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 Boy Scouts of America will be in the news this week as today, Monday, is the deadline for people alleging they were abused to file a claim. More than 70,000 claims are expected to be filed by the time the deadline passes.
We have had two new donations to the JLN MarketsWiki Education GoFundMe campaign. David Feltes and Anonymous gave to the campaign. Dave Feltes is head of financial markets infrastructure at Capco, a global management and technology consultancy dedicated to the financial services and energy industries. He is also a former CME Group executive in London and former CEO of Marquette Partners, among other career stops. He was so incredibly gracious to my son Tim when we came to London for IDX in 2010. Anonymous is a former industry intern who is not in a significant industry position.
The Nodal Exchange’s clearing house, Nodal Clear, LLC, was approved by the CFTC to clear other DCM, or exchanges, products. This puts a new player into clearing for innovative new products.
Jim Cone, a former colleague of the late Peter Wind at CIS, has offered his remembrance of Peter.
I am having a typical medical procedure for a person over 50 today and had to get a COVID-19 test on Friday in preparation for it. I tested NEGATIVE, but had to go into quarantine over the weekend. One of my wife’s co-workers tested positive last week, but she was not in contact with him while he was contagious. A much beloved former high school choir director of mine at Glenbrook South High School is in the hospital with COVID-19.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
The STA Foundation Is holding a virtual Evening of Recognition & Education on Tuesday, December 1 from 4:15 p.m. – 6:00 p.m. EDT, honoring the 2020 STA Foundation Awards
Recipients. You can go here to register. A $20 donation is suggested.~SR
An International Chess Federation (FIDE) Master, Alexandra Botez, challenged Ethereum creator Vitalik Buterin to a friendly game of chess on Twitter over the weekend. Botez didn’t specify, but since she’s also a prominent Twitch streamer, presumably the game would be played over the internet. Buterin has not publicly accepted at press time.~MR
Registration is open for FIA’s Asia Derivatives Conference. This year’s virtual conference takes place December 1-3. It will examine the industry’s response to the Covid-19 pandemic and provide insights into what’s on the horizon for the region. For a full list of FIA’s Asia-V conference program and to register, visit FIA.org/asia.~SR
Andy Tan: Open Outcry Traders History Project
Andy Tan is a former floor broker on SIMEX for Merrill Lynch. He was in the SIMEX trading pits with Merrill Lynch for almost 15 years. As SIMEX migrated to the screen, Tan made a successful transition upstairs with Merrill Lynch focusing on index arbitrage across Asian products. Then he decided to trade for himself and made it past the first few difficult months and found success. He joined and is building a successful trading firm today. He told his story over Zoom to John Lothian for the MarketsWiki Education Open Outcry Traders History Project.
The Spread: Edu-tainment
This week on The Spread, FIA’s virtual expo fills in for the physical event, Cboe and ICE launch new products, and more.
The CryptoMarketsWiki Podcast Episode 15: Digitizing the Capital Markets
Carlos Domingo is the founder of Securitize, the aptly-named blockchain company that securitizes assets in the form of digital tokens. The company recently signed a deal with an SEC and FINRA-registered broker-dealer and ATS called Distributed Technology Markets, LLC, and seems on track to become an end-to-end digital securities platform that offers both securities issuance and trading through secondary markets.
Charles Koch Says His Partisanship Was a Mistake; At 85, the libertarian tycoon who spent decades funding conservative causes says he wants a final act building bridges across political divides
Douglas Belkin – WSJ
Four days before this year’s presidential election, Charles Koch—the voluble Kansas billionaire who has spent a fortune injecting his particular brand of prairie libertarianism into the American political debate—pauses at the other end of the line when asked if he will vote for Donald Trump or Joe Biden. “That’s a very divisive question, because however I answer, that’s going to upset a bunch of people,” he says. “That’s why there’s a secret ballot.”
*****I say give Charles a chance. Sometimes when it is your last chance, you have to get it right.~JJL
The Rise and Fall of Martin Lee and His Dream of a Democratic Hong Kong; Beijing’s growing crackdown marks the twilight of the lawyer’s fight for his city’s future
John Lyons – WSJ
On the rainy night in 1997 when the U.K. transferred Hong Kong to China, democracy leader Martin Lee stood on the balcony of the city’s legislature vowing to hold Beijing to its promises. China had agreed in the handover it would let the former colony govern itself under Western-style rule of law, including eventually electing its own leaders. “The flame of democracy has been ignited and is burning in the hearts of our people,” he said in a speech to supporters and journalists shortly after China’s flag was newly raised over Hong Kong. “It will not be extinguished.”
***** Hong Kong needs to be on your radar. Important things are happening there.~JJL
SEC Chairman Jay Clayton Confirms Plans to Conclude Tenure at Year End; Clayton Led Agency Through Period of Historic Productivity and Unprecedented Challenges; Commission Redoubled Focus on Interests of Long-Term Main Street Investors; Ensured Capital Markets Functioned With Increased Efficiency, Resilience and Transparency
Jay Clayton, Chairman of the Securities and Exchange Commission, confirmed today that after serving for more than three and a half years, he will conclude his tenure at the end of this year.
****** When is Heath Tarbert leaving?~JJL
Google Chrome Update Gets Serious: Homeland Security (CISA) Confirms Attacks Underway
Davey Winder – Forbes
Homeland Security cybersecurity agency says update Google Chrome as attackers home in on new security flaws. Within the space of just three short weeks, Google has patched no less than five potentially dangerous vulnerabilities in the Chrome web browser. These are not your common vulnerabilities either, but rather ones known as zero-days. A zero-day being a vulnerability that is being actively exploited by attackers while remaining unknown to the vendor or threat intelligence outfits.
******Browsers are like military aircraft, you have to expect some flak now and then.~JJL
It’s Time to Hunker Down; A devastating surge is here. Unless Americans act aggressively, it will get much larger, very quickly.
Aeynep Tufekci – The Atlantic
The end may be near for the pestilence that has haunted the world this year. Good news is arriving on almost every front: treatments, vaccines, and our understanding of this coronavirus. Pfizer and BioNTech have announced a stunning success rate in their early Phase 3 vaccine trials—if it holds up, it will be a game changer. Treatments have gotten better too. A monoclonal antibody drug—similar to what President Donald Trump and former Governor Chris Christie received—just earned emergency-use authorization from the FDA. Dexamethasone—a cheap, generic corticosteroid—cut the death rate by a third for severe COVID-19 cases in a clinical trial.
*****It is time to hunker down. IT IS TIME TO HUNKER DOWN!~JJL
Friday’s Top Three
Our top story on Friday was The Washington Post’s opinion piece, This is a massive failure of character among Republicans — with evangelicals out in front. Second was JLN’s FIA Expo 2020: FIA’s Lurton: “Spoofing Is Something You Should Pay Attention To.” Oyez! Oyez! Third was Bloomberg’s Preet Bharara Is a Candidate to Run SEC, Putting Bankers on Edge. Preet Bharara was also our MarketsWiki Page of the Day on Friday.