[00:00:00] Foreign welcome to the John Lothian News Daily Update podcast for April 1, 2025. I am your host, John Lothian. If you are not subscribed to the John Lothian Newsletter, you can do
[email protected] follow us on marketswiki.com, linkedIn, Facebook, Instagram, Instagram and Bluesky. Let's dive in. Here are the hits and takes cabinets from today's JLN the Impact Project is making an effort to educate the public about the impact of the cuts to the federal budget and workforce with a tool called the Impact Map. The Impact Project aims to provide objective, transparent and open source data on how government decisions affect communities, offering user friendly tools that allow policymakers, journalists and the public to track and understand complex changes while acknowledging the perception of partnership in tracking government actions. The project strives to present data clearly and transparently with visibility into its sources, enabling individuals to draw their own conclusions. Operated by American for Public Service, a fiscally sponsored project of the of the Global Impact Social Welfare Fund, an initiative is led by experts in academia, law, government and policy, and plans to expand its focus beyond federal decisions over time. The Impact Map is an interactive tool displaying federal policy, funding and workforce changes across the United States. Users can explore individual events represented by dots, view regional data by hovering over areas, access detailed state dashboards, and apply filters for specific sectors or actions. The map includes features like zooming, toggling testimonials and distinguishing between state and local impacts. Data is obtained from various governmental and non governmental sources with a focus on accuracy and transparency. The project details its methodology and sources on a dedicated page, collects data from sources using standardized methods, and includes testimonials without editing to maintain authenticity. The map provides key definitions for terms used such as prohibitionary, employees and funding frozen, paused, cancelled to help users understand the information presented. While efforts are made to verify information, the data is provided as is Due to its evolving nature, the SEC has dropped its case against Cumberland DRW llc, a unit of drw, for operating as an unregistered cryptocurrency dealer, Crane Chicago Business reported Lawyers for the SEC in Cumberland had notified the court that the case was to be dropped back on March 18, but it was not official until the SEC commissioner signed off on it.
[00:03:25] The most recent episode of Inside the Ice House took a look at the life of the late Art Cashin. The description of the episode, titled Inside The Ice House Episode464 Remembering the Life and NYSE Legacy of Arthur Cashin, says few eyes have witnessed as much of the life of the New York Stock Exchange as those of Art Cashin, who first purchased a seat on the exchange in 1964. Despite all that changed around him at the NYSE during his tenure, you could always count on his wit and insights, as well as his ability to lead the trading floor every Christmas season and the singing of Wait Till the Sun Shines Nelly to remember Art friends and colleagues Jay Woods, Bob Pisani, James Rutledge and Neil Catania go inside the Ice House to uncover the moments that defined Art's career, the lessons he taught without ever giving a lecture, and the indelible mark he's left on the culture of Wall street and beyond. The FT has a story about the opening of NYSE Texas yesterday and the first listing Trump Media and Technology Group. The story about the rebranded NYSE Chicago or Chicago Stock Exchange is by a reporter name George Steer, writing from New York. I want to know if the FT editor who assigned this story to George did so because of his beat or because of his bovine oriented surname. If so, nicely done. TMX Group announced TMX Group COO J. Rajarathinum has decided to leave the company effective June 30, 2025. Here are the headlines from in front of FOW's paywall from some recent stories BIS launches latest triennial over the Counter Survey analysis Mayex Sapphire volumes healthy on Ion as Ion commits to Mayex Futures Analysis commissions Von der Leyen to push back against U.S. tariffs and European regulators warn of Macro Cyber risks NYSE is looking for a Director of Communications. You can see the job description on LinkedIn with the link in today's newsletter. I found an error in our write up on the SILA video we published for our Industry Leader video series. We mentioned that Sila has 80 customers around the globe, but the story said they were in three countries. That should have read 30 countries. Our apologies times 10 for the error. The third part of the Opening bell, a movie script by Daniel Sullivan is out on the auditions page of johnlothiannews.com we are going to offer you summaries here in hits and takes and leave the script on our website. Here is a summary of the segment. Jack's eyes lit up with either alcohol induced excitement or pride for his daughter seemingly looking into the future. The scene shifts abruptly to Mickey Farrell, a determined and passionate 40 year old standing out on the chaotic floor of the Chicago Board Options Exchange. Amid the frenzy of traders, she confidently navigates the crowd trading like a seasoned professional, though she faces constant challenges. Mickey's young clerk Bobby, distracted by hunger struggles to keep up with her pace. He shoves a cheesesteak into his pocket as he scrambles to execute her order. But in the chaos, he loses track of the ticket Mickey gave him. After a chaotic series of events, the ticket gets stuck to a sandwich and ends up discarded under another clerk's shoes, symbolizing the mess and high stakes of the trading floor.
