April 5, 2005
Lead Stories
CBOE regains top spot in
http://news.reuters.com/newsArticle.jhtml?type=topNews&storyID=8079507
The OIC Announces New Monthly Volume Record For Second Time In 2005
http://www.888options.com/news/news_archives_05/apr_4.jsp
Commodity Strategists: Merrill Sees Commodity Bubble (Update2)
April 5 (Bloomberg) -- Oil and metals prices may fall as
http://www.bloomberg.com/apps/news?pid=10000086&sid=ad24nbwp8yqA
Jim Rogers’ Hedge Fund Tips
Investment guru Jim Rogers and other hedge fund managers see opportunities in global markets, including energy technologies.
Looking for new and diversified investment opportunities for your hedge fund? Stay clear of
http://www.redherring.com/Article.aspx?a=11686&hed=Jim+Rogers%e2%80%99+Hedge+Fund+Tips
Communication guru Peggy Klaus will lead a "BRAG! Connections Corporate Outreach Program" with 65 high-school juniors from the Young Women's Leadership School of East Harlem along with about 65 senior Merrill Lynch women and hedge fund executives who are members of a prominent philanthropic group called High Water Women http://www.hedgefundwomen.org.
http://biz.yahoo.com/bw/050405/55696.html?.v=1
SPITZER SHOULD TAKE ON THE THUGS STEERING OIL MARKET
April 5, 2005 -- WITH job growth weak here and economies slowing in the
How do I know? I'm guessing, just like every schmo on Wall Street who's predicting and hoping that oil prices will continue to rise ad infinitum.
And since there's hardly any regulation of the commodities industry, Wall Street's bogeymen can continue their attacks on the oil markets (and consumers) without fear.
http://www.nypost.com/business/43832.htm
CARL'S CURVE
April 5, 2005 -- A lawyer for H. Carl McCall yesterday threatened to drag nearly two dozen former New York Stock Exchange board members into the messy Dick Grasso litigation if his client was not dropped from the trial. McCall — the former chairman of the compensation committee of the NYSE — tried mightily in 2003 to halt Grasso's $140 million pay package but was thwarted in his attempt, the lawyer said.
http://www.nypost.com/business/43845.htm
PHIL DEALS HIS CARDS
April 5, 2005 -- Wall Street's embattled Phil Purcell is throwing out a bone to keep the hounds off his tail — in this case, a deal to spin off his own pet project, Discover credit card.
http://www.nypost.com/business/43847.htm
Big Board Still Carries a Big Stick
http://online.wsj.com/article/0,,SB111265873014197811,00.html?mod=home%5Fwhats%5Fnews%5Fus
**** Online WSJ subscription required.
Editorial comment - Donaldson's flawed stock exchange rule
Tomorrow, the Securities and Exchange Commission is expected to pass a new set of regulations for stock market trading in the
http://news.ft.com/cms/s/56e2f8aa-a570-11d9-8616-00000e2511c8.html
The Thailand Futures Exchange and OMX Technology today signed an agreement for the use of CLICK Trade -- the order entry system, CLICK XT and SECUR as a new integrated trading and clearing platform for its derivatives products.
http://biz.yahoo.com/pz/050405/75676.html
BANGKOK, April 5 (Reuters) - Thailand's financial futures exchange expects to start operations in November following the signature of a contract with Sweden's OMX for a trading and clearing system on Tuesday.
http://asia.news.yahoo.com/050405/3/1yuu9.html
Northwest Europe Gasoil futures for
The New York Mercantile Exchange is set to launch a Northwest Europe gasoil futures contract for open outcry trading in
http://www.rte.ie/business/2005/0405/nymex.html
Prepare for the global money crunch
Today's most-tempting investment opportunities await in
http://moneycentral.msn.com/content/P111800.asp
Competition probe of LSE takeover
If Morgan Stanley CEO Goes, Could Mack Be Back?
http://www.msnbc.msn.com/id/7384337/site/newsweek/
Wall Street: Judge Releases Grasso Interviews
http://www.msnbc.msn.com/id/7382811/site/newsweek/
Derivatives on the Swiss Market Index (SMI)
In the first of a new series of briefing notes, Eurex provides guidelines for trading and hedging with SMI derivatives
Swiss shares provide a unique investment opportunity due to
This has been one of the driving factors for the development of many internationally renowned corporations, primarily operating in the banking, pharmaceuticals and food sectors. Eurex is the only exchange worldwide to offer futures and options on the SMI.
