THE JOHN LOTHIAN NEWS DAILY UPDATE – 5/25/2021

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

To Start A Revolution, The Small Exchange Needs Revolutionaries
John Lothian – JLN

An Old Idea To Start A New Revolution

In a recent JLN interview, Donnie Roberts, the CEO of the Small Exchange, said he “want(ed) people to join a bit of a revolution that we feel we have started.” If Roberts is going to succeed, he is going to have to put on his Phrygian cap and start a real revolution.

Luckily for him, there is a revolution in retail trading happening right now.

One of the elements that has propelled the Small Exchange to its early success is also the thing that could hold it back from a revolution. That element is its strategic owners, who have strong ties to the dominant exchanges. Small Exchange’s strategic investors, like Citadel, PEAK6, Jump Trading, IBKR and Phillip Capital, need to balance their revolutionary zeal with their much larger business interests in the dominant exchanges, e.g., CME Group and Intercontinental Exchange.

For the rest of this commentary, click HERE.

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Hits & Takes
John Lothian & JLN Staff

Do you have a ridiculous moment you have caught on video? You might have a fortune residing in your phone and not know it. A YouTube video titled “Charlie bit my finger” has sold as a non-fungible token for over $760,000. That is right, you might be able to pay off your home with a video sitting on your phone. — NY Post

Intercontinental Exchange, Inc. set a new open interest record of approximately 84.5 million contracts on May 21, 2021, surpassing the previous record set on March 12, 2020. — ICE

Attorney Douglas E. Harris has written a piece for the Futures and Derivatives Law Report, Volume 41, Issue 5 from Thomson Reuters titled “Boosting Financial Services C-Suite and Board Diversity is a Business and Regulatory Imperative.”

Matt Raebel has resigned from John J. Lothian & Company, Inc. He contributed to CryptoMarketsWiki and MarketsWiki and recently served as an editor of JLN Options. He also was the face of The Spread weekly video series and produced podcasts on crypto-related content.

Sarah Rudolph is stepping in to help Jeff Bergstrom edit JLN Options. Suzanne Cosgrove will take over the writing of The Spread. Thom Thompson continues moving content from CryptoMarketsWiki to MarketsWiki. We have not made a decision yet on the presenter for The Spread.

Note to Steve Cohen, owner of the New York Mets: I am a free agent and willing to play in New York if you run out of players and get really, really desperate for replacement players. — NY Post

Trading Technologies made their weekly match to the JLN MarketsWiki Education GoFundMe campaign. Thank you to TT for their match and pledge to match. Thank you to all who have given and all who have yet to give. Support our efforts to preserve industry history by giving to our GoFundMe campaign.

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Morningstar Indexes’ Amelia Furr and Equileap co-founder Diana van Maasdijk will host a free webinar this morning at 9:00 a.m. CT on global trends in gender diversity policy — and the role the corporate sector can play in advancing the cause for equality. Register for “Investing Inclusively: Building Shareholder Value Through Gender Diversity,” here. ~ SC

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Register for the virtual Asset Management Derivatives Forum
FIA.org

FIA and SIFMA AMG are bringing you a virtual take on the Asset Management Derivatives Forum in 2021. Join us for virtual programming on June 8 and 9, during which market participants from all sides of a trade and leading regulators will examine the latest developments impacting the use of derivatives by asset managers. This year’s keynote speakers are Dan Berkovitz, commissioner at the Commodity Futures Trade Commission, Catherine McGuinness, chair of the policy and resources committee for the City of London, and Allison Herren Lee, commissioner at the U.S. Securities and Exchange Commission. Learn more and register!

Sign Up Here »

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Meet the Hedge Fund Boss Who Just Bought Tribune’s Newspapers; Heath Freeman, president of Alden Global Capital, is known for pushing big cost reductions, which he says help to save newspapers
Lukas I. Alpert and Cara Lombardo – WSJ
Six weeks ago, it seemed as if hedge fund boss Heath Freeman was losing his grip on Tribune Publishing Co. TPCO 0.41% But he never let go—and now he has his prize. Mr. Freeman, the president of Alden Global Capital LLC, is poised to become the leader of the second-largest U.S. newspaper company, following the firm’s takeover of Tribune. Shareholders voted Friday to approve a sale to Alden, which previously had a roughly 32% stake in the company.
/on.wsj.com/3hQdwWq

*****We will see what is left of the Chicago Tribune when he is done making his changes. The Tribune of today is a shadow of its former self as a world-class newspaper.~JJL

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Monday’s Top Three
Our top story on Monday was Bloomberg’s Hong Kong Exchange’s New CEO Is Put on Cleanup Duty, about the new head of HKEX, Nicolas Aguzin. Second was a repeat from the previous top three, Kenilworth mansion with ties to World’s Fair takes 9 years to sell, from Crain’s Chicago business, about the former home of Gerald Putnam. Third was the New York Times’ How Humanity Gave Itself an Extra Life, about how the human life span doubled between 1920 and 2020.

