Welcome to The Spread, I’m Matt Raebel.
This week saw the beginning of Joe Biden’s term as president of the United States – along with the return of a flood of Joe Biden memes that haven’t been seen on social media since the Obama administration. I never realized how much I missed memes about Biden making dad jokes.
With the new president came his pick for the chairman of the SEC, Gary Gensler, who was responsible for a number of reforms for the derivatives industry in the late two thousands while working for the Obama administration. Prior to his recent nomination, he worked at MIT’s Sloan School of Management teaching and writing about financial technology and digital currencies. Maybe with his expertise, the government will finally track down Satoshi.
Heath Tarbert has officially stepped down as chairman of the CFTC, with Rostin Behnam named acting chair. Rumor has it that Chris Brummer, an economics expert who teaches at Georgetown University, is the top pick for the permanent chairman of the agency, but White House officials have neither confirmed nor denied this.
Trading Technologies, the Chicago-based fintech company also known as TT, is rumored to be in the middle of a sale. News broke this week that the company’s former chairman and CEO Rick Lane has stepped down, and Tim Geannopulos, the former global head of sales at Trading Technologies, has stepped up to the role. If the rumors are true and TT is in the process of being bought, why the change in leadership now? John Lothian asked that question in an article he published on John Lothian News dot com this week. I’ll give you a hint: it may have something to do with Geannopulos’ former title with the company.
On Thursday, news broke that IG Group Holdings has agreed to buy tastytrade, a brokerage and financial media company, for a billion dollars. This allows the U.K.-based company to break ground in the U.S. options market – good timing, given the retail options explosion that began last year.
One final story for this week – FIA announced that registration for FIA Boca is now open. The event was cancelled last year due to concerns over COVID, but this year the event will be totally virtual. It’s too bad the event won’t actually take place in Boca this year, but maybe if everyone sets their Zoom backgrounds to sandy beaches and palm trees, it’ll be almost as good. You can find the link to register in the “sources” section below this video.
That’s gonna do it for The Spread this week – check out John’s article, as well as the rest of John Lothian News dot com for more news. I’ll talk to you next week – until then, stay safe and happy trading.
Registration is open!
What to Know About Gary Gensler, Wall Street’s New Watchdog
Liz Moyer – Barron’s
CFTC chair steps down, academic Chris Brummer in lead to replace him: sources
Jarrett Renshaw, Karen Brettell, Michelle Price – Reuters
Why Do You Hire A Super Salesman To Run Trading Technologies?
John Lothian – JLN
Britain’s IG Group to Buy U.S. Options Firm Tastytrade for $1 Billion
Alexander Osipovich – WSJ