Episode Transcript
[00:00:00] Um, beep don't welcome to the John Lothian news daily update podcast for February 6, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News. Thank you for joining us. Here are the hits and takes comments from today's JLN in celebration of Black History Month, FIA president and CEO Walt Luken engaged in a meaningful conversation on the market Voice podcast with Jamal Cole, the founder and CEO of my block, my Hood, my City. This inspiring interview sheds light on Cole's personal journey and the admirable mission of his nonprofit organization, which is dedicated to inspiring youth, empowering community, and fostering positive change one block at a time. Over the past decade, Cole has worked tirelessly to remove barriers for young individuals in under resourced Chicago neighborhoods, focusing on enhancing youth programming and promoting educational achievement. You can listen to the full episode with a link in today's newsletter. It's also available on Spotify, Apple Podcasts, and Google podcasts. The CME Group, which bills itself as the world's top derivatives marketplace, reported record breaking January 2024 activity with an overall average daily volume Adv of 25.2 million contracts, marking a 16% increase compared to January 2023. This milestone was driven by soaring interest rate Adv, particularly in the sofa complex, and us treasury futures, which experienced 27% growth. Additionally, the company achieved record January options Adv of 6.1 million contracts, a 26% rise. Various other asset classes including equity index, energy, agricultural, foreign exchange and metals, also recorded double digit Adv growth during the month. Today we published a video I shot back in late December with retired industry analyst Richard Rupetto, who at the time was being honored by the charity Tuesday's children. The video is part of the John Lothian Profiles series, which looks at individuals'careers, given Repeto's career analyzing electronic trading firms, this could easily have fallen into the path to electronic trading. Video series his is a unique perspective as the premier industry analyst examining the electronic trading trend starting in 1999, King Charles has been diagnosed with cancer, the Financial Times reported. This diagnosis comes after he was recently treated for an enlarged prostate. When I was tested for prostate cancer, I underwent a bone scan which looked for cancer across my body. I assume Charles underwent one as well. I was lucky to find my prostate cancer because of other health issues. Likewise, Charles is lucky to have found his cancer due to his prostate treatments. I wish him the best of health with his treatments.
[00:03:33] Here is another example for men to stay in tune with their prostate health, Bloomberg reports. Jack Dorsey's blue sky opens up social network to everyone. While Twitter has continued to decline since Mr. Dorsey launched his news social network, the real winner seems to be LinkedIn, which has seen an explosion of corporate news on its site. I wonder if the moment has passed for Mr. Dorsey and whether the whole concept of decentralization is wrong in the first place. I saw for myself how the Internet became more powerful when its decentralized information bits were centralized.
[00:04:16] The latest new member of the FIA is the Columbia Research Corporation. The Columbia Research Corp. Provides fact finding, due diligence and investigative services to law firms, business trade associations, private equity funds and other clients in the areas of financial fraud, greenwashing, carbon offsets, sustainable finance and cross border environmental issues. Its principal, Daniel Seligman, is an attorney at law and certified fraud examiner and has served as an NFA arbiter. Ted Bragg is starting a new position as head of U. S. Trading at FNZ Group. He previously served as vice president of fixed income at Nasdaq and senior vice president at ICAP, among other roles.
[00:05:06] Our most read stories from our previous edition of JLN options were options trading is going gangbusters the market now has a data superhighway to match from the Wall Street Journal Intercontinental Exchange reports 2024 statistics from Intercontinental Exchange and China tightens some trading restrictions for domestic and offshore investors. 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 our video I mentioned earlier. Rich Rapetto reflects on a research career analyzing electronic trading. John Lothian News recently interviewed the recently retired Piper Sandler managing director Rich Repetto for the John Lothian profiles video series. The interview coincided with Rappetto's recognition by the charity Tuesday's children. Rappetto shared insights from his career journey in the financial industry, which started rather late. Repetto began work on a Wharton MBA at age 36 after graduating from West Point and serving in the US army as a helicopter pilot for five years at Wharton. He took every finance course so he could catch up, he said. You can watch this video on johnlothiannews.com.
[00:06:34] Here's a statement from the CFTC CFTC's statement regarding the passing of former chief of staff Mike Gill the CFTC community is deeply saddened by the sudden passing of former chief of staff Michael Mike Gill.
