Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for January 31, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News thank you for joining us. Here are the hits and takes comments from today's JLN the kilt challenge has achieved new prominence today as the last kilt wearer. Robert Bougie has been named the new chief executive of Urex, replacing Michael Peters. The Financial Times has the story of the former ABN AMro clearing bank CEO taking over for Peters, who is retiring. Bougie led the most successful kilt challenge fundraising operation to date, leading up to last year's FIA IDX gala dinner. Congratulations to Robert on his new role and to the URex team on garnering a terrific new leader. Today we published a two part interview with former KCG and Getgo CEO Daniel Coleman, who is currently the president of Birmingham Southern, a struggling liberal arts college in Alabama. The interview was prompted by a Wall Street Journal story about the college and Coleman titled this private college has been on its deathbed for 15 years with the sub headline Birmingham Southern seeks new Alabama lifeline as city pushes to avoid closing of campus. The first part of our video interview covers Coleman's career in the financial services industry, which saw him graduate from Yale and be hired by O'Connor and Associates. He traded in Philadelphia before coming to Chicago to get an MBA from the University of Chicago. While continuing with O'Connor, his career weaved its way through O'Connor's various deals, mergers and acquisitions until the financial crisis when he decided it was time to find something new. General Lanik connected him with Getgo and he became its new CEO. Watch the video and get the whole story. The second video seems to have been produced for Citadel's Ken Griffin, who today is in the news saying he is not giving more money to Harvard because it produces whiny snowflakes instead of future leaders, Bloomberg reported. Coleman left KCG after it was acquired by virtue and headed home to Alabama. He reconnected with a local college, started teaching investments, joined the board and was asked to become its president. That's the short version. The long version is that the college has long standing financial problems and Coleman jumped into the breach by trying to solve them. He needs some help from people who are interested in education and the potential to create a contemporary program that provides students with the skills and knowledge necessary for today. Watch the video to learn more, and if you're a friend of Ken Griffin, forward him the video and the story. I messed up yesterday with the Abex news. The press release I mentioned here in the Hits and Takes section was actually released back on January 10. I grabbed the wrong press release yesterday. The one I should have mentioned is Stonex becomes Abex exchange first clearing and trading member to expand market offering. My apologies for the error.
[00:03:34] Corporate climate validations by science based targets initiative SBTI have doubled in one year to 4204 companies. The demand for corporate decarbonization standards and target validation services provided momentum for the scale up of the SBTI into a free standing organization, previously a collaboration among CDP, we mean Business coalition, World Resources Institute, WRI, and the Worldwide Fund for Nature and the UN Global Compact. The SBTI's independent launch was enabled by a $36 million donation package, half from the Ikea foundation and half from the Bezos Earth Fund. Priorities for 2024 include updating the SBTI corporate net zero standards and the SBTI financial institutions net zero standards. Learn more about the SBTI on its website.
