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

John Lothian & JLN Staff

The CFTC included a picture of the CFTC leadership smiling and standing on the balcony of the New York Stock Exchange overlooking the trading floor in the tweet about their decision to grant OneChicago LLC its request to vacate their DCM designation. This is either very wrong or entirely tone-deaf. Appearing to celebrate an entrenched player in stock trading while announcing the demise of a challenger just seems wrong to me. Maybe use another picture next time?

Speaking of the CFTC, the latest to leave the Commission is Market Participants Division Director Joshua B. Sterling who will depart in January. Thank you to Mr. Sterling for his service.

The MaterialsXchange displayed a banner in the middle of LaSalle Street a couple of days ago. The MaterialsXchange employees are holding up the banner while standing in the middle of this abandoned financial district street. The last time I saw the street this empty was after the White Sox World Series parade when the street was still closed.

Many years ago, when Euronext bought LIFFE, I criticized Euronext for having not taken advantage of the domain by redirecting it to the site or the LIFFE products at When Eurex recently changed their URL from to, they did it right. redirects to Getting it right should be celebrated just as much as getting it wrong should be pointed out. Congratulations to my friends at

We had no new donations to our JLN MarketsWiki Education GoFundMe campaign yesterday. Help support our efforts to preserve industry history with contributing to our GoFundMe campaign.

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

***** reported Monday that 2020’s year-to-date exchange-traded fund inflows climbed to a steep $509.4 billion last week, surpassing 2017’s record total of $476.1 billion, helped by late-year equity interest. By comparison, year-to-date ETF inflows stood at $342.2 billion in the same period last year. Year-end totals are, of course, still pending.~SC


First Read

Your Opportunity to Expand Vaccine Development and Tame the Pandemic
John Lothian – JLN

Some vaccines for COVID-19 have been developed and approved and are beginning to be delivered and administered. This is just the beginning chapter for novel coronavirus vaccines. And chapter one is not even complete.

There are more pages to be written in this thriller. There are more COVID-19 vaccines that need to be developed. There are more people for whom specific vaccines need to be created: the young, pregnant and vulnerable.

What we need to finish this chapter and write the happy ending for this book is more research and development of new vaccines. We need more people and we need more facilities.

To read the rest of the commentary, go here.


Kelly Loeffler, a Wall Street Senator With a Hardscrabble Pitch; The hard right turn of Ms. Loeffler, one of two Republican candidates in Georgia’s pivotal Senate runoff elections, reflects the ideological gymnastics embraced by her party in the Trump era.
Danny Hakim, Jo Becker and Astead W. Herndon – NY Times
In the year since Kelly Loeffler was appointed to the Senate, the largely unknown financial executive has crafted a narrative of her life and built a campaign around it. It goes like this: She is a humble farm girl who lived “paycheck to paycheck” as she worked her way through college. She is a staunch opponent of abortion, evidenced by a raft of legislation she has introduced in Washington.

*****In-depth profile of Sen. Kelly Loeffler by the New York Times. It is almost Bloomberg-esque in its depth and length.~JJL


CFTC Grants OneChicago LLC Request to Vacate DCM Designation
The Commodity Futures Trading Commission today issued an order vacating the designation of OneChicago LLC as a designated contract market (DCM). The order was issued at the request of OneChicago. The CFTC granted OneChicago its designation as a contract market on June 11, 2002.

*****Since OneChicago was created, all of the entities that started it have taken Chicago out of their names. The Chicago Board of Trade became part of the CME Group. The Chicago Mercantile Exchange became the CME Group and the Chicago Board Options Exchange became Cboe Global Markets. The world has changed a lot since that bright shiny day when OneChicago was announced.~JJL


There’s No Trade-Off Between Lives and the Economy; Some countries saved both this year—while others saved neither
Peter Coy – Bloomberg
As the plague year of 2020 lurches to a close it’s worthwhile revisiting one of the biggest policy mistakes of the pandemic—the attempt to preserve economic growth by minimizing restrictions that might hurt the economy. I wrote about that in May in a Bloomberg Businessweek cover story focusing on President Trump. “Will some people be affected? Yes. Will some people be affected badly? Yes,” Trump told reporters during a factory visit on May 5. “But we have to get our country open, and we have to get it open soon.”

*****Worth the read.~JJL


Monday’s Top Three
The top story on Monday was a Bloomberg piece A Speculative Frenzy Is Sweeping Wall Street and World Markets. The second story was an obit for longtime industry leader Mark Powers provided by the Powers family. Finally, No. 3 was a COVID-19 story with a twist from the NBC Bay Area, Why Dippin’ Dots Might Have a Place in the COVID-19 Vaccine Distribution Plan

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Tom Sosnoff – Open Outcry Traders History Project

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The CEO of tastytrade, Tom Sosnoff, was interviewed by John Lothian News for the Open Outcry Traders History Project. Sosnoff was a trader on the floor of the CBOE for 20 years after growing up in New York. He moved to Chicago at the behest of some co-workers at his...

ISDA 35th AGM: Are Derivatives a Green Solution?

ISDA 35th AGM: Are Derivatives a Green Solution?

Unraveling how to effectively mitigate the economic and market risks associated with climate change was the focus of an ISDA meeting session on Tuesday, but while the panel of international regulators and banking officials outlined their considerable and ongoing efforts, a clear path to a uniform solution remained elusive.

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