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

The SEC is holding its “40th Annual Small Business Forum” that will feature conversations on capital formation from startup to small cap. There are four sessions from May 24 to May 27. On Monday, May 24, the session will focus on “Finding Your First Dollars.” The Tuesday, May 25, session looks at “Being a Savvy Investor.” The Wednesday, May 26, session explores “Small and Emerging Funds” and the Thursday, May 27, session will examine “Small Cap Insights.” — SEC

The preliminary results of the CME Group’s annual meeting had directors elected, except for the B-1 and B-3 directors, where there was no quorum. As a result, the exiting B-1 and B-3 directors will continue to serve until the 2022 annual meeting.

Directors elected during the CME Group’s annual meeting included: Terrence A. Duffy, Timothy S. Bitsberger, Charles P. CareyDennis H. ChookaszianBryan T. Durkin, Ana Dutra, Martin J. GepsmanLarry G. GerdesDaniel R. Glickman, Daniel G. Kaye, Phyllis M. Lockett, Deborah J. Lucas, Terry L. Savage, Rahael Seifu, William R. ShepardHoward J. Siegel and Dennis A. Suskind, each for a one-year term expiring in 2022.

Also, the annual meeting ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for 2021 and approved, on an advisory basis, the compensation of named executive officers.

In addition, the company’s Class B-2 shareholders elected Michael G. Dennis and Patrick W. Maloney each for a one-year term expiring in 2022.

The B-1 directors who hold over are William W. Hobert, Patrick J. Mulchrone and Robert J. Tierney. The B-3 director holding over is Elizabeth Cook. — CME Group

Women in Derivatives (WIND) has elected Karen Wares, head of broker relationship and prime services management, J.P. Morgan Asset Management, as the newest addition to its board of directors. — WIND

Kevin Darby has written a paper about all the work he has done at CQG the past year. — CQG

The World Federation of Exchanges has published new guidance on “How Derivatives Exchanges Can Promote Sustainable Development” in collaboration with the UN’s Sustainable Stock Exchange initiative. — WFE

Don’t miss the virtual LME Asia metals online seminar on May 25; it is a one-day webinar which will bring together industry leaders to share their insights into the development prospects of the metals market and the challenges and opportunities emerging from the COVID-19 pandemic. The webinar will be at 09.00-17.00 GMT and is offered in both English and Mandarin (simultaneous interpretation available). — LME

Also, the Peterson Institute for International Economics will host a virtual discussion on “Hong Kong as an International Financial Center” on May 12, 2021 at 8:00-9:00 a.m. ET. You can register HERE. — Peterson Institute for International Economics (PIIE)

Correction: We had a bad link for IncubEx yesterday in JLN as we reported that it was the second most-clicked link in the newsletter on Tuesday.

CME Group Senior Director Steve Stasys is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Stasys has been a trader with Ronin Capital and worked for Eurex. He was also the director of research and development for U.S. Futures Exchange. Thank you to Steve and all who have given and all who have yet to give. Support our efforts to preserve industry history by giving to our GoFundMe campaign. Steve’s contribution is being matched dollar for dollar by the Trading Technology matching pledge.

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


FIA recapped first-quarter futures and options trading and open interest data on Wednesday in a webinar hosted by Will Acworth, FIA’s senior vice president of publications, data and research. The results were much as expected: retail investors led record global volume growth. One new point: Q1 volume in interest rate futures and options rebounded from its prolonged slump of 2020. As for exchange competition in Q1, the top global exchange by volume was the National Stock Exchange of India, followed by Brazil’s B3, with CME Group coming in third. Will retail investors stay around, and will they trade futures? UBS exchange analyst Alex Kramm, also on the call, noted that the exchanges are gearing up for the challenge with new marketing efforts aimed at retail, like more mini contracts.~SC


First Read

CFTC Issues Order of Registration to Mercado Mexicano de Derivados, S.A. de C.V., to Permit Trading by Direct Access from the U.S.
The Commodity Futures Trading Commission announced today that it has issued an Order of Registration to Mercado Mexicano de Derivados, S.A. de C.V. (MexDer), a Foreign Board of Trade (FBOT) located in Mexico City, Mexico, and a subsidiary of the Mexican Stock Exchange Group.

*****Is that a smiling Gary Flagler of MexDer I see, or is that just the sun coming up? They both seem to have about the same amount of energy this morning.~JJL


Why the Best Job in Finance Isn’t About the Bonus; Norway’s sovereign wealth fund keeps its top portfolio managers happy with lots of freedom, access to companies and zero marketing responsibilities.
Mark Gilbert – Bloomberg
Norway’s sovereign wealth fund, the world’s biggest, is hamstrung in competing for talent with the rest of the investment industry. As a public institution, it faces what it calls “barriers to remuneration.” In other words, it can’t pay its stars what they would earn working at a hedge fund. But a study just published celebrating 20 years of active management suggests the fund has found other ways to attract and retain portfolio managers.

*****Wait. I thought I had the best job in finance.~JJL


Wednesday’s Top Three
The top story on Wednesday was from the Wall Street Journal, CME Group to Close Most of Its Trading Pits Permanently. The second was from John Lothian News, Jim Krause: The Path to Electronic Trading. The third was from Crain’s Chicago Business, Chicago says farewell to CME’s last commodity trading pits.

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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