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
It appears that JLN’s Thom Thompson has fully recovered his sense of snark as judged by his latest column on El Salvador adopting bitcoin as “legal tender.” Thom also has the first of a new podcast series today, JLN European Markets Podcast. This podcast features an interview with Randolf Roth of Eurex. The podcast will be monthly and we welcome suggestions for interview subjects.
What does it mean that the FBI was able to hack a “hot” bitcoin wallet? How many other wallets connected to the internet could they hack, where there is crime involved? What will it mean for criminals as they take their wallets offline to avoid this type of intrusion? Just inquiring minds asking questions.
Sayee Srinivasan has been named chief economist and head of research for the American Bankers Association. Previously, he was with the U.S. Commodity Futures Trading Commission, where he served as deputy director of risk surveillance for the CFTC’s Division of Clearing and Risk.– ABA
Eurex reported 13% growth in total traded derivatives during May 2021 in its latest volume report. Volume grew from 121.8 million to 137.4 million contracts, which included strong growth in European interest rate derivatives and European equity derivatives – up 37 percent and 41 percent, respectively – and a modest fall of 8 percent in the number of European equity index derivatives contracts traded. — Eurex
If you want to follow real-time prices from Xetra and the Frankfurt Stock Exchange, get the new “Börse Frankfurt” app. The app includes price alerts so you can respond in real time to the price action. — Deutsche Börse Group
Brian Mehta, the former chief marketing officer of Trading Technologies, is still a prolific writer. He has an interview on LinkedIn with Lindsey Smith, head of culture at TT, titled “5 Questions with Lindsey Smith, Head of Culture.” Check it out HERE.
The FIA EPTG turned 10 years old this week. Congratulations as they celebrate the 10th anniversary of their creation. — LinkedIn
Cboe Global Markets is looking for a media relations manager in New York. Check out the job HERE.
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Support our efforts to preserve industry history by giving to our GoFundMe 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
Sheldon Cohen – Open Outcry Traders History Project – Part Two
In the second of a two-part interview with John Lothian for the Open Outcry Traders History Project, Chicago attorney Sheldon Cohen reminisced about his long tenure on the trading floor and in exchange management, beginning in the 1970s.
Micro DAX, SMI, EuroSTOXX 50: No Small Thing For Eurex
Eurex launched small versions of its most popular broad based stock indexes. We spoke about them with Executive Board Member Randolf Roth, who is head of equity derivatives at the popular exchange.
Global Commodities Applied Research Digest
We are delighted to announce that Mark Shore, an expert on alternative investments with over 30 years of experience in the capital markets, has joined the GCARD (https://lnkd.in/g9kmYvz) Editorial Advisory Board: https://lnkd.in/gm_UhtV. Mark is currently the Chief Research Officer of Shore Capital Research (@shorecap on Twitter) and Adjunct Professor at DePaul University in Chicago. In addition, he is a board member for various organizations including the Arditti Center for Risk Management at DePaul University; Coinifide (a blockchain educational firm); and NIBA (the National Introducing Brokers Association, an association for derivatives professionals).
****** Congratulations to Mark Shore. ~JJL
Crypto Startup Solana Raises $314 Million to Develop Faster Blockchain; Solana’s technology used in fast-growing area of decentralized finance, or DeFi
Alexander Osipovich – WSJ
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Blockchain startup Solana Labs Inc. says it has raised $314 million of new funding to develop technology used in the fast-growing area of the cryptocurrency markets known as decentralized finance, or DeFi.
*****Keep an eye on faster blockchain. The faster blockchain gets, the more it really becomes a player in traditional financial transactions. ~JJL
Tuesday’s Top Three
Our top story Tuesday was Propublica’s The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax, showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little to nothing in federal income tax. Second was SEC plans to go after market manipulation on social media, executive insider trading, Gensler says, from MarketWatch, in which Gary Gensler says that regulations called 10b5-1 plans have led to “real cracks in our insider trading regime.” And third was, once again in the top three, 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. (And by the way, since the headline keeps popping up here, that should be “the 5 key qualities he believes MAKE a great trader.”)