Episode Transcript
[00:00:06] Welcome to the John Lothian news daily update podcast for February 9, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News, the home of Marketwicky and Marketswiki Education. Thank you for joining us. Here are the hits and takes comments from today's JLN.
[00:00:28] Sibo Globlobal Markets announced the election of Aaron Mansfield, former managing director and global regulatory relations and policy at Barclays, and Cecilia Mayo, global chief product officer at Equifax Inc. As new members of its board of directors. Additionally, Joe Radterman has chosen to step down from the board of directors of Sibo Global Markets. Radderman joined the Sibo board in 2017 following the BaTS global Markets acquisition. Moreover, Sibo's board of directors has declared a quarterly cash dividend of share of common stock for the first quarter of 2024. Miami International Holdings, Inc. Or MIH, released its January 2024 trading results, showcasing growth across its exchange subsidiaries Myx, Myx Pearl and Myx Emerald, along with the Minneapolis grain Exchange or MGEX. Total multilisted monthly options volume for the Myx Exchange group surged to 140.5 million contracts, marking a 3.7% year over year increase and a 9.5 rise from December 2023. Myx Pearl equities volume notably spiked by 105.3% year over year, reaching 4.6 billion shares with a market share of 1.9% in January 2024. Additionally, MGEx experienced a 32.9% year over year increase in monthly volume, totaling 220,026 contracts. How big a deal is this artificial intelligence thing? It is big. Let me put it in perspective for you. Because of Nvidia's development and production of graphics processing units, gpus that are widely used in AI applications, its market value has surged to match the entirety of the chinese stock market, represented by the H shares of the Hong Kong stock market, a point highlighted by Michael Harnett, a bank of America strategist. Additionally, Nvidia's 600 billion dollar increase in market capitalization over the past two months equals the entire market capitalization of Tesla. This surge comes as Navidea's stock has soared by 228% over the last year, contrasting sharply with the 26% decline in the Hang Seng index in Hong Kong, Market Watch reported. Now take in this headline from the Wall Street Journal. Sam Altman seeks trillions of dollars to reshape business of chips and AI with the subheadline. OpenAI chief pursues investors including the UAE for a project possibly requiring up to $7 trillion to give you some comparison. The Journal said global sales of chips were $527,000,000,000 last year and are expected to rise to $1 trillion annually by 2030. So 7 trillion takes things to a whole new level. Disclosure I own some Navidea shares in my IRA yesterday, Joe Reya of Avax Technologies was the guest on Trevor Rose's podcast. The episode number 160 of Trevor Rose podcast is titled Joe Reya, Avax Technologies building a new commodities Exchange, futures contracts and LNG the investment case in plain sight join Wilmer Hale on February 15, 2024 for the cryptocurrency webinar series, where it will look into the recent approval of eleven spot bitcoin exchange traded funds, or etFs, by the securities and Exchange Commission. SEc, Wilmer Hale, partner and blockchain, and cryptocurrency working group co chair Tiffany J. Smith and Amy Doberman and special counsel Joseph Toner will be joined by Chris Mata of the three IQ digital assets to explore the significance of these landmark approvals and their implications for the industry. Register now with the link in today's newsletter. Yesterday was the 114th anniversary of the founding of Boy Scouts of America. My daughter Kat is currently interviewing for a job with a BSA council in Ohio to be its camping director. She is graduating from University of West Virginia Institute of Technology in May with a degree in adventure recreation management. She will also be at the FIA Boca conference this year for the fifth year in a row, providing JLN with video production support.
[00:06:23] JLN has 24 interviews that FIA Boca set up, with twelve of them scheduled. If you are interested, let me know.
[00:06:33] Our most read stories from our previous edition of JLN Options were options traders wagers that meta shares will double again from Bloomberg open out Cry Traders history project podcast from trading floors to life's Crossroads, Tom Gould's journey through trading and giving back from John Lothia news and two trading ideas from Tasty Live. Subscribe to the free JLN Options newsletter with a link in today's JLN. Here are more stories from the first read section of today's JLN. Here's a story from the Financial Times. The headline climate scientist wins $1 million in defamation case against right wing bloggers Michael Mann had sued writers for attacks launched on his work. A prominent climate scientist who was accused by right wing bloggers of academic fraud and compared to a notorious child molester has won more than $1 million in damages, ending a twelve year defamation case closely watched by campaigners. Michael Mann, a professor at the University of Pennsylvania who achieved a degree of fame in the late 1990s for his hockey stick graph predicting a sharp rise in global temperatures, had sued writers Rand Simberg and Mark Stein, as well as their respective publishers, the competitive Enterprise Institute think tank and conservative magazine National Review. My comment twelve years is a long time to seek justice, but your reputation is priceless. Here are the top three stories from Thursday's JLN our top story Thursday was Coates poaches, UBS executive after Farage de banking scandal from the Financial Times. Second was chinese bitcoin miners find a new crypto haven in Ethiopia from Bloomberg. Third was a tie between crypto firm backed warns it might not be able to remain in business from Coindesk and thinking Crypto's video interview with Prometheum founder and co CEO Aaron Kaplan. Here are the top three stories from the lead section of today's JLN. The first story is from the Wall Street Journal. The headline Hong Kong exchange CEO to depart earlier than planned Hong Kong's benchmark stock index has declined 7.6% so far this year, making it one of the worst performers in Asia. Nicholas Aguzen will step down as the head of Hong Kong's stock exchange three months earlier than planned as the asian financial hub struggles with an initial public offering, drought and a market downturn. Hong Kong exchanges and clearing said Friday that Aguzen will leave the company at the end of February, adding that he had informed the board that, quote, he believes it would be in the interest of Hong Kong exchange to accelerate the change in leadership, unquote. Aguzen's term was to end in May, after he said in December that he wouldn't seek reappointment.
[00:10:03] And then here's another story, this one from the Financial Times. The headline Deutsche Borsch's chief deeply concerned about the rise of german far right comments from top executive underline mounting unease within business community over resurgent AfD. The head of the german stock exchange has said he is, quote, deeply concerned, unquote, about the rise of far right politics in the country, warning that it threatens the future of EU markets. If they were successful, that would be fatal not for our democracies, but for Germany and Europe as key financial centers, Theodore Weimer, chief executive of Deutsche Borsch Group, said on Thursday. The far right alternative for german party said last month told the Financial Times that it saw Brexit as a model and if elected, would hold a referendum on membership of the EU. Alice Weidel, leader of the AfD, also said her government would seek to curb the power of the European Commission. Here's another story, this one from Bloomberg the headline new SEC rule will impair the world's most important market. The agency's new regulations, an attempt to fix its past mistakes, will likely lead to excess volatility in us government securities during times of stress.
[00:11:37] Never mind the dense 247 pages, just the title of securities and Exchange Commission's new rule concerning trading of us treasuries deemed the world's most important market will make your eyes glaze over further definition of as a part of a regular business in the definition of dealer and government securities dealer in connection with certain liquidity providers, unquote. But regardless of what the SEC calls it, this is a classic example of regulatory creep.
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