Episode Transcript
[00:00:06] Speaker A: Welcome to the John Lothian News Daily Update podcast for October 31, 2024. I am your host John Lothian.
[00:00:14] Speaker B: This podcast is brought to you by.
[00:00:16] Speaker A: John Lothian News, the home of Markets.
[00:00:18] Speaker B: Wiki and Markets Wiki Education. Thank you for joining us. Here are the hits and takes comments from today's JLN Yesterday, JLN published a video interview we shot for the Path to Electronic Trading video series that got lost in the archives and was never published. It was an important piece that involved someone whose career has spanned from the 1960s computing to today, from paper ticket creation to blockchain. John Rapa, the managing director and CEO of Telefson & Co. LLC filed filled in a lot of blanks for us once we finally put all the pieces together in a cumulative video. The video was actually shot in 2021 and we should have published it earlier. I apologize for not doing so, especially to John, but here is his story. There's a link in today's newsletter the Wall Street Journal has a story this morning about something JLN has been reporting on titled Meet the Wall Street Bigwig who has become Trump's Headhunter in Chief with the sub headline Howard Lutnick, the CEO who rebuilt Cantor Fitzgerald, is finding thousands of potential employees for a new Trump Administration. The story tells how Lutnick, the CEO of Cantor Fitzgerald, is leading efforts to recruit potential staff for a possible second Trump administration. Known for rebuilding his firm after the 911 tragedy that killed 658 of his employees, Lutnick has now aligned with Trump's inner circle, including figures like Elon Musk, to support the campaign and streamline government efficiency if Trump wins. Appointed as co chair of Trump's transition team, Lutnick is assembling shortlists for key government roles focusing on loyalty to Trump's policies. Having raised significant campaign funds for Trump, Lutnick's commitment is also personal as he joins Musk in proposing a Department of Government Efficiency to cut waste from federal budgets. Registration is open for FIA Boca. It is the 50th year of Boca, so it will be one you will not want to miss. Register with Link in today's newsletter Anthony Cradelli, the host of Futures Radio show, has joined NinjaTrader to launch a trader development program and expand its live network, aiming to build a dedicated space for futures traders he shared on various social media channels including LinkedIn. With the rise of new, often underprepared traders entering the market, the program provide essential tools, knowledge and real time insights from top industry figures. Drawing from his own journey from a pit runner to an independent trader. Crudeli is focused on shortening the learning curve for new traders and making NinjaTrader the leading hub for futures trading, education and live market insights. Here are the headlines from in front of fow's Paywall from some recent stories Trade body calls for risk based approach to DORA sub contracting Open Gamma urges focus on U.S. treasury clearing, margin regimes and analysis CME plans for U.S. treasury clearing to complement FICC partnership Our most read stories from our previous edition of JLN options were dollar hedging costs highest since 2022 on election risk from Bloomberg Armady says brace for volatility as markets expect Trump win From Bloomberg CME wins Futures Commission merchant approval sparking backlash 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 a video from JLN mentioned earlier. From Punch Cards to Crypto One Man's Journey through Wall Street's Tech revolution John Rapa never imagined his part time college job would lead to a front row seat for Wall Street's technological transformation. But over five decades he has witnessed the industry's evolution from paper tickets to blockchain, and he's still grappling with how to explain Bitcoin to his grand. You can watch this video on johnlothiannews.com and then here's that story mentioned earlier. The Wall Street Journal Meet the Wall street bigwig who has become Trump's headhunter in chief. Howard Lutnick, the CEO who rebuilt Cantor Fitzgerald, is finding thousands of potential employees for a new Trump administration.
Cantor Fitzgerald Chief Executive Howard Lutnick hired thousands of employees after most of his company's New York staff was killed on September 11, 2001. Now he's in charge of lining up candidates for a similar number of jobs in the event of a second Trump administration. Lutnick, 63 years old, is MAGA's top emissary on Wall Street, a place where some executives have embraced former President Donald Trump's tax policies but are leery of the tone of his rallies. Trump, a longtime friend, appointed Lutnick co chair of his transition team in August. His mandate is to compile short list candidates for jobs ranging from attorney general to deputy solicitor for water resources. My comment, my question is here is Wall street bigwig. Is that a swipe at Lutnick's balding head? Here's another story, this one from Bloomberg. The headline regulatory tweak fuels 70,000 fold jump in Indian penny stock the surge makes Else India's priciest stock in absolute terms. Jump dwarfed some of the biggest single day rallies globally Shares of a little known investment and financial services firm in India soared 70 fold this week in one of the biggest moves globally thanks to a rule tweak by the securities.
[00:07:03] Speaker A: Regulator LSET Investments Ltd. Thinly traded shares jumped 161,023 rupees or $1915 Monday from 3.53 on Friday, dwarfing rallies seen in several penny stocks during the meme stock craze in the US in 2021. The stock has climbed another 54% since then to 248,062.5 rupees on the BSC Limited Stock Exchange. My comment this was not driven by Apple's trying to earn enough to pay its Russian related fines.
Here are the top three stories from Wednesday's our top story Wednesday was analysis CME's clearing broker approval renews focus on US rules from FOW. Second was Yellen says Fraud is Huge Growing Problem in Banking System from Bloomberg and third was CME Wins Future Commission Merchant Approval, sparking Backlash from Bloomberg. Here are the top three stories from the Lead section of today's jln.
The first story is from Bloomberg. The headline Polymarket's Influence on Wall Street's Election Game Plan Grows Despite Red Flags Crypto Exchange Anchors Election Views Portfolio manager says JP Morgan Assesses Betting sites Odds for Long Short strategy Despite widespread skepticism of how much trust investors should place in the signals being sent by cryptocurrency based prediction markets, Poly Market Wall street is paying close attention to betting on the platform that shows a high chance Donald Trump will win the US Presidential election. While naysayers argue that outsized bets and pro crypto bias can skew the probabilities being presented on the site, some smart money traders and strategists are following polymarket very closely. Vice President Kamala Harris and former President Trump are basically in a dead heat ahead of the November 5 election based on recent polling. Yet wagers on polymarket indicate a 67% probability that Trump will win. Here's another story, this one from Bloomberg Headline Former SBF lieutenant Nishad Singh Avoids jail in FTX Case Former FTX Chief Engineer Nishad Singh avoided prison time over his role in the multibillion dollar fraud at the cryptocurrency exchange. Singh was sentenced by Judge Lewis A. Kaplan in federal court in New York Wednesday after the 29 year old's testimony helped secure a conviction of the ultimate architect of the fraud, FTX founder Sam Bankman Fried. Bankman Fried is serving a 25 year prison term after a jury found him guilty of fraud in late 2023.
There's also a Financial Times version of the story. Here's another piece. This is a press release from the Wormhole Foundation. The headline Flow Traders and Wormhole Foundation Form Strategic Partnership Wormhole foundation, the team supporting the development of Wormhole's decentralized platform, today announced a strategic partnership with Flotraders Ltd. A leading global technology enabled liquidity provider and market maker. As a first step in this partnership, Flow Traders has made a strategic investment in Wormhole and will join its Solver Network aiming to enhance the speed and efficiency of multi chain swaps alongside Flow.
[00:11:15] Speaker B: Traders, Google Cloud and AMD and other infrastructure providers contributing to Wormhole with established.
[00:11:22] Speaker A: Security and hardware acceleration partnerships respectively. Flow Traders will be the first trading firm to join Wormhole's Solver Network, supporting the newly launched Composable Intense product providing enhanced liquidity, speed of execution and cost effective multi chain token swaps to Wormhole's users. We are grateful for your attentive listening.
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