[00:00:00] Speaker A: Um, beep don't welcome to the John.
[00:00:07] Speaker B: Lothian news daily update podcast for January 5, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News the proud home of markets wiki and Marketswiki education. We invite you to explore our extensive collection of trading history videos on the Marketsweekie education
[email protected]. This includes the open Outcry Traders history project and the path to electronic trading video series. Thank you for joining us in this podcast. We'll give you a rundown of what's included in today's John Lothian newsletter.
[00:00:43] Speaker A: We'll discuss key points from the Hits.
[00:00:45] Speaker B: And takes section, and share anecdotes from the first read section, spotlight the top three stories from the last JLN and.
[00:00:54] Speaker A: JLN options editions, and dive into the.
[00:00:58] Speaker B: Initial three stories from today's JLN's lead section. Here are the hits and takes comments from today's JLN part two of the John Lothian profiles interview with veteran PR professional and journalist Annie Yema will be posted to the johnlothianNews.com website shortly after you receive this newsletter. In part two, Yema talks about the.
[00:01:22] Speaker A: FBI sting in the Chicago Markets Exchange.
[00:01:26] Speaker B: Competition, including the CME becoming the world's largest futures exchange when it opened the Eurodollar trading pit on the upper trading floor. He discusses various visitors to the exchange and how that played into exchange competition. CME Group had lots of reasons to pop the champagne at the end of 2023, including setting an all time record annual adv of 24.4 million contracts. In addition to the highest fourth quarter adv and December adv in company history, CME also hit new adv records across interest rates, options and agricultural products. Annual, quarterly and monthly market statistics are available in greater detail with a link in today's newsletter. There is a new market voice podcast.
[00:02:20] Speaker A: With host Walt Luken, who sat down.
[00:02:22] Speaker B: With NYSE Group president Lynn Martin to.
[00:02:26] Speaker A: Discuss her role, the state of capital.
[00:02:28] Speaker B: Markets and market structure the migration and rollout of the NYSE pillar technology platform.
[00:02:36] Speaker A: Modernization with a focus on human interaction, her stem background, and more.
[00:02:42] Speaker B: Quote I was so fascinated by the fact that people were using machines to communicate with markets, increasingly unquote, said Martin.
Futures exchanges have worried about competitors from out of left field. For years, etfs have taken big chunks of business away from commodities trading. The worry was always about eBay becoming a threat. Now Costco is selling 1oz gold bars as part of its periodic deals and offering free delivery, the Wall Street Journal reports. I think CME should launch toilet paper futures, too, can play at this game. Matt Levine of Bloomberg has a fascinating look at bitcoin and the prospects for.
[00:03:26] Speaker A: New bitcoin etfs and what that means for the crypto movement in a column titled put the bitcoins in the box.
[00:03:35] Speaker B: The auction for the priciest giant Bluefin tuna at Tokyo's largest fish market on the first day of 2024 was far.
[00:03:44] Speaker A: From fishy, fetching a staggering 114.2 million japanese yen. That's $788,440. Bloomberg reported that this 38 kilogram, or 525 pound tuna was purchased by seafood wholesaler Yama Yuki and sushi chain operator Onodera group. This winning bid surpassed last year's amount by over threefold, marking the fourth highest price recorded since 1999, as indicated by Hiroki Matsushida, a fish market official. According to Bloomberg, the narrative has been that people are fleeing Illinois because of high taxes, high crime and other reasons. Some have pointed to the results of.
[00:04:41] Speaker B: The 2020 census to back up their assertions.
[00:04:45] Speaker A: However, according to a story by the Chicago Tribune, Illinois 2020 census count may have been unaccounted by 46 400 people who were missed from group homes. The 2020 census had shown a population of 12,812,508, a decrease of 18,000 people over a decade. Wasn't the whole Harvard president resigning story ugly enough, with issues of racism, plagiarism and Bill Ackman going after the entire Harvard board to resign? Well, yesterday, Bloomberg reported that Business Insider says Ackman's wife plagiarized her doctoral thesis. Some things you just can't make up, but this has to do with some missing quotation marks. According to her response by Ackman's wife, Gabriella Cues has left the digital dollar.
[00:05:46] Speaker B: Project, where she was a senior director.
