John Lothian

John Lothian

Executive Chairman and CEO


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


Hits & Takes
John Lothian & JLN Staff

The Tokyo Commodity Exchange, or TOCOM, has issued a warning, “Beware of fake TOCOM website.” There are three fake websites that look like TOCOM’s, but are not. The REAL Tocom websites are:

– Japanese:
– English:
– Chinese:


Cboe Global Markets reported its May 2021 trading volume, and highlights include options average daily volume, or ADV, up 15% over May 2020. Futures ADV was up 99% compared to a year ago, and trading in the IBIG futures, or Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index, reached an all-time high. The Cboe global FX average daily notional value, or ADNV, was up 5% year over year. Cboe saw records in Cboe SEF NDF, or swap execution facility non-deliverable forwards, trading setting a new monthly record. Their European equities ADNV was up 28% over May 2020. U.S. equities ADV was up 6% over April 2021. — Cboe Global Markets

Luc Fortin, president and CEO of Montreal Exchange and global head of trading at TMX Group, reported on LinkedIn that “MX has been approved in Singapore as a Recognized Market Operator.” — LinkedIn

We have the first part of two videos of an interview with attorney and trader Sheldon Cohen for the Open Outcry Traders History Project. Sheldon has a great story to share.

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Support our efforts to preserve industry history. We will build you a page on MarketsWiki and place a MWE donor badge on your page if you are a donor to our 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


Mavenwave’s Chuck Mackie has a recap of the Google Cloud Financial Services Summit 2021, which was produced on May 27, 2021. It includes reports on: Capital Markets: BNY Mellon Tackles AI and Digital Transformation; Payments: Pushing the Frontier with Global Payments; Insurance: Activating a Data Strategy with AXA Switzerland and QBE Insurance; Banking: Deutsche Bank Makes a Big Bet on Google Cloud; and Google Cloud: Partnering to Deliver Innovation. You can read it here.~SR

We recently mentioned Running4Oxygen, CrossTower‘s initiative to provide emergency help to victims of a second wave of COVID-19 in India. It’s a personal mission for the company’s co-founder and CEO, Kapil Rathi. “Pretty much everyone I know in India has been affected,” including family members, he told JLN in an interview last week. The fundraiser has picked up momentum and sponsors in recent days, and CrossTower has posted suggested routes for Running4Oxygen runs at the Bitcoin 2021 conference in Miami, which takes place today and Saturday. More information is available here. ~SC


Sheldon Cohen – Open Outcry Traders History Project – Part One

Attorney Sheldon Cohen started out his trading career as a risk manager for Goldberg Brothers, a CBOT clearing firm that was later sold to LIT Holdings, and eventually began trading at the Midwest Stock Exchange. He bought his own seat at the Chicago Board Options Exchange (CBOE) in 1976.

Watch the video »


AMC Stock Sale Comes With Warning to Traders: Be Prepared to Lose It All
Katherine Greifeld and Vildana Hajric – Bloomberg
Company said entire investment may be lost in offering; It’s uncommon to see such a dire warning in stock sale
Investing in AMC Entertainment Holdings Inc. comes with the promise of free popcorn, special screenings — and the chance you’ll lose all your money. That last part is a warning the movie chain and its lawyers made in a regulatory filing on Thursday announcing its intention to sell more than 11 million shares to a market dominated by frenzied retail traders.

*****That should be in the template risk disclosure.~JJL


Beware of fake TOCOM website
A fake website has been found that looks like TOCOM’s website. TOCOM has no association whatsoever with these kinds of fake websites. If you access them, please beware there may be risk of damages. TOCOM website addresses are as follows:

****** Fraud comes in many different languages.~JJL


The Age of Reopening Anxiety; What if we’re scared to go back to normal life?
Anna Russell – The New Yorker
A woman nervously hides behind a tall wall of soup cans.
Cave syndrome is a spectrum, with queasiness at the thought of a grocery-store trip on one end and full-blown social withdrawal on the other.
Sometime during London’s third lockdown, when everything was still closed, I began watching the squirrels in the tree outside my window intently. There were two of them, and all winter they chased each other around the branches flirtatiously. By early spring, they had built a nest in the crook of the tree and, whenever one of them left, the other would poke its head out, concerned. Recently, I noticed three smaller heads peeking out—squirrel babies!—and not long after that, I began relaying the whole tale as an anecdote to friends in outdoor beer gardens, which had just reopened. Three of them! Can you believe it? Amazingly, they could. They smiled politely, waiting for a punchline that never came. There weren’t many follow-up questions.

***** I am not sure what normal life is, or what the new normal will be.~JJL


Masks have stopped disease spread for centuries. Here’s why they may catch on in the U.S.
Lindsey Bever – Washington Post
More than a year into a pandemic that has sickened tens of millions of people in the United States and killed more than 500,000, most people are eager to reclaim some semblance of their former lives.

*****If I wear a mask, it is not because I am not vaccinated. I am vaccinated. But I am also still very careful, because 90% or 95% is not 100%.~JJL


Thursday’s Top Three
The top clicked story Thursday was Pit Closures = Corn, Soybean Market Instability, Trader Says, from Successful Farming. Second was the Bloomberg opinion piece AMC and GameStop Frenzy Goes Beyond Casino Mentality. And third was a repeat from Wednesday’s top three, Four Ways to Keep Working From Home When the Boss Wants You Back, also from Bloomberg.

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)


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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