[00:07:36] Our most read stories from our previous edition of JLN Options Huge options position just adds more fuel to S&P 500 volatility from Bloomberg Wall Street's fear index is surging. A storm may be coming from Barron's, and my 2025 market prediction has already soured. Why it's time to rethink stock from Barron's. Subscribe to the free JLN Options newsletter with the link in today's jln. Here are more stories from the First Read section of today's jln. Here's a sponsored content entry from our friends at Vermiculous Veritrade the trading system built for leading marketplaces Vermiculous Trading System Veritrade is the result of decades of experience from a team that has built and delivered cutting edge solutions for the world's largest exchanges. The system is the most advanced on the market today, built to adapt to rapid changes in the trading industry and designed for those who want to stay ahead of the competition at a lower cost. Veritrade is designed to handle all asset classes with high availability, meeting the demands of the modern trading world. Engineered for ultra low latency, deterministic order matching and seamless scalability, it's built to keep you ahead of the curve. Whether implemented on premises or in the cloud, Veritrade offers unmatched flexibility with real time risk management and seamless integration with existing orders. Built on a microservices architecture with a dual zone design, Veritrade enables continuous innovation while ensuring the high reliability that modern trading demands. With 24. 7 support for effortless upgrades, the system is designed to evolve with the future of the markets across all asset classes and is delivered on time and on budget. To learn more, click on a link in today's newsletter.
[00:09:45] We have a video from our industry video series. The headline Market Volatility Drives Surge in Collateral Management Cloud Margin executive says Increased market volatility has led to a significant uptick in collateral movements and margin calls, according to Stuart Connolly, an executive at Cloud Margin, a collateral management solutions provider. You can watch this video on johnlothiannews.com Here's a story from Bloomberg. The headline America Cannot Afford to Break Global Investor Trust Even the most powerful nation in the world needs foreign investment. In markets, the most valuable currency is trust. As investors, we learned this simple fact over the years, sometimes the hard way. Trust underlies every number, from earnings reports to macroeconomic data. It represents the key bond between investors and investments. When trust is lost, it takes a long time time to rebuild it.
[00:10:49] The very veins of every American flow with the blood of foreign investment in this nation.
[00:10:57] Here is a story from the Financial Times and Robin Wigglesworth the headline the Death of the Yale Alternative Tales of Investment Returns Last month the national association of College and University Business Officers reported that the average American endowment returned 11.2% last year. Huzzah. Troubles all around. Unfortunately, this is slightly worse than What a passive global 70:30 equity bond portfolio returned in 2024. Okay, well, maybe it was a weird year. Endowments and their ratio asset mix must have done better in the long run, right? Nope. Over the past decade, the $874 billion worth of endowments that report to have averaged annual gains of 6.8% a global 7030 has gained 6.83%. And this is a generous comparison for endowments given their far heavier US Asset mix in a phenomenal decade for almost anything American. Over the past decade, the Norwegian Sovereign wealth Fund has returned 7.3% and now costs just 4 basis points a year in management in the US we no longer go to Yale. Instead we get sent to El Salvador by mistake.
[00:12:28] Here are the top three stories from Monday's JLN Eurex implements organizational changes to drive future growth, a press release from Deutsche Borsch Group. Second was Paul Clement's argument against the executive order targeting the Wilmer Hale law firm from Reason. Third was Tradition Data Taps industry veteran for FX expansion from FoW.
[00:12:57] Here are the top three stories from the lead section of today's JLN. The first story is from the Financial Times. The headline how a $1.4 trillion Trump trade war could unfold Econometric study models global fallout from tariff retaliation, including dramatic rise in US Prices. A trade war triggered by President Donald Trump applying a 25% tariff on all imports could cause a $1.4 trillion hit to the world economy and dramatically drive up U.S. prices, according to a new study modeling the FAU fallout from a Retaliatory spiral. Econometric analysis of a worst case scenario where US Trade partners hit back against Washington shows a Trump inspired tariff war would cause widespread trade disruption, rising prices and falling living standards. Here's another story, this one from Bloomberg. The headline Nasdaq 100's worst quarter in years sealed by AI bubble fears In a quarter marred by tariff uncertainty, US government spending cuts and the threat of recession, it is fears about a bubble brewing in artificial intelligence that have dealt the latest blow to the NASDAQ 100. The tech heavy benchmark posted its worst quarter in nearly three years, down 8.3% after a pair of warnings last week fanned anxieties about a possible pullback in the hundreds of billions of dollars flowing into data center infrastructure. The renewed selling stamped out a nascent rebound and left investors ducking for cover again.
[00:14:49] Here's another story, this one from the New York Times. The headline America has never been wealthier. Here's why it doesn't feel that way. A surge in US wealth has been driven by stock and home values, but the gains are concentrated at the top, leaving others in a sour economic mood. America is more prosperous than ever. US Household net worth reached a new peak at the end of 2024. The unemployment rate has levitated just above record lows for three years. The overall debt that households are carrying compared with the assets they own is also near a record low. But even a land of plenty has its shortcomings, influencing both perceptions and realities of how Americans are doing.
[00:15:39] If you enjoyed this episode, please leave us a review on your preferred listening platform. This podcast is brought to you by John Lothian News, the home of Markets Wiki and Markets Wiki Education. Thank you for joining us. 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 John Lothian.
