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
First it was volcano bonds, now rhino bonds, and it does not have anything to do with Republicans. A bond designed to raise funds to grow the population of endangered black rhinoceros in South Africa will be sold by the World Bank this year.
The U.S. Federal Reserve issued two white papers on March 22. The first was titled “Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective” and the second was titled “Gender and Social Networks on Bank Boards.”
Last night I interviewed SGX CEO Loh Boon Chye for our industry leader series we normally do during FIA Boca. Today I have the first interview with the new Trading Technologies CEO Tim Geannopulos since he took over the role, this one in person since we both are in Chicago.
Elon Musk tweeted that Tesla will now accept bitcoin as payment for cars. And why not?
We are going to conclude our demographic survey at the end of March. If you have not filled it out, please do. We will pull names from those who do reply and give donations to a charity of their choice.
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. 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
What looked like ErisX’s “Hail Mary” pass overshot the receiver. The cryptocurrency trading platform and derivatives exchange withdrew its proposed sports betting contract from the CFTC on Monday. The CFTC had set a 90-day clock on a deeper review of the proposal that was set to run out in a day or two. ErisX had certified to the CFTC that its futures based on the results of NFL regular season football games met the standards of the Commodity Exchange Act and the CFTC’s review was essentially the commission wondering out loud if that were true. In written comments to the commission, both the NFL and the NBA called for a comprehensive study of the proposal be undertaken before the CFTC allowed ErisX to list the contracts. ~Thom Thompson
Please note a correction in last week’s story, “FIA Boca-V: Closing Ceremony Honors Outstanding Figures and Remembers the Lost.” Douglas Harris became general counsel of JPMorgan Futures when it was created in 1982. Harris helped organize the new entity after joining JPMorgan Futures in 1979.~MR
BrokerTec Launches First-Ever U.S. Treasury Benchmark Spread Trading Capability
BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets, this week launched Relative Value (RV) Curve spread trading, allowing clients to trade cash U.S. Treasury benchmark spreads in a single order for the first time. As a result, market participants are able to trade spreads across the yield curve more efficiently and without legging risk.
*****Some people have done some really good work to make spread trading easier. Nice work.~JJL
The Line Between NFTs and Fine Art Gets Even Blurrier in New Auction; The family of Russian modernist Wladimir Baranoff-Rossiné is auctioning off a non-fungible token that happens to come with a 100-year-old painting.
James Tarmy – Bloomberg
The art market has not been kind to the late Wladimir Baranoff-Rossiné (1888-1944), an avant-garde artist whose sculpture sits in the permanent collection of the Museum of Modern Art in New York. Since June 2011, art by Baranoff-Rossiné has come to auction 100 times; about 60% of it didn’t sell, according to data from Artnet’s price database.
*****I know art when I see it. It is never fungible.~JJL
After Complaints Of ‘100-Hour’ Workweeks, Goldman Sachs Is Allowing Bankers To Take Off On Saturdays
Jack Kelly – Forbes
In a magnanimous gesture of empathy after hearing the complaints of its junior bankers who were tasked to work 100-hour workweeks, Goldman Sachs is now enforcing Saturdays off for its bankers, in what has deemed the “Saturday rule.” In case you think you’re reading the Onion or Babylon Bee by mistake, sadly, you’re not.
*****Magnanimous is the word of the day.~JJL
Pet frog from Orlando is a finalist to become the next Cadbury Bunny
Her name is Betty — and she wants to be your next Cadbury Bunny.
The 1-year-old Australian White’s Treefrog from Orlando, Florida beat out thousands of other animals to become a top 10 finalist in Cadbury’s search for their 2021 Easter Bunny.
*****Not traditional, but somehow appropriate for year two of a pandemic.~SC
Most investors now say the stock market is “rigged”
Dion Rabouin – Axios
Nearly 50% of Americans now say the stock market is “rigged against individual investors,” a new survey from Bankrate.com and YouGov shows — and surprisingly a solid majority of those investing in the stock market (56%) believe the market is rigged as well.
*****Sailboats are rigged and it is a good thing.~JJL
Tuesday’s Top Three
On Tuesday, the top-read story came from Bloomberg Businessweek, Jamie Dimon May Soon Turn Away Deposits, and He’s Not Happy. The Wall Street Journal’s report on the stalling of of electronification at the LME was No.2, London Metal Exchange’s Overhaul Meets Resistance.
And Crain’s Chicago Business had the third most-read story, How Chicago became the Silicon Valley of pot.