Episode Transcript
[00:00:06] Welcome to the John Lothian News daily update podcast for May 13, 2023. I am your host, John Lothian. This podcast is brought to you by John Lothian News, the home of Marketswickie and Marketswicky Education. Thank you for joining us. Here are the hits and takes comments from today's JLN at the request of Incubec's chairman, Neil Eckert, JLN has removed the video we conducted with him that was part of the history of environmental trading from the johnlothianews.com website. The interview, part of a historical series, was conducted in 2022 but not edited until 2023, not published until last week. After initially publishing the video on Thursday, I re edited the video on Friday night to remove some of the dated material from it that was not directly related to the purpose of the historical series. However, we were asked to remove the video and we did. We had initially reported that the video was shot in 2023. However, that was when we edited it. We apologize for the error. All our social media posts related to this video have also been deleted. The annual meeting of the CME group covered several key agenda items, including voting on official proposals, general business updates, and a Q and a session. Shareholders of record as of March 11, 2024, were eligible to vote with materials available from March 18. It was noted that a quorum was present for all proposals except the election of class B directors, leading to existing directors continuing under Delaware law until the 2024 meeting. The 2025 meeting during the meeting, shareholders were encouraged to vote if they hadn't already, with the polls closing after proposal presentations, the proposals discussed included the election of 17 equity directors, ratifications of Ernst and young LLP as the public accounting firm for 2024, and an advisory vote on executive compensation, all recommended for approval by the board of directors. A notable moment occurred during the Q and a session when a shareholder questioned the board's discretion in accepting or rejecting the resignation of an unelected director, highlighting the concerns about the potential undermining of shareholder voting rights. In response, the board emphasized their commitment to respecting shareholder feedback and making adjustments based on the votes received, particularly regarding executive compensation policies. This indicates the board intention to be responsive and accountable to shareholder input, ensuring that their governance policies align with shareholder interests. The discussion concluded with a brief acknowledgement of litigation matters related to the Langer versus CME group lawsuit. CME Group chairman and CEO Terrence Duffy expressed confidence in the suit's legal standing and chose not to comment further due to the the ongoing nature of the lawsuits. However, he did say, I think a lot of us who've been around here a long time understand what the charges are and what the validity of those charges are. We feel in a very strong position right now. We're not accruing anything as it relates to this. In answer to an audible question that, according to one source, was about a large dollar fund related to this lawsuit, he said, not only is that not true, it's one of the great falsehoods I've ever heard in my entire life. The Commodity Futures Trading Commission CFTC Friday proposed new rules that would prohibit event contracts involving political contests, award shows, sports events and other gaming activities from being listed or cleared by the CFTC registered entities. The proposal categorizes such event contracts related to gaming, war, terrorism, assassination and unlawful activities as contrary to public interest under the Commodity Exchange act. It provides a detailed definition of gaming that includes staking value on outcomes of political contests, awards, competitions, athletic events, or related occurrences. The move comes amid an increase in the number and variety of event contracts listed by exchanges, as well as new applications from entities seeking to list such contracts. The CFTC aims to maintain public confidence in the integrity of regulated derivatives markets through these proposed restrictions. Meanwhile, last week, Cauchy self certified event contracts for such burning issues as will LeBron James be drafted? Will a bill taxing or banning hedge funds from owning single family homes become law before date? Will movie have the highest rotten Tomatoes score in period? Will Tom Brady play in the NFL again before date? Will coach be the next coach of team? And will Beyonce's next album appear on the Billboard chart? Also, Nadex listed event contracts on Hedera Hashgraph cryptocurrency Touch bracket variable payout contracts Hedera Hashgraph cryptocurrency event contracts Patrick Young's May 7 episode of IPO vid episode 142 is with Brian Hinman, CEO of Blue Ocean, titled Blue a new Market Tide, Amazon sent me an email that has never been more true. It said, we found something you might like.
[00:06:31] Intern management by Robert Quarry with John Selby our most read stories from our previous edition of JLN Options were CBO Global Markets and Metorious Advisors LLC announced plans to launch three new innovative equity indices from CBO Tradeier Options Summit from Tradeier and CME Group announces preliminary results from its 2024 annual meeting of shareholders from the CME Group subscribe to the free JLN Options newsletter with a link in today's newsletter.
