Episode Transcript
[00:00:06] Welcome to the John Lothian News Daily Update podcast for April 30, 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 GLN. The Johnlothiannews.com website is back up, and this newsletter is back to its normal template. Yesterday we published the video of an FIA Boca interview with SGX's pole de win on the site. Once it was back up, we also published our FIA Boca interview with Ice's Treboo Bland, which is included in today's JLN along with Mister de Win. Again today kicks off our coverage of the options conference at the opening reception, the most interesting man in the world, CQGS Pat Kenny, showed up marking his first options conference participation. He will be joined at the conference by his CQG colleague Kevin Darby, who we will be interviewing later today for the OIC version of the JLN Industry Leader video series. We now have 18 interviews scheduled over the two days of the conference. The trade reporter Wesley Bray, marking the 20th anniversary of the trade, reflected on two decades of financial regulation, emphasizing the profound impact these regulations have had on global financial markets, particularly post 2008 financial crisis. He details key legislations like the Dodd Frank act, which introduced significant reforms to increase transparency and oversight in financial institutions.
[00:01:58] Basel III, another pivotal regulation, enhanced banking stability with increased capital requirements and introduced liquidity measures. MiFID and its successor MiFID, two aimed at harmonizing european financial markets increased market transparency and investor protection. Emir targeted derivatives markets mandating central clearing to reduce systemic risks. These regulations, among others, reshape financial markets, aiming to bolster stability and confidence, though often at the cost of increased operational complexities and ongoing debates about the balance between regulatory burdens and market efficiencies. Brays review of these regulations is a good primer on the 20 most impactful regulations.
[00:02:49] In a video from the Wall Street Journal today titled the man in charge of the world's most important bond market, Josh Frost is spotlighted as the US Treasury's key figure in monitoring financial markets. The Wall Street Journal's lead markets writer, Gundjin Banjari, dives into how Frost's previously understated role has suddenly captured the attention of Wall Street. ICE shared on LinkedIn that its newly listed EUA mini futures, designed to support the shipping industry and managing emissions price risk, saw the first trades taking place with abatement capital Bellictron Doo Clarkson's Nova Marine carriers SA virtus environmental finance and vital women in financial markets, or WIFM, announced the newest addition to its board of directors. Marta Polzuk, managing director, us fixed income Wellington management CME members it is one more week until the annual CME board election, so make sure you vote your B shares.
[00:04:10] Our most read stories from our previous edition of JLN options were Jane street is big, like really, really big. From the Financial Times, Indian Bors share tank as $20 million sought in option fees from Bloomberg and microstrategy sailor reaps a stock windfall during bitcoins record Ron from Bloomberg subscribe to the free JLN Options newsletter with a link in today's JLN.
[00:04:40] Here's our video from FIA. Boca with ICe's Trebu bland Ice senior vice president Trey Boo Bland discusses global market shifts and new future strategies at FIA. There's a renewed focus on pricing carbon and hedging environmental risks, said Tres Boo Bland, senior vice president of futures exchanges at Intercontinental Exchange, during an interview with John Lothian. News at the FIA International Futures Industry Conference in Boca Raton, Florida, in March, he was featured as part of the JLN industry Leader video series sponsored by Wedbush. Watch this video on johnlothiannews.com. Then heres our interview with SGXS Pole to win SGX simplifies access to asian markets, launches new futures amid growing us and european interests the theme for SGX at this year's FIA. Boca conference was Asia simplified. Pole to win, SGX's senior managing director of global sales and origination, said the group is providing access to markets that are not easily accessible in a simplified and trusted manner and in us dollars. He was interviewed by John Lodia News, at the FIA International Futures conference in Boca Raton, Florida, in March for the JLN industry leader video series sponsored by Wedbush. Watch this video on johnlovianews.com. Here's a story from Bloomberg. The headline fearless girl lawsuit by State street settles on eve of trial, banks sued artists, claiming contract and trademark violations. Bronze figure became symbol of gender equality on Wall Street. State Street Corp. And the artist it commissioned to create Wall Street's fearless girl sculpture have settled a 2019 lawsuit. On the eve of trial, the bank, which commissioned the artwork, was set to square off against the sculptor Kristen Visbol in a trial starting Monday in lower Manhattan over replicas she sold that it claimed violated rights agreements between them. The two sides offered no details of the settlement in a court filing over the weekend. In its suit, filed two years after the bronze suddenly appeared in 2017, across from the financial districts landmark charging bull State street alleged breach of contract and trademark infringement against Visboul, who denied the allegations and filed claims of her own. The suit thrust the piece back into the spotlight after the bank installed it just before International Women's Day in March 2017. My comment success has many fathers here are the top three stories from Monday's JLN our top Click story Monday was rooting for Trump to fail has made his stock shorters millions from AP via Yahoo Finance. Second was futures exchanges are for traders, an opinion piece from Bloomberg's Matt Levine. Third was for the second time in the top 330 unique gifts for the mom who doesn't want anything. Here are the top three stories from the lead section of today's JLN. The first is a press release from TMX Group Limited. TMX Group and Clearstream process first live tri party transactions on Canadian collateral management service BMO, CIPC, RBC, Scotiabank and TC participated in. First live transactions marks the first domestic tri party repo capability within the canadian market. TMX Group Limited, or TMX Group, which operates Toronto Stock Exchange and key canadian post trade infrastructure, including the Canadian Depository for securities or CDs, and Clearstream banking SA. Clearstream, the international central securities Depository of Deutsche Borsa Group, today launched the new Canadian Collateral management service developed by TMX Group and Clearstream facilitates the optimization and collateralization of securities finance activities throughout the canadian market and provides exclusive domestic tri party repo capabilities to increase liquidity and minimize exposure risk. Here's another story, this one from the Financial Times. The headline Hong Kong joins global crypto ETF race rollout of spot bitcoin and ether exchange traded funds follows launch of similar products in US Hong Kong's first spot cryptocurrency exchange traded funds starting trading on Tuesday as the asian financial hub takes on the US in the race to dominate the growing market. The rollout follows the launch of similar products in the US by groups including BlackRock and Fidelity Investments in January, which have drawn billions of dollars of investment and helped push the price of bitcoin to a record high of more than $73,000 in March. Here's another story, this one from the Wall Street Journal. The headline HSBC's CEO steps down after more than four years, Noel Quinn steered the banking heavyweight through a tumultuous period and sharpened its focus on Asia. HSBC chief executive Noel Quinn unexpectedly said he would retire, leaving one of the world's largest banks without a clear successor as it navigates geopolitical tensions between the west and China. Quinn told HSBC's board earlier this month. He planned to leave after more than four years as CEO and decades with the bank. He said he wanted to devote more time to his personal life. He will remain in post until the board designates a successor. 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