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

Thank you to Rich Mackey, who was the latest donor to the JLN MarketsWiki Education GoFundMe campaign. Rich is a managing director of strategic initiatives at Prime Trading, LLC in Chicago and one of the nicest guys in the industry. He was a speaker at our MarketsWiki Education World of Opportunity series in Chicago in 2017. He was also formerly with RCG and Bakkt. Please help our efforts to preserve industry history by becoming a donor to our GoFundMe campaign.

The CFTC yesterday approved Eris Clearing, LLC to clear fully-collateralized swaps. ErisX has been on a roll.

The CFTC yesterday also designated KalshiEX LLC as a contract market. KalshiEX is a limited liability company located in San Francisco, CA and is formed under Delaware state law. According to their LinkedIn page, they are trade event outcomes. Also, it appears they will be cleared by LedgerX. Their website is Timothy McDermott, former CEO of North American Derivatives Exchange (Nadex), is a public director on the KalshiEX board of directors. See more about them in Thom Thompson’s comments below.

It is a bad day to be a mink in Denmark. It is not that you are going to end up being part of a coat or stole, but every mink in Denmark is going to be exterminated because of a coronavirus outbreak among Denmark’s mink farming population.

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 CFTC designated Kalshi, a start-up events betting platform, as a regulated contract market on Tuesday. Kalshi announced earlier that its contracts will clear at LedgerX, the CFTC-regulated bitcoin swaps market that launched in October 2017. LedgerX gained permission to clear futures contracts on September 2 this year. LedgerX’s and Kalshi’s current licenses do not permit them to have brokers for their cleared and traded contracts. Look for a launch early next year. ~Thom Thompson

On Election Day, voters in New Jersey, Arizona, South Dakota and Montana approved legalized recreational marijuana use for their states. New Jersey’s legislature, though, is required to pass enabling legislation before adult recreational use can be permitted. In Arizona, the state health department must first implement regulations before local residents can light up. In Montana, possession, cultivation and use of marijuana by adults over 21 years old will be legal on January 1, 2021. The state also can begin licensing retail operations on January 1. Mississippi voters approved medical use marijuana on Tuesday, as did South Dakota voters, in addition to their approval for recreational use. Both Mississippi and South Dakota will take up enabling legislation. No state-wide marijuana ballot initiatives were defeated on Tuesday.~Thom Thompson


First Read

CFTC Approves Eris Clearing, LLC to Clear Fully-Collateralized Swaps
The Commodity Futures Trading Commission today announced it has approved an Amended Order of Registration for Eris Clearing, LLC, located in Chicago, Ill., to clear additional products, subject to the terms and conditions specified in the order, as a derivatives clearing organization under the Commodity Exchange Act.

*****The god of crypto trading takes another step forward.~JJL


Deutsche Börse Photography Foundation awards the HfG Photo Prize to Verdiana Albano
Deutsche Börse Group
The Deutsche Börse Photography Foundation has awarded the HfG Photo Promotion Prize 2020 to Verdiana Albano for her project “surrounded”. The prize is awarded annually to students at the Offenbach University of Design (HfG) who deal with the medium of photography in their training. As part of its commitment to promoting young contemporary artists, the Foundation has been awarding the EUR 2,500 prize since 2010. The traditional tour of the HfG and the subsequent award ceremony were canceled this year due to the corona pandemic. Instead, some students had created a newspaper with their works, which served as the basis for the judging. This year’s jury members were photographer Barbara Klemm and Anne-Marie Beckmann, Director of the Deutsche Börse Photography Foundation.

*****Surrounded is not how I feel in 2020.~JJL


GameStop TikTok challenge: Winner gets extra hours during Black Friday
Josh Peter – USA Today
GameStop is sponsoring a TikTok contest with a highly unusual prize: 10 hours of labor on Black Friday.
That’s right, win the contest and work a little overtime!

**** Tom Sawyer could learn a thing or two from these guys. ~JB


Wednesday’s Top Three
Our top story Wednesday was The New York Times’s How to Worry More Mindfully, a very timely story. Second was Roxy Rong’s super power is coding, from Peak6. Third was UK allows firms to trade on EU venues in ‘simple’ approach to share trading obligation, from The Trade News.

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