Episode Transcript
[00:00:08] Welcome to the John Lothian News daily Update podcast for June 5, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News, the home of Marketswickie and Marketswickie Education. Thank you for joining us. Here are the hits and takes comments from today's GLN one of the results of the pivot of CBOE in closing down CBO Digital was losing several talented executives. One of them is John Palmer, who was president of CBO Digital and today he was announced as part of the leadership team at IEX. Congratulations, John, on landing at IEX and to IEX on a terrific hire. Nodal Exchange wants you to know that today, June 5, it celebrates World Environment Day. World Environment Day occurs annually and encourages awareness and action for the protection of the environment.
[00:01:14] CFTC Chairman Rostam Benham will give a keynote address and participate in a fireside chat at the Piper Sandler Global Exchange and Trading conference. The event will take place on Wednesday, June 5 today from 12:30 p.m. to 01:30 p.m. eastern daylight time at the Lottie New York Palace, 455 Madison Avenue, New York. The New York Post is reporting. Ben White, the chief economic correspondent for news site Politico and frequent contributor to NBC, has died. His partner announced on social media, bank of America and theorem Technologies veteran Tom Miller has joined Bourne Tech as its new director of business development. Bourne Tech shared on LinkedIn McKenzie Billings is starting a new position as director introducing broken broker clearing at Merrix. She shared on LinkedIn. McKenzie was was previously at CME Group for over seven years, most recently as the manager of agricultural and alternative investment products. She also spent ten years at RJ O'Brien, including as vice president of sales and marketing. Jelena Netalka is starting a new position as vice president media relations at BNP Caribbean. She shared on LinkedIn. She was previously vice president of corporate communications at BlackRock and before that a senior associate of external communications at the London Stock Exchange Group. She was also previously at Lansings at Lansing at Lansing's our most read story from our previous edition of Jet Lan and options were controversial past shadows CME brokers present Bobby Alberts clash with open outcry trading and social media from John Lothia News Roaring Kittys GameStop options up millions by cashing in May be tricky from Reuters via Yahoo Finance and e trade considers kicking meme stop leader Keith Gill off platform 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.
[00:03:55] Here's a story I wrote. WAIFC issues groundbreaking guide on gender diversity and finance women in finance compendium of good practice gender equality is an issue across all business sectors. The financial services industry has particularly struggled despite many efforts to make progress, and the derivatives, hedge fund and private equity areas have lagged even more. So. To share practical examples of ways to attract and retain women at all levels of these organizations and encourage companies to try new ways of addressing this critical business and social issue, the World alliance of International Financial Centers has issued a guide titled women in compendium of Good Practice. You can read the rest of this story on johnlothianews.com.
[00:04:55] here's an editorial from the Wall Street Journal the headline the man who made the futures markets the Chicago History Museum will honor Leo Molamid. Hear, hear. Chicago isn't a beacon for free markets these days, but the city has become home to some of the visionaries of todays financial system. The Chicago History Museum this month is saluting one of those creators, 92 year old Leo Mohammed, whose journey is a reminder of an era when financial innovation changed the world for the better. Mister Mohammed was born in Poland and his jewish family fled the Nazis on the last train to Lithuania. They made their way through Siberia to Vladistock and then to Japan. They were among the few families to get us visas and arrived in 1941. After a two year journey, the family settled in a Chicago neighborhood that Mister Mohammed remembers as full of irish, italian and jewish immigrants. He knew no English, but made his way through public schools and John Marshall Law School looking for work. He saw a classified ad for Merrill Lynch, Pierce, Fenner and bean, which he assumed was a law firm. The mistake led him to the Chicago Mercantile Exchange, where he changed the future of trading futures.
