John
Lothian's Daily Futures & Securities Industry Newsletter
January 8, 2003
Lead
Stories
onExchange and Future Dynamics Launch LINQX Intelligent Order Routing
for Single Stock Futures
1/7/03 - onExchange, Inc. and Future Dynamics today launched LINQXSM, an
intelligent order routing system that is the first product to facilitate
"best execution" in the new single stock futures market.
http://www.onexchange.com/news_news002.shtml
Future
Dynamics and onExchange release order routing platform for single stock futures
US trading and clearing technology vendor onExchange has teamed up derivatives
software firm Future Dynamics to launch LINQX, an order routing platform that
provides best execution for single stock futures.
http://www.finextra.com/fullstory.asp?id=7677
BrokerTec
Futures Exchange - Five-Year U.S. Treasury Note Contract Specification -
Minimum Tick Size Change
The Board of Directors at its December meeting approved a decrease in the
minimum tick size on the five-year Treasury note contract from ½ of 1/32nd of a
point (or $15.625 rounded up to the nearest 1 cent per contract) to ¼ of 1/32nd
of a point (or $7.813 rounded to the nearest 1 cent per contract). The amended
Rule 302 (c) reads as follows:
http://www.exchange-handbook.co.uk/news_story.cfm?id=40968
Analysis:
Ending dividend taxes could amount to a broker aid plan
NEW YORK — The Bush administration proposal to eliminate taxes on stock
dividends for investors might well be a boon for traditional stock brokers.
http://www.naplesnews.com/03/01/business/d866467a.htm
NYBOT 2002 Volumes Up Significantly For The Year --Numerous Trading
Records Also Established--
http://www.nybot.com/pressRelease.asp?releaseID=531
BoNY
to buy CSFB's Pershing for $2bn
http://biz.yahoo.com/ft/030108/1039524280436_3.html
CFTC
REVOKES MICHIGAN COMMODITY TRADING ADVISOR'S REGISTRATIONS
http://www.cftc.gov/opa/enf03/opa4733-03.htm
CFTC
SETTLES ACTION AGAINST HEDGE FUND AND SUSPENDS ITS REGISTRATIONS;
Beacon Hill Asset Management, LLC Agrees to Suspension of Registrations
http://www.cftc.gov/opa/enf03/opa4734-03.htm
ICE
Answers NYMEX Complaint: Charges Antitrust Violations
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail9375.html
Energy
Cos Release Agreement To Encourage Energy Clearing
http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030107/bs_dowjones/200301071144000402
Exchange
News
CBOT
Dow Jones Strike Price Notice, January 03, 2003 - 01.07.2003
http://www.cbot.com/cbot/www/cont_detail/0,1493,10+24+268+10504,00.html
Investor
protection measures topped NYSE agenda in 2002
http://www.nyse.com/presshome.html?query=/press/NT0072D1CA.html
BrokerTec
Futures Exchange - Martin Luther King, Jr. Holiday
http://www.exchange-handbook.co.uk/news_story.cfm?id=40972
Tokyo
Stock Exchange President's Address
http://www.exchange-handbook.co.uk/news_story.cfm?id=40971
Borsa
Italiana Spa Celebrates Five Years
http://www.exchange-handbook.co.uk/news_story.cfm?id=40969
Winnipeg
Commodity Exchange Canola And Western Barley Futures Volume Higher Compared To
Year Ago Totals
http://www.exchange-handbook.co.uk/news_story.cfm?id=40967
Winnipeg
Commodity Exchange Western Barley Values Above Year Ago Levels Despite Recent
Declines
http://www.exchange-handbook.co.uk/news_story.cfm?id=40966
Euronext
Brussels: Modification Of The Composition Of The BEL20® Index
http://www.exchange-handbook.co.uk/news_story.cfm?id=40965
Regulatory
News
The
SEC News Digest
http://www.sec.gov/news/digest/dig010703.txt
Securities
commission reverts to former fees
http://www.bcsc.bc.ca/news/NR03_01.asp
FSA
clamps down on misleading ads and urges consumers to help [ 8/1/2003 ]
The Financial Services Authority today called on consumers to help it clamp
down on financial advertising by sending in examples that they think are m...
http://www.fsa.gov.uk/pubs/press/2003/002.html
Valentine
breached order: OSC
The Ontario Securities Commission is alleging the former chairman of bankrupt
brokerage Thomson Kernaghan & Co. has violated an order barring him from
trading in securities.
http://click.alltheweb.com/go2/2/atw/1cE741A9C4/NixILG5ld3M/http/www.thestar.com/NASApp/cs/ContentServer%3Fpagename%3
Judge
urges lawyers to find assets of ex-broker
Dennis S. Herula
was found to have taken $16.7 million in an investment scheme. PROVIDENCE -- A
federal bankruptcy judge yesterday told lawyers seeking to recover millions of
dollars scammed by rogue broker Dennis S. Herula to "dig a little deeper
and a little faster" before the money is gone.