[00:05:49] Speaker A: And is starting a new position as a senior fellow and advisory board member at AI 2030. AI 2030 is an initiative focused on utilizing AI's transformative potential for the betterment of humanity while mitigating its adverse effects. The initiative is founded on the idea that people from various backgrounds and perspectives can lead the way in bringing about positive change and safeguarding AI's beneficial influence on society. Qs previously served as CEO of the Global Digital Asset and Cryptocurrency Association.
Marisa Tashman shared on LinkedIn that she is starting a new position as head of legal at Blockchain association.
Our most read stories from our previous edition of JLN options were navigating a new era in derivatives clearing from FIA. Could a hot options trade burn India's equity market from Bloomberg and Citadel closes out 2023 with 15.3% gains. Millennium up 10% from Bloomberg via Yahoo Finance here are more stories from the first read section of today's JLN. Here's part one of our Andy Emma Video Andy Emma John Lothian profiles part one veteran PR specialist and journalist Andy Yema shares career insights and 1987 stock market crash memories in exclusive interview with John Lothian profiles.
You can watch this video on johnlothiannews.com.
Here's a podcast from our ESG series with Ali Duros Nasdaq's Randall Hopkins on driving value for companies through the ESG stakeholder ecosystem, the role of AI and desired qualities in new hires Randall Hopkins, head of ESG solutions Nasdaq corporate platform, spoke with Sally Duros for the John Lothian news ESG podcast. Hopkins said Nasdaq sits at the nexus of the stakeholder ecosystem, the investors, corporations, raiders and regulators who are all doing work around ESG. Nasdaq's goal is to drive value through that stakeholders ecosystem. It does that first by helping companies set ESG priorities, and then second, on the operational side, by helping companies manage the data relevant to ESG and communicate its values. Listen to this podcast on johnlothiannews.com.
Here's a story from Vincent and Elkins. ESG is over as we know it corporate sustainability continues to evolve, and keeping pace in 2024 means confronting five big questions. For proponents of ESG environmental, social and governance, 2023 might have felt like a big setback. Asset management giants scaled back their climate commitments and supported fewer ESG centered shareholder proposals. At least 14 states passed antiesg legislation prohibiting or restricting investors from considering ESG factors when investing public funds. This year's class of new corporate directors was less diverse than last year's in terms of both race, ethnicity and gender. Global fossil fuel production rose despite pledges from world leaders to reduce emissions. Even vocal ESG evangelist Larry Fink of BlackRock declared that he would no longer use the term ESG due to its politicization. My comment how can we say the same thing and not disclose we are talking about ESG? Here's a story from Bloomberg. The headline ESG linked bond sales drop most on record on investors skepticism issuance of sustainability linked bonds fell 22% last year. Fitch sees a broad range of greenwashing risks for slbs.
Global sales of sustainability linked bonds plunged 22% in 2023, a record drop as investors remain critical of the label and more issuers risk missing their predetermined environmental, social or governance targets. My comment data to back up Vincent and Elkins here's a story from Bloomberg. The headline Trump took $7.8 million in foreign cash while in office. He'd do it again. Greed and financial conflicts of interest will certainly haunt the White House if the former president returns and better guardrails aren't in place.
Donald Trump and his businesses hauled in at least $7.8 million from foreign governments and officials of 20 countries during his presidency. The bulk of that came from China, but Saudi Arabia, Qatar and others also chipped in relatively modest amounts, according to a new report from Democrats on the House Oversight committee. Trump has never been as wealthy as he has claimed, but he's still a rich man, and 7.8 million may not mean as much to him as it would to an average wage earner. It's also an election year, and in an era of fractious and fractured politics, it would be convenient to dismiss the committee's report as a partisan democratic hit job. My comment the thing that bothers me is not the politics of this or the constitution, and whether it was a moment, but rather how little money it takes to influence a president. I am always appalled by how small a bribe some people are willing to take to throw away their reputation.
Here are the top three stories from Thursday's JLN people are looking for some optimism in the new year. Our top click story Thursday was the Wall Street Journal's the Future is bright, if you know where to look. The outlook in the article, however, is not terribly shiny overall. Second was Mark Iuda sworn in for second term as SEC commissioner from the SEC and third was logistics firms plot a sea change in sustainability through AI and automation from Reuters here are the top three stories from the lead section of today's JLN. The first story is from Bloomberg. The headline Coinbase's huge role in proposed bitcoin etfs raises big questions the SEC and Coinbase when it comes to discussions about the US finally approving a spot bitcoin ETF or issuing more rejections. There's a guerrilla in the room that few seem to be acknowledging. Coinbase Global Inc. The largest us crypto exchange and the only one that's a public company, is poised to play a major role as a middleman between the crypto market and the traditional equities market, where the exchange traded funds would trade.
