Episode Transcript
[00:00:06] Welcome to the John Lothian News daily Update podcast for March 6, 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 my wife Cheryl and I leave Thursday after JLN is published to head to Florida. We will be driving for the third consecutive year, heading first to our place in Sarasota, then over to Boca Raton for the FIA International Futures Industry Conference starting Sunday. This year there is a different schedule with the Sunday start and Wednesday finish, but there is more content on the last day than they normally have at the conference. I am looking forward to the hall of Fame ceremony and meeting with my fellow inductees. I am also gearing up for conducting 40 some videos at the conference with regulators, exchange leaders, proprietary trading leaders, technology leaders, fellow hall of Fame inductees and leaders in other fields. There is a bit of a contest among the GLN team going on to produce the best image using AI to represent the question is ESG dead? We are getting some creative entries.
[00:01:30] Thank you to Christopher McNulty Sr. And Joe Schroeder for their contributions to the JLN Markets Wiki Education GoFundMe campaign supporting our efforts to preserve industry history with our various video series. We greatly appreciate their support.
[00:01:49] Fintech entrepreneur Jeremy Bacon was honored with the Outstanding Eagle Scout award of the National Eagle Scout association of the Boy Scouts of America and the Pathway to Adventure Council. I introduced Jeremy to the council and the Forge Adventure Parks in Lamont, Illinois, has been the center of many scouting activities. CFTC Commissioner Christy Goldsmith Romero is scheduled to deliver a fireside chat at the Institute of International Bankers annual Washington Conference on Monday, March 11, 2024. The event will take place from 10:15 a.m. To 10:45 a.m. Eastern Daylight time at 100 Pennsylvania Avenue Northwest, Washington, DC. Attendees can find more information and access the event with a link in today's newsletter. Commissioner Summer K. Mersinger of the Commodity Futures Trading Commission CFTC is set to engage in a fireside chat focusing on the future of financial regulation during the Malta Stock Exchange's governance, risk compliance and ESG Week 2024. The session is scheduled to take place on Thursday, March 7, 2024, from 11:45 a.m. To 12:00 p.m. CET or 05:45 a.m. To 06:00 a.m. EST at the Hilton Malta Hotel in St. Julian's Malta. For more information, go to a link in today's newsletter. Our good friend Simon Rostrin has been updating the record movement of gold on the London Bullion Market association. In LinkedIn updates, he reports staggering new highs in the price of gold, with the LBMA London gold price reaching unprecedented levels during both morning and afternoon auctions, culminating in a record breaking close at 2134 dollarsforty cents. This surge marks the 7th time in nearly 50 days since December 27 that gold prices have shattered previous records. The remarkable ascent began with the afternoon auction on December 27, where the price soared to 2069 dollarsforty cents, followed by successive spikes in subsequent auctions. The latest milestones include the morning auction of March 4, closing at $2,083.15, and the afternoon auction of March 5, achieving the historic peak of 2134 dollarsforty cents. Bloomberg has hired Serena Ning as senior editor for Asia Finance and Investing. Serena brings a wealth of experience from her tenure at the Wall Street Journal, where she served as Asia finance editor, leading a team of reporters dedicated to covering markets, deals and financial institutions across the region.
