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
For those of you in Chicago, the Union League Club of Chicago is fully open. This ULCC is a home to many industry events, including FIA Washington updates when they are held in person. Back in the day, many members of the CBOT were members of the Union League Club because of its proximity to the CBOT Building and its role in Chicago’s business community. I am also a member of the ULCC.
The firms involved in the Greenwood Project are having a big impact. Since the Greenwood Project started, they have worked with more than 350 students. Not only have 100% of their alumni graduated from both high school and college, but over 75% have attained careers in financial services. Keep up this important work.
DRW reports on LinkedIn that team members are slowly returning to the office and notes that the remote environment is not going away anytime soon. Also, a product manager based in Chicago wrote a piece about “her experience of interviewing and onboarding remotely.” — DRW
Congratulations to Kate Maehr, the CEO of the Greater Chicago Food Depository, who just celebrated her 25th work anniversary fighting hunger in Chicago and Cook County.
The Chicago Federal Reserve has a new podcast out, “Clearing: Perspectives on Industry Developments and Learnings From the Covid Crisis,” by Ketan B. Patel. — Federal Reserve Bank of Chicago
We are in a dry spell of donations to our JLN MarketsWiki Education GoFundMe campaign. We had no new donations to it over the weekend. Your support is essential to allow us to produce the Open Outcry Traders History Project, The Path to Electronic Trading and The History of Financial Futures video series.
This is the week FIA IDX would have occurred had it been held in person. My Facebook account was full of reminders of past IDX activities over the weekend. I look forward to meeting in person again soon.
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 offers an interesting example of how movement in a so-called “meme” stock can impact an ETF, even though ETFs by definition are supposed to be fairly diversified. They note that the SoFi Social 50 ETF (SFYF) is “currently as close to a meme stock ETF as you can get,” with AMC moving up to 23.5% of the ETF’s portfolio last week and shares of GameStop making up 6.1%. More details are here. ~SC
Robin Trott – The Path to Electronic Trading Part Two
In Part Two of Robin Trott – The Path to Electronic Trading, Trott talked about how block trade and call-around markets developed in Europe. Platforms were rushing to write to all of the individual European markets. There were a large number of them back then.
Clearing: Perspectives on Industry Developments and Learnings From the Covid Crisis
Ketan B. Patel – Federal Reserve Bank of Chicago
LaSalle Street hosts a discussion with executives representing exchanges, swap dealers, clearinghouses and asset managers on the impact of the Covid crisis and what to watch for as the pandemic eases. Ketan Patel, Policy Advisor and Head of Financial Markets Risk Analysis in the Chicago Fed’s Financial Markets Group, hosts this episode. Alessandro Cocco, Vice President of the Financial Markets Group at the Chicago Fed, provides an introduction.
****** The Chicago Fed’s Financial Markets Group is always worth a listen.~JJL
NFTs Shift Power to Artists as the Music Business Evolves; The $1 million musician/producer RAC has made so far is nice, but the bigger mission is to “rebuild the music industry.”
Matthew Leising – Bloomberg
The Grammy-award winning musician and producer André Anjos goes by the stage name RAC, although as a bellwether in the radical ways the music industry is evolving, he might consider changing that to NFT.
****** I want an NFT of a picture of Matt Leising signing a copy of his book on Ethereum to me. ~JJL
Options Traders Bet on Return of $100 Oil; Investors have scooped up call options tied to crude prices hitting milestone for first time since gush of U.S. oil in 2014
Joe Wallace – WSJ
Traders have alighted on what some believe to be a one-way bet in the world’s most important commodity market: oil prices going to $100 a barrel. They have scooped up call options tied to Brent and West Texas Intermediate crude-oil prices reaching $100 by the end of next year. Oil prices haven’t topped that milestone since 2014, when a gush of U.S. crude depressed energy markets.
***** You can’t get to the moon unless you buy a ticket.~JJL
What to expect when interviewing and onboarding 100% remotely
It’s been a year since our teams shifted to a remote environment as a result of the COVID-19 pandemic, and we caught up with some team members who have joined the firm over the past year. Hear from Nicole, Product Manager based in Chicago, on her interview and onboarding experience since joining the firm.
****** Nicole, I am listening.~JJL
Musk tweet with broken-heart emoji and Linkin Park meme is latest to hit Bitcoin
Eric Lam and Bloomberg – Fortune
Bitcoin slid after a cryptic tweet from Elon Musk hinting at a potential split with the largest cryptocurrency, the latest post from the billionaire to buffet the token’s price. The coin dropped as much as 3.4% and was trading at about $37,790 as of 10:50 a.m. in Hong Kong. The decline dented this week’s stabilization in the crypto sector after a rout in May. The Bloomberg Galaxy Crypto Index retreated as much as 3.9%.
****** Elon Musk also blinked in a nonsynchronous manner and no one can tell what it means.~JJL
Bezos going to space on company’s rocket ship
Mychael Schnell – The Hill
Jeff Bezos will launch into space next month on the first human flight for New Shepard, the rocket created by his space flight company Blue Origin.
Bezos, the richest person in the world, announced in an Instagram post on Monday that he will fly to space on July 20 with his brother Mark.
****** Bezos must be after Elon Musk’s Tesla out in space.~JJL
Friday’s Top Three
Our top clicked story on Friday was A former head of macro strategy at legendary investment firm Citadel lays out the 5 key qualities he believes makes a great trader — and provides a rare outlook on the future of hedge funds, from Business Insider (subscription required to read). Second was a repeat from the previous top three, Pit Closures = Corn, Soybean Market Instability, Trader Says, from Successful Farming. Third was Sheldon Cohen – Open Outcry Traders History Project – Part One a video interview from John Lothian News.