Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for September 17, 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 GLN Vermiculus has launched Veritrade, its next generation trading platform designed for ultra low latency and high performance, the firm announced today. Built on a microservice architecture, it offers scalability 24/7 operations and seamless adaptability to market demands and regulatory changes. Vermiculus says the system supports on premise and cloud deployments and handles all asset classes with with deterministic order matching in single digit microseconds, providing a significant edge for high frequency traders.
[00:01:08] CCP Global published its CCP public quantitative Disclosure Quarterly trends report and public quantitative disclosure news flash for 2024, the second quarter.
[00:01:23] Here are some excerpts from in front of Fows paywall from some recent stories the bank for international settlements, or BIS, reported hedge funds became highly exposed to market turbulence during the peak of August volatility climate impact X Cix appointed a former UBS managing director as its new CEO. Part of a leadership reshuffle, Euronext successfully completed its multi year migration of equity derivatives clearing from LCHSA to its own clearinghouse and reflected on its landmark project.
[00:02:05] Additionally, one trading secured investment from standard Charters arm to support launching crypto perpetual futures under EUS mifid. Two rules two of the top three of Bloomberg's best business school rankings, 2024, are in the Chicago area, with Chicago Booth and northwestern Kellogg following number one, Stanford, which has led the ranking for the last five years. It looks like Tupperware's financial situation is getting a bit airtight. After years of trying to seal the deal with creditors, they're finding it hard to paying their debt. It seems their party days may be over as bankruptcy talks are turning sour. Lets hope they dont snap under the pressure as Bloomberg reports that Tupperware brands plans to file for bankruptcy today is Chris Domilatis last day at ADM Investor Services, where he has been for the past 15 years of his career. He is officially retiring, he shared on LinkedIn. He started his career in the audit department of the Chicago Board of Trade back in 1980. He also had stops at Drexel Burnham Lambert, HSBC and Prudential Beige. Congratulations to Chris on his retirement and his well earned free JLN retirement subscription. The FIA Forum Frankfurt, 2024 will take place on October 9, 2024 at the Hilton Hotel in Frankfurt, the event will focus on regional and global trends in the clear derivatives market, covering topics such as trading, clearing, product development, regulatory compliance and industry operations. It will bring together industry experts to discuss the key developments affecting listed and cleared derivatives in the region. Learn more and register with the link in today's newsletter CFTC Commissioner Carolyn D. Pham will deliver the keynote address at the Exchequer Club of Washington, DC on Wednesday, September 18, 2024 at 01:00 p.m. eastern Daylight time. The event will be held at the Mayflower Hotel in the East Ballroom located at 1127 Connecticut Avenue Northwest, Washington, DC. Commissioner Pham will also speak on a panel about cybersecurity and systemic risk at the Brookings Institute's global conference on Frontier AI on September 17, 2024, at 11:30 a.m. eastern daylight time. The conference will be held at the Brooking Institutions Falk Auditorium in Washington, DC. Our most read stories from our previous edition of JLN options were IEX enters options market with top talent and innovative solutions from IEX Flashboys Exchange, IEX Prep's options venue as market booms from Bloomberg and what's left to be ETF'd from the Wall Street Journal. 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.
[00:05:29] Here's a story from our IDX coverage. FIA survey reveals european markets optimism and challenges a new industry report reveals that market participants in Europe, including the UK, EU, and nordic countries, are optimistic about growth potential and innovation in the region. The report, created in partnership with acuity and FIA, indicates resilience to shocks, but highlights a growing sentiment that firms see more wealth potential outside Europe. With the US and India emerging as key markets of interest, regulatory hurdles remain a significant challenge, with firms calling for reduced barriers to unlock further growth. You can watch this video on johnlothiannews.com.
[00:06:19] heres a story from Markets Media. IEX to expand into options IEX group believes that its record of protecting market participants from adverse selection and maximizing best execution in equities will be an advantage when it launches an options exchange subject to regulatory approval, Brian Harkins, group president of IEX, told Markets media. IEX spent the last decade innovating to build technology that protects market participants from adverse selection and maximizes best execution, and this will be the foundation for our entry into options.
[00:06:57] My comment I just keep thinking, who will be next?
[00:07:01] Here's another story, this one from Ars Technica omnipresent AI cameras will ensure good behavior, says Larry Ellison. We're going to have supervision, says billionaire Oracle co founder Ellison. On Thursday, Oracle co founder Larry Ellison shared his vision for an AI powered surveillance future during a company financial meeting, reports Business Insider. During an investor Q and A, Allison described a world where artificial intelligence systems would constantly monitor citizens through an extensive network of cameras and drones, stating, this would ensure both police and citizens don't break the law. Ellison, who briefly became the world's second wealthiest person last week when his net worth surpassed Jeff Bezos for a short time, outlined a scenario where AI models would analyze footage from security cameras, police body cameras, doorbell cameras and vehicle dash cams.
[00:08:07] Jeff Bergstrom's comment am I the only person who has read 1984 and finds this disturbing?
[00:08:15] Here are the top three stories from Monday's JLN our top click item on Monday was IEX centers option market with top talent and innovative solutions, an IEX group press release. Second was Howard Lutnick's LinkedIn post honoring the Cantor Fitzgerald employees who were killed on 911, and including a video of Lutnick on Fox Business Network with Liz Klayman.
[00:08:41] Third was should betting on elections be legal? From the New York Times deal book here are the top three stories from the lead section of todays GLN. Heres that press release from Vermiculus Vermiculus launch is a dveratrade trading product built from the ground up on a microservice architecture with an ultra low latency, high performance matching engine and extensive business functionality. Vermiculis, a global provider of trading, clearing and CSD technology, today announced the launch of its next generation, ultra low latency trading platform, a generic system designed to support all instruments and asset classes while addressing the ever evolving needs of today's exchanges and marketplaces. Built on a cutting edge microservice architecture, the system supports both on prem and in the cloud deployment. It is engineered to rapidly adapt to diverse regulatory frameworks while managing increasing trading volumes and complex order types, all with support of 24/7 operations. These enhancements underscore vermiculuss commitment to providing the fastest, most reliable trading solutions in the industry.
[00:09:59] Heres another story, this one from Euronext the headline successful expansion of Euronext clearing to all Euronext financial derivatives markets Euronext, the leading pan european market infrastructure, is pleased to announce the successful completion of the expansion of Euronext clearing activities to all Euronext financial derivatives markets. This milestone marks the conclusion of the migration from LCHSA to Euronext clearing and the end of the contractual relationship with LCHSA this was the final phase in the european expansion of Euronext clearing to create Euronext multi asset class clearing house. This achievement, realized on schedule in September 2024, marks the last critical achievement in completing Euronexts growth four impact 2024 strategic plan and the integration of the Borso Italiana Group three years after it was acquired by Euronext.
[00:11:02] Heres one more story, this one from Bloomberg Flashboys Exchange IEX preps option venue as Market booms New Exchange Target 2025 launch pending regulatory approval options volume has soared since pandemic lockdowns. IEX Group is preparing to open an options exchange, the latest firm to capitalize on the boom in derivatives trading across the US. The equity exchange operator will enter the options market next year pending regulatory approval. According to President Brian Harkins, it will be an electronic only venue that provides access to the entire options market. 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 havent subscribed to the Daily John Lothian 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.
