Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for May 9, 2024. I am 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 on May 16, 2024, the Federal Bar Association's Chicago chapter will convene at DLA Piper's downtown offices for a pivotal seminar titled Hot Topics and current trends in federal criminal law this afternoon. Event, scheduled from 01:00 p.m. To 04:30 p.m. Promises an in depth exploration of insider trading and public corruption within the Northern District of Illinois. The program will feature two expert panels. The insider trading panel will include Clifford C. Heystead, partner at KNL Gates LLP Carly A. Chakran, associate at Taft, Stetnis and Hollister LLP Daniel J. Hayes, partner at Venable LLP Allison Passman, chief trial attorney at the US Commodity Futures Trading Commission and Jason Nyanin, chief of the US securities and Commodities Section. US Attorney's Office Northern District of Illinois the public corruption panel will host Nancy de Podesta, partner and co chair of the white collar and government enforcement practice at Saul Ewing LLP the honorable Danish S. Shawn, district Court judge for the Northern District of Illinois John C. Kocharis, partner at Skaden, Arps, Slat, meager and flam LLP Gabriel R. Sansonetti, partner at Linenweber, Taffeta and Sansonetti LLC and Todd S. Pugh, managing partner at Breen and Pugh. The highlight of the seminar will be an interview with the Honorable Morris O. Pascal, junior acting us attorney for the Northern District of Illinois, conducted by Sergio E. Acosta, partner and co chair of the White Collar and government investigations practice at Ackerman LLP.
[00:02:45] Participants will have the opportunity to earn 3 hours of CLE credits pending approval, and the event will coincide with will conclude with a cocktail reception that allows for networking among attendees. Register with the link in today's newsletter.
[00:03:05] In its latest trading update, Miami International Holdings, Inc.
[00:03:12] Revealed significant growth across its exchange platforms, with record breaking volumes reported for April 2024. The Myx Exchange Group encompasses seeing Myx, Myx Pearl and Myx Emerald. Exchanges saw its multi listed options volume soar to 142.8 million contracts for the month, marking a 26.5% increase from the previous year and a cumulative year to date increase to 565.6 million contracts. Notably, Myx options experienced a 30% jump in monthly volume, reaching 57.4 million contracts and contracts. Myx Pearl options, despite a 7.4% rise in monthly volume, faced a decrease in both market share and year to date volume. Mayx Emerald options, however, reported a significant 59.4% rise in monthly volume to 35.5 million contracts. Additionally, Myx Pearl equities saw a 67.5% increase in monthly volume to 5.1 billion shares, underscoring a robust performance in us equities trading. On the futures front, the Minneapolis grain exchange registered a 41.5% year over year increase in volume, totaling 339,956 contracts, with a substantial 98.4% increase from March 2024.
[00:04:56] On May 29, 2024, CFTC Commissioner Carolyn D. Pham is scheduled to participate in the Hellenic Capital Market Commission public conference during the IOsCO annual meeting in Athens, Greece. She will speak on a panel entitled Digital Fintech and Crypto assets, supervision challenges and experiences, including issues relating to sustainability. The discussion will take place at the Royal Olympic Athens, focusing on the regulatory hurdles and experiences associated with overseeing digital finance and cryptocurrencies, with a particular emphasis on sustainability issues in this rapidly evolving sector. The panel is set to begin at 03:45 p.m. Local time in Athens. That's 08:45 a.m. Eastern daylight time. Jack Rodriguez, the son of industry veteran and Eagle Scout Chris Rodriguez, is asking for financial support for his Eagle project in Fairhaven, New Jersey. The project, as you can see from the picture below, is to construct a bike repair station with tools, a bike lift and air pump to be placed in Fairhaven Fields, a 77 acre area acquired with the assistance of HUD in 1975 that includes 37 acres of tennis courts and ball fields. The mostly wooded 40 acres of the Haven Fields natural area on the eastern side has been set aside as a natural park with trails and a pond. If you would like to support Jack's Eagle project, there are three ways you can zell him the funds venmo him or mail him a check. His email for Zelle is jackdrod 99 mail.com.
[00:06:58] His Venmo address isaglejack 125. The last four digits for Venmo are 6804. There's also a QR code for Venmo on the image in today's newsletter. Contact Jack at his email for his mailing address.
[00:07:20] The Wall Street Journal reports a Montana cattle ranch in Meager county owned by the Doggett family for over a century, was recently sold to Steve Rooney for over $50 million. The ranch spans about 30,000 acres and was listed for 58.75 million less than a year ago. Rooney, who has a background in the oil and gas pipeline industry and is from Chippewa Falls, Wisconsin, intends to maintain the ranch's cattle operation. He plans to raise Angus bulls and send some of the 1800 cattle to his son's meat processing plant in Wisconsin. Additionally, Rooney aims to build a new house on the property for his family.
