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

There is a new Van Gogh exhibit in New York billed as Van Gogh – The Immersive Experience. The site of this exhibit is the former trading floor of the NYMEX. The NYMEX trading floor is now an event space, just like the 1981 grain floor in the CBOT Building.

ISDA and FIA have a response to the EC’s Consultation on FRANDT Requirements. What the heck are FRANDTs?

The Wall Street Journal has a story titled Bitcoin and Taxes: A Guide to the Tax Rules on Owning Cryptocurrency. I think one reason for the increased popularity of bitcoin is the increased certainly about taxes on it.

Here is the speech by the SEC’s John Coates, Acting Director, Division of Corporation Finance, titled SPACs, IPOs and Liability Risk under the Securities Laws.

News is often defined not as “dog bites man,” but “man bites dog,” so I was a little disappointed in The New York Times headline A Rough Ride for N.Y.C. Cabbies. However, the story is actually about the economic impact of the pandemic on New York cabbies, some of whom have paid hundreds of thousands of dollars for medallions to drive a cab in New York.

Don’t miss the “STA Washington, D.C. Spring Update” on Wednesday, April 21. The STA will host U.S. Congressional members and business leaders for a full-day virtual discussion on legislative, regulatory and competitive forces influencing market structure. Among the topics covered will be: Payment for Order Flow and Best Execution, Private vs. Public Markets, Gamification and Social Media, Treatment of Odd-Lots and the Funding Model Proposal for CAT.

Also, don’t miss the EEX Group Digital Conference – Building Markets Together 2021. The online event is hosted by the European Energy Exchange AG on April 15 from 1:00 p.m. CET – 6:30 p.m. CET. Online.

We had no new donations to our JLN MarketsWiki Education GoFundMe campaign. Your donations are being matched by Trading Technologies for the next $18,500. Support our efforts to preserve industry history by giving to our GoFundMe campaign.

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


Nasdaq Chief Economist Phil Mackintosh on Thursday published a look at failing trades, or FTD, which take place when one party to a trade doesn’t deliver their shares (or cash) by the settlement date. On an average day in 2020, an estimated 40% of all stock tickers had shares that failed to deliver, he said. That sounds more dire than it is — total shares failed actually make up only a small portion of overall market volume, Mackintosh said. More details on his analysis are here.~SC

First Read


Rise of coronavirus variants will define the next phase of the pandemic in the U.S.
Lenny Bernstein, Ariana Eunjung Cha, Terrence McCoy and Jacqueline Dupree – Washington Post
Variants of the coronavirus are increasingly defining the next phase of the pandemic in the United States, taking hold in ever-greater numbers and eliciting pleas for a change in strategy against the outbreak, according to government officials and experts tracking developments. The highly transmissible B.1.1.7 variant that originated in the United Kingdom now accounts for 27 percent of all cases in this country. It is the most common variant in the United States, Rochelle Walensky, director of the Centers for Disease Control and Prevention, said Wednesday — a development that officials predicted months ago. Two other variants, which took root in South Africa and Brazil and also are more transmissible, are cropping up with increasing frequency in parts of the United States.

*****Don’t let your guard down. Following the precautions suggested can help stop the variants.~JJL


Cboe Options Exchange to Extend Global Trading Hours for VIX and SPX Options to Nearly 24 Hours-a-Day
Cboe Global Markets
Expansion of current GTH session planned for fourth quarter 2021, subject to regulatory review; Will provide global investors ability to trade Cboe’s flagship U.S. index options during local trading day and around the clock; Builds on growing customer demand, combined ADV for SPX and VIX options during current GTH session increased 76 percent in 2020 over the prior year
Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, announced plans to extend the global trading hours session (GTH) for its S&P 500 Index options (SPX) and Cboe Volatility Index (VIX) options to nearly 24 hours each business day on Cboe Options Exchange in the fourth quarter of 2021, subject to regulatory review.

*****This will make it easier for Cboe to list cryptos again as they trade 24/7.~JJL


Prince Philip has died aged 99, Buckingham Palace announces
In a statement shortly after midday, the palace said: “His Royal Highness passed away peacefully this morning at Windsor Castle.”
The duke, who was the longest-serving consort in British history, had returned to Windsor Castle on 16 March after spending a month in hospital.

*****I have a fondness for Prince Philip, the Duke of Edinburgh. Edinburgh is in the Lothian Region of Scotland.~JJL


Thursday’s Top Three
The most-read story on Thursday was a first-person account of workplace disillusionment published by The New York Times, After Working at Google, I’ll Never Let Myself Love a Job Again. The second most read was also from The New York Times, a how-to essay, Investing Made Simple for Beginners and Everyone Else. And third was from Yahoo Finance, JPMorgan CEO Jamie Dimon outlines ‘serious weaknesses’ of virtual work.

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