Episode Transcript
[00:00:00] Foreign welcome to the John Lothian News Daily Update podcast for December 11, 2024, where we share with you the highlights of today's John Lothian Newsletter and we are irreverent but never irrelevant. I am your host John Lothian. In today's episode, we'll explore highlights from the Hits and Takes section, the First Read section, and the top three headlines of today's JLN and more. Don't forget to subscribe to the John Lothian Newsletter and follow us on john lothianws.com markets, wiki.com LinkedIn, Facebook, Instagram X and threads. Let's dive in. Here are the hits and takes comments from today's JLN CME Group has been named to Computer World's Best Places to Work in IT for 2025, marking the seventh year in a row they have been named to the list. The Chicago derivatives exchange giant was named to several of the subcategories, including number three for mid sized companies for career development. FINRA came in two spots below CME in that category. FINRA showed up in several of the subcategories, as did rsm. Other industry names showing up included ADM and Fannie Mae. I'm wondering if Chris Edmonds and Alicia Crichton, who are the Kilt Challenge participants this year, are going to offer to sell the Got Kilt T shirt that Chris sent to Leisha in his Impossible video stunt. I think the T shirts could be a nice touch for their fundraiser or they could be another way to milk for donations. JJ Kinahan has joined the Board of Trustees of Aurora University. Aurora University recently sold the land of its former George Williams College campus in Williams Bay, Wisconsin adjacent to Yerkes Observatory to a developer There is a big controversy in my Wisconsin town about the fate of the property. There is a strong anti resort bias among many in town.
[00:02:15] David Setters is participating in a fundraiser for the Reimer MND foundation in March. My computer is on the fritz today as I am traveling. It's the only one I have with me. I write my comments here on my iPhone. I am off to Apple after this to get it fixed.
[00:02:37] Here are the headlines from in front of fow's Paywall from some recent stories ABACS to launch Nickel sulfate futures on January 10 Analysis CFTC to tweak operational risk rules for clearinghouses after vote LME Latest to Report Strong November trading up 13% US treasury clearing to cut risk add costs US treasury official Basel Latest to target bank exposure to non Bank Counterparties Analysis CFTC Committee Passes U.S. treasury Basis Trade Motion and Goldman Chief sees appropriate path for US Basel Endgame reforms Our most read stories from our previous edition of JLN options were US investors have saved $250 billion by investing in ETFs, says B of A from the Financial Times. MicroStrategy buys more bitcoin as funding draws scrutiny from Bloomberg and Investor optimism towards US stocks has eclipsed 2000's.com bubble that raises the risk of a negative shock from MarketWatch. Here are more stories from the First Read section of today's jln. Here's a video from our FIA Expo coverage. Chris Edmonds ICE Enhances User Experience with ICE Connect Platform Intercontinental Exchange, or ice, has unveiled significant improvements to its ICE Connect platform, according to Chris Chris Edmonds, President of Fixed Income and Data Services at ice. In a recent interview with John lothianws at FIA Expo, Edmonds highlighted the platform's evolution and its competitive edge in the market. You can watch this video on John Lothian news.com Here's a story from NPR Bankruptcy Judge Rejects the Onions Bid for infowars the owners of the Onion say they are deeply disappointed in a judge's decision to reject their bid to buy Alex Jones Infowars company. Late Tuesday, a federal bankruptcy judge said last month's auction of Jones business and the Onions bid, which had been selected as the winner, were flawed. After two days of testimony in Houston, Judge Christopher Lopez took issue with what he called the lack of transparency in the process, the uneven playing field and the failure to maximize value for the people to whom Jones owes money. Jeff Bergstrom's comment It's getting to be more difficult every day to discern which headlines are real and which are from the Onion.
[00:05:28] Here's the top three stories from Tuesday's JLN. Our top story Tuesday was Chris Edmonds post on LinkedIn about the mission Kilt Challenge hosted by Futures for Kids, including a Mission Impossible style video. Second was the Financial Times Law Firms Lean into the Business of Prediction, part of the FT Special report on North American Innovative Lawyers. Third was Lawyers Navigate Novel AI Legal Battles. Also from the Financial Times Special Report. Here are the top three stories from the lead section of today's jln. The first is from the Financial Times. The headline the Criminal's Go to cryptocurrency has a new friend in the White House. Howard Lutnick has defended the Stablecoin company, which has been used by gangs and US Adversaries. In July, Howard Lutnick, the pugnacious boss of broker Cantor Fitzgerald, regaled an audience of crypto devotees in Nashville with tales of his early days exploring the world of digital currencies. Quote I met every criminal who's now in prison, unquote, the 63 year old joked, referring to his encounters with various youthful crypto executives now serving lengthy jail sentences for fraud.
[00:06:51] And then, unquote, he said, quote I met the people who owned Tether. Unquote.
[00:06:58] Here's another story from Bloomberg. The headline Wall street commodity traders said Worst year since pre Covid Combined net revenue seen dropping nearly 20% $10.6 billion market volatility eased after COVID 19 and war in Ukraine the world's biggest banks are heading for their worst year in commodities trading since before the pandemic, as years of lucrative volatility ease off. More than 250 firms, including Goldman Sachs Group Inc. Citigroup Inc. And JP Morgan Chase & Co. Are forecast to see combined net revenues of $10.6 billion in 20 shaving, nearly a fifth off of last year's total, according to data compiled by Coalition Greenwich, one of the top data providers on Wall Street. Market turbulence has subsided after COVID 19 restrictions and Russia's invasion of Ukraine shredded supply chains and triggered whipsaw price moves. The trading boom is now fading, said Anjad Chatwal, head of Global Macro Markets at Coalition Greenwich, which estimates revenue will slip a further 3% in 2025. Here's one more story, this one from Fortune. The headline Google's breakthrough Willow chip means we'll get useful quantum computers sooner than some people feared. Google captivated the tech world Monday with Willow, a new quantum chip that outperformed even the world's best supercomputer on an advanced test. And experts say this week's revelations part of the start of a new phase of cutting edge computing.
[00:08:48] This podcast is brought to you by John Lothian News, the home of Markets Wiki and Markets Wiki Education. Thank you for joining us. If you enjoyed this episode, please leave us a review on your preferred listening platform. 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 John Lothian.
