THE JOHN LOTHIAN NEWS DAILY UPDATE – 12/10/2020

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

Cboe Global Markets announced yesterday the retirement of Chief Marketing and Communications Officer Carol Kennedy. Carol has been a steady hand at the Cboe for 27 years through all the market and company changes, including the retirement of former Chairman and CEO Bill Brodsky and the elevation of now-Chairman and CEO Ed Tilly. Stacie Flemming has been named as Carol’s replacement. On behalf of JLN, we want to thank Carol for her years of service. And we want to congratulate Stacie on her new role. Her international experience will work well with a CBOE that is now Cboe Global Markets

ICE Data Pricing & Reference Data, LLC (“PRD”) was subject to a SEC cease and desist order. As a result of the order, the Cease-and-Desist Order requires, among other things, PRD to cease and desist from committing or causing any violations and any future violations of Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder. Additionally, “Intercontinental Exchange, Inc. (“ICE”) has submitted a letter, dated December 4, 2020, constituting an application for relief from ICE being considered an “ineligible issuer” under clause (1)(vi) of the definition of ineligible issuer in Rule 405 of the Securities Act of 1933 (“Securities Act”). ICE requests relief from being considered an “ineligible issuer” under Rule 405, due to the entry on December 9, 2020, of an order instituting administrative and cease-and-desist proceedings against ICE Data Pricing & Reference Data, LLC (“PRD”), a subsidiary of ICE (the “Cease-and-Desist Order”), according to a SEC release.

Steve Crutchfield was the latest donor to the JLN MarketsWiki Education GoFundMe campaign. Steve is a longtime JLN friend back from his days at NYSE Euronext. He is now the head of market structure and underlying market making at CTC. He gave one of the most brilliant MarketsWiki Education talk several years ago about how to design an options trading strategy in 10 minutes. Thank you to Steve and all who have given and all who have yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.

Thank you to Chris Hehmeyer for making a donation to the LaSalle Street Trading Tech Awards event. Thank you to all the donors who gave, including the Board of Trade Charitable Foundation, CME GroupCboe Global MarketsCQG, FGMK, NFAABN AMRO Clearing Chicago and Joe Guinan and Advantage Futures. And of course, thank you again to Pat Kenny for being the most interesting event chairman. If you are interested in still donating, you can find our more information HERE.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

*****

A cryptocurrency protocol founder who went by the pseudonym, “Bruno Brock” has been busted by the U.S. Southern District Court of New York, the IRS, and the SEC. Bruno, real name Amir Bruno Elmaani, allegedly raised millions on a cryptocurrency startup called Oyster Pearl, then spent that money on various personal luxuries, including multiple yachts, in which he stored gold bars. I get the sense Mr. Elmaani has probably seen “The Wolf of Wall Street,” and possibly desired to emulate it – shame he apparently didn’t see how it ends.~MR

The Investment Adviser Association’s Active Managers Council is hosting an online discussion on ESG investing and implementation today, December 10, at 10 a.m. CT. Scheduled topics include the 2021 outlook and “the importance of an active process” when investing in ESG. More details and registration information is here. ~SC

 

First Read

Cboe Global Markets Announces Planned Retirement of Chief Marketing and Communications Officer, Appoints Successor; Carol Kennedy, Chief Marketing and Communications Officer, to retire after 27 years with company; Stacie Fleming, Vice President, Marketing and Communications, to succeed Kennedy
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced the planned retirement of Carol Kennedy, Chief Marketing and Communications Officer, after 27 years of service to the company, on December 31, 2020. Cboe plans to promote Stacie Fleming, current Vice President, Marketing and Communications, and former Head of Marketing and Communications for Cboe Europe, to Senior Vice President, Marketing and Communications, effective January 1, 2021.
/prn.to/2IyPSyv

*****Carol and I first met in Bürgenstock at the Swiss Futures & Options Association conference there in 2004, the first year I attended. Classic story of having to go halfway around the world to meet someone who worked in the building next door.~JJL

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MIAX and MGEX Announce SPIKES Futures December 14 Relaunch
Miami International Securities Exchange, LLC
Miami International Securities Exchange, LLC (MIAX) and the Minneapolis Grain Exchange (MGEX) today announce the planned December 14 relaunch of futures on the SPIKES Index (SPIKES Futures) on MGEX via the CME Globex platform.
/bit.ly/37UXNia

*****Here is some competition in the vol space. I would like to remind my friends at Cboe that competition is good for the market and it is the market that we serve.~JJL

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US authorities urged to investigate ‘illegal’ changes to CME market data fee policies; EDI has called on the CFTC, House of Representatives, and the US Senate to investigate fee changes at CME Group that would increase costs each year for the firm.
Annabel Smith – The Trade
Data distributor Exchange Data International (EDI) has urged regulators in the US to investigate derivatives exchange CME Group’s proposed changes to its data fee policies. Under the changes to fees, CME Group intends to charge redistributors like EDI a total of $120,000 per year from 2021 for redistribution of data across each of its four markets.
/bit.ly/343iUOu

*****Here is The Trade’s follow-up story on the EDI press release that was the most popular story a couple of days ago in JLN.~JJL

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The danger is growing that Trump’s lies about the election will lead to violence
Editorial Board – Washington Post
President Trump’s lying about the election has become dangerous — and not just in the sense that it damages democratic norms. It also increasingly threatens to spur physical violence against Americans who have done their duty to oversee a free and fair vote.
/wapo.st/3m6l1Ht

******Blessed are those who are trying to lower the political temperature.~JJL

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Wednesday’s Top Three
The top story for Tuesday was the self-help article Tips for Finding Career Success After Age 50 from Bloomberg Businessweek. Second was Yahoo’s report on Jeffrey Sprecher, Sen. Kelly Loeffler’s Husband Bought Stock In Sectors Set To Benefit From Then-Secret Bill, and third was a new entry in John Lothian’s interview series, Kevin Darby – The Path to Electronic Trading — MarketsWiki Education.

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