Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for May 14, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothianus, the home of markets wiki and markets wiki Education. Thank you for joining us. Here are the hits and takes comments from today's JLN sometimes Hollywood movies inspire real life technological advancements. Remember the communicators from Star Trek? I had a Motorola Startech released in 1996. It was one of the first flip phones, drawing design inspiration from the communicators used by characters in the original Star Trek tv series. Well, now AI is doing the same thing. OpenAI has launched GPT 40, a new version of its AI model that includes a voice assistant inspired by the film her. This model enhances usability by enabling real time voice interactions, allowing interruptions during conversations, and providing nearly instantaneous responses. Unlike current voice assistants, GPT 40 can analyze code, translate languages, and solve algebra problems in real time. The Wall Street Journal reports.
[00:01:37] GPT four o faster and cheaper than its predecessor, GPT four turbo can process images and videos along with text, and detect emotions in voice and figure expressions. Available to chat GPT subscribers for $20 a month, it will also be accessible to free chat GPT users with image and vision features. I am just afraid of what else from Hollywood inspires Silicon Valley there are some weird science fiction movies in the file vaults the SEC Division of Investment Management will host its annual conference on emerging trends in Asset Management on Thursday, May 16, 2024, starting at 09:00 a.m. Eastern time. Open to the public both in person and via live webcast, the conference will feature a variety of industry participants and academics. The event will kick off with an introduction by director Natasha Vige Greiner, followed by a keynote address from chair Gary Gensler. Throughout the day, attendees will hear from regulatory experts including Andrea Cite, Erika Y. Williams, and Camille Blackburn, and engage in sessions covering trends in asset management products and strategies, historical and future trends, and technology driven trends. The conference will conclude with remarks from director Natasha V. Griner. For more information and to register, go to a link in today's newsletter. The SEC will also hold a closed meeting at 02:00 p.m. Eastern time on Thursday, May 16. CFTC commissioner Carolyn D. Pham is set to speak at the 2024 Digital Chamber Blockchain Summit on May 15, 2024. She will participate in a panel discussion titled Working together CFTC and SEC alongside US securities and Exchange Commissioner Hester Pierce. The event will take place at 02:30 p.m. Eastern Daylight Time at Capitol Turnaround, located at 770 m Street southeast Washington, DC. CFTC Commissioner Christy Goldsmith Romero is scheduled to be a keynote speaker at the Financial Times Moral Money Summit on May 22, 2024. The interview will take place from 09:10 a.m. To 930 BST at the Biltmore Mayfair, located at 44 Grosvenor Square in London, United Kingdom. This corresponds to 04:10 a.m. To 04:30 a.m. Eastern daylight time for viewers in the USA. Caitlin Meyer is starting a new position as chief commercial officer at Mayx Futures. She shared on LinkedIn. She was previously vice president of marketing and sales at Miex.
[00:04:55] Our most read stories from our previous edition of JLN Options were CME Group volatility index CVAl from CME Group Chart of the week from our friends at CME Group CBO imposes $170,000 fine on hilltop securities from FX News and roaring kitty is back and GameStop stock is rallying. The company still is struggling to make money from Market watch. 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 our Boca coverage. Derek Hayworth of Bourne Tech emphasizes data integrity and operational resilience at FIA conference in an interview with John Lothian News at the FIA International Futures conference in Boca Raton, Florida, Derek Haworth, the founder and CEO of Bourne Tech, underscored the importance of data integrity and operational resilience for firms in the futures industry. Watch this video on johnlothiannews.com and then heres a press release from the CFTC. The headline CFTC warned students and job seekers not to become money mules. The Commodity Futures Trading Commission, Office of Customer Education and Outreach, or OCEO, today issued a customer advisory warning students and other job seekers looking for remote work to be aware of the warning signs and dangers of money mule scams. Money mule scams involve individuals sending and receiving money into their bank accounts, digital wallets, or spot market crypto trading accounts as part of their job duties at the direction of others.
[00:06:58] My comment don't be a bucks bass.
[00:07:03] Here's another story. This is from Coindesk. The headline why for some, crypto is the defining political issue of our times. Itd be foolish for people to vote against their own interests. With all due respect to Molly Jane Zuckerman and Jeff Albus, the co authors of a recent black works column discounting the idea of voting for pro crypto politicians in the upcoming election in the US, voting your conscience is a good thing. Despite the headline only a fool would vote on crypto alone. The piece was fairly measured, but it certainly struck a nerve. My comment is there a generational divide on crypto, or is it a mindset? Here's another story, this one from the financial Times. The headline Ken Griffin urges Harvard University to embrace western values hedge fund founder who has given his alma mater over $500 million pushes back on cultural revolution Ken Griffin has called on Harvard University to embrace western values, with the billionaire hedge fund manager and donor saying the turmoil sweeping across college campuses was the product of a cultural revolution in us education. Griffin, who founded the $63 billion us hedge fund Citadel and has given more than $500 million to his alma mater, told the Financial Times that the US had lost sight of education as the means of pursuing truth and acquiring knowledge over the past decade. My comment the generation that was priced out of college or told to go to coding school now only to learn they are being replaced by AI. Which western values are we talking about? Here are the top three stories from Wednesday's JLN. Our top item Wednesday was CFTC issues proposal on event contracts, CFTC press release. Second was the list of self certified event contracts from Kalchi on the CFTC's website. Third was Blue a new market Tide, a podcast from Patrick young with Brian Hindman, the CEO of Blue Ocean. Here are the top three stories from the lead section of todays Jet Lan. The first story is from the Financial Times. The headline t one will not be a slam dunk for ETF's industry insiders warn us move to one day trade settlement happens over a public holiday weekend between major index rebalancings. The exchange traded fund industry faces a perfect storm on May 28, when the US cuts trade settlement times, with the transition occurring over a public holiday weekend and amid a series of major index rebalancings. Gerard Walsh, who heads northern trusts global banking and markets client solutions group, said he was having urgent last minute talks with asset management clients, some of whom still seemed oblivious to the looming task at hand.
[00:10:28] Here's another story, this one from Bloomberg. The headline Macron puts french banks in play with plan to transform Europe president Emmanuel Macron said he would be open to seeing a major french bank being taken over by a European Union rival in order to spur the deeper financial integration he sees as critical for the bloc's future prosperity. Dealing as Europeans means you need consolidation as Europeans, Macron said in an interview with Bloomberg editor in chief John Micklewaite on the sidelines of the choose France investment summit in Versailles near Paris.
[00:11:15] We have now to open this box and to deliver a single market approach which is more efficient.
[00:11:23] Here's another story, this one from the Financial Times. The headline platinum market headed for quote unquote substantial supply shortfall says industry body report shows second year of deficit as minor Anglo American rejects rival BHP's offer that includes plan to spin off platinum assets. A global shortfall in the supply of platinum is likely to drive up prices, according to a new report, adding to concerns that a proposal for minor Anglo American to sell its south african interest in the industrial metal could mean it misses out on a revival in the sector. A proposed 30 billion pound plus takeover of BHP of its rival includes spinning off the anglo american platinum unit through a stock market listing. Anglo rejected BHPs revised offer on Monday.
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