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

For years I have extolled the leadership of Nasdaq CEO Adena Friedman and evidently I am not the only one. Friedman was named one of the world’s greatest leaders by Fortune Magazine. I wholeheartedly agree and I bet Nasdaq will buy more than one table for the banquet when Friedman is presented with the award.

The U.S. Chamber of Commerce is hosting an online event, the “Global Forum on Economic Recovery” on May 18 and 19. — U.S. Chamber of Commerce

The Small Exchange announced it is launching Small Crude Oil, a $6,600-sized WTI contract, on May 17. We interviewed Donnie Roberts, CEO of the Small Exchange, on Tuesday and should have the interview out soon. He gives an update on the exchange since it launched and its recent growth in volume and open interest, and new contracts planned. — Small Exchange

The bank I use for business, and which has my home mortgage, U.S. Bank, has been named a “2021 World’s Best Bank by Global Finance Magazine.” — U.S. Bank

The FCA and the Bank of England dropped a big hint today about which benchmark market participants should switch to in sterling exchange traded derivatives as of June 17. — UK FCA

Bloomberg is reporting that “Bitcoin Falls Below $50,000 as Musk Calls Energy Use ‘Insane’.” I hope he did not sell his bitcoin before this statement. After calling bitcoin energy use “insane” and dogecoin a “hustle” I am not sure Mr. Musk is much of a friend of crypto anymore. — Bloomberg

The good news is reported by Joe Weisenthal in Bloomberg in a story titled “Elon Musk Just Helped Ease the Semiconductor Shortage.” — Bloomberg

Do you want to learn more about UK equities and recently launched derivatives on various FTSE 100 indexes? You can join FTSE Russell and EUREX for a webinar on Thursday, May 20, 2021 9:00 AM – 10:00 AM CDT. Register HERE.

Do you have RMB exposure? Check out the HKEX’s Mini USD/CNH Futures, which are off to a strong start with more than 80,000 contracts traded since they launched two weeks ago. Click HERE for more information on the contract. Also, the open interest of Hang SengTECH Index options set a new record of 10,384 contracts on May 11, surpassing the 10,000 mark for the first time since the contract launched in January 2021. — LinkedIn

Merrill Private Wealth Management is looking to grow its pool of associates. You can find information HERE about some of the jobs available.

Don’t forget to register for the FIA’s webinar on “UK/EU – Rebuilding a relationship.” — FIA

Speaking of FIA, FIA Tech has earned Great Place to Work® certification™ — LinkedIn

Paul Houston, the global head of FX products at CME Group, shared on LinkedIn that “CME FX Options have seen a 5x increase in block trades in 2021 YOY- with end users from the buy-side community taking liquidity from bank and non-bank liquidity providers.” — LinkedIn

The Danes can’t leave alone those mink that contracted the coronavirus and are now digging them up to stem contamination. — Bloomberg

Do you want to know more about DRW? Check out their About Us video.

I have a new idea for a James Bond movie. It is kind of like Goldfinger, except in this one the bad guys are trying to destroy the only copy of the government’s passwords for the Bitcoin that the Department of Justice has confiscated.

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. We did release the Open Outcry Traders History Project interview with tastytrade CEO Tom Sosnoff. This was the first part of our interview with him; the second part was published as part of The Path to Electronic Trading Series. Click HERE for the Open Outcry Traders HIstory Project interview.

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


ISDA wound up the final day of its 35th AGM yesterday. A link to a summary of the day’s events is here. ~SC


First Read

Tom Sosnoff – Open Outcry Traders History Project

The CEO of tastytrade, Tom Sosnoff, was interviewed by John Lothian News for the Open Outcry Traders History Project. Sosnoff was a trader on the floor of the CBOE for 20 years after growing up in New York. He moved to Chicago at the behest of some co-workers at his first job at Drexel Lambert who wanted to start a fund and wanted Sosnoff to execute the trades on the CBOE floor for them. Sosnoff leveraged his experience on the floor into other ventures, some of which worked and some of which did not. Those ventures have included Thinkorswim and tastytrade.

Watch the video »


Adena Friedman Honored as One of the World’s Greatest Leaders by Fortune
Nasdaq President and Chief Executive Officer Adena Friedman was named by Fortune magazine as one of the World’s Greatest Leaders for 2021 in recognition of her work to address the lack of diversity in corporate America. Fortune highlighted Nasdaq’s recent board diversity proposal, which aims to drive greater transparency on corporate governance by providing a standardized disclosure framework for boardroom diversity. If approved by the U.S. Securities and Exchange Commission, the new listing rules would require most Nasdaq-listed companies to have, or explain why they do not have, at least two diverse directors, including one woman and one who self-identifies as either an under-represented minority or LGBTQ+.

***** Congratulations to Adena Friedman for this honor. I concur.~JJL


Brave new working world
Heike Eckert via LinkedIn
The current global pandemic is not the first one in history. Like the ones before, it deeply impacts our society on many levels. Amongst other things, it forces us to take a closer look at the mechanics of our social contracts. And that goes well beyond the unparalleled effort to protect the health and economic vitality of our people. One important factor currently brought into focus is the way we work and collaborate. It has become evident that the “new” post-pandemic reality will be noticeably different from our previous working world.

***** I always listen to Heike. ~JJL


Trading Technologies and CloudQuant Launch Strategic Partnership to Explore Creation of Alternative Data Offering
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, and CloudQuant (CQ), a premier vendor of alternative data (AltData), artificial intelligence and data integration technologies, today announced TT has engaged CloudQuant to advise on creation of a new data business unit. The two firms have entered into an exclusive partnership to explore the delivery of data advisory services and AltData through the TT platform to TT’s global user base.

***** TT is not standing still despite trying to sell itself. It is exploring new horizons, all the way to the cloud(quants) and beyond.~JJL


Wednesday’s Top Three
Our most clicked story Wednesday was Reuters’ New York wins Brexit swaps shake-up as clearing stays in London. Second was CEO’s $17,000 Birthday Party Spurs Commodity Brokerage Lawsuit, from Bloomberg Quint. And third was Goldman Sachs executive quits after making millions from Dogecoin, from The Guardian.

John Lothian Newsletter

Today’s Newsletter

The Spread – July 30, 2021

The Spread – July 30, 2021

Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”

We visit more than 100 websites daily for financial news (Would YOU do that?)

Now Read This

Charles Farra – The Path to Electronic Trading Has Many Steps and Flights

Charles Farra – The Path to Electronic Trading Has Many Steps and Flights

For Charles Farra, there were many steps on the path to electronic trading that saw him start as a runner for Cargill Investor Services in 1981 and work his way up in the organization. He would serve the firm in Chicago, London and Tokyo during a time when new products and big markets led to incredible growth in the futures industry.

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