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
Thank you to Trading Technologies and Harris Brumfield, Tim Geannopulos, Farley Owens and Elise Fleischaker for the amazing challenge match for our JLN MarketsWiki Education GoFundMe campaign. It is great to have such enthusiastic support for our efforts to preserve industry history through our various video series and a great demonstration of TT’s industry leadership.
MIAX has announced that the SPIKES futures will trade with zero exchange fees for a limited time. SPIKES is a “volatility trading product created by MIAX, offered by MGEX and traded via the CME Globex platform. Trade 23 hours a day, 5 days per week with highly accurate data and peak transparency,” according to a MIAX notice.
When the volume is at record highs, what do you do? Hold a webinar to celebrate it. The FIA is holding a first-quarter 2021 exchange-traded derivatives webinar on May 5 (10:00 a.m. – 11:00 a.m. ET ) that will highlight “the main trends in trading activity in Q1 2021 in the global exchange-traded derivatives markets, with category and regional breakdowns as well as exchange and contract rankings.”
FIA’s Will Acworth will moderate and speakers include: Alex Kramm, managing director and senior equity research analyst, UBS, and Keith Parker, managing director and head of U.S. and global equity strategy, UBS. The event is open to the public and the press, as it should be. Register HERE.
Bob Fitzsimmons of Wedbush Futures interviewed Jose Miguel De Dios, CEO of MexDer and Raphael Juan, CIO of CMA Markets, in a video titled “Wedbush Partners with CMA Markets to Offer MexDer Products.”
Charlotte Crosswell is stepping down as CEO of Innovate Finance and will hand over the reins to Janine Hirt in May.
CME Group Board Member Charlie Carey, the former and last chairman of the Chicago Board of Trade, is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Charlie is the chairman of the Commodity Markets Council and of the CME Group Foundation. He was chairman of the CBOT starting in 2003 and oversaw its demutualization and stock market listing and, with then-CME chairman and now Executive Chairman and CEO Terry Duffy, was instrumental in negotiating the merger of the two Chicago exchanges first announced in October 2006. Thank you to Charlie and to Trading Technologies International for matching his donation and all who have given and all who have yet to give. Support our efforts to preserve industry history and now have your support matched by TT.
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 American Financial Exchange (AFX) last month began publishing a 30-day interest called AMERIBOR Term-30, currently available on its website as well as on Bloomberg and other vendor terminals. The new rate is calculated following the market close and published and delivered to data distributors at 7:30 a.m. CST the following business day. AFX says the new rate is “designed to be a ‘plug and play’ replacement for the one-month LIBOR.” A white paper explaining the methodology used to calculate the AMERIBOR Term-30-day rate is available on the AFX website here. ~SC
New CFTC Customer Advisory Cautions the Public to Beware of Trading Based on Internet Hype
The Commodity Futures Trading Commission today issued a Customer Advisory strongly encouraging the public to research and understand the commodity futures markets, physical markets, and securities markets before trading based on information on social media. The advisory also warns of the risks associated with futures trading or buying physical commodities, such as precious metals. The Market Participants Division (MPD) issued the customer advisory in recognition of National Financial Capability Month, which began April 1.
*****Are you sure this is new and not from say … 2000 or 1999?~JJL
CFTC Orders New York Man to Pay More than $1 Million for Role in Fraudulent Binary Options Scheme
The Commodity Futures Trading Commission today issued an order filing and settling charges against Glenn Olson formerly of Brooklyn, New York, for his role in a binary options fraud that harmed U.S. customers involving Blue Bit Banc, a United Kingdom company, and Blue Bit Analytics, Ltd, located in Turks and Caicos.
*****It is really heads or tails if the CFTC will ever get its money.~JJL
The Pandemic Isn’t Over, But We’re Over It; The beginning of the end of the pandemic as seen from Florida, New York and Rhode Island.
Joe Nocera and Faye Flam – Bloomberg
Joe Nocera: I’ve just finished a couple of weeks in Delray Beach, Florida, and I have to tell you: It’s a whole different pandemic down here. The restaurants are full; the stores are hopping. Waiters and salespeople wear masks, but most other people don’t, not even in crowded bars. South Floridians are acting as if the pandemic is over, even though it plainly isn’t. Most of my friends in New York tend to view Floridians as idiots, at least when it comes to Covid-19. They’re convinced that Governor Ron DeSantis is hiding the true number of fatalities, and that his refusal to impose a mask mandate and his insistence on keeping the economy relatively open are the irresponsible acts of a Trump wannabe.
*****It ain’t over until it is over.~JJL
Viewpoint – Listen to customers and markets will follow; Customer choice, competition, and market access will drive vibrant derivatives markets
Walt Lukken, President and CEO
Global cleared derivatives markets have been through a lot in the last year. But I am encouraged by the fact that, even in the face of these challenges, our industry remains resilient and adaptable as we face the future together. These strengths were on display yet again at FIA’s virtual Boca conference in mid-March. Although virtual events have obvious limitations, they allow us to reach all corners of the globe, thanks to cutting out the hurdles of cost and travel. We saw 1,700 attendees sign up for this annual event — more than any other Boca in FIA history, with participants representing traders, brokers, exchanges, clearinghouses, technology vendors and regulators from more than 30 countries.
*****If Walt Lukken were one of the wise men from the story of Jesus’ birth in the Bible, I bet he would be the one bringing the gold. He is a wise man.~JJL
Amazon supports higher corporate taxes in U.S.: Bezos
Amazon.com Inc is in support of a rise in U.S. corporate tax rates, the e-commerce firm’s outgoing chief executive officer Jeff Bezos said on Tuesday.
*****A very smart move, or pitchforks would have been one of the top sellers on Amazon.~JJL
Cryptocurrency & Pizza: How This ‘Dough’ Came To Explain So Much
Luke Stokes – MondoVisione
Since its very early days pizza has played a key role in understanding Bitcoin and conceptualising its utility. When Laszlo Hanyecz bought two pizzas for 10,000 bitcoin (BTC) in 2010 he was unwittingly making the worst deal of his life – and probably the century – given the stratospheric rise in the ‘Big Daddy’ of cryptocurrencies of late.
Tuesday’s Top Three
The most-clicked story on Tuesday was from the Wall Street Journal, China Creates Its Own Digital Currency, a First for Major Economy. The second was an Amazon link to Leo Melamed’s new book, Man of the Futures: The Story of Leo Melamed and the Birth of Modern Finance. And third was a Financial Times opinion piece that looked at how Evanston, Illinois, is dealing with racial injustice, Illinois town starts spending to address the racial divide.