THE JOHN LOTHIAN NEWS DAILY UPDATE – 5/4/2021

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

Welcome to Star Wars Day. May the 4th be with you! — Google

Environmental derivative firm IncubEx has raised $11.7 million in its latest fundraising round (FT). But what was more impressive was the list of entrepreneurs who invested. The names are Michael SpencerLance Uggla and former Deutsche Börse head Carsten Kengeter. IncubEx is a developer of financial contracts for environmental markets and is expected to float its shares in London this year. Former JLN News President Jim Kharouf is their communications director. Their timing is very good considering EU carbon prices just hit record highs at EUR50 a tonne. — FT

The pandemic is so severe in India they have suspended cricket matches. Cricket regulators suspended the Indian Premier League after multiple players contracted Covid-19. — Bloomberg

Look for a discussion on trading and best execution in derivatives, futures, options and FX next week at the virtual Capital Markets Strategies/Trading Evolved US Trading and Best Execution Summit – May 12-13, 2021. The panel will be moderated by Walter Lukken, president and chief executive officer at FIA, Inc., and panelists include David Farrell from ICE Futures U.S., Inc., Michael Golding from Optiver, Ellen Greene from SIFMA, and Joe “JJ” Kinahan from TD Ameritrade. — Capital Market Strategies

SGX is putting on a webinar titled “Trading opportunities in Indian Rupee” on May 11. It will be at 5 a.m. Chicago time. You can register HERE.

Chris Bates was a partner at Clifford Chance for 34 of his years at the firm. He is starting a new role as special counsel supporting their financial regulation practice.

We had no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. 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

*****

ETF.com reports that investors in U.S.-listed ETFs added $74.2 billion to the sector in April, for a total of $320.3 billion of new cash invested in the first four months of 2021, far more than the $121.1 billion seen at the same time last year. Not surprisingly given the continued stock market rally, most of the recent inflows were in U.S. equity ETFs.~SC

 

First Read

Credit Suisse Sued for Alleged Market Manipulation; OIC 2021 a Virtual Success – The Spread
JohnLothianNews.com

This week on The Spread, Credit Suisse prepares for round two of a lawsuit alleging it committed market manipulation, a New York vol quant wins big on momentum trades, the OCC wins and gives awards, and more.

Watch the video »

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New Jersey to give free beer to Covid vaccine recipients
Kevin Breuninger – CNBC
New Jersey Gov. Phil Murphy on Monday announced a new bid to boost coronavirus vaccinations: Receive your first dose in May and get a free beer.
“We’re not going to be afraid to try new things,” Murphy said as he unveiled the new program, dubbed “Shot and a Beer,” at a press briefing.
/jlne.ws/2QRDmyk

*****Is it cold too?~JJL

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US needs to take leadership on central bank digital currencies: former CFTC chair
Brian Cheung – Yahoo Finance
A former financial regulator says the United States needs to step up its research into a central bank-issued digital currency, as the Federal Reserve explores the viability of a digital dollar.
/jlne.ws/2SkSm89

*****We have leadership on this and it is Chris Giancarlo. Keep pushing, Chris!~JJL

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Monday’s Top Three
The top story on Monday was an article about CCPs published by the World Federation of Exchanges and written by John McPartland, Challenging Skin In the Game. The second most-clicked story was from Bloomberg, New York Roaring Back to Life, One Year After Its Nadir. And third was a still-popular tweet from @HideNot Slide that also was in the Top Three on Friday, The Chicago Board of Trade building, built in 1930 to house the CBOT’s trading pits, was the city’s tallest building until 1955 & sits at the end of LaSalle St.

John Lothian Newsletter

Today’s Newsletter

Market Narratives Have Pushed Aside Fundamentals

Market Narratives Have Pushed Aside Fundamentals

First Read $46,041/$300,000 (15.3%) ++++ Hits & Takes John Lothian & JLN Staff We have a new and improved version of The Spread today. We have overhauled our approach to this video series and have the whole JLN team contributing to it. Suzanne Cosgrove has...

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