John Lothian

John Lothian

Executive Chairman and CEO


$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 been named the “producer” for the series. The new The Spread features different segments from Suzanne and myself in this first episode. It also includes a segment called “Term of the Week,” which are short videos from industry players explaining key option terms. If you are interested in appearing in one of these Term of the Week videos, please reach out to me or Suzanne. This new format is a work in progress and we will be adding other new features and segment types. Stay tuned.

We are migrating MarketsWiki to a new version of MediaWiki and PHP today around 1 p.m. If you are an editor, please don’t make any additions to the site today. The new version does not have some of the old functionality. We believe we have resolved many of the issues, but there are still some to address. Some we know of and some we don’t. If you see an issue on the site, let us know. Also, CryptoMarketsWiki’s transition to MarketsWiki is almost complete and the site will be decommissioned next week.

The FIA has a webinar coming up on June 22 from 12 p.m. to 1 p.m. ET titled “Enhancing the clearing ecosystem: post trade processing and clearing.” it will be moderated by Emily Castello, vice president, ABN AMRO Clearing and feature Patricia Hergenrother, vice president operations, Deutsche Bank Securities; Phousa Khounpachamsy, listed derivatives clearing, Credit Suisse Securities; Jason McDonnell, head of ETD and OTC Clearing – North America, UBS; and Steve Rand, director, Societe Generale. Sign up HERE.

The LME has two webinars coming up. The first is on July 14 at 9 a.m. to 5 p.m. (British Summer Time) and it is titled “Introduction to the LME and Hedging: Three Days (Virtual).” Sign up HERE.

The second LME webinar is titled “Introduction to LME Warehousing and Physical Trading: One Day (Virtual),” and is scheduled for Thursday, July 15 from 9 a.m. to 5 p.m. (British Summer Time). Sign up HERE.

The NFA has several job openings in compliance. Four of them are listed on LinkedIn. —LinkedIn

Congratulations to Deutsche Börse Group on their Group Sports Challenge and Pride month. The Cork Sports and Social Club hosted a Colour run yesterday. For every employee that registered for the Group Sports Challenge, a sum of money was added to our 2021 charity fund. Also, Deutsche Börse Group noted on LinkedIn that by “wearing the pride colours with our GSC t-shirts we also visually represent the pride movement, express inclusivity and show support to our LGBTQ+ employees, friends and family!” — LinkedIn

Cboe’s Henry Schwartz noted on LinkedIn that the options industry set another record yesterday for total listings. He wrote: Single stocks with options surpassed 4k for the first time this week, 4971 stocks, etfs and indices have traded options available today- 16% above year-ago levels.” — LinkedIn

MIAX is extending its zero exchange fees for SPIKES futures for another three months.

We had no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Support industry history by giving to our GoFund me campaign.

I am very proud of the readership for clicking on The Obesity Code link yesterday. It is a great book that really helped me understand my body, diet and exercise. I even mentioned it to some of my doctors and they took note of it. Everyone has an interest in good health, which can lead to improvements in all aspects of your life, personal and business.

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


As more companies return to their workplaces, we checked in with Cboe Global Markets on the long-planned move of Its Chicago office on LaSalle Street to a new space at the Old Post Office building on Van Buren. A spokeswoman said construction is complete and the offices “are move-in ready.” However, the space currently remains closed and most Cboe staffers continue to work remotely. “We will initially open the space to associates who would like to return to the office on a voluntary basis, with health and safety guidelines in place,” the spokeswoman said, adding that Cboe has not yet established a required return-to-office date for its associates.~SC


The Spread – June 18, 2021

Inflation really is a thing; Small traders are still big; John Lothian weighs in on the current trading landscape; and Nasdaq wins the May options market share race. All in this and the debut of the options “Term of the Week” in The Spread.

Watch the video »


Investors Leap at Chance to Double Their Money in 1,387 Years; Money pours in after the Federal Reserve raises its interest rate to 0.05% (from zero).
Peter Coy – Bloomberg
Want to know how sensitive investors are to tiny differences in interest rates? Look at what happened after the Federal Reserve decided June 16 to raise the rate it pays on its overnight reverse repurchase facility to 0.05% from 0.00%. You’d need 1,387 years to double your money at that puny rate. Still, it was enough to draw in $756 billion in funds on June 17, a 45% increase from when the Fed was paying a flat zero.

***** Capital preservation is just as important as capital appreciation.~JJL


Reflation trades pummelled as Fed’s shift resets markets; Commodities and value stocks hit while dollar surges after US central bank brings forward dates for raising rates
Robin Wigglesworth, Tommy Stubbington and Colby Smith – FT
The “reflation trade” that has dominated financial markets since the emergence of coronavirus vaccines last year has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation.

*****For those of you who thought there was no volatility lately, we had some yesterday. It would normally take the end of a drought to see this kind of bloodbath in the grains.~JJL


Netherlands offers free herring as Covid jab incentive
Jon Henley – The Guardian
After Russia offered cars, Washington state spliffs, Indonesia live chickens and Hong Kong the chance of a £1.2m apartment, the latest country to reward people who show up for their Covid shots is the Netherlands – with soused herring. Early batches of Hollandse nieuwe, or new-season Dutch herring, a traditional delicacy consumed to the tune of 75m a year, are being distributed to vaccination centres around the country as an encouragement for people to get their jabs.

******Covid improves herring?~JJL


The importance of diversity of thought as firms navigate data democratization across people, processes, and platforms
Kate Chatzopoulos – Symphony
The value of diversity of thought in business is well-established: Companies where 30 percent of executives or more are women are nearly 50 percent more likely to outperform financially, and 67 percent of candidates when evaluating job offers. A range of backgrounds and experiences facilitates creativity, problem-solving and positive outcomes.

***** Don’t put all your eggs in one basket when investing or picking the gender or background of your employees.~JJL


The Chicago Venture Summit will resume this fall
Katherine Davis –
The Chicago Venture Summit, an annual event for venture capitalists to connect with the city’s startups, will return this fall after being canceled last year due to the Covid-19 pandemic. The two-day event, hosted by World Business Chicago and ChicagoNEXT, is scheduled for Sept. 28-29 at 167 Green St. in Fulton Market.

*****Chicago is the greatest venture capital city in the history of Illinois.~JJL


An Updated Intern’s Guide to the Market Structure Galaxy; Today we focus on market participants, IPOs, the rise of retail and automation. We also explain some of the core concepts about how markets work.
Phil Mackintosh – Nasdaq
As summer starts, we thought it was a perfect time to update our “Intern’s Guide to the Market Structure Galaxy.” This short introduction has plenty of links for interns looking to take a deeper dive into the topics mentioned.

*****Where can I get my copy? ~JJL


Thursday’s Top Three
Our top story Thursday was U.S. financial executive dies by suicide as firm faces fraud claims, from Reuters via Yahoo Finance. Second was the John Lothian News video Walt Lukken And Nick Solinger Explain Fia Tech Investor Deal. And third was the page for the book “The Obesity Code,” which John Lothian mentioned in Hits & Takes.

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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