Here's another story, this one from the Wall Street Journal. The headline hedge funds for the masses deliver hohum returns and have high costs. Research shows most alternative strategies perform no better than short or midterm bond funds and have returns that lag behind the stock market. While hedge funds largely remain the domain of high net worth accredited investors, ordinary investors have been able to dabble in the once exclusive strategies via alternative mutual funds. These funds, which feature such strategies as long short equity and relative value, aim to deliver benchmark beating returns while minimizing volatility.
[00:14:25] Speaker B: Here's the next story from Forbes the.
[00:14:29] Speaker A: Headline Michael Lewis's going Infinite may change your mind about SBF in a recent Family Guy episode, Meg Griffin is told by her psychiatrist that he only accepts crypto as payment. Meg's virtual wallet is populated by bitcoin, doge, ethereum, and other famous names, only for the shrink to change his mind by the second about which crypto concept he'll accept from his patient. It probably insults readers to translate the scene, but the implied point was that if you're unhappy with the price of your crypto coin, just wait half a second and it will change drastically. Cryptocurrencies are the picture definition of volatile, thus rendering them highly risky for producers to accept in return for goods, services, or labor rendered. Put more bluntly, the most prominent names in the crypto space at the moment are junk as money.
We're grateful for your attentive viewership of the John Lothian News Daily Update. Please consider spreading the word about our podcast among your friends.
Moreover, if you haven't done so already, we would greatly appreciate if you could spare a moment to leave a review on Apple Podcasts or whatever platform on which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't subscribed to the Daily John Lo the newsletter email yet, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your valued support. Have a great day and stay safe and treat people the same way you want to be treated, with respect, equality and justice. This has been John Lothian goodbye. Welcome to the John Lothian News Daily.
[00:16:28] Speaker B: Update podcast for January 5, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News the proud home of markets wiki and markets wiki education. We invite you to explore our extensive collection of trading history videos on the Marketswicky Education
[email protected]. This includes the Open Outcry Traders History project and the path to electronic trading video series. Thank you for joining us in this podcast. We'll give you a rundown of what's included in today's John Lothian newsletter.
[00:17:04] Speaker A: We'll discuss key points from the hits.
[00:17:06] Speaker B: And takes section and share anecdotes from the first read section, spotlight the top three stories from the last JLN and.
[00:17:14] Speaker A: JLN option editions, and dive into the.
[00:17:18] Speaker B: Initial three stories from today's JLN's lead section. Here are the hits and takes comments from today's JLN part two of the John Lothian profiles interview with veteran PR professional and journalist Annie Yema will be posted to the johnlothianNews.com website shortly after you receive this newsletter. In part two, Yema talks about the.
[00:17:43] Speaker A: FBI sting in the Chicago Markets Exchange.
[00:17:46] Speaker B: Competition, including the CME becoming the world's largest futures exchange when it opened the Eurodollar trading pit on the upper trading floor. He discusses various visitors to the exchange and how that played into exchange competition. CME Group had lots of reasons to pop the champagne at the end of 2023, including setting an all time record annual AdV of 24.4 million contracts. In addition to the highest fourth quarter ADV and December ADV in company history, CME also hit new ADV records across interest rates, options and agricultural products. Annual, quarterly and monthly market statistics are available in greater detail with a link in today's newsletter. There is a new market voice podcast.
[00:18:41] Speaker A: With host Walt Luken, who sat down.
[00:18:43] Speaker B: With NYSE Group president Lynn Martin to.
[00:18:46] Speaker A: Discuss her role, the state of capital.
[00:18:49] Speaker B: Markets and market structure, the migration and rollout of the NYSE pillar technology platform modernization with a focus on human interaction.
[00:19:00] Speaker A: Her stem background and more. Quote I was so fascinated by the.
[00:19:05] Speaker B: Fact that people were using machines to communicate with markets increasingly unquote, said Martin.