[00:05:06] Our most read stories from our previous edition of JLN options were market profit Gary Schilling warned stocks could crash 30% and says the ods are very much in favor of a recession. From Markets insider gold price surges to record high from the Financial Times and hedge funds startups on the rise, with giant firms under scrutiny. From Bloomberg via 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 JLN. Here's a story from Crane Chicago business the headline Chicago Board of Trade Museum aimed at drawing people to LaSalle street before they became a relic of a bygone era open outcry trading pits drew steady foot traffic for decades to the Chicago Board of trade building. Now, the landmark Tower's new owner is hoping that the storied piece of the city's history can do it again. In a move meant to help lure new tenants and visitors alike to the historic building anchoring the southern tip of La Salle Street, Chicago real estate firm R two will build out a Chicago Board of Trade museum on the ground floor of the 44 story tower at 141 West Jackson Boulevard. An R two spokesman confirm the project is one piece of a tower revamp that R two is leading on behalf of Apollo Global Management, the New York based investment giant that took control of the building last year. My comment if you see a statue of me at the Chicago Board of Trade Museum. It is just likely me. I just move very slowly. Here's a press release from FIA the headline Demist releases annual progress Report the Derivatives Market Institute for Standards, a body established by FIA in 2022 to encourage widespread adoption of standards in the exchange traded and clearing derivatives industry, has released its latest annual report outlining the progress of the organization. Over the last year, Demist also announced changes to its organizational structure to help accelerate the pace of development and adoption of standards in the exchange traded derivatives markets. In June 2023, Demis published its first standard on improving the timelines of trade give ups and allocations, which establishes 30 minutes time frames for completing steps in the allocation process. My comment I hope Demis can provide some transparency with its annual report. Here's another story from Crane Chicago Business the headline Loop retail vacancy tops 30% for the first time nearly four years since the first lockdown of the Covid-19 pandemic, the number of empty storefronts in the loop has surpassed a daunting threshold. More than 30% of the central business district's retail space is vacant. The loop retail vacancy rate increased for the fourth year in a row in 2023, rising to 30.13% from 28.32% in 2022, according to a report from Chicago retail brokerage Stone Real estate. That's more than double the pre pandemic rate of 14.92% in 2019, and the highest level since 2002, when Stone began tracking the loop market. My comment the storefronts in the Loop business district in Chicago look like a small town that had a Walmart move to the edge of town. Here are the top three stories from yesterday's JLN. Our top click item Tuesday was the John Lothian news futures discovery physical delivery versus cash settlement. A video by Cortez Draper. Second was the New York Times Julie Lyn Charlote, creator of the Poodleskirt, dies at 101. Third was the Wall Street Journal's bitcoin funds pull in money at record pace. Here are the top five stories from the lead section of today's JLN. First, a press release mentioned earlier from FIA. FIA announces 2024 President's award winners FIA today announced the winners of its President's award, an annual honor that recognizes outstanding individuals for their contributions to the global clear derivatives industry over the past year. The 2024 class of President's award winners are Natalia Dagama, President's award advocacy Helen Gordon President's Award Capital Martin Kalnin's, President's award CCP risk Julian O'Leary, President's award operations Lou Rosato, President's award operations here's another story, this one from the Wall Street Journal. The headline you can now buy shares in music by Beyonce or Taylor Swift. Startup JKBX is offering securities backed by royalty streams from songs recorded by popular artists. It's the latest musical mashup top 40 hits. Meet Financial Engineering, a startup, is offering securities backed by royalty streams from songs recorded by such artists as Beyonce, Taylor Swift and the rock band One Republic. Its goal is to bring music investing to the masses.
[00:11:10] Here's another story from the Wall Street Journal. The headline AI talent is in demand as other tech job listings decline, postings for artificial intelligence related roles are growing and touting higher pay. Us companies are ramping up recruitment of artificial intelligence professionals and paying a premium for talent. Tech in the firms in the tech sector and beyond went on a hiring spree after the onset of the pandemic before pivoting to a focus on efficiency through layoffs and other cost cutting measures. The market for AI related roles has proved resilient. Job listings data show and then here's a press release from Sibo Global Markets, Inc. CibO now lists ishares by BlackRock etfs across its entire global exchange network. Sibo Global Markets, Inc. The world's leading derivatives and securities exchange network, today announced that Sibo Australia has listed for trading new exchange traded funds etfs from ishares by BlackRock. With these new iShare ETF listings, BlackRock becomes the first global asset manager to list iShare ETFs on each of Sibo's listing exchanges in the US, Canada, Australia, the UK and the European Union.
[00:12:39] Three of the funds commenced trading on Sibo Australia February 16, 2024, while two australian hedged versions of the funds are planned to launch February 23, 2024.
[00:12:53] Here's another press release, this one from LME. LME announces new senior leadership appointments and organizational design new group general counsel appointed new group CFAO role created new business lineheads announced strategic delivery, operational strength and high performance culture underpinned changes being made the London Metal Exchange is pleased today to announce a number of senior leadership appointments and organizational design changes. They are being made to ensure that the LME continues to advance as a world leading metals marketplace, supporting its customers, building mutually beneficial partnerships with its stakeholders, enhancing its operational resilience and underpinning the group's future goals and ambitions. The LME appointments complement appointments recently announced by LME Clear and come into effect the 1 April 2024 Matthew Chamberlain, LME CEO, said these changes and appointments are part of an ongoing program of enhancements and organizational refinements at the LME that will ensure the business continues to be a global leader in the trading, pricing and clearing of metals, in turn powering some of the most exciting business opportunities and industries around the world.
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[00:14:52] Have a great day and stay safe and treat people the same way you want to be treated, with respect, equality, quality and justice. This has been. John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