[00:06:26] Forget father or founder, how about just maker? Here's a press release from Demist Demist publishes final standard for average pricing FIA on demist, the Derivatives Market Institute for Standards, jointly announced today the publication of the average pricing standard. This second standard, published by Demis, supports the final standard for improving timeliness of trade give ups and allocations 3030 released in June 2023. The lack of standardized average price functionality across ccps was cited as one of the issues that prevents processing trades on trade date. The average pricing standard calls for central counterparties, or ccps, globally to adopt certain minimum standard average pricing functionality. Standard functionality will help drive consistency and improve the current allocation and timing issues associated with average price order workflows.
[00:07:40] Is demist headquartered in London. Are they sponsored by London Fog? Here's another story, this one from Bloomberg. The headline Griffin's $12 million gift to New York City hospital targets achy knees donation to hospital for special surgery adds to medical gifts funding will create Kenneth C. Griffin research accelerator Ken Griffin is giving $12 million to the hospital for special Surgery in Manhattan for a new research initiative focused on treating knee pain. Griffins donation will create the Kenneth C. Griffin Research Accelerator, which will work to increase the personalization of knee replacement surgery, according to a statement Tuesday. The gift will also support the HSS Kellan Tower, a 94,000 square foot, or 8733 square meter building currently under construction at 70th street and FDR Drive. The tower, which is expected to open in 2025, will be the headquarters for joint replacement surgery. And how's the accelerator? The hospital sees more than 200,000 patient visits annually. My comment if you've not seen the Netflix series a man in full with Jeff Daniels and Diane Lane, yet I highly recommend it. There is a great laugh at the end that involves the robotic knee replacement Daniel's character had.
[00:09:19] Here are the top three stories from Tuesdays JLN our most read story Tuesday was the Wall Street Journal's Epstein accuser files lawsuit alleging famed psychiatrist Henry Jerrecki facilitated sexual abuse about former metals trader Henry Jureki. Second was Jeffrey Epstein accuser, Sue's prominent psychiatrist Henry Jerrecki for allegedly making her sex slave from the New York post. And third was CME Group appoints John Rickey as managing director and global head of agricultural products here are the top three stories from the lead section of todays JLN. The first story is from the Wall Street Journal. The headline new Texas Stock Exchange takes aim at New Yorks dominance. The TXSE has raised about $120 million to take on NYSE and Nasdaq, a group backed by Wall street heavyweights BlackRock and Citadel securities is planning to start a new national stock exchange in Texas, aiming to take on what they see as onerous regulation at the New York Stock Exchange and Nasdaq. The Texas stock Exchange, which has raised approximately $120 million from individuals and large investment firms, plans to file registration documents with the securities and Exchange Commission later this year, CEO James Lee told the Wall Street Journal the goal is to begin facilitating trades in 2025 and host its first listing in 2026.
[00:11:05] Heres another story, this one from the Wall Street Journal. The headline Americans have more investment income than ever before. A booming economy and rising household wealth help some consumers keep spending. Lynn Hogan and her husband jokingly calls themselves the turtles. After methodically investing for decades in the current race against inflation, which has made trips more expensive and $200 grocery bills not uncommon, the mostly retired educators are among those keeping pace. Returns from slow and steady investments, including stock dividends, have allowed the couple outside of Decatur, Alabama, to help put one of their daughters through veterinary school. To them, Hogan said of her adult children, prices matter a whole lot more than to us. Here's another story from the Wall Street Journal the headline SEC closing Salt Lake city office after failed crypto case against Dep box the regulator will shift work from its smallest regional office to its Denver office. The securities and Exchange Commission said Tuesday its closing its Salt Lake City regional office later this year, citing significant attrition among office staff. The Salt Lake City office is the SECs only regional outpost with enforcement authority for a single state. The markets regulator said it plans to move jurisdiction for Utah to its Denver office, and it has no plans to close other regional offices. The announcement capped a tumultuous few months at the Salt Lake office in connection to its failed enforcement action against cryptocurrency platform digital licensing, also known as debt box. We are grateful for your attentive listening to the John Lothian news Daily update. Please spread the word among your friends about our podcast. 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 Johnlovia 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, equality and justice. This has been. John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
