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
On Saturday, U.S. President Biden formally declared the massacre of Armenians in the early 20th century to be genocide. This was a presidential campaign promise for Biden, but more importantly, something that should have been done by U.S. leaders a long time ago.
Many times my last name, Lothian, is mistaken for Armenian, as many Armenian names end in “ian”. Lothian is a Scottish name, a place name that was derived from the name of a northern king, King Lot. I have received many Armenian newsletters over the years as a result of the misconfusion over the origins of my ancestry. One of my dearest friends is Armenian.
My trip to Turkey for an IFM conference many years ago raised my awareness of the tremendous history of the region. The cab rides in Istanbul oozed such history lessons. The biography of Kamâl Atatürk, Turkish field marshal, revolutionary statesman, author, and the founding father of the Republic of Turkey, that I bought at the Istanbul airport and consumed on the plane ride home only encouraged my thirst for more Turkish history.
April 24 was Armenian Genocide Remembrance Day, which prompted Biden’s action. Ignoring the history of genocide only leads to its hurt being repeated over and over again. In fact, well-known authors and journalists from Turkey have been prosecuted just for acknowledging the mass killings of Armenians in 1915. Washington Post staff writer Gillian Brockell has an article on the origins of the word genocide titled “The Armenian ‘genocide’: This is what happened in 1915.” — Washington Post
A New York Times story on Saturday captured my attention and was a good read. The story is “The Woman Who Shattered the Myth of the Free Market; Joan Robinson upended the misogynistic good-old-boys’ network of economists and devised theories around competition and labor vital to the antitrust debates of today.” — NY Times
Garry Jones, the CEO of Perfect Channel, is now the CEO of NovaFori after the firm rebranded. Business was up 40% in 2020 for the firm and is accelerating, the company said in a press release. — NovaFori
Model Emily Ratajkowski’s name is usually used in headlines as clickbait, something we would never stoop to. We are including her in JLN today because of a very serious story from the NY Times titled “Emily Ratajkowski Is Selling an NFT at Christie’s; The artist Richard Prince appropriated her image for his work. Now she’s doubling back on it for one of her own.” — NY Times
Before Bernie Madoff died he granted exclusive access to journalist Jim Campbell. Campbell interviewed the disgraced Wall Street executive and his family for a book titled “Madoff Talks: Uncovering the Untold Story Behind the Most Notorious Ponzi Scheme in History.” CBS News has the story. — CBS News
Do you want to know the best places in the world to be as the variants outrace the vaccinations? Bloomberg has a list. — Bloomberg
The New York Times is reporting that the E.U. is set to let vaccinated U.S. tourists visit this summer. — NY Times
Yale University’s free happiness class has enrolled just less than a half a million people and was the second most popular class on Coursera of all time. — Mashable
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 Cboe Options Institute is hosting a live one-hour webinar on Wednesday at 12 p.m. ET that will explore how to trade weekly index options. Speakers include Megan Miller, a portfolio manager at Wells Fargo Asset Management, and Oleg Bondarenko, professor of finance at University of Illinois at Chicago. For information on registration for “Tenor, Theta, and Use of Weekly Options,” click here. ~SC
OCC reduces clearing fees; Coinbase CEO sells $292 million worth of COIN shares – The Spread
This week on The Spread, major exchanges begin trading options on Coinbase stock, Eurex announces record volume for ESG derivatives, Gary Gensler is confirmed as head of the SEC, and more.
Perfect Channel rebrands as ‘NovaFori’
Rebrand reflects the fast-growing adoption of NovaFori’s B2B digital marketplace technology; London-based NovaFori is accelerating the adoption of digital B2B marketplaces as businesses re-evaluate their digitisation strategies; Following 41% revenue growth in 2020, the business expects continued rapid expansion this year and beyond;The new and enhanced management team will focus on delivering product innovation and increased digital market functionality for its clients, and will invest directly in new disruptive market opportunities alongside industry partners.
Perfect Channel Limited has today announced a new name for the company and a rebrand to reflect their ambition and commitment to developing new digital markets. Following 41% revenue growth in 2020 and a strong pipeline of new business, the company’s momentum is accelerating, while the name change reflects its commercial mission.
*****If there is one man who knows how to pivot, it is NovaFori CEO Garry Jones.~JJL
Adena Friedman Spills The Stock Exchange’s Secrets
Joshua Eferighe – Ozy.com
Adena Friedman is an American businesswoman who wears the pants at home and work. She’s also a Black belt in Taekwondo that’s never been knocked out. But more importantly, she’s the President and CEO of Nasdaq. Watch her tell Carlos about her fast-paced life and how she got to where she is. You can find excerpts below or listen to the full interview on the show’s podcast feed.
*****I want her to spill the magic beans. That would be way cooler.~JJL
Wall Street Banks Say Time for Loan Market to Ditch the Fax
Paula Seligson – Bloomberg
Three banks developing new platform to share data with lenders; Tool set to launch in early 2022; more banks can join
A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update. Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan — interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their own internal systems.
*****It is time to upgrade to brick phones.~JJL
Pack Your Bag. Business Trips Are Coming Back; Corporate travel is still in a slump, but that may be about to change.
Brooke Sutherland – Bloomberg
Business travel hasn’t bounced back yet. But it will — and the recovery may be stronger than expected. This isn’t a widely shared opinion at the moment. Corporate road warriors have largely stayed away from airports during the pandemic, even as cooped-up Americans have taken advantage of the vaccine rollout to plan getaways and visits with family. In a jam-packed week for airline earnings, American Airlines Group Inc. said daily net bookings had actually outpaced 2019 levels over the past week. But the bulk of that is from domestic leisure travelers; business and long-haul international demand is only 20% of what it was before the pandemic. Southwest Airlines Co. estimated business travel will still be down at least 50% at the end of this year compared with pre-Covid levels and Chief Executive Officer Gary Kelly said he wouldn’t be surprised if the market didn’t fully recover for another decade.
*****Boca 2025 here I come!!!~JJL
Crypto Holders Say It’s Hurt Their Personal Relationships
Joanna Ossinger – Bloomberg
A greater portion of assets in crypto makes issues more likely; Big gains or losses of money can have an effect: analyst
Many downsides of cryptocurrencies are well known: There’s volatility, potential for thefts or hacks, and the chance of regulatory changes. Turns out, it may not help your social life, either.
*****Instant wealth has always been an issue in relationships. So has being part of a cult.~JJL
Friday’s Top Three
The top story on Friday was from Bloomberg, Hedge Fund Collapse in Sweden Puts Spotlight Back on Quants. The second most-read story was a profile in the Wall Street Journal, Robinhood, Three Friends and the Fortune That Got Away. And third most read was from the Financial Times, JP Morgan apologises for backing breakaway football Super League.