccine Salesman” Claus?~JJL

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Friday’s Top Three
Our top story Friday was John Lothian News’ How We Think and What We Think About Peak6 is About to Change, from John Lothian. Second was The New York Times’ When Libertarianism Goes Bad. (That story was originally titled “How Many Americans Will Ayn Rand Kill?”) Third was the Chicago Tribune’s Battle of billionaires: Griffin slams Pritzker push for graduated income tax amendment in email to employees.

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