Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for March 4, 2024. I'm your host, John Lothian. This podcast is brought to you by John Lothian News, the home of markets wiki and markets wiki Education. Thank you for joining us. Here are the hits and takes comments from today's JLN it is widely known that I am a progressive. From my days promoting electronic trading to my enthusiasm today for the potential impact of AI, it is apparent how did I get that way? You could say I was born that way. Marching fourth today is March 4, my birthday. I continue to look forward how the world is changing, how the risks of the world are morphing and impacting me and you alike, whether that was the influence of reading the book megatrends by John Nesbitt during college or being impacted by a megatrend that cost me my first job out of college. Since then, I have paid attention to the big picture. This newsletter is a direct result of that.
[00:01:15] I also have an appreciation for looking back because despite the disclosure that past performance is not necessarily indicative of future results, I think we can learn a lot from the past. Thus the importance of capturing history in projects like the Open Outcry Traders History project or the path to electronic trading. Today we have a video for the open Outcry Traders history project that bleeds into the path to electronic trading. It is of Sam Gear, the former chief information officer of the Nimex, who got his start on the floor as a 15 year old runner on the Comex. He has a remarkable story that continues through today. Though we ran out of time to tell it all, we continue to ask for your support for our markets wiki education video series, including the open outcry and path to electronic trading through our GoFundMe campaign. The last to contribute to the campaign was Eileen Flaherty, author, lawyer and former CFTC division of Swap dealer and intermediary oversight director. Thank you, Eileen, for your contribution. The good news for bitcoin holders, or holdlers, is that 97% of bitcoin addresses are in the money, according to a coindesk story. The story says that pressure from holders of bitcoin trying to break even will have abated, which suggests it is a bullish sign. As if we needed more bullish signs, the early bird gets the worm or in the case of the options industry conference, the early bird registrations end on March 15. Register with a link in today's newsletter. Wilfred Yu is starting a new position as deputy chief executive officer at Hong Kong Exchanges and Clearing limited HKEX he shared on LinkedIn K Sean Fry is starting a new position as managing director, CFO and COO at outset Global trading, he shared on LinkedIn. Fry has had previous career stops at Merricks Exchange Financial Access LLC, peak Six Investments and ABN Amro Clearing Chicago LLC.
[00:03:41] Isabella Bizone is now a senior communications associate at ICE, having been promoted from associate, she shared on LinkedIn. Catherine Lamb Garcia is starting a new position at Sibo Global Markets as head of north american and european execution consulting and north american business development, she shared on LinkedIn. Caitlin Tucker is starting a new position as vice president of communications at Sivo Global Markets, promoted from senior director of communications, she shared on LinkedIn. Congratulations to Bob Jersey, CEO of Garwood securities LLC, on Garwood, celebrating its 20th anniversary in February.
[00:04:28] Our most read stories from our previous edition of JLN options were options, income and the volatility risk premium from Morningstar, the achilles heel of etFs, promising 100% income yields from Bloomberg and Viewpoint brokers and exchanges ramping up resources for retail traders from the FIA.
[00:04:52] 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.
[00:05:02] Sam Gehr's open outcry history was a path to electronic trading Sam Gear's foray into the futures industry began at the age of 15, when he sought a summer job and was recruited as a runner on the Comex. Initially hesitant to wake up at 07:00 a.m. In the morning and commute from his suburban New Jersey home to New York, he swiftly relented upon learning of the five dollar cash hourly wage. You watch this video on johnlothiannews.com and then here's futures Discovery Episode seven Futures Discovery physical delivery versus cash settlement today we're delving into the fundamental aspect of futures trading, the settlement showdown, physical delivery versus cash settlement. In the dynamic world of futures trading, how contracts are settled is a game changer, influencing strategies and risks alike. Join me, Cortez Draper, as we explore the two primary methods that define this landscape, physical delivery and cash settlement. Watch this video on johnlithiannews.com. Here's a press release from Trading Technologies Trading technologies TT platform wins best listed Derivatives trading Solution at Trading Tech Insight Europe Awards 2024 Trading Technologies International Inc. TT, a global capital markets technology platform provider, has won the award for best listed Derivatives Trading solution for its TT platform at the Trading Tech Insights Award Europe 2024. The awards were announced at the Trading Tech Summit London on Thursday. Trading Tech Insight is a publication of a team group. A team editors worked in collaboration with an advisory board to select the shortlist in each award category, and members of the capital markets community voted to determine the winners. The honor is the third a team group recognition for the TT platform.