http://www.projo.com/business/content/projo_20030108_herula08.2ce7e.html
Feds
painting Martha Stewart into corner
(KRT) - Prosecutors are turning up the heat on Martha Stewart again, the New
York Daily News has learned. Several key witnesses have been asked to re-answer
questions in recent days by investigators in Manhattan U.S. Attorney James
Comey's office, said two sources familiar with the probe.
http://www.macon.com/mld/macon/news/nation/4899593.htm
Reports
Bond Talk Today's Events
http://www.bondtalk.com/global.cfm?S=todaysevents
USDA
Today
http://www.usda.gov/nass/PUBS/TODAYRPT/TODAY.HTM
Miscellaneous
News
Pendelton
Trading Systems Granted Patent for Optimal Limit And Market Order Placement
Algorithm (PR Newswire)
Pendelton Trading Systems Inc. of Hoboken, New Jersey was granted a
comprehensive patent for an optimal limit and market order placement algorithm.
http://biz.yahoo.com/prnews/030107/nytu113_1.html
Remarks
by the President to the Economic Club of Chicago (PR Newswire)
...-- and I will ask members of both parties to work with me to secure our
economic future.......Bill Donaldson is my nominee to be the chairman of the
Securities and Exchange Commission.......Americans should be able to count on
those tax cuts as they plan their financial futures.......Stock trading was
halted for nearly a week....
http://biz.yahoo.com/prnews/030107/nytu172_1.html
Bush
Tax Proposal Will Benefit Investors, Businesses, Economy
http://www.sia.com/press/html/2003_-_bush_tax.html
ISDA
Publishes 2002 ISDA Master Agreement
2002 ISDA Equity Derivatives Definitions Also Released
http://www.isda.org/press/press010803.html
Cargill
AgHorizons™ introduces Triple Play™ crop inputs management tool
http://www.cargill.com/today/releases/2003/03_01_07triple.htm
Deutsche
Bank sells stake in IT services company Sinius to Siemens unit (AP)
Deutsche Bank said Wednesday it has sold a majority stake in
information-technology services provider Sinius GmbH to Siemens Business
Services as part of its drive to offload holdings in other companies and focus
on its banking business.
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20030108/ap_wo_en_po/eu_fin_com_germany_deutsche_bank_siemens_1
Brokerage
Firms Accused Of Withholding Discounts (Dow Jones)
...The NASD wouldn't disclose the identity of the firms under investigation....
http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030107/bs_dowjones/200301070054000023
Technology:
The (down)beat goes on, but bits of hope for '03 (USA TODAY)
...An example of a technology stock that he likes is eSpeed, an electronic bond
broker....
http://story.news.yahoo.com/news?tmpl=story&u=/usatoday/20030108/bs_usatoday/4760626
Morgan Stanley presses NTL for unpaid fee (FT.com)
Morgan Stanley wants NTL, the bankrupt UK cable operator, to pay a
three-year-old bill of $11.4m for helping to finance NTL's £8.2bn acquisition
of Cable & Wireless Communications in 1999.
http://biz.yahoo.com/ft/030107/1039524265752_1.html
Bear
Stearns OKs $1 Billion Stock Buyback (Reuters)
Bear Stearns Cos. Inc. (BSC.N), a top investment bank, on Wednesday said its
board approved a program to buy back up to $1 billion in common stock.
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030108/bs_nm/financial_bearstearns_dc_1
El
Nino keeping experts guessing -Pioneer Press
As warm winters go, it's been a little chilly out there. The weather-making El
Nino phenomenon is supposed to be bringing higher-than-normal temperatures
across the upper Midwest, even as it wreaks havoc elsewhere around the globe.
http://click.alltheweb.com/go2/2/atw/1c4A46DA5E/MTAsSCxuZXdz/http/www.twincities.com/mld/twincities/news/weather/4892084.htm
Man
Group Raised to `Buy' by HSBC on Better Fund Performance
HSBC Holdings Plc resumed coverage of Man Group Plc by advising clients to
``buy'' shares of the hedge-fund manager because of the performance and sales
of its funds.
http://quote.bloomberg.com/fgcgi.cgi?T=quote/uk/uk_quote_long_news.ht&s=APhvkvhSYTWFuIEdy
Man
Group Raises $365 Million for Latest Hedge Fund (Update2)
Man Group Plc, the world's largest publicly traded hedge-fund company, said its
latest fund pulled in $365 million from wealthy individuals looking for
alternatives to falling stock markets.
http://quote.bloomberg.com/fgcgi.cgi?T=quote/uk/uk_quote_long_news.ht&s=APhsLGBRKTWFuIEdy
Lehman
Moves Investment-Banking Operations From Singapore (Dow Jones)
SINGAPORE -- Lehman
Brothers Holdings Inc. (NYSE:LEH - News) , a U.S. investment bank, moved its
investment-banking operations from Singapore to other regional offices like
Japan and Hong Kong late last year, following a dreadful year when advisory and
underwriting work dried up.