Environmental Trading News
http://www.chicagoclimatex.com/news/press/release_20050405_DiPerna.html
Exchange News
CBOT Quarterly Volume Climbs 26.7 Percent to Set New Record (04/04/05 11:00)
http://www.hpj.com/dtnnewstable.cfm?type=story&sid=13960
CBOT Trader Newsletter: April 4, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+27472,00.html
CBOT Strike Price Notice, April 05, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27490,00.html
Exchange Announces Launch of Northwest Europe Gasoil Futures Contract in
http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050404a
Clarification on Brent Incentives Programs
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm143&archive=2005
NYSE Honors Recipient of the 2005 Fire Commissioner’s Humanitarian Award
Stephen J. Dannhauser, Chairman of the law firm Weil, Gotshal & Manges LLP, and recipient of the 2005 Fire Commissioner’s Humanitarian Award, rings The Opening BellSM on April 5, 2005.
http://www.nyse.com/events/1112611728503.html
CME E-Livestock Volume Records
On March 9, CME set volume records in the CME E-Livestock complex, driven by record volume in CME E-Live Cattle futures. The CME E-Livestock contracts set a new volume record of 1,844 futures contracts traded.
http://www.cattlenetwork.com/content.asp?contentid=4425
CME Expands Global Outreach with Chinese Version of its Web Site
CHICAGO, April 5 /PRNewswire-FirstCall/ -- CME, the largest futures exchange in the
http://biz.yahoo.com/prnews/050405/cgtu035.html?.v=4
NYSE to remember Pope on Friday
Market will mark moment of silence before opening to honor the memory of Pope John Paul II.
NEW YORK (CNN/Money) - The New York Stock Exchange will honor the late Pope John Paul II with a moment of silence before Friday's opening bell, the exchange said Tuesday.
http://money.cnn.com/2005/04/05/markets/nyse_pope/index.htm?section=money_latest
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/dig040405.txt
Proposed withdrawal of staff interpretation, 70 Fed. Reg. 21 (February 2, 2005)
NFA appreciates the opportunity to comment on the Commission's proposal to withdraw Financial and Segregation Interpretation No. 10 ("Interpretation No. 10"). The proposal will remove any obstacles to the availability of these funds in fast-moving markets and any uncertainty about their treatment in an insolvency. The proposal will also lessen the administrative burden on FCMs while ensuring that customer funds are handled in a safe and efficient manner. Therefore, we support the proposal.
http://www.nfa.futures.org/news/newsComment.asp?ArticleID=1433
REMINDER
CFTC TO HOLD CPO AND COMMODITY POOL INDUSTRY ROUNDTABLE ON WEDNESDAY, APRIL 6, 2005
Washington, D.C. – The Commodity Futures Trading Commission (CFTC) will hold a roundtable on Commodity Pool Operators (CPOs) and the commodity pool industry on Wednesday, April 6, 2005, from 9:00 a.m. to 3:15 p.m. The roundtable will take place in the first floor Hearing Room at the Commission’s Headquarters,
http://www.cftc.gov/opa/press05/oparemindertopressrelease5061.htm
Notice to Members
NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5
News Release
NASD Endorses Concise, Web-Based Point of Sale Mutual Fund Disclosure
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5
SEC should consider Internet-based disclosure for fund sales
Would be a two-page document providing information about mutual fund, NASD says
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28330&IdSection=8&cat=8
SIA: Point-Of-Sale Disclosure Should Give Investors 'The Complete Picture' On Fund Choices, Be Internet-Based, Cost-Effective
http://www.sia.com/press/2005_press_releases/03541114.html
BCSC imposes bans, fines for investment fraud
Investors lost more than $2 million
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28331&IdSection=8&cat=8
Three B.C. men hit with stiff sanctions
http://www.bcsc.bc.ca/release.asp?id=2322
SEC Seen Exempting Fee-Based Brokerage Accounts
WASHINGTON (Dow Jones)--The Securities and Exchange Commission is expected to approve a controversial proposal on Wednesday to allow brokers to continue offering fee-based accounts without being subject to regulations imposed on investment advisers.