[00:07:16] In the past three years, the platform was voted best solution for Futures trading in the Trading Tech Insight USA Awards 2023 and best sell side Execution Management system EMS in the USA Awards in 2022. My comment I also recently heard congratulations are due to Joe Smith for winning the Joe Smith Awards.
[00:07:43] Here's a story from Bloomberg. The headline there are 340,000 fewer accountants and companies are paying the price. The dwindling numbers of cpas is at a crisis level, but starting salaries are still too low to tempt more people into the field.
[00:08:02] Mistakes continued to pile up this earnings season in the wake of Lyfts Inc's market roiling typo Planet Fitness Inc. Mr. Car Wash Inc. And Rivian Automotive Inc. All had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the US securities and Exchange Commission. While it's unclear what exactly led to the mistakes in each of these cases, one major risk factor has reached crisis levels, a shortage of certified public accountants. My comment are you sure these numbers are right? Here are the top three stories from Friday's JLN our top story Friday was Tesla must face race bias, class action by 6000 black us workers from Reuters. Second was the page for Wall Street Green Summit, which takes place at the Cornell Club in New York City in midtown Manhattan on March twelveth and 13th. 3rd was one reason for new bitcoin mania, simply not enough supply from Yahoo finance. Here are the top three stories from the lead section of today's JLN. The first story is from the financial Times. The headline the radical changes coming to the world's biggest bond market. America's regulators say new rules will help maintain the dominance of U. S. Treasuries, but others fear higher costs and lower liquidity. One of Bill Clinton's top advisors memorably said that he would like to be reincarnated as the bond market because you can intimidate everyone. But in recent years, the most powerful fixed income market of all has been scaring its own regulators. The $26.5 trillion US treasury market is the biggest and most liquid in the world, and treasury securities are held by investors and central bankers across the globe. The market is the mechanism by which the Federal Reserve executes monetary policy and through which the US government borrows yields on Treasuries are the risk free rate against which assets around the world are priced. Here's another story, this one from Bloomberg. The headline JPMorgan's aiated cash flow model can cut manual work by 90%. Wall street bank has seen, quote, tremendous, unquote, interest from clients, bank executives says may later charge for current free service. JPMorgan Chase and company helps some of its corporate customers slash manual work by almost 90% with its cash flow management tool that runs on artificial intelligence, bringing the largest us bank one step closer to charging for this service. Quote, we are going to keep investing in this solution because we see that we're starting to really crack this workflow, unquote, said Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, in an interview. Since the launching about a year ago, his firm now has 2500 clients using the product. He said the tool, which allows corporate treasuries to analyze and forecast cash flows, has seen, quote, tremendous interest from its clients who currently use it for free. Wimmer said his firm is considering charging its customers in the future to use the solution, dubbed Cash Flow intelligence.
[00:11:51] Here's another story, this one from the Financial Times. The headline spoofing case might draw back curtain on high speed trading firms. Seven broker dealers, including Citadel securities, face a challenge from cancer vaccine company file under huge if true. A group of Wall street traders maliciously drove down the share price of a Maryland biotech with a promising new brain cancer vaccine in pursuit of the marginal profits to be made by buying the stock cheaply and selling it back to the market. That, at least, was the allegation made by Northwest Biotherapeutics in a suit filed against seven broker dealers, including Virtu and Ken Griffin's Citadel securities in late 2022.
[00:12:41] We're grateful for your attentive listening to the John Lothian news daily update. Please spread the word about our podcast among your friends. We would greatly appreciate it 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 Lothian 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. This podcast has been produced by Andrew Lothian.
