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
It was 40 years ago yesterday that President Ronald Reagan was shot. David Prosperi, who was a deputy press secretary in the Reagan White House, was at the hotel for the president’s speech and heard the shot. He is quoted quite extensively in this story from The Guardian about that day.
It was eight years ago yesterday that I published a commentary titled “The Richness of Giving,” after reflecting on the life of my friend and former Assistant Scoutmaster Bill Griswold, who had passed away in 2012. It is a reflection that is worth repeating about Bill, who was not rich as most would think, but rich nonetheless. And it is about some of the great people in our industry and the ways they support all kinds of different charitable organizations. That richness of giving has not stopped and I could probably write another 1,000 to 2,000 words and just scratch the surface about the generous giving of people in our industry.
The sound of today’s interview with TT Chairman and CEO Tim Geannopulos is not great because I forgot to turn off the cooling fan in the room we use as a video studio. The room was hot and that was before I had two other people in the room, along with lots of lights. Lesson learned.
The Women in Derivatives’ (WIND) Annual Washington Update will take place on Wednesday, April 7, 2021 from 12 p.m. to 1 p.m. ET. It will feature a virtual panel discussion with Reagan (McKee) Anderson, Libby Cantrill, CFA, and Deborah North. You can register HERE.
DePaul University professor Lamont Black was interviewed on WGN Radio and explained “What exactly is an NFT?”
The New York Stock Exchange has several employment opportunities they are looking to fill. The jobs include:
Analyst, Listings & Capital Markets, Director, Capital Markets, Consumer, Retail & Wellness, Director, Capital Markets, Healthcare and Marketing Manager, Listings.
The CME Group is looking for a Senior IT Auditor Global Assurance.
Chairman, CEO & Co-Founder of Blackstone Stephen Schwarzman has some advice he offers in his best-selling book that I just bought, “What It Takes.” The advice is: A great manager is enthusiastic, collaborative and leads by example. But most importantly, great managers learn from their failures and are always looking for ways to improve themselves, their teams, and organizations. Secondly, leaders must not only think about the immediate tasks at hand – they need to look ahead, anticipate change, and consider new opportunities for their group or company before being forced to do so. Your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself.
We received no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
The New York State Senate passed legislation 43-20 to legalize recreational marijuana late Tuesday, making it the 15th U.S. state to do so. New York Gov. Andrew Cuomo has promised to sign the bill. Why is this important? One reason: As Forbes reports, the state of New York’s budding marijuana industry is currently valued at $4.6 billion and could grow to $5.8 billion over five years. In addition, the bill stipulates that half the state’s business licenses go to equity applicants (minorities, women and disabled veterans). We hope the latter effort goes better in New York than it has so far in Illinois.~SC
The Richness of Giving
by John Lothian | Mar 30, 2012
Last week, the last thing I did before taking off for Florida on vacation was to speak at the memorial service for my friend and Assistant Scoutmaster who had passed away in February. I told the overflowing assembly of friends and family the story about how Bill Griswold was a rich man.
Bill was not rich like we often think of rich. He did not have a big house, a fancy car or a large bank account. Rather, Bill was rich because all he did was give and give of himself. He gave his time and his talents generously to our troop, our scouting district and council. Bill was a guy who could always be depended on to help out.
He must have been rich, because all he did was give and give. I had written about Bill when I announced his passing to the troop that he had forgotten more about scouting and camping than I would ever know. He had incredible knowledge about lots of things, big and small. And he was always willing to share his knowledge, whether helping boys in the trail to the First Class rank or as a Merit Badge Counselor for any number of badges.
I am blessed to know other people from this industry who are rich like Bill. One of them is Jim Johanik, who gave up a career in this business to go full time into Christian ministry. Jim took the leap of faith that other faith-filled people would support him and his family as he dedicated his life to his One Way Ministries. Jim has a faith and courage I could only hope to find.
For the rest of this commentary, CLICK HERE.
Eurex expands equity index segment with new factor futures;12 futures covering cash equity factors in the U.S. and European equity markets; The products will meet increasing investor demand for factor-based investment tools
Eurex is expanding its strategically important equity index segment with new factor futures. The products will be launched on 26 April as a response to growing investor demand for factor-based instruments. Factor investment has become one of the most popular index segments. This approach involves targeting specific drivers of return which differ from traditional beta.
*****I was told there would be no math.~JJL
The Women Shaping Global Derivatives Markets
Nahiomy Alvarez, Anna Paulson, Maggie Sklar – Chicago Federal Reserve Bank
In its latest episode, LaSalle Street, a podcast from the Financial Markets Group at the Federal Reserve Bank of Chicago, hosts a conversation on identity, gender and careers in finance with four women shaping global derivatives markets. Joining LaSalle Street for this episode are Laura Astrada, Managing Director at DTCC; Caroline Pham, Managing Director and Head of Capital Markets Regulatory Strategy at Citi; Maggie Sklar, Director of International Engagement, the Federal Reserve Bank of Chicago; Petal Walker, Special Counsel, WilmerHale.
*****This is a powerful title and a powerful group of women.~JJL
‘No High-Fives Rule’ Keeps Tastytrade’s CEO Grounded
Leaders usually love to celebrate big wins with their staff. Beaming bosses pop the champagne and toast their team’s triumph. But Tastytrade founder Tom Sosnoff would rather skip the party. An options trader who co-founded two successful fintech firms, Sosnoff imposes a “no high-fives rule” among his senior managers.
*****Tom Sosnoff recently sat for an Open Outcry Traders History Project video, which we hope to publish next week. He also spoke at our MarketsWiki Education World of Opportunity series three years ago. He is one of the most interesting people in our industry.~JJL
Tuesday’s Top Three
The best-read story on Tuesday was from Bloomberg, Big Oil’s Secret World of Trading. The second best was also in the top three on Monday, Mashable’sPete Davidson explains NFTs in another amazing Eminem parody on ‘SNL’. And the third most-clicked item was JLN’s MarketsWiki page for Andy Nybo. Nybo just joined MIAX as its chief communications officer.