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
Welcome to International Women’s Day 2021. The theme for this year’s International Women’s Day is “Choose To Challenge.” The WFE says there are over 100 women today ringing the opening bells of exchanges all around the world in support of gender equality.
The FIA today announced the 2021 Futures Hall of Fame inductees. Eight new members join 157 other honorees in the Hall of Fame, which was established in 2005 on FIA’s 50th anniversary. The new members will be honored at an awards ceremony during FIA’s annual flagship Boca International Futures Industry Conference. The following individuals were inducted into the Hall of Fame:
- Brooksley Born
- Bryan Durkin
- Gay Huey Evans
- Jeffrey Geldermann? ?
- Douglas Harris ?
- Jerome Kemp? ?
- Charles Li ?
- Jim Newsome
Lorna Kiewert has left 3Points Communications, where she was the point person on the Trading Technologies account, to join Finn Partners. The last time a point person on the TT account left the firm that had the account, the relationship went with the person. That was Drew Mauck when he left Strategics to form 3Points Communications back in 2010. Kiewert joined 3PTS in 2012 and was their first employee. Finn Partners has over 800 people on 3 continents and 20 offices, so she is going to a much larger firm.
The word is that the CME Group, in a move that harkens back to their livestock trading roots, will be publishing a new boxed beef index starting today. The index follows their launch of Pork Cutout futures and options last fall. Look for news about it soon.
Deutsche Börse Group, whose history dates back to 1585, is looking for someone for a very cool job I wish I could have, a collection manager for the Deutsche Börse Photography Foundation. It is a part-time position for one year and the candidates should be passionate about contemporary photography and have a degree in art history. You can learn more about the opportunity HERE.
The video for the DePaul University Arditti Center for Risk Management 2021 Risk Conference is available HERE. This conference brought together a distinct group of experts within the risk management industry including:
- Dr. Richard L. Sandor, Chair and CEO of American Financial Exchange, LLC – A keynote address, moderated by Rich Mackey, Managing Director, Prime Trading
- Jeff James, Lead Portfolio Manager, Driehaus Capital Management
- Sunil Cutinho, President, CME Clearing
- Suzanne Sprague, Managing Director, Credit & Liquidity Risk, CME Group
- Max Heitner, Head of Risk, Driehaus Capital Management
- Mike Dennis, Chief Commercial Officer, ABN AMRO Clearing Chicago LLC
- John Lothian, Executive Chairman, John J Lothian & Co
- Troy Kane, Head of Global Derivatives and FICC Development, Citadel Securities, and instructor at the Driehaus College of Business
- Alli Brennan, Managing Director, Head of America’s at CQG, Inc.
- Nancy Kearney, Vice President & Head of Operation Risk – Allstate
- Bob Fitzsimmons, Executive Vice President Wedbush Securities
- Lauren Blackmun, Vice President, Strategic Implementation, Bakkt
- Lamont Black, Associate Professor DePaul University
CME Group’s Executive Director and Head of Market Regulatory Systems Ajay Jain is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Ajay joined the CME in 2008 after being a consultant for them. He has worked his way up the organization, from technology specialists, to director of architecture, director of corporate strategy execution, senior director platform strategy, executive director cloud & business systems, executive director – global head of trade execution front ends and finally to executive director – head of market regulatory systems. Thank you to Ajay for all he does for the CME and the industry, and for giving to our GoFundMe campaign. Thank you to all who have given and all who have yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.
The Dalai Lama received a COViD-19 vaccine shot, so we have that going for us.
Have a great day and stay safe and treat people ]the same way you want to be treated: with respect, equality and justice.~JJL
Today is International Women’s Day. Diversity has become a buzzword, but according to the International Monetary Fund women make up less than 2 percent of CEOs in banks and less than 20 percent of bank executive and supervisory board members. Mark the day by watching a discussion on women in economics and finance with IMF Managing Director Kristalina Georgieva and U.S. Treasury Secretary Janet Yellen. Their dialogue will be broadcast live on YouTube at 9 a.m. CT. Tune in here.~SC
The Spread: To The Moon And Back
This week on The Spread, Michael Bolton wants you to break up with your brokerage, Rocket Companies become “GameStop 2: Electric Boogaloo,” and more.
Are markets really rigged? The fairness of the US financial system has gone on trial in the wake of the GameStop saga
Robin Wigglesworth – FT
Congressional hearings lack stateliness in the virtual realm. The pomposity is starker without the grandiose backdrop of the Capitol Building, while technical snafus and amusing unmuted asides can trivialise any subject. But they can still produce understated drama, as the recent hearing over January’s stock market tumult showed.
*****There are too many people who believe this to be the case. The way markets work is people try to find an advantage and use it for their benefit. If you are on the other side of that advantage, it is easy to believe the markets are rigged against you. That is why a fair and neutral market platform is always the goal. But we have to continue to work hard to make sure that is the case.~JJL
Soccer ‘Stock Market’ in Liquidity Talks, Slashes Payouts
Joe Easton – Bloomberg
Football Index pauses technology project with Nasdaq; Firm previously told to stop presenting gambling as investing
A U.K. gambling website that offers bets on soccer players announced that it was in talks about its liquidity and paused a technology project with stock market giant Nasdaq Inc. Football Index also said that it would slash payouts to traders, which it calls “dividends,” in a move that caused an angry backlash on social media. The decision was made following consultation with legal and financial advisers, “in order to ensure the long-term sustainability of the platform,” Chief Executive Officer Mike Bohan said in a statement on the platform’s website.
*****The pitch of this market is not what it appears.~JJL
Friday’s Top Three
Our top story Friday was Fortune’s No such thing as a free trade: How Robinhood and others really profit from ‘PFOF’—and why it harms the markets. Second was the FCA’s Announcements on the end of LIBOR. Third was from The Root’s sports section, Renee Montgomery Windmill Dunks on Kelly Loeffler, Becomes First Former Player to Be Owner, Executive of WNBA Franchise.