THE JOHN LOTHIAN NEWS DAILY UPDATE – 11/9/2020

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

Former Vice President Joe Biden was declared the winner of the 2020 U.S. Presidential election by the major media networks and the Associated Press on Saturday, making him the President-Elect and Senator Kamala Harris the Vice President-Elect. The coronavirus is surging around the world, passing the 50 million case mark, and the U.S. went over the 10 million case mark over the weekend. Other than that, nothing happened.

While President Donald Trump has not conceded the election yet and has vowed to fight on with lawsuits and claims of election fraud, President-Elect Biden is proceeding with the transition. The tipoff that a decision was close over the weekend came when the Secret Service increased its protection of Biden, including an aircraft overhead.

So far the response from the markets and world leaders has been positive towards the news of Biden and Harris’s election. However, look for more turbulence in the coming weeks.

Did you miss LME Week? Well, just like your cable TV, LME Week is available on demand.
You can see the LME Metals Seminar HERE and the LME Focus Day – HERE.

Pamela Jones, executive director and co-founder of Genesis Consultancy, is the new chair of WILD London.

We had three more donations to the JLN MarketsWiki Education GoFundMe campaign since Thursday. The first was from industry veteran technologist Alex Lamb of The Technancial Company and the second was from Myriam Gilhuly, who in her professional world goes by Myriam Herrera. She is the development professional for the Pathway to Adventure Council of the Boy Scouts of American who so adroitly guides the LaSalle Street Boy Scout fundraiser, now called the LaSalle Street Trading Tech Awards. Myriam is a friend, and according to her, I am a mentor for her as I have guided her through revitalizing this event and our industry’s relationship with the Boy Scouts. Alex Lamb is a former London pit trader and an electronic trading pioneer whom I can’t wait to get on video to capture his story. He has some good ones. The last donation was made by the very famous “Anonymous.” Thank you Anonymous, Myrian and Alex and to all who have given and all who have yet to give. Support our efforts to preserve industry history by supporting our GoFundMe campaign.

We are going to place an order for another tranche of JLN hoodies that say, “The World Needs Journalists” followed by the JLN logo centered on the front of the hoodie. If you are interested in buying one, the cost is about $50, or $40 plus shipping.

Question: Iconic Canadian TV quiz show host who died over the weekend? Answer: Alex Trebek. The host of the long running Jeopardy quiz show died Sunday at the age of 80. He had been suffering from pancreatic cancer.

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

Gary Gensler, the erstwhile Goldman Sachs banker who served as chairman of the CFTC from 2009 to 2014, is joining the President Biden transition team. He will work on financial regulation oversight, according to a Reuters report over the weekend. Under Gensler, the CFTC implemented a large number of swap reporting, clearing and trading regulations that were mandated by the 2010 Dodd-Frank Act. Gensler is currently a professor at the MIT Sloan School of Management, where he serves as a faculty advisor to the MIT Media Lab’s Digital Currency Initiatives. (You have to wonder if infatuation with cryptocurrencies isn’t an occupational hazard of the CFTC chairmanship: Gensler at MIT, Timothy Massad’s 69-page digital assets report for Brookings, Christopher Giancarlo’s Digital Dollar Project, and Heath Tarbert’s recent “Let me just basically say how impressed I am by Ethereum, full stop, period.”) ~Thom Thompson

This week offers an especially wide array of webinar options. One from Cboe’s Options Institute is “Harnessing Small-Cap Volatility with Russell 2000 Options” on Wednesday, November 11, at 12 p.m. ET/11 a.m. CT. Planned speakers include Catherine Yoshimoto, director of product management for FTSE Russell, Derek Devens, senior portfolio manager, Neuberger Berman, and Matt Moran, head of Index Insights, Cboe Options Institute. Although it’s advertised for financial professions, Moran said all JLN readers are welcome. You can register here. ~SC

Also on Wednesday, November 11, at 2 p.m. CT, Barchart is hosting a CPN Livestream Session with Julie Lerner, CEO of PanXchange, that is designed to take a deep dive into the hemp and franc sand data provided by PanXchange. Andrew Bish, CEO of Hemp Harvest Works, an equipment and consulting service provider for hemp producers, and Keith Petersen, Barchart’s head of strategy, also will join the discussion. Reserve your place here.

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Biden turns the page on a presidency of rancour; The next US leader could achieve much through tone and behaviour alone
The Editorial Board – FT
The trickling of power from the mightiest person on Earth seems unlikely to abate. Donald Trump will fight to stay in the White House, on spurious grounds, but much of the world is moving on from the US election. Foreign leaders are congratulating the man they refer to as “president-elect” Joe Biden. Most Americans themselves are resuming their lives: neither the street parties nor the pro-Trump rallies are typical.
/on.ft.com/3pcvzrl

*****I expect to hear more from Biden and less tweeting.~JJL

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Reality TV presidency cancelled after 4-year run; The Trump administration packed a lot of drama into 1 term
Demetri Sevastopulo – FT
As soon as US media called the election for Joe Biden, Democrats started promoting “Adiós Trump” T-shirts, in what was a fitting way to mark the end of a presidency that was launched with racist attacks on Mexicans. Following four years of chaos and tens of thousands of tweets from the president, the former reality TV star will depart the White House after a record number of Americans gave him a taste of his own medicine: you’re fired!
/on.ft.com/32tXw3Z

*****This wins the best headline of all the election stories.~JJL

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Biden taps Gensler to work on Wall Street oversight review – source
Trevor Hunnicutt, Michelle Price – Reuters
Democratic presidential candidate Joe Biden, who appeared to be closing in on an election victory, has tapped former derivatives market regulator Gary Gensler to work on a transition plan for financial industry oversight, according to a person with direct knowledge of the matter.
/reut.rs/3p97Acl

*****Welcome back Gary. We missed you.~JJL

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The stock market boost from having more women in management; European groups with higher numbers of female leaders benefit from stronger share prices
Sharon Bell – FT
Women used to be largely absent from the higher echelons of the corporate sector. As recently as 2005, fewer than 10 per cent of board members at Europe’s top 600 listed companies were women. Now that figure is more than 30 per cent. But has this made a difference?
/on.ft.com/3pdcuFq

****** There are some things you should do because they are the right thing to do, not because they will make your stock go up. But then, it is a nice benefit of doing the right thing.~JJL

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Friday’s Top Three
Our top story Friday was the NFA notice NFA orders Chicago, Ill. introducing broker Infinity Futures LLC to pay a $120,000 fine. Second was LSE and Refinitiv make commitments on trading to secure EU approval for deal, from the Financial Times. Third was the job listings page at the NFA.

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