Exchanges try to trade in their old bickering

http://chicagotribune.com/business/columnists/greising/article/0%2C1122%2CART-53064%2C00.html

Hedge Fund Group Seeks to Loosen Ad Rules (Reuters)
Advertising is the ultimate no-no for loosely regulated hedge funds that cater to the rich, but the industry's lobby
group is campaigning hard to loosen restrictions to help fledgling managers meet potential investors. 

http://dailynews.yahoo.com/h/nm/20010722/bs/financial_fund_hedges_dc_1.html

TECHNOLOGY -- The Push to Regulate Financial Portals (Business Week)
If the SEC really wants to make a difference, it should oblige investment-site operators to reveal their interests
in the stocks they recommend 

http://biz.yahoo.com/bizwk/010723/s8qtyzlovnz90qzhifrixw.html

Energy Deregulation Speeds Industry Shift to Online Trading, Report Says, eMarketect

http://www.emarketect.com/headlines/show_headlines.cfm?id=1232

Eurex Offers New Equity Options on Neuer Markt Stocks

http://www.eurexchange.com/entrancehall/news_pressreleases_159_en.html

Merrill settles Blodget claim, others under fire

http://biz.yahoo.com/rf/010720/n20140107_3.html

Options order fees seen intact despite PHLX move

http://biz.yahoo.com/rf/010720/n20132712.html

Swiss mull cut in virt-x hours as volumes low

http://biz.yahoo.com/rf/010723/l234806_2.html

Exchange News

London Stock Exchange Lists Shares (Associated Press)
The London Stock Exchange, grande dame of Europe's stock markets, listed its own shares Friday then watched them fizzle in a
lackluster debut. 

http://dailynews.yahoo.com/h/ap/20010720/bs/britain_stock_exchange_1.html\

London Stock Exchange shares commence trading on the main market

http://www.londonstockexchange.com/press/releases/20-07-01.asp

Trading Starts 15 Minutes Earlier on 30 July 2001

http://www.tiffe.or.jp/press/20010730kokogyo.html

Equity Trading by Foreign Investors

http://www.tse.or.jp/english/data/exotic/sector/index.html

Regulatory News

The SEC News Digest

http://www.sec.gov/news/digest/07-20.txt

Tri-West Investment Club promoter barred from market for 18 months

http://www.bcsc.bc.ca/news/NR01_30.asp

Supreme Court takes tough line on directors' conflict of interest

http://www.asic.gov.au/index.cfm-id=257DA347-7CDC-11D5-A532009027DE39A4&Method=Full&story=yes.htm

Gold Coast investment adviser permanently banned

http://www.asic.gov.au/index.cfm-id=257DA358-7CDC-11D5-A532009027DE39A4&Method=Full&story=yes.htm

Unlicensed adviser receives further sentence

http://www.asic.gov.au/index.cfm-id=257DA387-7CDC-11D5-A532009027DE39A4&Method=Full&story=yes.htm

Reports

Bond Talk Today's Events

http://www.bondtalk.com/global.cfm?S=todaysevents

Miscellaneous News

Open Market XML Exchange Server Allows Tighter Integration Between Business Partners' B2B Systems (PR Newswire)
Businesses who use Open Market's Content Server(TM) Enterprise Edition with its XML Exchange Server can leverage XML
to further extend their managed content and business documents by facilitating the distribution of their information externally to
their partner sites and online exchanges. 

http://biz.yahoo.com/prnews/010723/nem025.html

Morgan Stanley Poll Finds Uncertainty About Benefits of New Tax Laws

http://www.morganstanley.com/pressroom/news165.html

ISDA South Africa Conference - Featuring Sessions on Credit, Equity and the 2001 ISDA Margin Provisions

http://www.isda.org/conf/saconf07-25-01.html

Equities Fall To Fair Value; Are USD, Bonds Next?

The correlation between equity markets and the foreign exchange and fixed income markets suggests that if stock valuations have now fallen to their fair value, the US dollar and bonds could be next.

http://www.garp.com//newsfeed.asp?Category=6&MyFile=2001-07-23-3304.html

Can Securities Firms Manage Their Increased Credit Risks?