http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030108/bs_dowjones/200301080339000137
UBS
Lands Coveted Goldman Broker - Institutional Investor
UBS PaineWebber has landed veteran broker Sandy Katz , an $8.2 million
producer, from Goldman Sachs . Katz left Goldman in November after 17 years
(PAM, 11/25), setting off a bidding war amongst top brokerages including UBS,
Lehman Brothers and Salomon Smith Barney .
http://www.institutionalinvestor.com/iiochannel/people/20030107000500.htm
Ameritrade Announces Sale of Data Center (Business Wire)
Ameritrade Holding Corporation today completed the sale of its Kansas City data
center facility. Ameritrade will lease approximately 20% of the facility that
it currently occupies for a minimum five-year period.
http://biz.yahoo.com/bw/030107/72563_1.html
Other
Voices
Today's
Other Voices contribution is from FutureSource about their release of a new
product, fsXtra:
FutureSource
Unveils fsXtra Platinum
LOMBARD, IL -- January 8, 2003 -- FutureSource, a leader in the real-time
futures, commodities and foreign exchange industry, today extended their lead
in that market with the release of fsXtra Platinum, a real-time container-based
browser application. The new Platinum offering pairs the features and
functionality of a professional level quote and charting application with the
mobility and price of a web-delivered product.
Because of
its container-based design, fsXtra Platinum looks and feels like a standalone
windows-based application, although it’s really a web product. The new
container-style Platinum will replace all existing offerings of fsXtra, and
provide new users with an efficient registration process to access real-time
streaming FutureSource data and charting information. Features of previous
fsXtra releases, which are included in Platinum, include streaming real-time
quotes from over 40 worldwide exchanges, real-time interactive tick charting,
full options coverage and an OsterDowJones Commodity News feed. FsXtra Platinum
is available to individual traders, brokers, and risk managers, and is also
available to companies interested in “private labeling” the product for their
own use.
“Although
our core business has been, and will continue to be, serving professional and
institutional clients, we are confident the new fsXtra will serve a growing
niche within the market,” said Jonathan Dean, Vice President of Marketing and
Online Sales. Dean added, “In today’s market, there is a need for high quality
market data delivered efficiently over the Internet. With fsXtra Platinum, we
can now cost-effectively serve that need. Real-time FutureSource data and
charting is now a reality for any trader!”
Highlights
of fsXtra Platinum include:
· Window Container: The main workspace is where all the components (i.e.
charts, quotes, news, etc…) are added to the application. Each component is a
floating frame (IFRAME) that is docked to the workspace area. Custom event
handlers allow drag-and-drop and resizing of these components.
· Flexible Data Download: You can now export data directly to your
favorite file format, including a Microsoft Excelä spreadsheet. This allows you
to take your data from fsXtra and analyze/manipulate it using your own
calculations in another application.
· Server Communication: Once fsXtra is loaded, the browser window never
needs to be refreshed. Users access streaming, real-time quotes, charts and
news direct from our servers via Java technology.
· Component Applications: Components are built as separate entities from
the fsXtra container framework. Because of this separation, it is easy to add
custom components - even components that don’t use the FutureSource data feed.
FutureSource
is offering a free 14-day trial of fsXtra Platinum to interested parties. To
sign up, simply visit www.fsXtra.com <http://www.fsXtra.com> or <http://platinum.fsXtra.com>.
John's
Comments
The Mini
Dow volume yesterday outpaced the pit traded larger Dow contract and traded a
healthy 23,779 contracts.
|
Commodity |
a/c/e |
Open Outcry |
Total Exch |
Cash |
Give |
Trans |
Open Interest |
|
|
At Close |
Change |
|||||||
|
Dow Jones Industrial Average |
725 |
19471 |
20196 |
0 |
3259 |
0 |
24864 |
+348 |
|
Dow Jones AIG Commodity Index |
0 |
0 |
0 |
0 |
0 |
0 |
1016 |
Unch |
|
CBOT mini-sized Dow Futures $5
multiplier |
23779 |
0 |
23779 |
0 |
1969 |
0 |
10007 |
-571 |
********
Take a good
look at the Futures Dynamics/onExchange story today. It is a good example
of the futures and securities worlds converging.
Regards,
John J.
Lothian
President
Electronic
Trading Division
The Price
Futures Group, Inc.
Chicago
Board of Trade Building
141 West
Jackson Blvd., Suite 1340A
Chicago,
IL 60604
Ph:
1-800-713-0215 or 312-648-2426
Fax:
312-902-6437
email: jlothian@pricegroup.com
URL: www.pricegroupetd.com or www.pricegroup.com
Disclaimer:
This letter is strictly the opinion of its writer, and not necessarily those of
The Price Group and its management, and is intended solely for informative
purposes and is not to be construed, under any circumstances, by implication or
otherwise, as an offer to sell or a solicitation to buy or trade in any
commodities or securities herein named. Information is obtained from sources
believed to be reliable, but is in no way guaranteed. No guarantee
of any kind is implied or possible where projections of future conditions are
attempted. Security futures are not suitable for all customers.
Futures and
options trading involve risk. Past results are no indication of future
performance.