[00:06:51] Commodity Futures Trading Commission chairman Rostam Benham issued the following statement on behalf of the commission regarding the passing of former chief operating officer and chief of staff Mike Gill. Quote the CFTC community is deeply saddened to hear of the passing of friend and former colleague Mike Gill. With his genuinely affable demeanor and respect for the work of the commission and its people, Mike facilitated a true sense of camaraderie in effectively negotiating some of the most complex issues and seemingly unresolvable conflicts of our time. Mike's ability to connect with agency stakeholders at all levels, ensuring their interests received appropriate attention and consideration within the CFTC and in the larger financial regulatory space, helped fortify his and the agency's reputation as an engaged, thoughtful and forward thinking regulator. Mike demonstrated a passionate pursuit of equity and a commitment to public service throughout his professional career, which he mirrored in his private life as a devoted husband, father and friend. His presence and continued support of our mission and core values will be greatly missed. My comment this statement came out shortly after yesterday's newsletter went out.
[00:08:21] Here's a statement from Sifma published on Monte Vizione Sifma fixed income market close recommendation in the US and UK and Japan for President's Day SifmA has confirmed its previous recommendation for a full market close on Monday, February 19, for the trading of us dollar denominated fixed income securities in the US, the UK and Japan in observance of the US president's Day holiday. This recommendation applies to trading of us dollar denominated government securities, mortgage and asset backed securities, over the counter investment grade and high yield corporate bonds, municipal bonds and secondary money market trading in banker's acceptance, commercial paper, and Yankee and euro certificates of deposit. My comment thank you, Abe and George. Here are the top three stories from Monday's JLN. Our top story Monday was Bloomberg's Reddit picks New York Stock Exchange for IPO in win over Nasdaq. Second was Intercontinental Exchange reports January 2024 Statistics and Ice press release. Third was musk took drugs with some Tesla board members, Wall Street Journal says from Bloomberg here are the top three stories from the lead section of today's JLN. The first is a story from Bloomberg. The headline Wall street snubs China for India in historic markets shift investors are paying close attention to the contrasting trajectories of two of Asia's greatest powers. A momentous shift is underway in global markets as investors pull billions of dollars from China's sputtering economy. Two decades after betting on the country as the world's biggest growth story, much of that cash is now heading for India, with Wall street giants like Goldman Sachs Inc. And Morgan Stanley endorsing the south asian nation as the prime investment destination for the next decade here's a story from the Financial Times. The headline ADm's accounting procedures probed by U. S. Prosecutors Justice Department interviews former staff of agricultural commodities trader amid scrutiny of nutrition business U. S. Prosecutors are investigating accounting procedures at Archer Daniel Midlands, the global agricultural commodities trader that placed its chief financial officer on leave last month pending its own internal probe. Chicago based ADM is one of the world's largest traders and processors of grains and oil, seeds, crops it transforms into food ingredients, animal feed and fuel. It's one of the ABCD companies, along with Bungie Cargo and Lewis Dreyfus, that are estimated to handle more than 70% of global food trade. And then finally, here's a story from the Wall Street Journal. The headline America's biggest bank is growing the old fashioned way branches banking has gone digital, but J. P. Morgan is building bricks and mortar branches. J. P. Morgan Chase is giving the humble bank branch some swagger. Hundreds of branches at rival banks are being closed each year, and customers are shunning the teller and choosing the mobile app. But at the nation's biggest bank, old fashioned bricks and mortar locations are part of the secret sauce. The bank Tuesday is expected to announce plans to double down. Continuing a yearslong strategy, JPMorgan plans to build 500 new branches in the next three years, filling out cities it has recently entered, such as Boston, Philadelphia and Charlote, North Carolina. For context, only 17 banks have more than 500 branches today JPMorgan has close to 5000.
[00:12:33] We're grateful for your attentive listening to the John Lothian news Daily update. Please consider spreading the word about our podcast among your friends. Moreover, if you haven't done so already, we would greatly appreciate it if you could spare a moment to leave a review on Apple Podcasts or whatever platform on 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 Ladhian newsletter, email yet you can enjoy a complimentary 90 day trial by visiting johnlothianews.com trial. Thank you for your valued support. 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.