Futures exchanges have worried about competitors from out of left field. For years, etfs have taken big chunks of business away from commodities trading. The worry was always about eBay becoming a threat. Now Costco is selling 1oz gold bars as part of its periodic deals and offering free delivery, the Wall Street Journal reports.
[00:19:35] Speaker A: I think CME should launch toilet paper.
[00:19:38] Speaker B: Futures too can play at this game.
[00:19:41] Speaker A: Matt Levine of Bloomberg has a fascinating.
[00:19:44] Speaker B: Look at bitcoin and the prospects for.
[00:19:47] Speaker A: New bitcoin etfs and what that means for the crypto movement in a column titled put the bitcoins in the box.
The auction for the priciest giant bluefin.
[00:19:59] Speaker B: Tuna at Tokyo's largest fish market on the first day of 2024 was far.
[00:20:05] Speaker A: From fishy, fetching a staggering 114.2 million japanese yen. That's $788,440. Bloomberg reported that this 38 kilogram, or 525 pound tuna was purchased by seafood wholesaler Yama Yuki and sushi chain operator Onodera Group. This winning bid surpassed last year's amount by over threefold, marking the fourth highest price recorded since 1999, as indicated by Hiroki Matsushida, a fish market official. According to Bloomberg, the narrative has been that people are fleeing Illinois because of high taxes, high crime and other reasons. Some have pointed to the results of.
[00:21:02] Speaker B: The 2020 census to back up their assertions.
[00:21:05] Speaker A: However, according to a story by the Chicago Tribune, Illinois 2020 census count may have been unaccounted by 46 400 people who were missed from group homes. The 2020 census had shown a population of 12,812,508, a decrease of 18,000 people over a decade. Wasn't the whole Harvard president resigning story ugly enough, with issues of racism, plagiarism and Bill Ackman going after the entire Harvard board to resign? Well, yesterday Bloomberg reported that Business Insider says Ackman's wife plagiarized her doctoral thesis. Some things you just can't make up, but this has to do with some missing quotation marks. According to her response by Ackman's wife, Gabriella Cues has left the digital dollar.
[00:22:06] Speaker B: Project, where she was a senior director.
[00:22:09] Speaker A: And is starting a new position as a senior fellow and advisory board member at AI 2030. AI 2030 is an initiative focused on utilizing AI's transformative potential for the betterment of humanity while mitigating its adverse effects. The initiative is founded on the idea that people from various backgrounds and perspectives can lead the way in bringing about positive change and safeguarding AI's beneficial influence on society. Q's previously served as CEO of the global Digital Asset and Cryptocurrency Association.
Marissa Pashman shared on LinkedIn that she is starting a new position as head of legal at Blockchain association.
Our most read stories from our previous edition of JLN options were navigating a new era in derivatives clearing from FIA. Could a hot options trade burn? India's equity market? From Bloomberg and Citadel closes out 2023 with 15.3% gains. Millennium up 10% from Bloomberg via Yahoo Finance here are more stories from the first read section of today's JLN. Here's part one of our Andy Yema video Andy Yema John Lothian profiles part one veteran pr specialist and journalist Andy Yema shares career insights and 1987 stock market crash memories in an exclusive interview with John Lothian profiles.
You can watch this video on johnlothiannews.com.
Here's a podcast from our ESG series with Ali Duros, Nasdaq's Randall Hopkins on driving value for companies through the ESG stakeholder ecosystem the role of AI and desired qualities in new hires Randall Hopkins, head of ESG Solutions Nasdaq corporate platform, spoke with Sally duros for the John Lothian news ESG podcast. Hopkins said Nasdaq sits at the nexus of the stakeholder ecosystem, the investors, corporations, raiders, and regulators who are all doing work around ESG. Nasdaq's goal is to drive value through that stakeholders ecosystem. It does that first by helping companies set ESG priorities, and then second, on the operational side by helping companies manage the data relevant to ESG and communicate its values. Listen to this podcast on johnlothiannews.com.