[00:07:10] Here are more stories from the first read section of today's JLN. Here's a video from our FIA Boca coverage FIA conference Greg Schweh of Exxoni discusses data synchronization and resiliency in capital markets at the FIA. International Futures conference in Boca Raton, Florida, in March. Greg Schve, CEO of Exxoni, shed light on the companys data synchronization platform and its role in addressing data inconsistencies and enhancing resilience in capital markets. Watch this video on johnlothiannews.com heres another video Derek Haworth of born tech emphasizes data integrity and operational resilience at FIA conference in an interview with John Lothian news at the FIA. International Futures conference in Boca Raton, Florida, Derek Hayworth, the founder and CFO of Bourne Tech, underscored the importance of of data integrity and operational resilience for firms in the futures industry. Watch this video on johnlothiannews.com. Here's another story this is from Reuters. The headline billionaire quant investing pioneer and philanthropist James Simons dies at 86 billionaire investor James Simons, the mathematician and Cold War code breaker who founded one of the world's most prominent and profitable hedge funds, Renaissance Technologies, has died at 86. His foundation, set on Friday, the Simons foundation, did not give a cause of death 60 years ago, Simons, who preferred to be known as Jim, shifted course from teaching mathematics and working in us intelligence to investing. His pioneering use of computer signals for trading decisions earned him the nickname Quantking. My comment who will be the new quent king? Will this be another version of the Game of Thrones? Here's another story, this one from MarketWatch. The headline roaring Kitty is back and Gamestock is rallying company still is struggling to make money. Roaring Kitty is back. Keith Gill, whose bullish analysis of the video game retailer GameStop on Reddit during the pandemic created a national phenomena, made his first social media post on the x service in three years in a cryptic post meant to show he was paying attention. My God, it's him. He's really back, said one user on Reddit. Reddit's GameStop message board to give a hedge fund bitch a heart attack to make a million apes insomniac. It's the guy who's not a cat.
[00:10:05] My comment if you wonder where Keith Gill has been for three years, he was.
[00:10:11] And there's a link in today's newsletter that shows you exactly where. Here are the top three stories from Friday's JLN. Our top story Friday was the smartest. People in the room are all listening to the same podcast, subtitled how did acquired become the business world's favorite show second was the notice for the Traders Options summit navigating volatile markets, a free virtual event to take place on May 22 at 10:00 a.m. Eastern time. Third was how to find out if a woman is a psychopath. There's one obvious tell, experts say from the New York Post. Here are the top three stories from the lead section of today's JLN. The first story is from the Financial Times. The headline wave of us shale companies accused of collusion over oil price wave of class action lawsuits come after regulators claim the industry conspired to curb production the US shale oil industry faces a barrage of lawsuits alleging some of the largest companies in the sector colluded to curb output and raise prices after similar claims were made by us antitrust regulators. ExxonMobil, Occidental Petroleum, and Diamondback Energy are among the companies named in at least ten class actions alleging they conspired to coordinate and constrain shale oil production, which had the effect of raising us petrol prices. Here's another story from the Financial Times. The headline China and ESG ETF closures soar in face of political backlash. Calls have been enacted despite surging enthusiasm for ETF's generally with 58 successive months of global net inflows, more us listed China focused exchange traded funds have closed down since the start of the year than in any other previous full year. As investors continue to fight shy of the world's second largest economy. Liquidations of ETF's investing on the basis of environmental, social, and governance factors are also on track to smash through prior records, both in the US and globally, amid a backlash against the concept.
[00:12:49] Here's another story, this one from the Wall Street Journal. The headline cyber threats rise along with scrutiny of how companies handle hacks. Nine out of ten compliance professionals surveyed by the Wall Street Journal said their cyber risks increased cybersecurity threats increased for businesses over the past year, according to the Wall Street Journal Survey of compliance professionals. Nine out of ten companies said cybersecurity risks rose, with nearly half saying the risk shot up substantially. Almost all midsize companies, those with between 50 million and $1 billion in revenue, said they felt cyber threats had increased. The Wall Street Journal surveyed around 300 compliance professionals between February 13 and March 11. More than three quarters were based in the US and about in Canada. Around 36% of respondents worked in the financial services sector, while around 13% worked in professional and business services and around 9% in the technology sector. For additional details about the surveys methodology, please scroll to the end of this article.
[00:14:07] We're grateful for your attentive listening to the John Lodin Daily update. Please spread the word about our podcasts among your friends. We would greatly appreciate it if you could spare a moment to leave a review on Apple Podcasts or whatever platform upon which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you havent subscribed to the daily Johnlovian newsletter, email yet, you can enjoy a complimentary 90 day trial by visiting johnlothianews.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.
