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
Thank you to all who have paid for your 2021 JLN subscriptions and all who have yet to pay and are going to soon. We at JLN greatly appreciate your support for our efforts. We could not do what we do without your support. The cost of the annual subscription is $200 for an individual reader and $145 for an Enterprise Subscriber at a firm with five or more subscribers. But you can also subscribe for just $17 per month. You can pay on our payments page or request an invoice by emailing us at email@example.com.
MarketsWiki has been on a roll since we passed the 200 million page mark, but also since we moved the server and greatly improved the response time. Investments in technology can pay off big.
The good people at Vinson & Elkins have a CLE event webcast scheduled for my birthday, March 4, on recent developments in U.S. offshore wind energy. This is appropriate as I was born during a tornado. The webcast will explore how “the United States has tremendous offshore wind energy resource potential with the ability to provide thousands of highly-skilled jobs and large amounts of renewable energy in close proximity to many of the country’s largest population centers.” The webcast starts at 12:00 PM CT and runs until 1:00 PM. You can register HERE.
Thomas Krabbe is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Thomas is an exchange executive who is currently a senior advisor to Bain & Company. He previously was with CME Group for 12 years and before that was with Eurex US and Deutsche Boerse. He is also married to the uber-talented Stephanie Hammer, who has many stories to tell for the Path to Electronic Trading. The consummate gracious ambassador for Germany, Thomas offered me some great advice a year ago about my now cancelled trip to Oberammergau and where else to visit in Bavaria.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
US passes ‘unimaginable’ milestone of 500,000 Covid-19 deaths; Officials urge caution as new variants threaten to undermine vaccination campaign
Peter Wells and Hannah Kuchler – FT
The US death toll from coronavirus has surpassed 500,000, underscoring the pandemic’s devastation as officials raced to roll out vaccinations as quickly as possible to prevent another surge.
*****At the time of the U.S. election, there were 231,353 deaths in the U.S. from the virus, according to the Johns Hopkins tracker.~JJL
The Beach Bum Who Beat Wall Street and Made Millions on GameStop; Mike McCaskill spent years scouring the stock market and betting on long shots. Then he found the opportunity that changed his life—and helped spark the mother of all short squeezes.
David Hill – The Ringer
JimJim Cramer, the normally amped-up host of CNBC’s Mad Money, a stock market show complete with sound effects and wacky props and flashy graphics, looked subdued and serious during his January 14 broadcast. “I want to talk about some very important shortages that are going on in the market that you probably don’t know about,” Cramer said. He looked directly into the camera and explained a short squeeze—a concept everyone in America now seems to understand but that was still fairly obscure just a couple of weeks ago. “I don’t normally discuss these issues. … It’s a nightmare.”
*****This story is from a site called The Ringer. It is a long and compelling story about one of the investors behind the GameStop story. Well worth the read.~JJL
Singapore Trading Festival turns ideas into actions with virtual summit and trading challenge
The inaugural Singapore Trading Festival (STF) will feature a strong lineup of industry experts at a full-day virtual summit on 27 February 2021, to discuss trading strategies and opportunities amid an environment reshaped by the COVID-19 pandemic. STF is jointly organised by Singapore Exchange (SGX) and InvestingNote, Southeast Asia’s largest community-driven platform for investors and traders.
*****A proactive exchange reaching out to connect with retail traders. I like it.~JJL
Marex Spectron Adds Energy Futures Group In New York; Experienced brokerage and clearing team from ED&F Man led by Martin Timmins serves commercial hedgers, institutional investors
Marex Spectron today announced the addition of a new energy futures trading and clearing group to its Marex North America franchise, operating out of New York. The team, composed of seven seasoned exchange-traded energy market professionals led by Martin Timmins, joined from ED&F Man Capital Markets, Inc to service a broad range of commercial hedgers and institutional investors.
*****Marex Spectron’s ascent continues.~JJL
Space Commodities Exchange Launches First Products
The US-based Space Commodities Exchange Inc (SCX) has started designing the first products that would signify a new age of commerce in space: Tradable commodities. The SCX expects to sell the first units of propellant in Q4 of 2021.
*****If you ever wanted to hedge your moon rocks, now is your chance.~JJL
Monday’s Top Three
Our top story Monday was Bloomberg’s Fintech Firm Apex Clearing Agrees to Go Public Via SPAC. Second was This is Money’s Former JP Morgan star is Britain’s cryptocurrency queen after making a £360m personal fortune, about Blythe Masters. Third was Bloomberg’s Citi Executive Pulls James Bond Stunts to Woo China’s Rich, about a Citi marketing campaign.