Episode Transcript
[00:00:06] Welcome to the John Lothian News Daily Update podcast for October 22, 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. Thank you for joining us. Here are the hits and takes comments from today's JLN the FIA mourned the passing of Sir Bryan Williamson Yesterday in a LinkedIn post. Here is a quote from the post. Sir Brian was a legendary figure for our industry and an inspiration to many, said Walt Lukin, President and CEO of FIA.
[00:00:47] He was inducted into the FIA hall of Fame in 2007 and remains one of the industry's leading lights. Our industry celebrates the impactful life of Sir Brian Exchange Invest Patrick Young offered his own words of appreciation for the life of Sir Brian in a LinkedIn post titled Sir Brian an Appreciation. Jung's post can be summarized as follows. The late Sir Brian Williamson's leadership and legacy in the financial world, particularly with life, left an indelible mark. Known for his charm and tenacity, Brian played a pivotal role in rescuing life during a critical period of financial instability. His ability to lead with both politeness and strategic ruthlessness, coupled with his revolutionary mindset, transformed the Exchange, ushering in an era of electronic trading through Life Connect and steering it through a successful demutualization. Brian's vision helped solidify Life's place in financial history and his passing leaves a significant void in the City of London. His contributions were recognized with the Knighthood and his legacy as a mentor, innovator and leader will endure.
[00:02:09] The Financial Times has a story today titled if you want your company stock to go up, hire wonkier IT people. My question is, is there any other kind Wonky IT professionals can positively impact company stock by enhancing cybersecurity, preventing costly breaches, and optimizing cloud infrastructure to reduce operational costs. They can improve data management and analytics for better decision making and implement automation to boost productivity. Developing new software or platforms introduces revenue streams while ensuring system uptime, maintains business continuity. Upgrading legacy systems improves efficiency and enhancing the digital customer experience increases satisfaction and retention. Supporting E commerce growth drives revenue and implementing IT cost cutting measures enhances profit margins, all contributing to stronger financial performance and higher stock value. Also, they make company picnics more fun.
[00:03:17] It sounds an awful lot like Cantor Fitzgerald's. Howard Lutnick, who is co chair of the Trump transition team, will be a member of the Trump team himself if the former president is elected. Lutnick gave very enthusiastic responses to Larry Kudlow's questions in a Fox Business interview yesterday when speaking about the possibility of working alongside Elon Musk Musk and his work for the Department of Government Efficiency. Here are some headlines from in front of Fow's paywall from some recent stories B2C2 cuts deal to build exchange traded crypto presence Addressing clearing inefficiencies is vital for Europe ESMA EEX to expand offering with French Biogas Go auction launch and Opt X secures approval to launch foreign exchange options market I just bought an audible copy of Malcolm Gladwell's new book Revenge of the Tipping Point to listen to on my ride back to Illinois later this month. I was given three copies of the original book the Tipping Point because people read it and saw me as a connector and influencer. The Wall Street Journal has a story about the generosity power power move that can boost your career that is about being a connector. In the article, Rachel Feinsegg highlights how becoming a connector, someone who introduces others to mutually beneficial contexts, can enhance one's career. Connectors excel at creating opportunities for others and often reap professional rewards in return. By building relationships and offering help without expecting immediate returns, individuals can create lasting professional networks that benefit both themselves and others. From crafting the perfect introduction email to hosting networking dinners, the ability to connect people can lead to promotions, job offers and deeper career satisfaction. I can't wait to hear what Gladwell has to say about the Revenge of the Tipping Point.
[00:05:38] Our most read stories from our previous edition of Jail on Options were How Susquehanna's Jeff Yass mastered the Options Game game from the Financial Times. The SEC greenlit Bitcoin ETF Options Trading Here come this big fish from Quartz. Robinhood CEO outlines Opportunities in Option Trades redesigned from 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 gln. The first story is from Bloomberg.
