John
Lothian's Daily Futures & Securities Industry Newsletter
April 17, 2002
Lead
Stories
Island
ECN to Participate in Nasdaq SuperMontage System
Island,
largest ECN, to participate in Nasdaq’s SuperMontage
http://www.island.com/corp/press/pressreleases/release20020416.asp
SEC
may jump aboard Merrill investigation
http://story.news.yahoo.com/news?tmpl=story&u=/usatoday/20020417/bs_usatoday/4034214
Waiting on the Futures
Single-stock
futures will offer managers the opportunity to increase their leverage, but the
downside is the possibility of more risk.
http://www.financial-planning.com/pubs/fp/20020401034.html
Knight
continues to suffer lack of business
Important
U.S. regulatory decision for Canadian securities secondary trading by U.S.
investors
http://www.newswire.ca/releases/April2002/17/c5176.html
Singapore
Lowers Cap Levels For Brokers (Dow Jones)
... the difference in capital requirements between stock and futures brokers
who are SGX members will be removed. Additionally,
clearing and non-clearing members will have to maintain...
Singapore
STI Tracker Fund Makes Positive Debut Wednesday (Dow Jones)
..." SGX Chief Executive Thomas Kloet said at streetTRACKS' launch earlier
Wednesday. "This is just...
Deutsche
Boerse's Xetra Best To Start Sep 2, 13 Companies Join (Dow Jones)
FRANKFURT -(Dow Jones)- Frankfurt stock exchange operator Deutsche Boerse AG (
G.DBO) said Wednesday that 13 banks
and brokerages had opted to participate in its Xetra-Best execution service,
which will begin operating Sept. 2 .
ISDA
Stresses Derivatives Not At Fault In Enron Demise
ISDA
Delegates Elect 12 Board Members
http://www.isda.org/press/press041702BOD.htm
ISDA
Market Survey Reveals Dramatic Increase in Credit Derivatives; ISDA 2002
Mid-year Survey to Include Equity Derivatives
http://www.isda.org/press/press041702market.html
ISDA
ISSUES ENRON REPORT - Corporate Governance Failures, Not Derivatives, Led
to Enron Collapse
http://www.isda.org/press/press041702enron.htm
Enron:
Market Failure or Market Discipline?
http://www.isda.org/whatsnew/pdf/EnronISDA4-17-02.pdf
eSignal
Releases the New eSignal, Innovative Technical Analysis Software With
Customizable Formula Language (Business Wire)
...The new eSignal offers advanced enhancements to the company's flagship data
delivery and trading platform including a high-end
charting application, a suite of technical drawing tools and...... most
reliable and fastest real-time market data delivery services covering
U.S. and European exchanges....... interactive line drawing tools provide
traders with the ability to spot trends and to forecast future
price movements and market directions....
http://biz.yahoo.com/bw/020417/172088_1.html
Applied
Derivatives
EDITORIAL
- Narrow Interests
THE
KISS TRADERS' GUIDE
Part
14: The Rudiments of Contrarianism
FOCUS
The
Changing Face of ECNs
Managing
Interest Rate Risk
BOOK
REVIEW
The
Master Swing Trader
Bestsellers
EXCHANGE AND B2B NEWS
http://www.erivativesreview.com/content/archive.cfm?SectionID=E63A12EF-3DFD-4AC9-94EB5E323DA5C373
CME,
CBOT, ICE et al
BITS
AND PIECES
OTC
and other news
FEEDBACK
Strong
Words
THE
BACK PAGE
Playboy
Passé Index?
Exchange
News
What
are Unlisted Trading Privileges (UTP)?
An Unlisted
Trading Privilege (UTP) is a right, provided by the Securities Exchange Act of
1934, that permits securities listed on any national securities exchange to be
traded by other such exchanges.
http://www.sec.gov/rules/final/34-43217.htm
And
The Walls Came Tumbling Down - NYSE Seeks Unlisted Trading Privileges for ETFs
http://www.indexfunds.com/articles/20010406_NYSE_new_etf_JW.htm
CBOT
Dow Jones Strike Price Notice, April 16, 2002 - 04.16.2002
http://www.cbot.com/cbot/www/cont_detail/0,1493,10+24+268+6654,00.html
Name
Change/Soybean Regular Firm - 04.16.2002
http://www.cbot.com/cbot/www/cont_detail/0,1493,10+24+268+6652,00.html
Portugal's
BPN Buys 80% Of Brokerage Fincor To Boost Operations (Dow Jones)
..."holds an important position in all financial products traded on
Euronext Lisbon ," which will complement BPN's retail network. BPN
said it would unveil a new corporate...