Edward Jones is in NASD spotlight once again
Edward Jones once again faces federal and state scrutiny and possibly a large fine over the sale of mutual funds.
Charlie McCreevy European Commissioner for Internal Market And Services Regulation – Right And Wrong - Annual Conference On Financial Service Action Plan,
http://www.exchange-handbook.co.uk/news_story.cfm?id=52205
Managed Futures - Managed Funds
Hedge fund growth at peak, says Morgan Stanley
THE ferocious growth of hedge fund assets over the last few years has peaked, but capital flows will remain strong as more pension funds allocate money to these alternative investments, according to investment bank Morgan Stanley.
http://business.scotsman.com/banking.cfm?id=360072005
KL investors' prospects are bleak
Apr-5-2005 - Investors in the now-defunct KL Financial hedge fund should not expect to recoup the full value of their investments
http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-04-05-09-18-42p1.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
Cantor Fitzgerald spin-off buys Maxcor
http://www.businessweek.com/ap/financialnews/D898O0PG0.htm?campaign_id=apn_home_down
Knight to buy trading services firm
Knight Trading Group Inc. agreed to buy privately held Direct Trading Institutional Inc., which provides services to hedge funds and institutions, in an all-cash deal.
Separately, Jersey City, N.J.-based Knight, a trading and market-making firm, said it restructured its equity markets business into three main groups to help it compete more effectively in an environment "that is getting increasingly challenging."
http://www.crainsny.com/news.cms?id=10337
Report Said to Find 9/11 Evacuation Slow
Tuesday, April 05, 2005 9:08 a.m. ET WASHINGTON (AP) -- Investigators have concluded that new thinking is needed on how to evacuate people from endangered skyscrapers and how to get rescuers into them more quickly, according to two individuals familiar with a federal report on the ...
http://news.lycos.com/wired/story.asp?section=Breaking&storyId=1014188
Obituaries in the News - Edward Bronfman
TORONTO (AP) _ Edward Bronfman, who along with his brother Peter built one of Canada's largest business empires that included the NHL's Montreal Canadiens and Labatt beer, died Monday. He was 77.
http://news.lycos.com/wired/story.asp?section=Breaking&storyId=1014246
Morgan Stanley Increases Reserve for Coleman Litigation by $100 million
http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=402
Morgan Stanley Names Stephen S. Crawford and Zoe Cruz to its Board of Directors
http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=401
Morgan Stanley to Pursue Spin-off of Discover Financial Services
http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=400
Morgan Stanley Discovers A Plan B
The card spinoff highlights the folly of the events that led to Purcell's being CEO in the first place.
http://www.forbes.com/business/2005/04/05/cx_da_0405topnews.html?partner=rss
Financial Services Firms and Industry Media Take Interest in Spooz, Inc.'s Alternative Trading Technology
Spooz, Inc. , a provider of market analysis and execution software for financial trading, has received a warm industry welcome from financial trading firms and media with the recent announcement of TicketToolz, the company's Microsoft Excel add-in trading tool.
http://biz.yahoo.com/bw/050405/55201.html?.v=1
FutureTrade Enhances Trading Platform With Release of Version 3.0
FutureTrade, a leading independent provider of electronic equity and option execution services, announced today the latest upgrade to its popular trading platform, FutureTrade Version 3.0.
http://biz.yahoo.com/prnews/050405/latu022.html?.v=5
Joint Associations’ response to CESR consultation on best execution and market transparency
http://www.isda.org/speeches/pdf/MIFIDCESRtrans040405.pdf
PJStar.com - Journal Star Business News
Is corn company soul-searching after selling out to ADM? The lessons contained in the proposed settlement of a civil lawsuit arising over Archer Daniels Midland's 2002 purchase of farmer-owned Minnesota Corn Processors are older than dirt and nearly as common.