Due to new competitive pressures, institutional investment banks must adopt economic value added and Raroc models to offset the risks of taking on projects that expose the firms’ capital to excessive loss.

http://www.garp.com//newsfeed.asp?Category=6&MyFile=2001-07-23-3303.html

ChemConnect Marketplace Reaches $3.2 Billion Trade Run-Rate, ValNets

http://www.valnets.com/doc.asp?id=8502

MERRILL LYNCH APPOINTS JERRY MANDEL AS HEAD OF TEL AVIV OFFICE

http://www.ml.com/about/press_release/07172001-3_jerry_mandel_pr.htm

Harris launches offshore fund

Crabel pushes close to $800 million mark

http://www.marhedge.com/

E*TRADE Expands Knowledge Center to Provide Enhanced Online Financial Education

http://www.newswire.ca/releases/July2001/23/c4120.html

Support Grows for Corn-Based Fuel Despite Critics (The New York Times)

http://dailynews.yahoo.com/h/nyt/20010723/bs/support_grows_for_corn-based_fuel_despite_critics_1.html

Merrill Settles a Conflict-of-Interest Dispute (The New York Times)
Merrill Lynch has agreed to pay $400,000 to settle a former client's claim that a company analyst
recommended a stock without disclosing a conflict of interest. 

http://dailynews.yahoo.com/h/nyt/20010721/tc/merrill_settles_a_conflict-of-interest_dispute_1.html

The BRUT ECN, L.L.C. Positioned to Increase Institutional Business With Launch of New Front-End Technology - The BRUT Workstation (PR Newswire)
... Robertson Stephens, Goldman Sachs, Knight Trading Group, Merrill Lynch,... 

http://biz.yahoo.com/prnews/010723/nym052.html

OpenFIX.net Tests Over 100 Users, Adds Over 30 FIX Tests, Gains TNS Connectivity (PR Newswire)
... participants, including brokers, fund managers, Exchanges and ECNs.... 

http://biz.yahoo.com/prnews/010723/nym007.html

The Week in Stocks and Funds (Morningstar.com)
...For the week through Thursday, Schwab Health Care Focus (NA: SWHFX) gained 4.5%,... 

http://biz.yahoo.com/ms/010720/5781.html

Rio Tinto buys Cargill Australia salt arm (Reuters Securities)
Rio Tinto Ltd/Plc's part-owned Dampier Salt Ltd said on Friday its US$95 million purchase of the Australian salt business of
agribusiness giant Cargill Inc would make it the world's biggest salt exporter.

http://biz.yahoo.com/rf/010720/syd34664.html

The Goldman Sachs Foundation in Partnership With the Institute of International Education - IIE -
Celebrate 50 Outstanding Young Leaders From Around the World (Business Wire)
The Goldman Sachs Foundation and the Institute of International Education are marking the inaugural
year of the Goldman Sachs Global Leaders Institute, a prestigious international scholarship program, this
week in New York City. 

http://biz.yahoo.com/bw/010723/2146.html

Goldman to cut 300 personnel posts - report (Reuters Securities)
Investment bank Goldman Sachs & Group Inc. is set to cut about 300 human resource staff in response to sluggish market
conditions and reduced hiring activities, the Financial Times said on Monday. 

http://biz.yahoo.com/rf/010723/l23514007.html

Favored IPO Investors on the Inside (Reuters)
...Estimates provided by Goldman Sachs (NYSE:GS - news),... 

http://dailynews.yahoo.com/h/nm/20010722/bs/bizipos_dc_1.html

TIBCO Survey Finds Integration Projects Remain High on Global 1000 Executives' I.T. 'Must Have' Lists (PR Newswire)
... industries, such as Bank of America, Deutsch Telecom, Goldman Sachs,... 

http://biz.yahoo.com/prnews/010723/sfm024.html

XTO Energy Hedges 2001 and 2002 Natural Gas Production; Secures $4.30 NYMEX For 90% Of Production
Through March 2002 (PR Newswire)
XTO Energy Inc. today announced that it now has price hedges averaging $4.30 NYMEX on approximately
90% of its projected natural gas production through March 2002. Additionally, 200 million cubic feet per day has
been hedged at $3.72 for the last three quarters of 2002. 

