THE JOHN LOTHIAN NEWS DAILY UPDATE – 2/18/2021

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

Have you registered for Boca-V yet? The virtual nature of the conference gives you a unique opportunity to participate in one of most meaningful conferences in the derivatives business. I always learn a lot from attending Boca and I encourage you to sign up for this year’s virtual conference.

Here is the latest report from Acuiti titled “The Market Data Review.” They say, “The widespread commercialisation of market data over the past decade has become a major cause of concern for market participants and regulators alike. But what are the realistic solutions and how can the market for market data be put on a more sustainable path?” This report is not free; there is a fee to receive it.

The Federal Reserve Bank of Chicago and their Financial Markets Group has an opening for a financial markets analyst. You can see the job listing HERE.

I am in the process of sending out invoices for the John Lothian Newsletter. The policy of this company is that if you find the newsletter valuable, you are asked to pay for it. If you have more than one person at your firm reading it, we believe you find it valuable and will send you an invoice. If you regularly open the newsletter and read it, we believe you find it valuable and will send you an invoice. There are some exceptions to this policy. We give the newsletter away to retired people, students, college professors and fellow journalists. So if we send you an invoice and you fit into one of these categories, let us know and we will void the invoice. If you wish to receive an invoice for your 2021 subscription, please email me at johnlothan@johnlothian.com.

Please support the PanXchange GoFundMe campaign to help them fight a trademark lawsuit.

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.

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

A Conversation with Industry Stalwarts: Richard Grasso & Harvey Pitt
Jim Toes – STA
Over the past three weeks, STA has received significant input from a broad range of market participants, with respect to a letter we submitted to the House Financial Services Committee, just ahead of its virtual hearing on the market volatility we experienced in late January and early February. The title of the hearing is “Game Stopped? Who Wins and Loses When Short Sellers, Social Media and Retail Investors Collide,” and the CEOs of Robinhood, Citadel, Melvin Capital Management and Reddit will be among the witnesses.
/conta.cc/3qvZGtR

*****I can think of more interesting people to talk to.~JJL

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North Korea Turning to Cryptocurrency Schemes in Global Heists, U.S. Says; Justice Department charges North Koreans hackers in wide-ranging scheme that included attempts to steal $1.3 billion for Pyongyang
Robert McMillan and Aruna Viswanatha – WSJ
The Justice Department unsealed an indictment Wednesday against two alleged members of North Korea’s military intelligence services, accusing them of hacking banks and companies in more than a dozen countries including the U.S. as part of a wide-ranging scheme to steal $1.3 billion over the past half-decade for Pyongyang.
/on.wsj.com/3avw4Y4

*****The North Korean government has had an interest in using cryptocurrency for a number of purposes for a while now. In April 2019, an American hacker named Virgil Griffith traveled to Pyongyang to give a talk about how to use cryptocurrency to bypass international sanctions. He was arrested on Thanksgiving later that year.~MR

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What ‘The Hunger Games’ Three-Finger Salute Means to Protesters Across Asia; Borrowed from the literary and film series and popularized by Thai protesters in 2014, the gesture has become a prominent symbol against this month’s coup in Myanmar
Feliz Solomon – WSJ
As protests against a Feb. 1 military coup have gripped Myanmar, one symbol has emerged as an icon: the three-finger salute. Civil servants on strike, student protesters, even refugees living abroad have made the gesture in a show of defiance. The sign has an unlikely origin story, popularized in the wake of a different coup, in 2014, in neighboring Thailand. Protesters there borrowed it from the literary and film series “The Hunger Games,” in which it is shown as a symbol for a fictional uprising against tyrannical overlords. Images of political activist Rittipong Mahapetch—flashing the sign at a busy Bangkok intersection against the backdrop of a pedestrian overpass crowded with soldiers—went viral just over a week after the Thai coup.
/on.wsj.com/2Zu6DzW

*****Who knew giving the “Scout Sign” could be so popular and dangerous all at once.~JJL

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Nine out of ten of NYC restaurants could not afford rent in December
Fox 5 New York
A new report from the NYC Hospitality Alliance shows the extreme financial problems restaurants in New York City are facing, as 92% of the city’s restaurants could not afford to pay their rent in December.
The number has steadily worsened throughout the pandemic, from 80% of restaurants in June 2020 not being able to pay rent.
/bit.ly/3bhOWcf

*****Remember to order in more often. We will need the restaurants when we can return to being with each other more.~JJL

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Wednesday’s Top Three
Our top story Wednesday was Trading Technologies’ announcement, Trading Technologies Appoints New President, Chief Financial Officer, EVP Global Head of Sales and Chief Technology Officer. Farley Owens, TT’s new president, was also our MarketsWiki Page of the Day. Second was Bloomberg’s At 93, She Waged War on JPMorgan—and Her Own Grandsons. Third was John Lothian News’ NFL Calls Time-out on ErisX’s NFL Binary Options, from Thom Thompson.

 
 

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