Wall Street Starts Calling Time on ESG Labels After Backlash

Wall Street Starts Calling Time on ESG Labels After Backlash

First Read Hits & Takes John Lothian & JLN Staff Miami International Holdings, Inc. (MIH) announced that the SEC has approved MIAX Sapphire LLC's application to become a national securities exchange. MIAX Sapphire, MIH's fourth national securities exchange for...

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

Options Discovery

Traders Betting on China Easing Boost Bearish Options on Banks

Observations & Insight Miami International Holdings, Inc. (MIH) announced that the SEC has approved MIAX Sapphire LLC's application to become a national securities exchange. MIAX Sapphire, MIH's fourth national securities exchange for U.S. multi-listed options,...

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OCC’s Tech Overhaul Poised to Reshape Options Trading

OCC’s Tech Overhaul Poised to Reshape Options Trading

In the heart of Asheville, NC, in a quiet corner of the bustling Options Industry Conference, Mike Hansen, the chief clearing and settlement services officer of the Options Clearing Corporation (OCC), sat down for an interview with John Lothian News for the JLN Industry Leader video series sponsored by the OCC. His demeanor was calm, but his words carried the weight of an industry on the cusp of significant change.

Hansen, a veteran with over two decades in the options industry, is at the forefront of several transformative initiatives. As the Dallas site leader for OCC, the world’s largest equity derivatives clearing organization, he’s overseeing a technological revolution that promises to reshape the landscape of options trading.

My Skepticism Persists Despite BlackRock’s Larry Fink Reversing Stance, Declaring Bitcoin a Legitimate Financial Instrument

My Skepticism Persists Despite BlackRock’s Larry Fink Reversing Stance, Declaring Bitcoin a Legitimate Financial Instrument

The CoinDesk story that reported that BlackRock’s Larry Fink has declared that bitcoin is a legitimate financial instrument struck a sour note with me. It was just seven years ago, before BlackRock’s Bitcoin ETF hit $21 billion in equity since its launch in January of this year, that Fink was not a bitcoin fan. BlackRock may have $10.6 trillion in assets under management, which gives Fink headlines and gravitas, but his declaration is still just an opinion. 

In 2017, Fink, the CEO of BlackRock, had a notably different and critical view of bitcoin, describing it as “an index of money laundering.” This stance reflected a broader skepticism about the cryptocurrency, which he perceived as being associated with illicit activities.

NYSE Executive Hyde Sees Retail Surge and Regulatory Hurdles Shaping Options Market Future

NYSE Executive Hyde Sees Retail Surge and Regulatory Hurdles Shaping Options Market Future

In an interview at the Options Industry Conference in Asheville, NC, James Hyde, head of business development and strategic partnerships at NYSE Options, offered insights into the current state of the options industry. The interview, conducted by John Lothian News as part of the JLN Industry Leader video series sponsored by OCC, touched on several key topics shaping the market.

When asked about customer priorities, Hyde highlighted the growing interest in short-dated single-name options in the equity space. “The industry is clearly focused on that,” he said, noting that a wide group of stakeholders, including representatives from the Options Clearing Corporation (OCC), exchanges, and the SEC, are actively discussing the topic. 

John Lothian: Week in Review (July 8-12, 2024)

John Lothian: Week in Review (July 8-12, 2024)

JLN PRESS ROOM PICK OF THE WEEK

Clear Street’s Bold Move: Former Cboe Chairman & CEO Ed Tilly Joins Fintech to Revolutionize Clearing and Custody Systems

Clear Street, a fintech startup founded in 2018, is making waves in the financial services industry with its ambitious plan to revolutionize clearing and custody infrastructure and its big-name hiring of former Cboe Global Markets Chairman and CEO Ed Tilly. In an interview with John Lothian News, CEO Chris Pento and President-Designate Tilly outlined the company’s vision and progress.

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