[00:06:16] Record breaking temperatures mask a subtler threat Chronic heat Long term exposure to high temperatures, even if they're not abnormally high, is a growing health risk, particularly for outdoor workers and disadvantaged communities. Phoenix has become a nerve wracking bellwether for extreme weather. Arizona's capital recently endured a three week stretch when every day broke a heat record. With thermometers peaking at 1,117 degrees Fahrenheit. That's 47 degrees Celsius on September 28th. Yet even below the threshold of smashing records, Arizona is also having hotter days more often that last a little bit longer, noted Ariane Sefell, the state climatologist. Chronic heat at this scale poses its own dangers without generating nearly as much attention as record setting extremes. And There have been 92 days in Phoenix this year that have been hotter than 95 degrees Fahrenheit, but didn't breach 110 degrees Fahrenheit.
[00:07:33] My comment it's been really nice and hot in Florida, which is unusual for this time of year.
[00:07:39] Here's another story, this one from the Financial Times. The headline if you want your company stock to go up higher wonkier IT People AI Job Ads as sort of measure of Corporate Technological Advancement Sometimes maybe this is a story referenced earlier before taking all our jobs, AI sure is creating a lot of jobs. The chart above uses data from Barclays and it may not tell the whole story because not all AI jobs are equal. Adam Lortig and Ryan Pleeclaw of Barclays Data Science Team have been collecting job ad data to determine which companies are hiring AI specialists rather than creating digital profit type roles. More than 85% of S&P 500 companies had advertised for AI people by March of 2023, they found, so by that measure there was not much to tell them apart. A more useful approach, they reasoned, would be to filter the ads for specifics like natural language processing and computer vis or for software brands like TensorFlow and Pytorch. My comment I love Wonky Here are the top three stories from Monday's JLN Our top story on Monday was how Susquehanna's Jeff Yass mastered the options game from the Financial Times. Second was JLN launches the History of Financial Futures episode Game Changers Part 2 from John Levine News, a video which features Sir Bryan Williamson as the first person you see speaking on the screen. Third was the system that moves water around the Earth is off balance for the first time in human history. From cnn, here are the top three stories from the lead section of today's Jail the first story is from Bloomberg. The headline SEC to Increase Scrutiny of AI Tools Used by Brokers Advisors Agency Sharpens Focus on AI in 2025 Examination Watch List Regulator will scrutinize AI tied to trading fraud prevention the U.S. securities and Exchange Commission's examiners will step up scrutiny of financial firms use of artificial intelligence next year. The latest sign of regulators growing concerns about the Emerg Technologies Investment Advisors, brokers, clearing agencies and others can expect the SEC to focus on their statements about AI tools to ensure they comply with agency rules, according to a Division of Examinations report published Monday. The regulator will also look into how firms supervise the use of the technologies for tasks tied to trading, fraud prevention and anti money laundering policies.
[00:10:46] Here's another story, this one from Bloomberg HSBC kicks off biggest restructuring in decade under new CEO lender also announces Pam Kaur as its first ever female CFO George's El Hedry has sought to reduce complexity, trim costs. HSBC Holdings PLC unveiled a broad resource structuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedri embarks on an ambitious effort to cut costs at the banking behemoth. The lender will combine its global commercial and institutional banking operations under Michael Roberts and is creating a new international wealth and premier banking business that will be overseen by Barry O'Byrne. HSBC also named Pam Kaur as Chief Financial Officer and announced plans to revamp its regional operations around the world. There's also a Financial Times story about the same subject.
[00:11:56] Here's another story from Bloomberg the headline Wisdom Tree ESG Funds with fossil fuels draw $4 million SEC fine coal, natural gas and tobacco holdings showed up in portfolios Cease and Desist Order Signed without admitting fault Advisory firm Wisdom Tree Asset Management Inc. Agreed to pay $4 million to settle U.S. securities and Exchange Commission allegations that it failed to deliver on its promise to create exchange traded funds that avoided investments in fossil fuels or tobacco. WisdomTree touted three funds from March 2020 to November 2022 with an environmental, social and government strategy that excluded certain controversial products or activities, according to the regulator's cease and desist order on Monday, some of the companies chosen as investments were involved in coal mining and transportation, natural gas extraction and retail sales of tobacco products, the SEC said. 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 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 johnlothian news.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.
