April 1, 2005
Lead Stories
Futures & Options Week Q&A with TT’s Steve Borsand
Steve Borsand has been Trading Technologies (TT)'s vice president, intellectual property for three years. His remit at the firm includes TT's much-discussed software patents and the subsequent litigation based on them. In an exclusive interview, he spoke to FO Week's Jim Kharouf about patents, litigation and what he believes are misperceptions regarding TT.
http://www.fow.com/articles/foweek_article.asp?storyCode=3141
Nymex member calls for IPO partner at closed-door meeting
By LEAH McGRATH GOODMAN - Dow Jones Newswires
An influential member of the New York Mercantile Exchange held a rare, closed-door meeting Wednesday to urge exchange executives, directors and seatholders to take on a private-equity partner in pursuit of an initial public offering.
Global Futures and Options Volume Rose 8.9% in 2004
http://www.futuresindustry.org/presscen-2169.asp?pr=55
***Interesting report as it examines trading with and without the Kospi 200 volume
TSX to Trade Derivatives, Competing With
Bloomberg - TSX Group Inc., owner of the Toronto Stock Exchange, plans to offer derivatives trading in 2009 when a non-compete agreement with the Montreal Exchange ends, Chief Executive Officer Richard Nesbitt said.
http://quote.bloomberg.com/apps/news?pid=10000080&sid=asbtNkvwLFew
New TSX boss targets growth opportunities
CBC News
Richard Nesbitt, the new chief executive of the Toronto Stock Exchange has outlined a growth strategy that will eventually see the TSX compete with the Montreal Exchange for futures and options trades.
http://www.cbc.ca/story/business/national/2005/03/31/tsx-050331.html
Morgan Stanley drama began years ago
Commentary: A former insider considers Wall Street upheaval
By Todd Harrison
MarketWatch - As someone who was at Morgan Stanley from 1991 -- my first interview was with John Havens -- through 1997, I have a unique perspective as I watch the sands fall through the hourglass.
***I love dramas
Morgan Stanley Execs Push Purcell Letter
Reuters- Morgan Stanley's new co-presidents may ask the Wall Street firm's top management to sign a letter of support for embattled Chief Executive Philip Purcell, as the firm considers a number of steps to fend off shareholders calling for his ouster.
http://news.yahoo.com/news?tmpl=story&u=/nm/20050401/bs_nm/financial_morganstanley_dc_4
***More drama
Environmental Trading News
CBOT Hosts 13th Annual SO2 Emission Allowance Auction on Behalf of EPA
Allowances sold for use in 2005 and for 2012 each total 125,000
The Chicago Board of Trade (CBOT) hosted on Monday, March 28 the Thirteenth Annual Sulfur Dioxide (SO2) Emission Allowance Auction, held on behalf of the Environmental Protection Agency (EPA). The auction offered allowances that could be used in 2005 and 2012.
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+27356,00.html
EPA Acid Rain Auction Brings in About $125 Million
Reuters
The U.S. Environmental Protection Agency announced the results of the 13th annual acid rain allowance auction worth about $125 million held earlier this week at the Chicago Board of Trade.
http://news.yahoo.com/news?tmpl=story&u=/nm/20050330/sc_nm/utilities_epa_so2_dc_1
ABN Amro Funds Site for Carbon, Woodpecker Markets
Bloomberg.com - ABN Amro Holding NV, the largest Dutch bank, and Citigroup Inc. are helping pay for a Web site that provides data on environmental markets from greenhouse gas emissions to endangered species, including a type of woodpecker.
http://www.bloomberg.com/apps/news?pid=10000085&sid=aWO26jD11xLM
Exchange News
Eurex Closes the First Quarter of 2005 at a Record Level
With 116.5 contracts, March was the second-best month in Eurex’s history/ One-day record of almost 9 million contracts on March 16/ Strong growth in European equity options trading
***Somewhere in
Eurex 1Q 2005 Trades Rise 8% From Year Before
Dow Jones - International derivatives exchange Eurex closed the first quarter of 2005 with record volumes, Deutsche Boerse AG (DB1.XE) said Friday.
