[00:00:06] Welcome to the John Lothian News Daily Update Podcast for December 7, 2023. I am your host, John Lothian. In this podcast, we provide an overview of the content featured in today's John Lothian newsletter. We'll cover insights from the hits and takes section, share stories from the first read section, highlight the top three stories from the previous editions of both JLN and JLN options, and delve into the first four stories featured in the lead section of today's JLN. This podcast is brought to you by John Lothian News the proud home of MarketsWiki and MarketsWiki Education. We invite you to explore our extensive collection of trading history videos on the Marketswickie Education
[email protected]. This includes the Open Outcry Traders History Project and the path to electronic trading video series. Thank you for joining us.
[00:01:01] Here are the hits and takes comments from today's JLN the Uber Connected and respected Sean Smith, formerly of Quantigo, London Stock Exchange Group and CME Group, has joined the Board of Directors of Horizons National Chicago. HNC, an organization focused on educational equity. HNC, an affiliate of Horizons national, offers out of school programs benefiting underserved communities. HNC has a history of helping students make significant gains in reading and math skills. With an average of 8.8 weeks growth in 2023 across 71 national program sites, HN's hands on, project based approach to academics instills a love of learning, bringing science, art, reading, math, field trips, swimming and much more to students in communities where those experience are often not available or not equally accessible. In 2023, HNC launched a partnership with St. Catherine St. Lucie, Horizons St. Catherine St. Lucie, or SCSL, offering educational programs, swim lessons and field trips to around 60 students.
[00:02:27] HNC is raising funds to expand this program and establish more sites in the Chicagoland area. To learn more and or donate, you can click on a link in today's newsletter. ABACS Technologies, Inc. Has received regulatory approval from the Monetary Authority of Singapore MAS for its subsidiaries AVAX Clearing Pte Limited and AVAX Exchange Pte Limited. The approvals include an approved Clearinghouse ACH license and recognized market operator RMO license. These licenses allow AbEX to establish a regulated marketplace for trading futures and options contracts and a clearing facility for centralized clearing and settlement services in global commodities markets. CME Group has officially extended the tenure of CME of Chairman and Chief Executive Officer Terry Duffy until December 31, 2025. The Board approved this contract amendment today. With over 40 years of experience in the futures industry, Duffy, aged 65, has been in his current position since 2016. Before that, he held various leadership roles at the CME, including Executive Chairman and President since 2012, Executive Chairman since 2006 and Chairman since 2002.
[00:04:06] CME Group announced yesterday it is introducing CME FX Spot Plus, a spot FX marketplace that links cash market participants with CME's FX Futures liquidity. This central limit order book platform is expected to enter client testing in the second half of 2024. It offers spot FX participants access to CME FX Futures liquidity in OTC spot terms and provides FX futures markets users with access to OTC FX liquidity through FXLink. The platform can be accessed via the CME Globex network, including existing EBS Market GLobex connectivity, offering seamless access to a unique liquidity pool for global EBS spot FX customers.
[00:05:01] Our most read stories from our previous edition of JLN Options were hedge funds Rev up short Voltrade in Zero Day options from risk net traders brace for fireworks in the smallest stocks from the Wall Street Journal Options Traders are setting their sights on Bitcoin at $50,000 by January. From Bloomberg via Yahoo Finance 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 the story from CBS NewS. The headline Jamie Dimon on cryptocurrency industry quote, I'd close it down.
[00:05:46] JP Morgan Chase CEO Jamie Dimon told lawmakers on Wednesday that he would pull the plug on the cryptocurrency industry if he had the power. Quote, I've always been deeply opposed to crypto, bitcoin, et cetera, unquote, he said in response to a question from Elizabeth from Senator Elizabeth Warren, Democrat of Massachusetts, about the use of cryptocurrencies by terrorists, drug traffickers and rogue nations to finance their activities. Quote, if I was the government, I'd close it down, unquote. Diamond, regarded by many as America's most prominent banker, said bad actors use digital currencies to launder money and dodge taxes, noting that cryptocurrency remains largely unregulated and hard to trace. He has long criticized the emerging crypto sector, once calling it a fraud and likening it to historical financial manias. My comment Jamie Dimon may have just played the get out of serving as treasury secretary card. Here's another story, this one from Bloomberg headline Space Mining's best prospect is VC money, not asteroid gold. Despite entrepreneurs'hope that technical challenges and huge costs mean no one will be retrieving ore from the heavens anytime soon, a small slice of piguum non Ralta sits on Matt Gielich's desk. The metallic ball, roughly the size of a doughnut hole, was discovered in Argentina in 1576 when Spanish colonizers went searching for iron ore and stumbled on the scattered remnants of a 4000 year old media shower.
