[00:00:06] Welcome to the John Lothian News daily Update podcast for May 7, 2024. I am your host, John Lothian. This podcast is brought to you by John LothiaNews, 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 Robinhood has issued a response to its receipt of a wells notice from the US securities and Exchange Commission. You can read the response with a link in today's newsletter. Here are the last two lines from Robinhood's response to our customers this development will not affect your account or the services we provide.
[00:00:48] Robinhood Crypto is here to stay, and we'll keep innovating shipping products and fighting for regulatory clarity for the good of the industry and our customers. Just like the merry men of Sherwood Forest, Robin Hood is fighting the good fight.
[00:01:05] CFTC commissioner Christy Goldsmith Romero is scheduled to speak at the World Economic Forum's industry strategy meeting 2024 on Wednesday, May 8 from 08:15 a.m. To 11:15 a.m. Eastern Daylight time. The event will take place at the Deutsche Bank center, located at one Columbus Circle in New York. Also on May 13, 2024, Commissioner Goldsmith Romero is set to participate in a panel discussion on artificial intelligence at the Asian Pacific American Institute for Congressional Studies, or ApAICs 2024 Legislative Leadership summit. The panel, entitled how AI is changing the World, will take place from 11:15 a.m. To 12:00 p.m. Eastern Daylight Time at the Walter E. Washington Convention center in Washington, DC, today, May 7, 2024. CFTC Commissioner Carolyn D. Pham is set to participate in a panel discussion hosted by the National Credit Union Administration in celebrating of AANHP Heritage Month. The virtual event, scheduled for 01:00 p.m. Eastern Daylight Time, is titled AanHPi Heritage Month, a conversation with AaNHPI financial regulatory leaders on their inspirational career journey yesterday.
[00:02:51] SGX USDCNH FX futures set a record with 191,555 lots traded, totaling a notional value of $19.15 billion. This peak in trading volume coincided with a post golden week surge in the onshore chinese yuan, which hit a six week high, reflecting by a strong trading day of 182,000 lots SGX shared on LinkedIn Netta Nabavi Parlarios is starting a new position as director of product development and member
[email protected]. She shared on LinkedIn. I met Netta when she was at Nyse. Julie Kerr is starting a new position as managing director at HSBC. She reported on LinkedIn I am making plans for my next trip to Edinburgh, Scotland, London and Amsterdam. I am coming over for FIAs IDX conference and stopping in Edinburgh first to see some relatives and I hope Jeremy Grant. I will then take the train to London and attend the IDX conference. I will be shooting video interviews at IDX and my video assistant will be Robbie Lothian, the UK version this Robbie is the 18 year old son of my third cousin, twice removed. Stuart Lothian, UK Robbie helped my son Robbie and Julie Ross last year at IDX and this year he will be working solo alongside me. He is headed to university to study film and videography. Of course, if you are interested in an interview at IDX, please contact me at my email address johnlothianlothian.com after the conference, I will be taking in a cricket game on Friday with Stuart and then heading to Amsterdam on the train on Sunday. My plans are to meet with some of the trading groups in Amsterdam to discuss collaboration in potential historical video projects. I will also meet with other friends and sponsors in Amsterdam.
[00:05:18] The April edition of the Un Sustainable Stock Exchanges initiative Newsletter highlights the news that four arab exchanges have joined the Net Zero Financial Services Providers alliance in Doha. Other reporting includes updates from participating exchanges, regulatory and standard setting developments, and news about ESG indices and products, gender equality initiatives, and executive appointments. Additionally, the newsletter includes a schedule of upcoming SSC Academy workshops hosted by SSE partner exchanges. The SSC is a UN partnership program organized by UNCTAD, the UN Global Compact, the United Nations Environmental Program, finance or UNAPFI, and principles for responsible Investment PRI. Read the newsletter with the link in today's newsletter, the May report from the International Energy Agency, or IEA, advancing clean technology manufacturing found that current capacity for global solar photovoltaic manufacturing is aligned with net zero goals for this decade, and battery capacity is nearly there. Global investment in key clean energy technologies hit $200 billion in 2023, a 70% increase from 2022, contributing around 4% to global GDP growth. Read the release and download the report with the link in today's newsletter. Our most read stories from our previous edition of JLN options were zero day options boom will only grow as some investors fear disaster from Bloomberg via Yahoo Finance hedge funds options bets hands green investors a path to predicting returns from Bloomberg and Robinhood crypto gets wells notice from us sec from Reuters 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 from Bloomberg the headline to stop climate change use the power of price the price of oil has driven immense human endeavor. A price on carbon emissions could do the same. This is from the editorial board of Bloomberg. A price of oil fetches about $80 on the global market. Consider the power of that price. It has driven extensive human endeavor, trillions of dollars in investment, technological breakthroughs, the creation of some of the world's largest economies, all to extract fossil fuels from wherever in the world they can be found. The burning of those fuels, among other things, will put about 36 billion tons of carbon dioxide into the earth's atmosphere this year. Policymakers would like to push that number to zero. But getting there requires a powerful incentive, which is why governments must put a price on carbon as soon as possible. My comment this is a brilliant idea. The power of market based solutions is what I built a career around and believe in from the top of my head to the tip of my toes.
