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
The World Federation of Exchanges, or WFE, has published its inaugural annual Women Leaders List that aims to shine the spotlight on some of the talented and gifted women in the exchange industry. There were 60 nominations and 21 women were chosen by 9 judges.
Some of the stories the WFE is highlighting include Julie Becker, Deputy CEO, Luxembourg Stock Exchange; Laura M Cha, Chairman, Hong Kong Exchanges and Clearing Limited (HKEX); Diana Chan, Independent Non-Executive Director and former CEO of EuroCCP, Euroclear SA/NV; and Anat Guetta, Chair, Israel Securities Authority.
You can find the complete list of women the WFT selected HERE.
The CME Group reported that Micro E-mini Equity Index futures reached back-to-back trading volume records last week of 4.4 million contracts on February 26 and 4.2 million contracts on February 25, across all four indexes – the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average Indexes. These new highs surpassed the previous record of 4.1 million contracts set on September 8, 2020. Small is BIG!
In a blow to the City of Chicago and an indication of where we are with COVID-19, the International Housewares Association canceled its McCormick Place show for the second straight year, stretching COVID-19’s assault on the convention center at least through late summer.
Can anyone tell me where I can send equity orders to school to become smart enough that they are considered toxic and are rejected by the aggregators? Asking for a friend.
We had no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Support our efforts to preserve industry history by donating to our GoFundMe campaign. If you donate, you are listed on a rolling list of donors at the end of each of our MarketsWiki Education videos.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Looking Back on 2020 with Phil Mackintosh, Chief Economist at Nasdaq
Phil Mackintosh, chief economist at Nasdaq, discusses some of the biggest takeaways learned from 2020, as well as what to expect from 2021.
The World Federation of Exchanges Publishes Women Leaders List for 2021
The World Federation of Exchanges
The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, today published its inaugural annual Women Leaders List. The WFE’s Women Leaders initiative aims to shine the spotlight on some of the talented and gifted women in our industry. The industry initiative drew almost 60 nominations from every corner of the world as the WFE’s global membership put forward their talented existing, and future, leaders. From the total pool of nominations, 21 women were awarded a place on the list in a very competitive process run by 9 distinguished judges.
*****An impressive list.~JJL
Previewing Gary Gensler’s SEC Confirmation Hearing
Alan Cohn, John T. Collins, Christopher R. Conte, Scott D. Fisher, Micah S. Green, Matthew B. Kulkin, Scott A. Sinder, Josh Oppenheimer – Steptoe
Tomorrow at 10:00 am, the Senate Banking Committee will meet to conduct a hearing on the nominations of Gary Gensler to be chairman of the Securities and Exchange Commission (SEC) and Rohit Chopra to be director of the Bureau of Consumer Financial Protection (CFPB). Both are strong advocates of the Biden administration’s policy agenda and have longstanding relationships with progressive Democrats. The hearing is certain to underscore the political and philosophical divide between Democrats and Republicans, for example, over what role social issues and policies should have in SEC and CFPB deliberations and actions.
*****Gary Gensler is unpredictable in my book.~JJL
Hey Citi, your bitcoin report is embarrassingly bad; Truly one of the most shocking bits of “research” we have ever seen from an investment bank.
Jemima Kelly – FT
On Monday one of the world’s top investment banks, Citi, put out a report called “BITCOIN: At the Tipping Point”, which has been causing quite a stir across the crypto-net and beyond. “Absolutely fantastic birds eye view of the bitcoin phenomenon from Citi,” tweeted crypto VC Nic Carter. “It’s incredibly well done and very fair. Highly recommend giving this one a read”.
*****Citi getting some love from Jemima Kelly, NOT!~JJL
Greg Doud Returns to CMC; Officers Re-Elected
The Commodity Markets Council (CMC) announced today the election of its 2021 officers and the welcoming back of former Chief Agriculture Negotiator for the U.S. Trade Representative (USTR), Ambassador Gregg Doud, who will be returning to CMC as Director of Development. CMC’s elected leadership for 2021 included Charlie Carey from the CME Group as Chairman, Clive Christianson from BP Corporation as Vice-Chairman, and Derek Sammann from the CME Group as Treasurer.
*****Former CMC President Doud spoke at our MarketsWiki Education World of Opportunity event in New York several years back.~JJL
The World For Sale — rollicking yarns from the biggest commodity boom; Javier Blas and Jack Farchy tell the story of how the noughties super-cycle catapulted trading houses to extraordinary wealth
Felix Martin – FT
With the reflation trade suddenly ripping through the world’s financial markets, a $1.9tn stimulus bill steaming through the US Congress, and “Dr Copper” bursting through $9,000 a tonne to prices not seen since the heady days of 2011, the commodity markets are headline news again. Could there be a better moment for Javier Blas and Jack Farchy’s rollicking new account of those markets’ recent history to land on investors’ desks?
*****Something to read to keep you up at night.~JJL
Monday’s Top Three
Our top story Monday was the SEC’s press release, SEC Suspends Trading in Multiple Issuers Based on Social Media and Trading Activity. The SEC said trading is being suspended “because of questions about recent increased activity and volatility in the trading of these issuers, as well as the influence of certain social media accounts on that trading activity.” Second was the Bloomberg Law article What’s Ahead for the Futures and Derivatives Industry? from former CFTC general counsel Daniel J. Davis at Katten Muchin Rosenman. Third was Former Republican Sen. Kelly Loeffler Sells 49% Stake in Atlanta Dream WNBA Team, from Yahoo! Sports.
*****Another part of the core team is leaving ICE after the departure of Kelly Loeffler, who joined Bakkt and then became a U.S. Senator for a spell.~JJL
Coinbase Is a $100 Billion Crypto Cult; The largest U.S. digital-asset exchange is an odd business with many unusual risks.
Jared Dillian – Bloomberg
Coinbase Global Inc. plans to go public under a direct listing that values the largest U.S. digital-asset exchange at almost $100 billion. The service the company offers is the same basic principle as a stock brokerage, giving retail investors access to the cryptocurrency markets, but that’s where the similarities end. Coinbase has frequent service outages, nonexistent customer service and sky-high transaction costs. All of these are disadvantages are well known, and yet it remains the most viable option for individual investors.
*****Bitcoin is going up, pass the Kool-Aid.~JJL