[00:07:41] Piguum non Walta, the name the indigenous population gave to the asteroid craters, roughly translates to field of heaven.
[00:07:52] Gallich, the 37 year old entrepreneur at the helm of a startup seeking to mine asteroids, keeps the ancient nugget at his office in Pasadena, California, as a reminder of his company's celestial ambitions.
[00:08:12] My comment See the JLN Interview Roosevelt's University students propose futures Market for space for more information about space Mining and space markets, here's a press release from Abax Technologies mentioned earlier Abax granted approved clearinghouse and recognized market operator licenses from Monetary Authority of Singapore Abax Technologies, Inc. A financial software and market infrastructure company. Majority Shareholder of the Abax Commodity Exchange and Clearinghouse Abex Singapore and producer of the Smarter Markets podcast, announces that the Monetary Authority of Singapore MAS has granted an approved Clearinghouse ACH license and recognized market operator RMO license to ABACS. Singapore's fully owned subsidiaries ABACS Clearing Pte Limited, AVAX Clearing and AbAX Exchange Pte Limited AbEx Exchange, respectively. The grant of these licenses is expected to allow AbEX to operate a regulated marketplace that provides a venue for listing and trading futures and options contracts, and a clearing facility that offers centralized clearing and settlement services for global commodities markets. My comment congratulations to Abex. Getting approval for a new clearinghouse is a major achievement. Here are the top three stories from Wednesday's GLN. Our most read item on Wednesday was the latest FCM Financial data report from the CFTC, which includes October 2023 data. Second was the crypto Classic trading challenge from CME Group, which takes place December 11 to 15th and offers exclusive educational resources and cash prizes. Third was the obituary for David Keef, a former CBO team member who passed away on Thanksgiving Day, November 23, 2023. Here are the top four stories from the lead section of today's JLN. The first story is from Bloomberg. The headline Africa's hunger cris deepens as war climate pile on pain More than 280,000,000 in region are going hungry, report says UN agency's World Food Program African Union Call for Action More than 280,000,000 people are going hungry in Africa as fallout from climate change and the war in Ukraine deepened the region's insecurity. QUOTE Africa is facing a food crisis of unprecedented proportions. UnQUOTe the United Nations Food and AgricultUre organization, the World Food Program, the African Union, and the UN Economic Commission for Africa warned in a joint report on Thursday, quote, After a long period of improvement between 2000 and 2010, Hunger has worsened substantially and most of this deterioration occurred between 2019 and 2022, unquote.
[00:11:32] Here's another story from Bloomberg. The headline options trading is rigged against average investors payment for order flow allows brokerages and big traders to team up against the little guy Would you gamble your life savings on a few hands of blackjack? Probably not. But as a former manager of options Trading, I've seen amateur investors, encouraged by posts on Reddit and X of massive, easy overnight wins and offers of zero commission trading online, lose as much of their net worth on risky bets. What bothers me most is that some big trading firms are actually paying brokerages to take the other side of these trades, knowing that they have better information than the small investors and will profit big. These payments are known as payment for order flow. In 2022, large trading firms including Citadel and Susquehanna paid a total of $2.9 billion to brokerages such as TD Ameritrade Corp. And Robinhood Markets Inc. To trade against their customer orders, according to SEC data compiled by Alpha Cushion Research Conservatory. In short, they are paying for the privilege of taking advantage of the unsophisticated investor. Here's another story from Bloomberg. The headline Robinhood launches Commission free crypto trading app in Europe Robinhood Markets Inc. Is launching commission free crypto trading in the European Union a week after making its international debut with stock broking services in the UK. The app, which will go live on Thursday, will allow European investors to buy and sell more than 25 cryptocurrencies, including Bitcoin, ether and Solana's Sol, Robin Hood's crypto general manager Johann Kerbal said in an interview. And then, finally, here's another story from Bloomberg. The headline nascent digital bond market in Japan sees biggest sale to date Hitachi Limited sold Japan's biggest digital corporate bonds in a relatively young market, building on demand for such securities. The five year green bonds, priced on Thursday at a coupon of 00:50 8%, said Amiri Matsuo of Hitashi's treasury division financing Department. Nippon Life Insurance Company said it bought half of the ¥10 billion, or 68 million U. S. Dollar offering. The digital securities were also sold to life insurers, Central public institutions and other corporates, Matsuo said. We appreciate your attentive audience for the John Lothian News Daily Update. Kindly think about sharing our podcast with your friends. Additionally, if you haven't already, we would be grateful if you could take a moment to leave a review on Apple Podcasts. Your reviews aid in introducing our content to new listeners. And if you haven't yet subscribed to the Daily John Lothian newsletter, Email, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your support. Have a great day. Stay safe and treat people the same way you want to be treated, with respect, equality, and just us. This has been. John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
