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
Stories over the weekend like this one from the Washington Post claimed Sen. Kelly Loeffler had a positive as well as a negative test for COVID-19. A source close to the Senator told me Sunday that her latest test was negative and she was feeling well. I hope it stays that way.
Sen. Loeffler was featured in a story in Newsweek about getting into a fight with Rep. Ilhan Omar about her support for Loeffler’s opponent in the Georgia Senate race, Rev. Raphael Warnock. The subject of the Twitter spat was a subject as old as Christianity: whether you can serve Christ and serve in the military. Religious arguments are not the best subject to get into during a political battle, even if your opponent is a minister. We have bigger issues at the moment.
Thank you to Elizabeth Gisch of the CME Group for her donation to the JLN MarketsWiki Education GoFundMe campaign. Elizabeth is a long-time CME technology executive serving as a managing director, global market solutions & services. Thank you Elizabeth and to all who have given and all who have yet to give. Support our efforts to preserve industry history by donating to the GoFundMe campaign.
IEX has a podcast series called “Boxes + Lines” with an episode on “A market structure podcast with Ronan Ryan and John Ramsay.”
On LinkedIn, Milo Hamilton has posted a history of the rice market since 1981.
Rumi Morales is now a board member of the national organization of the Girl Scouts of the USA.
Please sign up to participate in FIA, Inc. ‘s fundraiser for Futures for Kids on 8th Dec. The ticket price helps offset the cost of hosting the event and all proceeds, plus the funds raised in the silent and live auctions, will go directly to FFK to support their fantastic charities.
JLN will not be published on Thursday or Friday of this week. We are taking the Thanksgiving holiday off and I am giving the JLN team an extra day off, as Thursday is expected to be a slow news day. They have earned 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
This morning the Intercontinental Exchange tweeted that it set a new record in 2020 for White Sugar tenders. This year saw 2.1M tonnes of sugar delivered, a 75% jump on last year, the tweet said.~SR
Today, November 23, is Fibonacci Day, honoring Leonardo Bonacci (aka Leonardo Fibonacci), one of the most influential mathematicians of the Middle Ages. The date corresponds to the first numbers of the Fibonacci sequence – 1 1 2 3.~SR
Andy Busch Post Election Regulatory Analysis
Andy Busch is the former chief market information officer of the U.S. Commodity Futures Trading Commission. Today he is a consultant, speaker and market analyst offering his unique perspectives and analysis to corporate clients. John Lothian News asked him for his response to the recent U.S. presidential and congressional election.
The Spread: Cleared for Retirement
This week on The Spread, the CME announces the launch of new volatility indices, the OCC’s David Prosperi retires, and more.
Request for Public Representative Nominations for NFA’s Board of Directors
The terms of five of NFA’s current Public Representatives—Douglas E. Harris, Charles P. Nastro, Ronald S. Oppenheimer, Todd E. Petzel, and Michael R. Schaefer—will expire at the Board of Directors’ (Board) regular Annual Meeting on February 18, 2021. NFA is seeking nominations to fill the five Public Representative vacancies. NFA’s Articles of Incorporation (Articles) permit Public Representatives to be nominated by either NFA Members or non-Members.
****** Let’s recommend some good candidates and make the committee have to work hard to choose.~JJL
Pat Quinn, co-founder of Ice Bucket Challenge, dead at 37 after losing ALS battle
Gabrielle Fonrouge – NY Post
The New York man who co-founded the viral “Ice Bucket Challenge” died Sunday after a long battle with Amyotrophic Lateral Sclerosis — the disease he tirelessly raised awareness for until he succumbed himself. Pat Quinn, a 37-year-old from Yonkers, was diagnosed with ALS in 2013 and soon after, created the social media challenge as a way to raise money to find a cure for the illness, also known as Lou Gehrig’s disease.
****** Sad news, but what an inspiration. The Ice Bucket Challenge was brilliant!~JJL
Women in Finance Must Ask for Promotion, Unlike Men: Survey
Andreea Papuc – Bloomberg
Australian survey shows men offered promotions much more often; On average men in fund management paid twice as much as women
Far fewer women than men are promoted in the finance industry unless they first ask for seniority, a sign of institutional gender bias, according to a new study in Australia. The survey of 2,000 finance industry professionals showed 76% of men were offered a promotion at least once without requesting it, compared with 57% of women. The study was compiled by lead researchers Ardea Investment Management and Australian National University in conjunction with industry experts.
******Like Alice and the Red Queen, women in finance must run twice as fast as men to get anywhere.~SR
How the Coronavirus Pandemic Is Changing Philanthropy; From mutual-aid networks to emergency-response funds, communities and nonprofits have sped up efforts to get help to where it’s needed most
Lisa Ward – WSJ
The Covid-19 pandemic is forcing donors, volunteers and nonprofit organizations to rethink how they give and receive charitable aid. In many communities, individuals are banding together to help neighbors directly. Elsewhere, institutional donors are creating Covid-19 emergency funds, making grants less restrictive and investing more in minority-led charities. Those who have long advocated for philanthropy reform say the changes—if they take root—could result in more flexible and equitable forms of charitable giving.
******What is it not changing?~JJL
Friday’s Top Three
Our top story on Friday was Goldman Partner With Taste for Speed Says Market Has Hit Limits, from Bloomberg. Second was Newsweek’s Trump Can Still Win In Armageddon Scenario for Markets, JP Morgan Warns, a repeat from Thursday’s top three. Third was NYSE sales head departs for role at HFT Jump Trading, from The Trade.