[00:09:06] Here's another story, this one from Bloomberg. The headline how the US drives gun exports and fuels violence around the world no company has benefited more from the federal government's push to boost overseas sales than Sig Sauer Inc.
[00:09:23] Last October, a recently fired police officer walked into his stepson's nursery school in the remote northeast of Thailand and in under 30 minutes killed 23 children and two teachers. Pena Kamrab hacked some of his victims to death with a sugar cane machete and shot others point blank with a pistol, including three local government employees eating lunch outside the school. The rampage, which left a total of 36 dead, ranks as the worst in thai history and one of the worst in the world. The killers gun, a SIg Sauer P 365 touted by the company as small enough to easily conceal yet able to hold 13 rounds, had travelled more than 8000 miles from a factory on New Hampshire's rocky seacoast to Thailand's lush Nongbua Lamphua province. It was part of a growing number of semi automatic handguns and rifles exported by american gun makers and linked to violent crimes. With about 400 million civilian firearms owned in the US, companies like Sig are seeking new buyers abroad, and they found an eager ally. The federal government has helped push international sales of rapid fire guns to record levels. My comment this is just mad.
[00:10:59] Here's another story, this one from Bloomberg. The headline how serious is Putin's threat to use nuclear weapons? A distinctive feature of russian military policy is an express willingness to introduce nuclear weapons into an otherwise conventional war. That helps explain why President Vladimir Putin's saber rattling about his nuclear arsenal since launching war on Ukraine in February 2022 has been so worrisome. He's explicitly warned that intervention by NATO troops could trigger a launch of strategic nuclear weapons by Russia on us and european territory.
[00:11:42] Also, of course, is Russia's distinctive posture on so called tactical or non strategic nuclear weapons. In May, Putin ordered Russia's military to carry out combat drills involving these lower yield weapons, ramping up his confrontation with the west just a day before his inauguration for a fifth term. My comment this is just mad. Mutually assured destruction.
[00:12:13] Here are the top three stories from Monday's JLN our top story Monday was CME group CEO moves on from last year's LPGA leadership misstep to elevate women's sport even higher from golf week. I'm pretty sure that this is the first time we've had a story from Golf Week in the top three, but I could be wrong. Second was IEX strengthens organization through new leadership appointments the IEX group press release announcing the appointment of Brian Harkins as group president. Third was the webpage for my block, my hood, my city's downtown day, which takes place on July 13, bringing 1000 young people for an exploration of Chicago's downtown. Here are the top three stories from the lead section of todays JlN. The first story is from the Financial Times. The headline deepfake menace hurting retail investors warns head of Indias BSE bourse countrys two stock exchanges issue warnings after being targeted by scammers. The head of Indias oldest stock exchange has warned of the growing danger of investments, scams and deepfakes preying on the country's large cohort of retail traders. Sundar er Aman Rathamurthy, the chief executive of the BSE borse, said fraudsters had used his likeness to try to dupe the public and his own employees in recent months. It's going to be an ongoing menace, that much is sure, Rath Murthy said about deepfakes in a Financial Times interview. It's getting very sophisticated. The next story is from Bloomberg. The headline Wall street is turning water into wealth, leaving Californians out to dry. Banks, pension funds and insurers have been turning California's scarce water into enormous profits, leaving people with less to drink. As storms battered California in March, the states inland bread basket erupted with almond blossoms. It happens every year. The Central Valley, the source of 40% of Americas fruits and nuts, explodes in a riot of pink and white blooms. This year, petals fluttered off branches into raging irrigation ditches that only a few months earlier had twisted across the dry dust of like coils of snake molt California has a temporary reprieve at the Woodville public Utility District, 60 miles southeast of Fresno. Ralph Guterres has watched these cycles of flood and drought for decades. Gutierrez, 65, who grew up picking tomatoes and grapes with his parents in nearby fields, has spent the past 43 years operating water systems for some of the poorest communities communities in the state. He's a well whisperer. Brawny, with tattooed forearm, a silver belt buckle and western boots, Gutierrez coaxes water from stone aquifers that have been hammered for years by agricultural pollution and overpumping.
[00:15:44] Here's another story, also from Bloomberg. The headline high tech trading firms raced to grab bond market turf after conquering stocks, electronic market makers are finally gaining ground in fixed income. They subdued stocks, claimed a chunk of foreign exchange and muscled into the commodity market. Now high tech trading firms like Citadel Securities LLC and Jane street are pushing deeper than ever into fixed income, riding a wave of digitization and a boom in ETF's. Electronic market makers, who keep securities moving by continuously buying and selling in lightning fast transactions, are expanding their reach in government bond trading and finally gaining ground in the once untouchable world of corporate debt. We're grateful for your attentive listening to the John Lothian news daily update. Please spread the word about our podcast among your friends. We would greatly appreciate it if you'd 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 Lothian newsletter, email yet, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your 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.
