Episode Transcript
[00:00:06] Welcome to the John Lothian News Daily Update podcast for October 15, 2024. I am your host, John Lothian.
[00:00:16] This podcast is brought to you by John Lothian News, the home of MarketsWiki and Markets Wiki Education. Thank you for joining us. Here are the hits and takes comments from today's JLN Ben Hurley has been appointed the CEO of software maker Dev Experts, the company announced in a press release today. Hurley is also featured in an interview I conducted with him before the announcement about his new role, his background and the company's plans. You can see his press release from Dev Experts and the interview of Hurley with links in today's newsletter. Acuity's white paper, produced in collaboration with EP3 by Connimera Technologies, explores how emerging frontier market exchanges can leverage the global boom in listed derivatives trading. In the first half of 2024, derivatives trading surged, reaching nearly 100 billion contracts, a 76% increase from the same period in 2023, it shared on LinkedIn. This growth presents a significant opportunity for emerging exchanges, which often provide unique access to asset classes and attract international trading firms seeking diverse exposures. The study revealed that 91% of Tier 2 and 3 exchanges surveyed experienced growth in participants over the past decade, with technology investment playing a crucial role in their success. However, many emerging market exchanges undervalue the importance of technology, despite 61% of successful tier 2 and 3 exchanges identifying it as essential for attracting international flows. Investing in technology offers several benefits, including reducing outages and enabling new product launches, both of which are critical for long term growth. Additionally, the report highlights the importance of simplifying the onboarding process for international firms. Emerging exchanges must address challenges such as regulatory complexity and product awareness to attract global participants. By adopting technology that meets international standards and streamlining onboarding processes, these exchanges can better position themselves to capture capitalize on growing interest in derivatives trading.
[00:03:03] Here are the headlines from in front of fow's Paywall from some recent stories DTC unveils digital assets sandbox in bid to drive industry adoption Singapore Exchange hires foreign exchange liquidity head from CME Analysis DORA to become gold standard for operational resilience ICE hits Brent options record as energy volumes take off Broadridge updates operational resilience tools ahead of Dora Go Live and CME International Volumes hit a record in third quarter.
[00:03:49] There was no volume on the FMX Futures exchange yesterday in the SOFR futures and open interest remains at 1124 contracts. You can see yesterday's statistics on the Daily Trade Report page on the FMX website.
[00:04:09] CBO's Matt Scharf recently released a song titled I Am Home Only Flyers Understand on all major streaming platforms, he shared on LinkedIn. The song, inspired by his charity performances during the COVID lockdown, is about a University of Dayton graduate returning and feel like they never left.
[00:04:35] Capturing the special nature of the UD community, Sharp collaborated with talented musicians including fellow flyers Joe Dapier, Lou Leon, Chris Nevel, Rob and Jim Bonacorsi, Grammy nominee Frank Catalano and Grace Toriello. His dream is for the UD arena crowd to sing the chorus during a basketball game Timeout Our most read stories from our previous edition of JLN Options were Hurricane Theme ETF to be liquidated from the Financial Times Firms add to FX hedges as volatility jumps before election from Bloomberg and B2 prime watches futures based offerings in response to $10 trillion market from Finance Magnets. Subscribe to the free GLN Options newsletter with a link in today's GLN. Here are more stories from the First Read section of today's jln. Here's the video Interview with Ben Hurley From Code to Capital A Tech Whizz's Journey to Fintech's Frontier When Ben Hurley took the helm at Dev Experts, a trading software provider, he wasn't just changing jobs, he was diving headfirst into the choppy waters of Fintech innovation. You watch this video on John Lothian News. Com.
[00:06:19] Here's a story from Benzinga. The headline man who accidentally threw hard drive containing 8,000 bitcoins worth half a billion dollar in landfill sues local city council for not excavating the site James Howells, etched in the history books for accidentally discarding bitcoin which is worth more than half a billion dollars today, took a major step in retrieving them. What happened? In a last ditch effort, the Wales based software engineer filed a laws against Newport City council for roughly 495.31 million British pounds or $647 million in damages for repeatedly denying his request to excavate the landfill site housing the discarded hard drive, which contains around 8,000 units of Bitcoin, as reported by Whales Online.
[00:07:27] My comment Some people never give up, but then he has billions of reasons not to.