[00:08:10] The May 2024 edition of the World Federation of Exchanges focus includes several notable articles. Cesar Sanchez discusses the pivotal role of capital markets in funding the global shift towards renewable energy. Following ambitious goals set at COP 28, Elizabeth Coleman introduces the evolving concept of employee consumers, highlighting changes in the employee employer relationship driven by personal values. Pedro Guerrilla Perez presents a novel measure of pro cyclicality in financial markets that offers a unique perspective on risk management. Monique Bell reports on the current state and future prospects of Australia's carbon markets from a recent industry forum. Additionally, an annual report on fixed income index products reveals the impact of global events on financial markets in 2023. Finally, Ptools announces the launch of the Lei Lex affiliate initiative with LSEG aimed at enhancing global exchange information efficiency.
[00:09:29] Our most read stories from our previous edition of JLN options were how a niche fund became the biggest active ETF from Barron's equity index derivatives, introduction of futures contracts on FTSE all World index from eurex, and the real reason why Wall Street's fear gauge seems low right now. From MarketWatch 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 our video. Pan Exchange founder Julie Lerner never gave up trying to deliver a commodity benchmark product. Julie Lerner, the creator and CEO of Pan Exchange Inc. Was forced to shut down the US commodities platform in December 2023 after she was unable to secure the seven figure balance expected from the funder. Lerner spoke with John Lothian about the inspiration for pan exchange and her struggles and successes launching several different commodity benchmark products, including sugar, hemp, frac, sand and carbon credits. You can watch this video on johnlothiannews.com. Here's a story from New York magazine. The headline the package king of Miami, Matthew Burgwall was a gifted coder who could have gotten a job at any tech company. He decided to go in another direction. It was the summer of 2023, and Matt Bergwall, a skinny 21 year old University of Miami student, was lounging in an infinity pool in Dubai. Beside him was his girlfriend, a blonde Zeta tau Alpha. The silver cuban link chain on his wrist glistened as he held his phone high to snap a selfie. The city's artificial palm shaped island splayed out along the horizon beneath him. Over the next few days, they swam in the pool and posed on their hotel balcony, posting a steady stream of pictures to Instagram. In one, he leans back on the edge of the pool, finger to the sky. Eventful finals week, he captioned it. My comment what was wrong with Matt Bergwa? A lack of values, I would say he was not even trustworthy to the criminal element he was serving. Despite being very bright, he was lacking in common sense. Here's another story of this one from the Wall Street Journal. The headline binance pledged to thwart suspicious trading until it involved a Lamborghini loving high roller. Former company insider say the firing of an internal investigator showed the crypto exchange neglected evidence of market manipulation.
[00:12:33] When the US accused Binance last week of maximizing profits over protecting users, the company promised unceasing efforts to deliver a safe and trusted platform. This was put to the test soon after when an internal investigation found a top client, a firm run by a Lamborghini loving crypto trader, was manipulating markets. The result? Binance kept the client and fired its investigator. My comment that X x won't fly here are the top three stories from Wednesday's our top story Wednesday was FTX customers poised to recover all funds lost in collapse from the New York Times. Second was pandemic era winners suffer $1.5 trillion fall in market value from the Financial Times and third was the notice from the SEC of the 11th annual Conference on Financial Market Regulation, which takes place today, May 9, and tomorrow, May 10, starting at 12:30 p.m. Eastern time. 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 more regulators eye Whistleblower award programs hoping for insider tips programs to award whistleblowers who provide tips that lead to enforcement actions are gaining momentum both in US and abroad. More than a decade after a global financial crisis and the Bertie Madoff Ponzi scheme led to the establishment of two whistleblower award programs in the US, more us regulators and other agencies worldwide are seeing the benefits of paying individuals for helpful information, signaling a change in momentum on the debate. Regulations both inside and outside of the US in recent years have adopted or are looking to establish their own cash for Tips programs as existing ones in the US become a mainstream part of enforcement efforts.
[00:14:52] The next story is from Bloomberg. The headline US Justice Department steps up focus on competition in AI enforcers plan plan workshop with industry May 30 at Stanford antitrust agencies scrutinizing big tech investments in AI the Justice Department is stepping up its focus on competition in the artificial intelligence industry, top officials say, as big tech companies invest billions of dollars to gain an edge in the new technology. The DOJ is convening a workshop Stanford University on May 30, bringing together industry leaders, researchers and government officials, Susan Athey, chief economist in the DoJs antitrust division, said at a Bloomberg roundtable on Wednesday.
[00:15:46] Heres a final story, this one from the Wall Street Journal. The headline risk professionals take on emergent AI, climate change and global conflict. Experts discuss the advice they are giving in a deteriorating risk landscape generative artificial intelligence geopolitical tension punishing climate events in the list of headaches for business, risk managers can seem to be in a perpetual state of growth. Experts see a deteriorating risk landscape, with most reporting a negative outlook that is expected to worsen over the next decade, according to the World Economic Forums Global Risks Report 2024. The problems, though vexing, arent intractable. About 10,000 risk managers and experts met this week in San Diego for the annual Risk World Conference put on by trade association rims to discuss the industry's most pressing issues. The Wall Street Journal's risk and compliance journal caught up with some top experts to learn what they are advising businesses. Some responses have been edited for clarity.
[00:17:07] 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'd 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 haven't subscribed to the Daily John Lothian newsletter, email you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. 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.
