THE JOHN LOTHIAN NEWS DAILY UPDATE – 4/27/2021

John Lothian

John Lothian

Executive Chairman and CEO

 

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

JLN Staff

The U.S. stock market has seen better returns in Joe Biden’s first 100 days than under any president in the past 75 years. — Markets Insider

The OCC and OIC announced that the Joseph W. Sullivan Achievement Award Winner to be honored at the 2021 Options Industry Conference is the late Joe Levin, former Cboe vice president, research and product development, who led the development of the Cboe Volatility Index (VIX). — OCC

OCC was designated a best place for working parents in Dallas. Chicago, what do you think? — The OCC

MarketWatch reported that Coindesk reported that JP Morgan would offer its clients access to a managed bitcoin fund by this summer. — MarketWatch

SEC Chairman Gary Gensler continues to build out his communications staff. The SEC named Keo Chea as director of public engagement and Aisha Johnson as director of media relations. — SEC

The CME Group’s Business Conduct Committee has been busy. The smallest fine ($500) went to member Joshua Murphy (JXM) for face shield and social distancing violations. Non-member DairyAmerica Inc. was hit with two position limit violations and fined a total of $45,000. Non-member Gaston Berto was fined $15,000 and banned for four weeks from the trading floor or accessing a CME Market for wash trades.

Members Thomas Hessling, Michael Scott Arenson and Christopher McGrath were fined $40,000, $75,000 and $85,000, respectively, for pre-arranged trading in the Eurodollar options pit that involved members of the same broker group. And finally, non-member Altshuler Shaham was fined $25,000 for position limit violations in the wheat futures. —CME Group

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign. We are just over $40K of our $300K goal and have had 147 donors via the GoFundMe.com website. Remember, Trading Technologies is matching donations. Will you join them in matching donations? Will you give so your donation may be matched? Support our efforts to preserve industry history by giving to our GoFundMe campaign.

Owen Rehling has been hired as a part-time employee of John Lothian News as a fact checker and assistant editor. He has been interning since his graduation from the University of Iowa. He is also a former Scout of mine and an Eagle Scout.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

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Eventus just launched a new website and logo, and its CEO, Travis Schwab, has a letter on the site explaining the changes. You can read it here and see the new website here.~SR

American Financial Exchange (AFX) Chairman and CEO Richard Sandor is one of the speakers at Risk.net’s Libor Live 2021, which takes place today and Wednesday. His talk, “AMERIBOR and choice: a case study of the birth of a new benchmark,” will be delivered today at 10 a.m. CT. More information is here.~SC

The NYU Stern School of Business will tackle climate change in its Second Annual Volatility and Risk Institute Conference, set for Friday, April 30, from 9:00 a.m. to 3:00 p.m. ET. Speakers at the event, “A Financial Risk Framework for Climate Change: Portfolio Construction, Stress Testing, and Risk Transfer,” include an array of academics, as well as SEC Commissioner Allison Herren Lee and Acting CFTC Chairman Rostin Behnam. The conference is free on Zoom, but registration is required. You can sign up here.~SC

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Mobilize the Market to Fight Global Warming; Growing economies and protecting the climate go hand in hand.
Michael R. Bloomberg and David M. Solomon – Bloomberg
Capital markets are an extraordinarily powerful tool in the fight against climate change. Government action is certainly critical. But ultimately, reducing emissions globally depends on the private sector recognizing the commercial opportunities that sustainability presents. That’s the inspiration behind a new partnership we are announcing today.
/bloom.bg/2S778zr

*****Bloomberg showing leadership means you don’t have to be elected.~JJL


First Read

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OCC, OIC Announce Joseph W. Sullivan Achievement Award Winner; Recipient to be Honored at the 2021 Options Industry Conference
OCC
Chicago – OCC, the world’s largest equity derivatives clearing organization, today announced that The Options Industry Council will honor the late Joe Levin, former Cboe Vice President, Research and Product Development, who led the development of the Cboe Volatility Index (VIX), with the Joseph W. Sullivan Options Industry Achievement Award. The award will be presented virtually at the 2021 Options Industry Conference on April 28.
/bit.ly/3eyQxvL

*****Can’t wait to hear more at the conference.~JJL

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Pandemic Lessons From the Era of ‘Les Miserables’; Following disease outbreaks in the 19th century, Paris reimagined its streets, building the wide boulevards that the city is known for today.
Feargus O’Sullivan – Bloomberg
When cholera first arrived in Paris in March 1832, some refused to let it affect their social lives. The German poet Heinrich Heine, then living in the city, describes a masked ball held just as the first cases were announced, at which revelers danced the chahut, the high-kicking dance that later evolved into the Can-Can. Suddenly hit by shivering cold, one dancer dressed as a harlequin removed his mask, and struck horror into the crowd: his face had turned violet. This was a sign of the so-called “blue death,” caused by extreme dehydration as cholera bacteria spread in the small intestine. Some laughed and assumed it was face paint, but soon other dancers fell ill around him and were rushed to hospital. They died so quickly that some were buried still wearing the costumes they were dancing in just hours before.
/bloom.bg/3xvyD5N

*****Real estate is a big story today.~JJL

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Nearly 500 People Became Billionaires During The Pandemic Year
Chase Peterson-Withorn – Forbes
Covid-19 hasn’t stopped the spread of billionaires, who multiplied at an astounding rate over the past year. A record 493 people joined Forbes’ World’s Billionaires list this year—meaning the world on average gained a new billionaire every 17 hours since Forbes last took a snapshot of billionaire wealth on March 18, 2020. The previous record for most new billionaires in a year was 290 in 2015.
/bit.ly/3vpO8dY

*****I was not on the list, unfortunately.~JJL

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Monday’s Top Three
The most-clicked story on Monday was Carlos Watson’s podcast interview with Nasdaq’s CEO on Ozy, Adena Friedman Spills the Stock Exchange’s Secrets. The second most-clicked was a Wall Street Journal report, India’s Covid Surge Is Most Ferocious Yet. ‘Spreading Like Wildfire.’ The third was from The New York Times, Emily Ratajkowski Is Selling a NFT at Christie’s.

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