[00:07:35] Here's another story, this one from Bloomberg. The headline S P500 futures trading volume evaporates as records fall the S P500 may be punching through fresh records, but it hasn't been accompanied by high turnover conviction. On the contrary, trading volumes make it feel like there's no one around. Even with earnings season kicking off and a fraught presidential vote just around the corner. In the past few trading days, volume in S and P E mini futures has consistently stayed below the medium term average. On Monday, the volume dropped below 1 million contracts for the first time since July. The five day average volume volume is now about 50% less than over its 100 day time frame. My comment not surprising given that we are so close to the election.
[00:08:40] Here's a story from the Financial Times. The headline the Sperm Donor Bros of Tech genetic largesse from some Silicon Valley elite appears to be a mix of narcissism, altruism and dreams of immortality.
[00:08:59] Before he was arrested in France for failing to adequately moderate criminal activity on his social media app, tech billionaire Pavel Durov was known for three founding telegram, posing thirst trap photos on Instagram and fathering over 100 children. The last fact is a relatively recent revelation. This summer, Durov surprised his online followers by revealing that a sperm donation he made to a fertility clinic had resulted in children conceived in 12 countries by more than 100 couples. He was, he noted with pride, high quality donor material. He then declared plans to open source his DNA so that his biological children could find one another more easily. It is a plan his detention has presumably derailed. My comment Some people just have their dogs cloned. These bros are trying to replicate themselves.
[00:10:11] Here's that press release from Dev Experts Ben Hurley Appointed CEO of Dev Experts Driving New Wave of Innovation and Growth Dev Experts, a global software developer for the capital markets, has announced the appointment of Ben Hurley as its new Chief Executive Officer. This strategic move highlights the company's commitment to a new phase of growth, building on years of evolution and development. It underscores a forward looking vision for delivering tailored technology solutions to its global client base of financial institutions and brokerages.
[00:10:56] My comment Ben Hurley has a nice gentle Irish accent. Check it out on our video interview with him. There's a link in today's newsletter for it. Here are the top three stories from Monday's jln. Our top story Monday was King of Geeks How Alex Gurko Built a British Trading Titan from the Financial Times. Second was a tie between CFTC charges Donald R. Wilson and his company Dr. Investments llc, with price manipulation from the CFTC and useful quarterly business reviews from former CQG president Joe Schroeder's latest blog post. Third was US CFTC Loses Case against Prominent Trader Donald Wilson, a Reuters story from 2018.
[00:11:49] Here are the top three stories from the lead section of today's JLN. The first story is from the Financial Times. The headline Banks and Fund Managers call on EU to commit to shorter settlement plan Industry lobby groups urge Brussels to set timetable for modernization of securities market European banks and fund managers have urged Brussels to commit to shortening the window for settling EU stock and bond trades as the US And UK press on with plans to modernize their own markets. A task Force representing 18 market lobby groups on Monday called on EU authorities to make a formal commitment to reform settlement times. The task force, led by the association for Financial Markets in Europe afme, also called for the bloc to set a timeframe to guide the industry in its preparations.
[00:12:47] Here's another story Crypto company Tether talking to commodity traders about lending them its billions Commodity traders rely on credit credit lines to finance shipments. Tether CEO says any commodities work in early stages. Tether Holdings Ltd. Is exploring lending to commodity trading companies as it looks at ways to deploy its billions of dollars in profits, a move that could shake up an industry typically reliant on traditional banks for credit. The crypto company, which is the issuer of the world's largest stablecoin usdt, has discuss US Dollar lending opportunities with several firms across the credit hungry sector, according to people familiar with the matter who asked not to be identified discussing private conversations. And then finally, here's one more story. The headline China Moves to tax Ultra rich for Overseas Investment Gains Tax authorities summon wealthy individuals in rare requests Government faces dwindling fiscal revenue as land sales slow. China has begun enforcing a long overlooked tax on overseas investment gains by the company's ultra rich, according to people familiar with the matter. Some wealthy individuals in major Chinese cities were told in recent months to conduct self assessments or summoned by tax authorities for meetings to evaluate potential payments, including those in arrears from past years, said people asking not to be identified discussing a private matter. We are 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 could spare a moment to leave a review on Apple Podcasts or whatever platform upon 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 john lothiannews.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.