http://biz.yahoo.com/prnews/010723/sfm100.html

Investor Optimism Plummets to All-Time Low, UBS PaineWebber Index Shows - Majority of Investors Say
Tax Rebates Will Do Little to Spur the Economy - (PR Newswire)
Investor optimism fell in July to the lowest level in history as investors expressed concerns about reaching their
personal investing goals, as well as skepticism that upcoming tax rebates will stimulate the economy, according
to the Index of Investor Optimism(R), a joint effort of UBS PaineWebber Inc. and the Gallup Organization. 

http://biz.yahoo.com/prnews/010723/nym049.html

UDPATE 1-CSFBdirect Q2 loss widens as trading falls (Reuters Securities)
The online brokerage CSFBdirect Inc., which is being taken private by its investment banking parent Credit
Suisse First Boston, on Monday said its second-quarter loss almost doubled, hurt by a decline in customer
stock trading. 

http://biz.yahoo.com/rf/010723/n23207884_2.html

Mark C. Brickell Joins Blackbird as CEO and Director (Business Wire)
Blackbird Holdings, Inc., builder and operator of Blackbird, the world's first electronic trading system for a wide range of swaps
and other privately negotiated derivatives, today announced that Mark C. 

http://biz.yahoo.com/bw/010723/0164.html

Shoeless Joe Jackson Baseball Bat Expected to Set Record For Most Valuable Bat Ever Sold (PR Newswire)
One of baseball history's most prized collectibles -- the original "Black Betsy" baseball bat used by Shoeless Joe Jackson -- is set
to go for up for bid in a 10-day auction starting July 28 on eBay, The World's Online Marketplace(TM). 

http://biz.yahoo.com/prnews/010723/sfm078.html

John's Comments

Several weeks ago I was being pestered by a very persistent salesman to attend a seminar in Chicago on "Electronic Derivatives Trading Systems."  He would always call at the worst possible time and he knew all the buttons to push.  The underlying subject of the seminar is single stock futures, one of my favorite subjects.

Well, I finally told him that I was not interested in attending, mostly to get him to stop calling.  However, I told him if his company was really on the ball they should have me as a speaker at the conference because I am one of the biggest public fans of single stock futures.  I thought that was that.

Well, on Friday morning I received a call from a woman from Marcus Evans, the company organizing the seminar.  It seems the salesman had passed along my comment and the event had experienced a cancellation of a speaker ( a recipient of these emails no less) and would I be willing to fill be a presenter.  Well cook my grits, sure I would love to. 

The subject I am to speak about on Thursday is "Delivering Straight Through Processing with Electronic Order Routing Systems."  Now the first thing I needed to do is figure out what straight through processing was.  OK, oh yes, I remember that.  Hmmm, maybe I could use some help for with this I said.  So I asked my friend Andrew Martin of Sungard Futures to give me a hand.  Someone to play the straight man, who also has some more technical expertise on the subject for when the smart aleck technophiles in the audience ask those questions with 35 different acronyms in it. 

Thus, Andrew and I have accepted the invitation to speak at the conference on Thursday.  We will be the fourth session, following CME President and CEO James McNulty's Keynote presentation, Tom McCabe of the CBOT, and a session about something called FpML. 

This is indeed an honor, especially considering the talented presenters and the institutions and firms they represent (Bank of America, CBOTCC, CBOT, CME, Eurex, FpML.org, Garban Intercapital, GNI, Inc., Interactive Broker, MEFF, OCC, Refco Global Futures, Nasdaq LIFFE Exchange).  I would like to think my boldness with the salesman was the reason for my being selected.  But I am not so naive.  Clearly ( to me ), I have an anonymous industry angel who put in a good word for me.  Angel, whoever you are.  Thank you.

Regards,

John J. Lothian

Electronic Trading Division

The Price Futures Group, Inc.

www.pricegroupetd.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.