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 FIA has written an open letter to the industry urging market participants to prioritize data standardization. Their “Tag 1031” effort aims to resolve brokerage rate issues. Here is more about Tag 1031.
Today JLN has a podcast interview with David Gurle, the founder of Symphony, that was conducted yesterday. Symphony is an important product for the industry, especially during these pandemic times.
Vermiculus, the new endeavor of Nils-Robert Persson, recently celebrated its growth with a picture on LinkedIn showing 13 employees now at the startup.
There are still no trades in the CME Group’s new VOLQ index product.
A new CNN poll says former Vice President Joe Biden is ahead of President Trump by 9 Points in Michigan and 16 points nationally. This poll is an outlier in that it shows the largest lead Biden has had.
New York Magazine has an article titled “GOP Elites Thought They Could Buy Their Way Out of a Pandemic” that features a picture of what appears to be Sen. Kelly Loeffler speaking to President Donald Trump and First Lady Melania Trump in the Diplomatic Room of the White House during the recent gathering for the Supreme Court Nominee Amy Coney Barrett. Loeffler has her back turned to the camera. I hope Sen. Loeffler is well and stays safe.
Bloomberg is reporting that the worst case scenario for the Napa wine country impacted by wildfires will see some 80% of cabernet lost to the fire and smoke.
Fortune has a story that companies with happy employees outperform their peers. If there was ever a reason to create a good and happy work environment, this is it.
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You can sponsor either the daily episodes or the weekly recap that bundles all the episodes from the week into one longer podcast. The podcast is getting an average of 690 plays per weekday and the weekly update has averaged 1695 listens each.
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Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
“I am cautiously optimistic about the status of our banks,” said Brian Brooks, acting head of the Office of the Comptroller of the Currency (OCC). In a widely divergent online discussion Monday about the economy and the role of regional, midsize and community banks sponsored by the American Financial Exchange and the University of Chicago Law School, Brooks said deposit data show banks “have a little bit of runway left” in the current recession. That’s thanks in part to the $2 trillion economic relief package known as the CARES Act and the fact that most “banks entered into the recession well-capitalized,” he said. However, Brooks said he expects the reprieve may be short-lived: “a couple of months or until another rescue.” He added that it is important for a variety of reasons to implement the OCC’s Project REACh (Roundtable for Economic Access and Change), which promotes financial inclusion for underserved Americans through better access to credit and capital. He noted that an estimated 45 million Americans don’t have credit scores and therefore can’t get traditional loans. Brooks also said he did not expect the looming conversion of Libor (London Interbank Offered Rate) to other benchmark rates, like SOFR (Secured Interbank Overnight Rate) and Ameribor (Ameribor Unsecured Overnight Rate) would be smooth. Contracts for loans with adjustable rates “never thought Libor would go away. There will be litigation and we’ll need a backstop,” he said. ~SC
Symphony: Timed Perfectly for the Pandemic
John Lothian interviewed David Gurle, the founder of Symphony, about how the company, its customers and prospective customers are responding to the provider of secure collaboration for global markets in light of the pandemic.
In this podcast conducted October 5, 2020, Gurle spoke of the demand for apps on the Symphony platform and the types that are being used. He talked about how his employees are using the Symphony platform like never before and what they miss while doing so.
And lastly, he talked about growth at Symphony and their plans for future acquisitions to help augment it.
FIA urges market participants to prioritize data standardization;”Tag 1031″ effort to resolve brokerage rate issues is an important example of industry-led solutions
Dear Industry Leaders:
FIA’s core mission is to support open, transparent and competitive derivatives markets, and to protect the integrity of the financial system. This is most obvious in our work with various regulators around the world; however, FIA’s mission increasingly means we are supporting industry-led solutions for our members, too.
*****What if I am an industry follower or groupie? ~JJL
Deutsche Börse Photography Foundation shows “Open for Business – Magnum photographers on commission”; Press tour with Anne-Marie Beckmann on October 22, 2020 at 11 a.m. / Open without prior registration on two “Open Saturdays” on November 7 and December 5, 2020
The Deutsche Börse Photography Foundation is presenting the exhibition “Open for Business – Magnum photographers on commission” in The Cube, Eschborn / Frankfurt from October 23, 2020 to January 22, 2021. It shows commissioned work from six decades by more than 50 photographers from the legendary photo agency Magnum Photos and thus gives an insight into a fascinating and lesser-known part of their portfolio.
******It is nice to see something open for business.~JJL
How podcasting became a new front in the streaming wars; The likes of Spotify see a chance to differentiate in a world where all music services offer access to roughly the same product
Anna Nicolaou and Alex Barker – FT
Former child actor Renay Richardson was ready to quit show business and start a vegan café. Then she fell into podcasting, taking a chance on a job at an unknown start-up Acast in 2014. She was its first employee in London.
*****I’ve always thought there’s something almost democratic about podcasts…it used to take a room full of expensive equipment, a license from the FCC, and a roof-mounted metal tower to allow someone to have their own radio show. Now, anyone with a microphone and a laptop can create one, and since podcasts aren’t broadcast on public bands, they can create an original show about anything. A lot of people with valuable things to say have access to a platform because of this…though the opposite is also true, unfortunately.~MR
Monday’s Top Three
Our top story Monday was The New York Times’s How Kelly Loeffler Went From Atlanta Elite to Trump Loyalist. Second was Bloomberg’s The Race to Replace the City of London Begins. Third was CME Group’s Nasdaq-100 Volatility Index Futures Quotes.