Equities Turnover in March 4 Percent up Month-on-Month
€305 billion in turnover on German stock exchanges in March
on/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_FWB_Maerz_010405.htm">http://www.marketwatch.com/news/story.asp?guid=%7B3AF72EF5%2D4F29%2D41C9%2D832E%2D95149B2754C6%7D&dist=rss&siteid=mktw
Electricity bourse starts at full power in
The Japan Electric Power Exchange began full-blown operation Friday, as 491,000 kilowatt-hours of electricity for delivery the next day changed hands.
http://asia.news.yahoo.com/050401/kyodo/d896k3qg0.html
Western Barley Propels WCE to Record Daily Electronic Volume
http://www.wce.ca/wnew/newsreleases/2005/pr-03-31-05.asp
Regulatory News
The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest/dig033105.txt
CFTC Weekly Advisory
http://www.cftc.gov/opa/adv05/opawa14-05.htm
FSA publishes new service standards
http://www.fsa.gov.uk/Pages/Library/Communication/PR/2005/033.shtml
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
DTCC Calls Euromoney Article on Its Stock Borrow Program and Naked Short Selling ''Sloppy Journalism''
The Depository Trust & Clearing Corporation responded today to an article appearing in the April edition of Euromoney magazine on naked short selling, saying the article "fails to reflect any true understanding of the complicated securities clearing and settlement programs it discusses, fails to report that most of the litigations mentioned in the article have, to date, been dismissed ...
http://biz.yahoo.com/bw/050331/315838.html?.v=1
ICAP Says Full-Year Profit Was About 175 Mln Pounds
Bloomberg
ICAP Plc, the world's largest broker of trades between banks, said fiscal-year pretax profit excluding one- time items and goodwill amortization was at the ``top end'' of analyst estimates as trading volumes rose.
http://www.bloomberg.com/apps/news?pid=10000102&sid=aBzgh20Q_rXY&refer=uk
Cantor Fitzgerald Adds New Managing Director, Kevin Griffin, To Debt Capital Markets Group
http://www.espeed.com/articles/article20050331.pdf
Instinet Group Completes Acquisition of Bridge Trading
Instinet Group Incorporated , the global electronic agency brokerage, today announced that it has completed its acquisition of Bridge Trading Company, an agency execution broker, from Reuters , the global information company, for 3,751,527 shares of INGP stock, valued at approximately $21.5 million.
http://biz.yahoo.com/bw/050331/315929.html?.v=1
"Bell Curve Trading will present a 1-day seminar in London on Monday, April 11th at The Financial Bookshop, Mezzanine Level Conference Room, 90 Bishopgate, London EC2N 4DQ. The presentation runs from 9:00 a.m. to 5:00 p.m. and we will use live markets to demonstrate our analytical methodology. The all-in fee is £750 per attendee, and £650 per attendee for Companies sending more than one person. Luncheon and refreshments are included.
Bell Curve will also present a complimentary 2-hour introductory session in Dublin at the request of BNP Paribas on Wednesday, April 13th from 5:15 p.m. to 7:00 p.m. at BNP Paribas, 5 Georges Dock, IFSC, Dublin 1.
If interested please e-mail gflynn@bellcurvetrading.com to reserve your space, and if you have any questions, please feel free to call us at 843-849-7570."
FIA
http://www.futuresindustry.org/fiadivis-2148.asp?d=4
**John Damgard may appear to sing Karaoke
John's Comments
On my final day of editing the newsletter, I would like to point you to today’s top story from Futures & Options Week, an interview I did with Steve Borsand, TT’s in-house patent attorney. While this smacks of shameless self-promotion, I would point out that the interview helps shed some light on what TT has done and may do in the future. And the issue of patents is perhaps the biggest story in the futures industry, as it changes the way business is done in the coming months and years.
Also, I wanted to say thanks to all who contacted me over the past week. It’s been nice connecting again or meeting you. And thanks to John for handing me his baby for a week. I have to say the newsletter takes a tremendous amount of work and his search for news every day is extremely thorough. I have a new respect for the service he provides.
Have a great weekend,
Regards,
Jim Kharouf
John J. Lothian
Publisher
John Lothian Newsletter
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