http://www.pjstar.com/stories/040505/ALA_B61TEPJG.027.shtml
Easyscreen says to recommend Refco offer for company
http://www.iii.co.uk/news/?type=afxnews&articleid=5254962&subject=companies&action=article
Attendance Rises for NGFA Convention in
Approximately 650 participants attended the National Grain and Feed Association's 109th annual convention March 30-April 1 on
http://www.grainnet.com/info/articles.html?type=bn&ID=25873
Goldman Sachs may change HQ plans
NEW YORK (Reuters) - Wall Street firm Goldman Sachs Group Inc. is considering alternatives to its plan to build a nearly $2 billion headquarters tower in Lower Manhattan's Battery Park City, the New York Post reported Tuesday.
Goldman Plans at Ground Zero Are in Doubt
Goldman, Sachs & Company, the only firm that had been committed to building at ground zero without insurance money, said yesterday that it had suspended plans to build a 40-story, $2 billion headquarters.
http://www.nytimes.com/2005/04/05/nyregion/05rebuild.html
GOLDMAN PULLS PLAN FOR $2B
GOLDMAN PULLS PLAN FOR $2B BATTERY PARK HQ April 5, 2005 -- Goldman Sachs has pulled the plug on its plan to build a nearly $2 billion headquarters tower in Battery Park City, dealing a severe blow to downtown hopes for a commercial renaissance near the World Trade Center site.
http://www.nypost.com/business/43850.htm
Users need to know SunGard plans
The acquisition of SunGard Data last week could lead to the software and disaster recovery specialist being broken up, experts have warned.
http://www.computerweekly.com/Article137710.htm?src=rssNews
No More Free Trades
Boom! Did you hear that, Fools? And you thought the era of the dot-bomb was over.
Last week, budget-minded stock traders were stunned to receive this falsely happy-sounding announcement in their email inboxes: "Your Freetrade account is moving to Ameritrade Izone!" But exclamation point or no, this was not good news.
http://www.fool.com/News/mft/2005/mft05040419.htm
More sophisticated cyber crime costs
As cybercriminals grow in sophistication and organized crime becomes increasingly involved in the mix, the cost of cyber crime to
Speculation costs
http://news.xinhuanet.com/english/2005-04/05/content_2786761.htm
Boca Audio Available
Listen to audio files from the FIA's 30th Annual International Futures Industry Conference sessions.
http://www.futuresindustry.org/2005boca-2471.asp
Other Voices
At the recent Futures Industry Association International Conference in
Here is a link to the original press release and list from the FIA: FIA Unveils Futures Hall of Fame, http://www.futuresindustry.org/presscen-2169.asp?pr=53
Here is Futures Hall of Fame’s John F. Gilmore, Jr.’s contribution to Other Voices:
By John F. Gilmore, Jr.
I was one the fifty that were admitted. I was honored to be there but it caused me to think a great deal about those, past and present, present that night and not, and named and not name who really shaped the 35 plus years I have been privileged to see this business grow into a global business. Here are some who deserved recognition. Some of those are listed below.
Bernard Carey was chairman of the Chicago Board of Trade, 1963 and uncle to the current chairman. None of us would be here unless he saved the industry after the Tino De Angelis salad oil scandal which closed two NYSE firms, one
Milt Kirshbaum and Max Witz liquidated the De Angelis risk across the exchange community nationwide as they had done during the Henry Kate, Flour Mills of America attempted corner wheat several years previously.
E. B. Harris, he was President of the CME when memberships were 500$ and the onion scandal threatened to close the exchange. Pork Bellies, young traders and vision gave us what we have today.
William O’Connor. No list is even a list without the true savant of the futures and options business. He and his brother, Edmund founded the CBOE. It was he his dream of trading indexes, he saw the worldwide electronic trading floor before anyone. Why do I know this? He explained it to me and at the time I couldn’t see it.
David Goldberg. His firm, Goldberg Brothers, cleared and guaranteed all those new ideas, in
Joseph Sullivan. He was the first president of the CBOE and turned all the O’Connor ideas into reality, got them approved by a doubting SEC, and convinced the Board of Trade members to support it.
