John Lothian

John Lothian

Executive Chairman and CEO


$42,276/$300,000 (14.1%)


Hits & Takes
John Lothian & JLN Staff

We have Part One of the Open Outcry Traders History Project video with Peter Harrigan. That is spelled Haitch Aye Double R Eye, G A N spells Harrigan, for you fans of George M. Cohan.

Harrigan wanted to go to space as an astronaut, instead he ended up as a trader and continues in the derivatives space as CEO of Grey Swan Digital. — John Lothian News

There is a special digital feature from The Trade and Global Custodian titled “Battle for the trading desk” that “takes an in-depth look at outsourced trading and its impact on the buy-side.” — The Trade

MIH released May trading results for MIAX, MIAX Pearl, MIAX Emerald (collectively, the MIAX Exchange Group) and the Minneapolis Grain Exchange. They set a series of new monthly and daily records in both volume and market share, including a new daily market share record of 16.56% on May 28, and a monthly market share record of 14.71%.

In total, the MIAX Exchange Group executed 99.6 million multi-listed options in May 2021, highlighted by a monthly record 42.8 million options contracts traded on the MIAX Options Exchange. The 99.6 million multi-listed options contracts executed represents a 57.7% increase compared to May 2020. In U.S. futures, total volume through May reached 1,371,447 contracts, a 24.0% increase from the same period in 2020, while open interest totaled 93,610 contracts on May 31, 2021, an increase of 18.0% from May 2020.

Don’t forget to register for the “Webcast: Tick size reduction of EURO STOXX® Index Futures and its impact” by Eurex and Quantitative Brokers on June 10. — Eurex

Dr. Frank Herkenhoff, former head of media relations at Deutsche Boerse, is now head of communications at ZEW – Leibniz-Zentrum für Europäische Wirtschaftsforschung, one of Germany’s leading research institutes.

Piyush Kalkute is joining the CME Group as a data scientist after graduating recently from Northwestern University and is very happy about it.

Richárd Végh, the CEO of the Budapest Stock Exchange announced on LinkedIn that Interactive Brokers, founded by Hungarian-born Thomas Peterffy and dating back more than 40 years, is the newest member of the Budapest Stock Exchange. If you can read Hungarian, the press release is HERE.

Robin Trott gave JLN a nice shoutout on LinkedIn for his participation in The Path to Electronic Trading video series. Look for Part Two of his interview next week. — LinkedIn

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


The Illinois Department of Agriculture this week sent deficiency notices for Illinois craft grow, infuser and transport licenses to top-scoring applicants, the latest installment in the long-running saga of social equity applicants’ efforts to be included in the state’s legal cannabis economy. Observers say the IDOA’s timing suggests the licences will not be awarded until July at the earliest. An explanation of the notices can be found here. ~SC


Peter Harrigan – Open Outcry Traders History Project Part One

Peter Harrigan is the co-founder and current CEO of Grey Swan Digital, a company that creates and trades customized derivatives. Growing up in the 1960s and 1970s he wanted to become an astronaut. His career path later rocketed in a different direction, taking him to Chicago’s trading floors.

In a two-part interview with John Lothian for the Open Outcry Traders History Project, Harrigan said he learned about futures in college when he and some friends began trading one stock index figure against another in an arbitrage strategy. One of those friends went on to have a successful career at Credit Suisse and another went back to his family’s manufacturing business, he said.

Watch the video »


Pit Closures = Corn, Soybean Market Instability, Trader Says; Once Electronic Trading Took Over, Big Local Traders Trimmed Back Their Trade Size.
Mike McGinnis – Successful Farming
It’s been six years since CME Group shifted from trading agricultural commodities mostly on the floor of the exchange to its electronic trading platform (Globex). In July 2015, the exchange closed its agricultural futures trading pits, leaving open only its options trading pits. This May, CME Group officially closed all its open-outcry trading pits, ending a tradition that started in the mid-19th century.

****** New contracts to be pit traded include sour grapes.~JJL
****** Markets evolve. They are never as they once were. Things change.~JJL


Barbara G. Novick Joins Board of Directors of the American Financial Exchange (AFX)
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced today that Barbara G. Novick, co-founder of BlackRock and current senior advisor to the firm, will serve as an independent director on AFX’s Board of Directors.

****** Big addition for AFX.~JJL


Anheuser-Busch to give away free beer when America hits its vaccination goal.
Derrick Bryson Taylor – NY Times
The brewing giant Anheuser-Busch said on Wednesday that it would offer Americans another incentive to get vaccinated: free beer. The company said in a statement that it would “buy America’s next round” of beer, seltzer or nonalcoholic beverage once the country reached President Biden’s goal of having 70 percent of the adult population get at least one coronavirus vaccination by July 4. So far, 63 percent of adult Americans have received at least one dose.

*****They had me at “Free Beer.” Or better put, FREE BEER!!!!~JJL


Fake news study: Most Americans can’t spot fake news, study finds
Ryan Prior – CNN
As many as three in four Americans overestimate their ability to spot false headlines — and the worse they are at it, the more likely they are to share fake news, researchers reported Monday.
The study of surveys involving 8,200 people, which was published in the Proceedings of the National Academy of Sciences, also showed Republicans are more likely to fall for fake news than Democrats are.

******One reason I launched JLN was because I wanted to be able to address the issue of fake news or faulty reporting on our markets.~JJL


Wednesday’s Top Three
Our top clicked story Wednesday was Four Ways to Keep Working From Home When the Boss Wants You Back, from Bloomberg Businessweek. Second was Business Insider’s New guidance says businesses can require employees to get vaccinated and bar unvaccinated employees from returning. I am sensing a theme here. And third, still on the theme of where you work, was The New York Post’s Maybe Goldman Sachs isn’t migrating to Florida, after all.

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