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
CryptoMarketsWiki.com is back up. Thank you to Jeff Bergstrom, JLN’s CIO, for making that happen. In the next day or so, MarketsWiki.com will go over the 200 million page view mark.
Nasdaq is celebrating 50 Years of innovation with a digital exhibit with the Museum of American Finance and Heritage Werks.
DASH Financial Technologies finally announced their agreement to be acquired by ION Investment Group after it was previously reported by Waters Technology.
Mike O’Connor gave to the JLN MarkesWiki Education GoFundMe Campaign. I am trying to figure out which Mike O’Connor this is, but thank you to Mike and all who have given and all who have yet to give. Support our efforts to preserve industry history by giving 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
Explosion in Retail Options Trade Not a Short-Term Blip, Cboe’s Schwartz Says
Suzanne Cosgrove – John Lothian News
In the current options market environment of rapid retail trading growth, data on who is trading what — customer buyers versus firm buyers, that is — is a hot topic right now. In fact, Henry Schwartz, senior director and head of product intelligence at Cboe Global Markets, formerly president of Trade Alert LLC until it was acquired by Cboe in 2020, contends that information about customer flows has become more important than ever to market makers.
Quantitative analysis and how to properly value stocks and options remains critically important, he said, but customer activity and flows have taken over in some sectors, at least for the time being. A traditional valuation of GameStop, for example, would not have explained why its shares rallied in the last two weeks or how implied volatility exploded. “It’s not normal options flow,” Schwartz said in an interview with JLN on Monday, “it tends to focus on hot names.”
To read the rest of this article, go here.
Derivatives Forum Frankfurt 2021. Registration is open!Eurex invites you to join the virtual edition of the Derivatives Forum Frankfurt 2021! It will take place on 23-24 March 2021 covering European and the US time zones.The Derivatives Forum Frankfurt 2021 will be held as virtual edition with thought leadership insights, industry debates, keynote speeches and virtual networking opportunities. The Derivatives Forum is the leading European event focused on trading and clearing for derivatives and securities financing across asset classes.
We look forward to welcoming you on March 23.
Nasdaq at 50: The company behind the tech-stock index reinvents itself as a financial-tech heavyweight
Shawn Tully – Fortune
When most people hear the name “Nasdaq,” they think of the world’s premier venue for buying and selling tech stocks. The Nasdaq exchange is where the cool kids of Silicon Valley and other points West – – from Jeff Bezos to Steve Jobs to Mark Zuckerberg to Elon Musk – – first offered their shares to all and sundry, and its fame grew as their fledgling companies mushroomed into the world’s most valuable enterprises.
*****I hate to tell Nasdaq what happens at 50, but let’s just say it involves a scope.~JJL
Alex Kearns died thinking he owed hundreds of thousands for stock market losses on Robinhood. His parents are set to sue over his suicide.
Tony Dokoupil, Michael Kaplan, Martin Finn and Cassidy McDonald – CBS News
20-year-old Alex Kearns took his own life last June mistakenly believing he’d lost nearly $750,000 in a risky bet on Robinhood, the stock-trading app where he started trading as a teenager.His parents plan to file a lawsuit, first obtained by CBS News, on Monday accusing Robinhood of wrongful death, negligent infliction of emotional distress and unfair business practices.
*****A sad story that did not have to be.~JJL
South Korean boy investor with 43% gains is new retail trading icon
Cynthia Kim – Reuters
Watching the business news first thing is a new routine for 12-year-old South Korean Kwon Joon, as he dreams of becoming the next Warren Buffett after earning stellar returns of 43% from a hobby picked up just last year: buying stocks.
******In the old days this would be a top. Thank goodness he did not get his trade suggestions from a cab driver.~JJL
Wes Moore to Step Down as CEO of Robin Hood Foundation
Robin Hood Foundation
Combat veteran, bestselling author, and social entrepreneur will depart in May 2021; Moore led the Robin Hood foundation to one of its strongest years in the anti-poverty group’s 33-year history in 2020 – raising over $230 million as the organization filled a critical role in response to the pandemic; Robin Hood is a 501(c)3 organization and not affiliated with any for-profit businesses that use a similar name
Today, Wes Moore announced he will step down as CEO of the Robin Hood foundation in May of this year after a four-year tenure where under Moore’s leadership, the organization raised over $650 million, restructured and refocused the grantmaking portfolio, executed critical relief efforts in response to COVID-19, expanded the role of the organization through policymaking, and launched several initiatives — including a national partnership and the Power Fund to increase supports for nonprofits led by people of color.
******Not that Robinhood. The charitable foundation.~JJL
Monday’s Top Three
Our top story Monday by a wide margin was Bloomberg’s Trading Titan Don Wilson Has Advice for Yellen on Market Fixes. Second was, once again in the top three, CME Group’s CME Group Inc. Names Slate of Director Nominees. Third was Points and Figures’ I Thought I Was Going To Die, about Jeffrey Carter’s struggle with Idiopathic Pulmonary Fibrosis.