Fisher Black, who I was privileged to know, was famous for the Black-Scholes model for options pricing but he also was the intellectual foundation for the pricing of the original stock index futures, Kansas City Board of Trade Value Line, while rest of us were guessing.
Alexander Cox. An original bond options floor trader, who believed that futures options were more efficient than options on cash and proved via his own commitment.
Charley Clement was the original Ginny Mae floor broker, who taught everyone financial spreads. He saw the Ginny vs. bond spreads and began the entire inter contract, yield curve spread trading of NOBs and FOBs.
Michael Jenkins, the first CEO of LIFFE who, with skill and determination, made the first new successful exchange from scratch despite the belief that this was “a
John Barkshire, who helps start LIFFE in the
Gerard Pfauwadel. Was head of the MATIF at the beginning and was successful in an atmosphere of doubt. The first major French bond delivery was for 1 billion dollars and it was handled flawlessly.
Ferdinand Prisi founded the Buergenstock conferences and the Swiss Futures and Options Association which was at the forefront of making futures trading legal in
Ng Kok Sung and the founders the SIMEX and the development of the mutual offset system of banking which introduced global trading.
Les Hoskins who started with the greasy wool exchange and build it into a powerhouse in Asian time zone SIMEX through the Barings crisis without an international ripple. They righted the system, saw the guilty prosecuted, and made us all realize what cooperation between government, the monetary authority of Singapore and private, the SIMEX can mean during the time of crisis when it is non-accusatorial focus on solutions not finger pointing. The same pair managed well when during the 87 crash, the NIKKEI traded at 5000 on Tuesday October 20th...
Merton Miller, Nobel Laureate, and Sandy Grossman in 1988 wrote a paper, “determinates of market liquidity” which argued that without the floor traders there was no market. The 87 crash didn’t start on the floor, it was absorbed there and that the academic theory of portfolio insurance would have only worked if every trader, and floor and upstairs, was an idiot and stood there an absorbed the results of this failed idea, the real source of the 87 crash.
Roger Rutz, who as head of the Chicago Board of Trade Clearing Corporation brought the discipline and intelligence to mange the risk of combined options and futures positions. His original thoughts are the basis of how we clear and trade futures options today.
Richard Dennis and his happy band of “turtles” Dennis and his acolytes proved managed money, discipline and the futures markets fit together. Many of those first generation “turtles” have produced second and third generations but today we call them hedge funds.
Ray Cahnman. Who was and is a visionary who saw the worldwide marketplace as one large, competitive “pit” where all could compete on an equal basis. Oh, if they had only listened to Ray and Billy we would be trading international grain contracts at a million plus rate just like the financials.
Tom Baldwin. Yes, that floor trader, who would on a regular basis, absorbed shocks from Wall Street around the world for his own risk. He represents the group that is never recognized, is vilified and misunderstood. They did however create the greatest pools of liquidity in the nineties that were the envy of the world of finance. Where else could a firm hedge a billion dollars worth of bonds in thirty seconds before the close. Yes, you could, my firm did it.? There were and are many
Leslie Burns and ladies of the Euro spreads who could figure out spread values in their heads faster than many trading desks and provide tremendous liquidity, created markets ten years out that were highly liquid and tradable.
Don Wilson. A CME euro options trader today, who might be the continuation of the Billy O’Connor tradition, knows that worldwide open markets benefit all. His vision of worldwide, efficient, accessible electronic options markets will extend the O’Connor vision of the world wide trading floor.
These are a few that I thought of as the fifty were announced. Where possible, I would have loved to see them there. We owe them a tremendous thank you.
I was personally privileged to know these most of these individuals and believe that each and everyone contributed to the success of the global business of today.
John F. Gilmore, Jr.
John's Comments
Business Reporter Question
The question listed below was posed to me by a business reporter for a well known publication. If anyone has any opinions they wish to share, I would be glad to pass them along to the reporter.
What do your readers think of the SEC's anticipated rulings on the best price and trade through proposals affecting the NYSE?