[00:04:44] There's a link in today's newsletter. Our most read stories from our previous edition of JLN options were banks are hawking us recession hedges tied to both stocks bonds from Bloomberg via Yahoo Finance traders price in Trump win by piling into currency hedges from Bloomberg and Sibo exchange withdraws application to list global x spot Bitcoin ETF from Cointelegraph subscribe to the JLN Options newsletter with the link in today's JLN. Here are more stories from the first read section of today's JLN. Here's that first video, the journey of Daniel Coleman from english literature to financial markets part one Daniel Coleman's path to success in the financial markets is a tale of a chance encounter that led him to a career he never anticipated. Born in Alabama, Coleman embarked on a journey that took him from the Ivy League halls of academia to the high stakes world of trading in Philadelphia, Chicago, and New York, and back home in academia's highest level. You watch this video on johnlothiannews.com. The second video is titled reviving Birmingham Southern Dan Coleman's journey to save a struggling college Dan Coleman left KCG after it was acquired by Virtu Financial and moved back to Birmingham, Alabama, to contemplate his future. He reached out to a local college, Birmingham Southern, whose board he once served on. Little did he know he would soon end up as its president. You watch this video on johnlothiannews.com. Here's a story from Bloomberg. The headline Griffin rips Harvard says colleges spawn whiny snowflakes. Ken Griffin, one of the largest donors to Harvard University said he won't support the school financially unless it makes significant changes and accused elite U. S. Colleges of producing whiny snowflakes instead of future leaders. Quote, I'm not interested in supporting the institution, unquote, Griffin said of Harvard at the MFA network conference in Miami on Tuesday, the billionaire said the university must make clear that it will, quote, resume its role educating young american men and women to be leaders and problem solvers, unquote. My comment I dislike the use of the word snowflakes here. Snowflakes are all unique. Here's another story, this one from Tim Babcock, vice president and head of TSX Venture Exchange, via LinkedIn the future of financial markets what Canada must do now to win with the support of a robust financial ecosystem, canadian companies continue to grow and compete in a global environment rather than fully formed, mature companies bursting onto the world stage. The majority of our companies start out as small enterprises nurtured from inception by their founding entrepreneurs and the powerful interconnected network of investors, advisors and other stakeholders that make up our public market ecosystem. This community plays a critical role in the success of the groundbreaking companies that will position Canada as a global, competitive economy into the future. My comment remember, it is not where the puck is now, but where the puck is going to be that matters. Here are the top three stories from Tuesday's JLN our top story Tuesday was Hong Kong eye's move to attract ipos of mainland chinese Middle Eastern firms to spur stock market, Paul Chan says from south China Morning Post. Second was global clean energy spending surges to $1.8 trillion. It's not enough. From Bloomberg. Third was J. P. Morgan quants warn of.com style concentration in us stocks. Also from Bloomberg, here are the top three stories from the lead section of today's JLN. The first story is from the Financial Times. The headline german derivatives exchange Urex to appoint ABN Amro's Bougie as chief dutch banker set to be named head of Europe's largest futures marketplace. Urex, Europe's largest derivatives exchange, will name dutch banker Robert Bougie as its new chief executive, according to two people with knowledge of the matter. Bougie is currently chief executive for Europe at ABN Amro Clearing Bank, a division of the dutch bank that connects trading firms and hedge funds with exchanges such as eureks. An announcement could come as soon as Wednesday, the people said. Here's another story from the Financial Times. The headline BGC settles lawsuit with ex partner over alleged $35 million fraud New York based group settles case that was due to go to trial in London. BGC Partners has reached a settlement with a former senior partner following allegations that he took part in a $35 million scheme to defraud the broker. The New York based broker, led by billionaire Howard Lutnick, had sued Xavier Alken, who was a long serving partner at the group's London office, alongside tax advisor called Michael Vinney. BGC accused the pair of orchestrating a scheme to divert tax payments into their own pockets. Court officials said BGC had reached a settlement with Alken ahead of proceedings that were due to begin in London's high court this week. The group had previously discontinued proceedings against Vinny. Here's another story, this one from Bloomberg. The headline Swiss bors CEO eyes sizable acquisition in next three years six reportedly has shown interest in platform all funds investments needed to stay competitive amid consolidations the head of the swiss stock exchange said the company must invest to stay competitive and he expects to do a sizable acquisition in the coming years. Quote, I would be disappointed if in the next three years we don't acquire something of size, unquote. Six group AG chief executive officer Jose Diselhoff said in an interview. Quote, it does not have to be within the next twelve months, unquote. Six already owns Bolsa de Mercados Espanoles SA, the operator of Spain's exchange. This month, it was reported to be considering a bid for all funds Group plc. Last year, Bloomberg reported that all funds was working with advisors on a strategic review that could lead to a sale. We're grateful for your attentive listening to the John Lothian News daily update. Please consider spreading the word about our podcast among your friends. Moreover, if you haven't done so already, we would greatly appreciate it if you could 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 Loatheyan newsletter, email yet you can enjoy a complimentary 90 day trial by visiting johnlothiannews.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, quality and justice. This has been. John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