Change
to the PHLX Semiconductor SectorSM SOX
http://www.phlx.com/news/sox0417.pdf
Singapore Exchange Confirms Probe On Dayen's Share Price (Dow Jones)
..." a SGX spokesman told Dow Jones Newswires. Shares of the sewage
and water treatment company rose...
SFE
Corp in market debut
Regulatory
News
CFTC
Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility, and
Integrity of Information Disseminated by the Commodity Futures
Trading Commission
http://www.cftc.gov/oed/oeddraftguidelines041502.htm
Regulatory
Announcement Directed by U.K. Panel on Takeovers and Mergers (Business Wire)
...In particular,
Rule 8.3 requires public disclosure of any trading during the offer period by
persons who own or control, or who would
as a result of any transaction......These disclosures should be sent to the
Company Announcements Office of the London Stock
Exchange by fax (+011 44 20 7588 6057) or electronic delivery on the
appropriate form and copied to...... strictly to historical or
current facts, but rather reflect our current expectations concerning future
results and events....
http://biz.yahoo.com/bw/020417/170174_1.html
The
SEC News Digest
http://www.sec.gov/news/digest/04-16.txt
Japan
Econ Council: FSA Bank Probes Helped Financial Stability (Dow Jones)
...The meeting was the council's first after the FSA issued the results of its
special inspections Friday. The council's approval of the
audits..
Reports
Bond
Talk Today's Events
http://www.bondtalk.com/global.cfm?S=todaysevents
Miscellaneous
News
Exchange-traded
fund to track the Dow
GLOBAL equity indices provider Dow Jones Indexes plans to launch an
exchange-traded fund (ETF) based on the Dow Jones Industrial Average Index...
ITG
EPS Increases 13% in First Quarter Before One-Time Gain (Business Wire)
Investment Technology Group, Inc., a leading provider of technology-based
equity trading services, today announced that for the first
quarter ended March 31, 2002, revenues increased 7% over first quarter 2001 to
$97.7 million, net income was $22.2 million and diluted
earnings per share were $0.45.
http://biz.yahoo.com/bw/020417/172108_1.html
Knight
Trading Group Reports Loss Per Share of $0.10 After Non-Operating Charges of
$0.03 Per Share (PR Newswire)
Knight Trading Group, Inc. today reported results for the first quarter ended
March 31, 2002.
http://biz.yahoo.com/prnews/020417/nyw015_1.html
Malaysian
Shares End Up On US Gains; Trading Heaviest In Year (Dow Jones)
...The benchmark Kuala Lumpur Stock Exchange Composite Index of 100 blue chips
ended up 1.3%, or 10.02 points,......Trading
Wednesday was the heaviest so far this year, dealers said.......The KLSE
Composite Index futures contract for April nudged up 7.0
points to 795.50 points. Wednesday Tuesday Change Composite..
Singapore
MAS To Introduce Risk-Based Capital Framework (Dow Jones)
SINGAPORE -(Dow Jones)- The Monetary Authority of Singapore and the Singapore
Exchange will soon introduce a new risk-based
capital framework for members of the exchange, MAS Managing Director Koh Yong
Guan said Wednesday.
Bear
Stearns Hires Sergio Lires Rial as Senior Managing Director and Head of
Strategic Finance (Business Wire)
...Inc. is a leading worldwide investment banking and securities trading and
brokerage firm, and the major subsidiary of The Bear
Stearns Companies Inc. (NYSE:BSC)....... trading and research, private client
services, derivatives, foreign exchange and futures
sales and trading, asset management and custody services...
http://biz.yahoo.com/bw/020417/172211_1.html
Merrill
Lynch Earnings Fall in Q1 (AP)
First quarter earnings at Merrill Lynch & Co. fell 26 percent as a
prolonged investment banking slump hurt the company's profits. The
results, however, exceeded the expectations of analysts who cover the nation's
largest brokerage.