Here's a story from Vincent and Elkins. ESG is over as we know it corporate sustainability continues to evolve, and keeping pace in 2024 means confronting five big questions for proponents of ESG environmental, social and governance, 2023 might have felt like a big setback. Asset management giants scaled back their climate commitments and supported fewer ESG centered shareholder proposals. At least 14 states passed anties legislation prohibiting or restricting investors from considering ESG factors when investing public funds. This year's class of new corporate directors was less diverse than last year's in terms of both race, ethnicity and gender. Global fossil fuel production rose despite pledges from world leaders to reduce emissions. Even vocal ESG evangelist Larry Fink of BlackRock declared that he would no longer use the term ESG due to its politicization. My comment how can we say the same thing and not disclose we are talking about ESG. Here's a story from Bloomberg. The headline ESG linked bond sales drop most on record on investors skepticism issuance of sustainability linked bonds fell 22% last year. Fitch sees a broad range of greenwashing risks for slbs.
Global sales of sustainability linked bonds plunged 22% in 2023, a record drop, as investors remain critical of the label and more issuers risk missing their predetermined environmental, social or governance targets. My comment data to back up Vincent and Elkins here's a story from Bloomberg. The headline Trump took $7.8 million in foreign cash while in office. He'd do it again. Greed and financial conflicts of interest will certainly haunt the White House if the former president returns and better guardrails aren't in place.
Donald Trump and his businesses hauled in at least $7.8 million from foreign governments and officials of 20 countries during his presidency. The bulk of that came from China, but Saudi Arabia, Qatar and others also chipped in relatively modest amounts, according to a new report from Democrats on the House Oversight committee. Trump has never been as wealthy as he has claimed, but he's still a rich man, and 7.8 million may not mean as much to him as it would to an average wage earner. It's also an election year, and in an era of fractious and fractured politics, it would be convenient to dismiss the committee's report as a partisan democratic hit job. My comment the thing that bothers me is not the politics of this or the constitution, and whether it was a moment, but rather how little money it takes to influence a president. I am always appalled by how small a bribe some people are willing to take to throw away their reputation.
Here are the top three stories from Thursday's JLN people are looking for some optimism in the new year. Our top click story Thursday was the Wall Street Journal's the future is bright, if you know where to look. The outlook in the article, however, is not terribly shiny overall. Second was Mark Iyuta sworn in for second term as SEC commissioner from the SEC, and third was logistics firms plot a sea change in sustainability through AI and automation from Reuters here are the top three stories from the lead section of today's JLN. The first story is from Bloomberg. The headline Coinbase's huge role in proposed bitcoin etfs raises big questions the SEC and Coinbase when it comes to discussions about the US finally approving a spot bitcoin ETF or issuing more rejections. There's a guerrilla in the room that few seem to be acknowledging. Coinbase Global Inc. The largest us crypto exchange and the only one that's a public company, is poised to play a major role as a middleman between the crypto market and the traditional equities market, where the exchange traded funds would trade.
Here's another story, this one from the Wall Street Journal. The headline hedge funds for the masses deliver Hohum returns and have high costs. Research shows most alternative strategies perform no better than short or midterm bond funds and have returns that lag behind the stock market. While hedge funds largely remain the domain of high net worth accredited investors, ordinary investors have been able to dabble in the once exclusive strategies via alternative mutual funds. These funds, which feature such strategies as long short equity and relative value, aim to deliver benchmark beating returns while minimizing volatility.
[00:30:45] Speaker B: Here's the next story from Forbes.
[00:30:49] Speaker A: The headline, Michael Lewis's going infinite, may change your mind about SBF. In a recent Family Guy episode, Meg Griffin is told by her psychiatrist that he only accepts crypto as payment. Meg's virtual wallet is populated by bitcoin, doge, ethereum, and other famous names, only for their shrink to change his mind by the second, about which crypto concept he'll accept from his patient. It probably insults readers to translate the scene, but the implied point was that if you're unhappy with the price of your crypto coin, just wait half a second and it will change drastically. Cryptocurrencies are the picture definition of volatile, thus rendering them highly risky for producers to accept in return for goods, services, or labor rendered. Put more bluntly, the most prominent names in the crypto space at the moment are junk as money.
We're grateful for your attentive viewership of the John Lothian News Daily Update. Please consider spreading the word about our podcast among your friends.
Moreover, if you haven't done so already, we would greatly appreciate if you could spare a moment to leave a review on Apple Podcasts or whatever platform on which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't subscribed to the Daily John Lo the newsletter email yet, you can enjoy a complimentary 90 day trial by visiting johnlowthiannews.com trial. Thank you for your valued support. Have a great day and stay safe and treat people the same way you want to be treated, with respect, equality, and justice. This has been John low the goodbye.