*******
Eurex Question
Here is a story that I want to see written. What impact has the launching of Eurex US had on trading volumes originating from the
Eurex AG traded a single day record 9 million contracts one day back in March while I was in
******
**** I received the following invitation to an environmental commodity workshop in
By Invitation Only:
You may have recently received an e-mail from Richard Sandor inviting you to the environmental commodity workshop on April 14th in
Topics covered will include:
An introduction to environmental commodities (SO2, NOx and other allowances)
A brief introduction to market rules
Understanding the market landscape
Spotting and understanding opportunities
Environmental commodities as an uncorrelated asset class
Historical price volatility
The mechanics of the environmental commodity transaction
Where to find timely and accurate market information
Exactly how to trade these instruments
and a special presentation by Richard Sandor of the CCX
Our speakers include:
Jim Moore is the Senior Emissions Trader at AmerenEnergy Fuels and Services Company, the recently formed non-regulated subsidiary of AmerenEnergy Resources Company. Prior to Jim’s appointment as Senior Emissions Trader, Jim enjoyed a deep and varied background in public utilities beginning as a nuclear engineer for Ameren in 1984.
Gary Payne is an Emissions Trader at Dominion Energy Clearinghouse. Headquartered in
Michael Cosgrove is the Chief Executive Officer of Amerex Energy, a group of leading over-the-counter and exchanged-based brokerage companies and a global provider of data and technology services. Founded in 1978, Amerex serves a global client network of more than 500 firms and over 1,700 traders and risk management professionals. In addition to serving as CEO of the U.S. Companies, Mr. Cosgrove is a director of Amerex Companies in the
Francisco Padua, Jr. is Vice President of Amerex Emissions, Ltd. Since joining Amerex in 2002, Francisco has become a leading expert in U.S. Federal and regional emission markets. Francisco has assisted numerous companies in identifying both purchase and sale requirements for emission allowances and credits as well as assisting clients in identifying and monetizing hidden optionality in their asset structures.
Richard Sandor is chairman and CEO of the Chicago Climate Exchange. Dr. Sandor was honored by the City of
The workshop will begin at 3:30 pm; Marriott Marquis – 1535 Broadway,
********
Brent Crude Watch
IPE Pit Brent Volume: 73,975
IPE Electronic Brent Volume: 26,211
IPE Electronic Brent Percentage: 26.16%
NYMEX Brent Crude Volume: 1512
********
Percent Electronic
CBOT: 57.80%
CME: 2.27%
CME Eurodollars: 80.47%
CME Live Cattle: .52%
CME Currency Products: 77.48%
CBOT Soybeans: 2.75%
CBOT Options: 2.27%
CME Options: 1.27%
Volume
OneChicago Volume: 10,416
Eurex
Euronext.liffe Eurodollar Volume: 41,606
CBOE Futures Exchange Volume: 676
Market Share
CBOT 100 oz. Gold Volume: 826
NYMEX 100 oz. Gold Volume: 42,214
CBOT Share: 1.92%
NYMEX Share: 98.08%
CBOT 5000 oz. Silver Volume: 149
NYMEX 5000 oz. Silver Volume: 10,515
CBOT Share: 1.40%
NYMEX Share: 98.60%
CBOT Mini Gold Volume: 738
CBOT Mini Silver Volume: 363
CME Emini Russell 1000 (100X) Volume: 3688
Eurex
NYBOT Mini Russell 1000 (50X) Volume: 318
CFE Mini Russell 1000 (100X) Volume: 0
CME Emini Russell 2000 Volume: 105,676
Eurex
CFE Mini Russell 2000 Volume: 115
Notes: Volume in the Russell 1000 in March was up 84.5% over February at the CME, according to my sources. At Eurex US, volume in the Russell 1000 was up 73.5% in March over February.
Liffe Eurodollar Over-Under
Liffe/Globex: 4.27%
Liffe/CME: 3.47%
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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Disclaimer: The John Lothian Newsletter is a product of John J. Lothian & Company, Inc. The opinions expressed are strictly the opinion of John Lothian, and not necessarily those of his employer, 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.
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