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020417/ap_on_bi_ge/earns_merrill_lynch_2
Merrill Lynch Reports
First Quarter Net Earnings of $647 Million (Business Wire)
...Partially offsetting these negative factors was a modest improvement in
listed equity trading volumes over fourth quarter levels, and a
favorable fixed income environment as interest rates......-- brokerage,
clearing, and exchange fees were $198 million, down 16%
resulting from lower transaction volumes;...... actions and initiatives by
current and potential competitors, the effect of current and
future legislation or regulation, and additional factors described in Merrill
Lynch's Annual Report...
http://biz.yahoo.com/bw/020417/172067_1.html
FTSE/Xinhua
Appoints Amex Chairman Salvatore F. Sodano To International Index Committee (PR
Newswire)
Salvatore F. Sodano, chairman & CEO of the American Stock Exchange, has
been appointed to the FTSE/Xinhua Index Committee
which oversees the FTSE/Xinhua China series of domestic indexes for Mainland
China, which are designed to be used by both foreign
and domestic investors.
http://biz.yahoo.com/prnews/020416/nytu160_1.html
Hotspot
FX Appoints Bernie Siegel to CFO (Business Wire)
Hotspot FX, Inc.,
the leading Electronic Communications Network for the foreign exchange markets,
today announced the appointment
of Bernie Siegel as Chief Financial Officer.
http://biz.yahoo.com/bw/020416/162248_1.html
Connectivity
hubs build tools to simplify onboarding, eyeforchem
Have
E-Business Cost Cuts Gone Too Far?, E-Commerce Times
OM
AB - Interim Report January - March 2002
Belzberg
Technologies Inc. Announces Completion of $14.3 Million Bought Deal (PR
Newswire)
Belzberg Technologies Inc., a leading provider of electronic trading systems in
Canada and the United States, today announced that it
has completed a previously announced private placement of 2,730,000 Special
Warrants for gross proceeds of $14.3 million.
http://biz.yahoo.com/prnews/020416/to194_1.html
HSBC
To Withdraw From Canadian Institutional Equities Sales (Dow Jones)
TORONTO -(Dow Jones)- HSBC Securities (Canada) Inc. plans to withdraw from
institutional equities sales trading and research in Canada .
E-Loan:
Charles Schwab Converts $5 Million Note For 4.72 Million Shares (Dow Jones)
DUBLIN, Calif. -(Dow Jones)- E-Loan Inc. (EELN) said Charles Schwab Corp. (
SCH) converted its outstanding note into 4.7 million
common shares of E-Loan.
on_note_for_4_72_million_shares
Datek
Reports 78,274 Average Daily Trades for March (Dow Jones)
JERSEY CITY, N.J. -(Dow Jones)- Datek Online Financial Services LLC March
average daily trades per day rose to 78,274 from
85,203 last year and from 71, 735 in February.
Fund
evangelist (Forbes Magazine)
...Thanks to Sir John Templeton and others, the humble mutual fund is the most
popular investment vehicle in America......."There are
very few alternatives: either low savings in a bank or speculative trading....
http://biz.yahoo.com/fo/020417/fund_evangelist_1.html
Bourse
Direct/Net Profit -2: Close To Breakeven In '02 (Dow Jones)
PARIS -(Dow Jones)- Bourse Direct, the French online broker, halved its net
loss in 2001 after virtually freezing the amount it spends
on promoting its services.
John's
Comments
The LIFFE's
web site's new top banner: No.1 in Euros - 99% of the Market.
Better!
***************
If you read
anything today, read Patrick Young's editorial "Narrow Interests"
under the Applied Derivatives heading. Very thought provoking
reading.
Regards,
John J.
Lothian
The Price
Futures Group, Inc.
Electronic
Trading Division
Chicago
Board of Trade Building
141 West
Jackson Boulevard, Suite 1340A
Chicago, IL
60604
Phone:
1-800-713-0215 or 312-648-2426
Fax:
312-902-6437
Web site: www.pricegroupetd.com
E-Mail: JLothian@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.
Futures and
options trading involves risk. Past results are no indication of future
performance.