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 Financial Times has a nice little video about the GameStop story. The title is GameStop’s wild ride: how Redditors took on Wall Street. It is worth a look.
The CME is reporting that “increased customer interest and participation in E-mini S&P 500 ESG futures resulted in two records during last week’s roll. Average daily volume reached 7.2K contracts on March 16 and open interest saw a high of 11.8K contracts on March 17.”
Gary DeWaal shared this important message on LinkedIn: “Fully vaccinated now … as everyone should be as soon as possible. This is NOT a political statement any more than wearing a mask is. It’s just common sense and not burdensome. We need to protect ourselves as well as our families, friends and strangers and get our economy and schools humming again. Vaccines + masks do that. Don’t make this an issue because it’s not! Do what’s right because it is right!”
Mark Dowd of Forefront Communications had a great comment on LinkedIn about the Cboe deal. He said: “Today officially marks the end of an era as Cboe announced it will acquire the last two remaining Chi-X businesses, one in Japan and one in Australia. Much credit is due to Tony Mackay, Peter Randall and Hirander Misra for their massive early success in Europe; Tal Cohen, Matt Trudeau, Dan Kessous, Brendan F. Doran, John Fildes and many others for their roles in building the franchise globally; and countless unsung other folks on the pre- and post-Nomura Instinet team (especially John Fay, who’s contributions were never fully recognized) for providing the critical support needed for the business to flourish, especially during the early years. Quite a 16-year run for the brand, which was responsible for bringing a tremendous amount of value to investors globally.”
Did you catch the release from ICE titled “ICE Futures Europe LIBOR Transition Fallback Proposals?”
We had no new donations to the JLN MarketsWiki Education GoFundMe campaign. For some of you who have not given, but would like to, here is an idea: Would you list an amount that you will match donations to the campaign? Whether you would be willing to give $1,000 or $10,000 or more, list a number you would be willing to match and help encourage others to give. One way or another, I ask you to 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
Laura Morrison, global head of listings at Cboe Global Markets, hosts a panel of equity market pros today at 10 a.m. CT for “Exchanging Perspectives: Seeing the Markets Through the Eyes of Industry Leaders.” Cathie Wood, Jan van Eck and Kevin O’Leary are slated to be on the panel. Register to join them here.~SC
The Spread: Boca On-Demand
This week on The Spread, FIA hosts a virtual version of Boca, Bill Brodsky and Steven Sears start an options-focused asset management firm, and more.
Cboe Appoints Bryan Harkins as President of BIDS Trading, Announces Planned Retirement of Tim Mahoney
Cboe Global Markets
Cboe Global Markets, Inc., a market operator and global trading solutions provider, today announced the planned retirement of Tim Mahoney, President of BIDS Trading, from the company. Bryan Harkins, Executive Vice President and Head of Markets at Cboe Global Markets, has been appointed his successor and will assume the role of President of BIDS Trading, effective immediately.
*****This harkens to bigger and better things for BIDS Trading.~JJL
Bank of England Unveils 50-Pound Note Featuring Alan Turing
Lucy Meakin – Bloomberg
U.K.’s highest value banknote completes a shift to polymer; Note features World War II code breaker and computing pioneer
The Bank of England unveiled the design of its new 50-pound ($69) banknote honoring World War II code breaker Alan Turing, completing what it called its “most secure” set of notes yet.
*****There is a secret code on each 50-Pound Note. Can you break it?~JJL
UK bank fraud hits new record; £479m lost to sophisticated scams exploiting people’s pandemic anxieties
Claer Barrett – FT
Online fraudsters have capitalised on the pandemic, using fake texts about Covid-19 vaccines, lockdown fines and missed parcel deliveries to scam UK consumers out of a record £479m last year. There was a 5 per cent annual rise in money lost to “authorised fraud” — where customers unwittingly sanction payments to criminals — according to data released by UK Finance, the banking industry body.
*****Your grandma is not the only one who falls for scams.~JJL
Toilet Paper Is Next Likely Victim of World’s Container Crisis
Fabiana Batista – Bloomberg
CEO of largest pulp exporter Suzano warns of export delays; Container squeeze is spilling over into break-bulk shipping
The world really doesn’t need more toilet paper problems. But unfortunately the biggest producer of wood pulp — the raw material for products including bath tissue — is warning that the global crunch in shipping containers could start creating supply snags.
*****Toilet paper is currently stopped up in the Suez Canal.~JJL
Wednesday’s Top Three
The most-read story on Wednesday was a Bloomberg opinion piece, We Must Start Planning for a Permanent Pandemic. The second most popular story was industry news from The TRADE, TP ICAP completes $700 million Liquidnet acquisition. And No. 3 was from the CME Group, news that BrokerTec Launches First-Ever U.S. Treasury Benchmark Spread Trading Capacity.