Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for August 20, 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.
[00:00:22] Thank you for joining us. Here are the hits and takes comments from today's GLN the FIA on August 18 released a new paper titled Best Practices for Automated Trading Risk Controls and system safeguards, consolidating over 14 years of work in developing strategies to mitigate risks associated with electronic trading. The paper outlines best practices in areas such as pre trade risk management, exchange volatility control mechanisms, and post trade analysis, aiming at ensuring market safety across various technologies, including emerging ones like artificial intelligence. FIA president and CEO Walt Lucan emphasized that these tools, developed in collaboration with market participants and exchanges, have been effective in limiting market disruptions and continue to evolve alongside trading technologies.
[00:01:31] Josh King, formerly chief communications officer of Ice and head of corporate affairs at NYSE, is starting a new position as managing director and head of corporate affairs at Citadel. He shared on LinkedIn. Josh was the host of the popular and very effective podcast series Inside the Ice House. I was lucky enough to be the subject of episode eleven of Inside the Ice House for Josh when he was first getting started.
[00:02:05] Steve Tucker has become the CEO of Aquabyte, he announced on LinkedIn. Most recently, Tucker was CEO of its learning Europe's largest learning management system. I met Steve when he was at Futures Dynamics, one of the many isvs absorbed by Ion over the years.
[00:02:26] Ann Huser, previously ICE's vice president of event marketing, is now director of global events at Gong. She shared on LinkedIn. James F. Sullivan, junior has joined ABN AMro clearing USA in business development and is working with agricultural hedgers along with ABNS principal Traders group firms.
[00:02:51] Every day when I look at Yahoo finances list of the most actively traded stocks, Nvidia is at the top of the list. It got me thinking about what the record is for the most consecutive days as the most actively traded stock. According to ChetGBT, the longest record belongs to Ford from December 16, 2009 to April 8, 2010, when it traded 80 consecutive days as the most active stock. However, there was no citation for this factoid. It also said that Nvidia has traded as the most actively traded stock for 70 consecutive days and counting, so Ford's record could soon be broken.
[00:03:39] Here are some excerpts from in front of Fow's paywall from some recent stories the FIA has urged caution in the indian regulators plan to overhaul the regional index derivatives market, advocating for a phased approach to mitigate potential unintended consequences amid rapid market growth. Meanwhile, TPICap anticipates that ongoing energy market volatility driven by the global energy transition will support its growth across regions in the energy sector. The ASX has introduced deliverable natural gas futures based in Walumbila, Queensland, adding to a series of new energy products. Additionally, tradition data is updating its european rates modeling service due to increased adoption of risk free rate derivatives. The CME group reported a new open interest record in US treasury features driven by recent volatility, while ABAC's exchange in Singapore prepares for significant growth as it launches new contracts. Finally, ICE's NYSE has launched a new index tracking us based unicorn companies in the private market. Our most read stories from our previous edition of JLN options were how does high frequency trading in the stock market affect liquidity? From University of Edinburgh business school Bitnomial strategic move expanding bitcoin futures with hash rate hedging from John Lothian news and levered trade that blew up in 2008 gets $600 million ETF redo 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 that bitnomial story. It's a video interview I did.
[00:05:54] Bitnomial strategic move expanding bitcoin futures with hash rate hedging bitnomial president Mike Dunn, in an interview with John Lothian News, shared the company's strategic vision and recent developments in the cryptocurrency derivatives market. Founded in 2014, Bitnomial has been at the forefront of creating a futures market for bitcoin, recognizing its potential as a commodity and the need for risk management tools in the volatile cryptocurrency space. You watch this video on johnlothianews.com.
[00:06:31] heres a story from Bloomberg. The gold bars are worth a million dollars for the first time. Jack Whittles from Bloomberg for the first time ever, a gold bar is worth a cool $1 million. The milestone was reached Friday when the precious metal spot price surpassed $2,500 per troy ounce, an all time high. With gold bars typically weighing about 400oz, that would make each one worth more than $1 million. My comment? That is quite the milestone. Next stop, $1 billion. Here's another story, this one from Yahoo Finance. The headline Steve Kerr compares vibe of Harris campaign at DNC to the nineties Chicago Bulls champions, young people, Google Michael Jordan and you can read all about it.
[00:07:30] Golden State warriors head coach Steve Kerr spoke at the Democratic National Convention Monday night at the United center in Chicago, where he won three NBA championships as a point guard for the Chicago Bulls from 1993 through 1998.
[00:07:50] So fun to be back in the United Center. A lot of good stuff has happened in this building, especially in the nineties, Kerr said. Young people Google Michael Jordan and you can read all about it.
[00:08:06] My comment I could not find fault with Steve Kerr's speech last night, especially knowing he would be criticized when he said, I believe leaders must display dignity. I believe that leaders must tell the truth. I believe that leaders must care for and love the people they are leading. It all resonated with me.
[00:08:29] Here are the top three stories from Monday's GLN our top clicked item Monday was obituary for Dennis Murray, an FIA hall of Fame member who passed away on August 17 from Maloney Funeral Home Inc. Second was welcome to the end of the biggest commodity boom, an opinion column from Javier Blass at Bloomberg. Third was part of downtown Montreal is flooded after water pipe breaks. Also from Bloomberg, here are the top three stories from the lead section of todays jail ad. The first story is from Reuters. The headline Moscow Stock Exchange considers legal action against us and UK sanctions the Moscow Stock Exchange is discussing ways to challenge sanctions imposed by the United States and Britain that has led to a halt in exchange trading of dollars and euros and a freeze on traded foreign assets, its lobby group said on Tuesday. The lobby group, investors rights Protection Club set up by the Moscow Exchange, said lawyers briefed members on legal defense strategies to challenge sanctions imposed on the Moeks group.
[00:09:51] Here's another story, this one from Bloomberg. European power prices turn negative as green power output jumps german wind generation set to reach the highest in four months. Negative prices mean there is more power supply than demand.
[00:10:10] Power prices in several european markets fell below zero for Wednesday as wind and solar output is poised to jump and flood the grid with green electricity. Germany's day ahead auction settled below zero for six individual hours on Tuesday, data from Epexpot SE show. Wind generation in the nation is set to average 22.7 gigawatts on Wednesday, the highest in four months, according to Bloomberg models and data from Ensoe.
[00:10:50] Here's the last story, this one from Bloomberg. The headline saudi stock exchange looks to asian investors to boost liquidity asian investors can bring significant amount of activity to saudi focused ETF's launched in China back in July.
[00:11:09] The saudi stock exchange is looking to asian investors to bolster activity in the Middle Easts largest market is well positioned to lure investors from the east and west, with Asia currently a key focus for the Saudi Tadawal Group holding company, according to the firm's chief strategy officer, Lee Hodgkinson. Connecting chinese and saudi investment flows bilaterally not only is good for the exchanges and good for the investors, but is also good for the liquidity of the listed companies, Hodgkinson said in an episode of Tiger, a Bloomberg podcast. You can expect a lot more from us, and we'll work very hard with our chinese counterparts on those relationships.
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