April 6, 2005

 

Lead Stories

 

Last orders loom at oil trading pit

By Barbara Lewis

LONDON (Reuters) - The oil trading pit at London's International Petroleum Exchange will fall silent on Thursday, as the exchange halts nearly 25 years of open outcry and gambles on a new era of all-electronic trade.  The move brings to an end the IPE's tradition of brightly-blazered dealers battling for the best price with a barrage of shouts and hand signals.  From Friday, the IPE's crude oil and gas oil contracts will trade only on an electronic platform, hailed by fans as more efficient, but condemned by critics -- especially local traders who face redundancy -- as lacking the pit's human dimension.

"The feeling on the IPE floor is sadness," one local trader said.

http://www.reuters.co.uk/newsArticle.jhtml?type=reutersEdgeNews&storyID=702120

 

End of an era at the IPE

MORE than 250 traders at one of the City's most colourful institutions face an uncertain future tomorrow as the curtain comes down on open outcry in the pit at the International Petroleum Exchange.  Commodity brokers have already begun axeing jobs ahead of the wholesale switch to electronic trading of Brent crude oil futures contracts on Friday morning.  Almost a third of the staff linked to the pit - floor traders and phone brokers - are expected to lose their jobs immediately. Dozens are expected to try their luck at the Dublin exchange set up by New York's Nymex.

http://www.thisislondon.co.uk/news/business/articles/timid399493?source=

 

London oil traders say goodbye to pit trading after 25 years

LONDON (AFP) - London's International Petroleum Exchange (IPE) was to end a quarter of a century of tradition by calling time on oil pit trading, paving the way for full-scale electronic dealing.  "I have mixed emotions" about the change, said Robert Laughlin, an oil trader with broker GNI Man Financial who has been a pit trader in crude at the IPE since its creation in 1980.  "I have always worked on the floor so to see it close is a great shame, but it's progress. Other exchanges have gone this way and gone on to great success."  Laughlin predicted that about 25 percent of oil traders would lose their jobs because of the switch from pit, or open-cry trading.

http://news.yahoo.com/news?tmpl=story&u=/afp/20050406/wl_uk_afp/commoditiesenergyoil_050406142711

 

Nymex seeks volume as futures go electronic

The Dickens Inn near Tower Bridge in London expects to lose some custom next week.

Among the pub's regulars are 100 pit traders at the nearby International Petroleum Exchange, who will lose their jobs when the trading floor goes fully electronic on Friday, ending 25 years of trading marked by foghorn voices, colourful jackets and hand signals

http://news.ft.com/cms/s/6cdac6c6-a613-11d9-b67b-00000e2511c8.html

 

**** Online FT subscription required.  This is a nicely done piece by Kevin Morrison of the FT.  It is on the back page for the Markets section of the today’s FT print edition.

 

Leaning Too Heavily On Commodities

Fund diversification may be boosting the commodities markets, but prices are volatile and risk of inflation is growing.

http://www.forbes.com/economy/2005/04/06/cz_0406oxan_commodities.html?partner=rss

 

CBOT 'Rubik cube' nearer to a solution 

By Jeremy Grant

The CBOT lost its captive clearer last year when the Board of Trade Clearing Corporation (BOTCC) switched to clearing for...

http://news.ft.com/cms/s/df747de6-a639-11d9-b67b-00000e2511c8.html

 

****** Online FT subscription required.  See the print edition for a picture of the man trying to solve the CBOT Rubik’s cube.

 

SEC Is Poised to Pass NMS Rule Over Wide Opposition (Update1)

April 6 (Bloomberg) -- The U.S. Securities and Exchange Commission is poised to pass a rule guaranteeing that investors get the best price on all electronic stock trades, a proposal contested by some Wall Street executives and federal legislators.

http://quote.bloomberg.com/apps/news?pid=10000006&sid=a0ANclHCdn3U

 

SEC expected to alter rule on buying, selling

The Securities and Exchange Commission is expected to adopt a new rule Wednesday that has generated fierce opposition from ...

http://www.usatoday.com/money/markets/us/2005-04-05-sec-usat_x.htm?csp=34

 

Montreal Exchange boss shrugs off TSX's plans for derivatives trading

MONTREAL -- Montreal Exchange officials say they aren't perturbed by the Toronto Stock Exchange's plans to jump into the derivates business.  ME president and chief executive officer Luc Bertrand said at a news conference yesterday that the bourse will continue to develop its strategy to attract new participants to its market, and it does not view the arrival of a new challenger as worrisome, especially since it's already up against such giants as the Chicago Mercantile Exchange and the Chicago Board of Trade.

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050406/RMONTREAL06/TPBusiness/TopStories

 

Montreal Exchange girds to compete with TSX but takeover not ruled out

MONTREAL (CP) - The TSX Group's desire to expand into the derivatives market doesn't shock the Montreal Exchange, which claims to have an advantage in this area.

http://news.yahoo.com/news?tmpl=story&u=/cpress/20050405/ca_pr_on_bu/montreal_exchange_2

 

Montreal Exchange 2004 revenue up 49% to $57.3M on service sales; profit $9M

MONTREAL (CP) - The Montreal Exchange said Tuesday that its revenue increased 49 per cent to $57.3 million in 2004, powered by sales of information system services.

http://news.yahoo.com/news?tmpl=story&u=/cpress/20050405/ca_pr_on_bu/montreal_exchange_1

 

Montréal Exchange Inc. elects Board of Directors

http://www.m-x.ca/f_comm_press_en/007-05_en.pdf

 

FSSCC Identifies Critical Concerns for Financial Infrastructure ...

... ChicagoFIRST, LLC Chicago Mercantile Exchange CLS Group ... and Analysis Center, LLC Futures Industry Association ... National Association of Securities Dealers (NASD ...

http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20050405005951&newsLang=en

 

China to launch common benchmark index

The Shanghai and Shenzhen stock exchanges are planning to launch a joint benchmark index of China's top 300 companies, creating a basis for derivatives contracts that would help investors hedge against losses.

http://news.ft.com/cms/s/3145638e-a602-11d9-b67b-00000e2511c8.html

 

China looks to futures with launch of index

FTSE-100, Nasdaq, CAC-40 and Dow Jones are all well-known names in the international stock market scene.

http://business.scotsman.com/index.cfm?id=362982005

 

DGCX to launch fuel oil futures contract in 2006

DUBAI — Dubai Gold and Commodities Exchange (DGCX) is planning to launch fuel oil futures contract early next year, a senior official from Dubai Metals and Commodities Centre (DMCC) said yesterday.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/April/business_April91.xml&section=business&col=

 

`Dump Phil' drive runs into Chicago club's clout

They've got money. They've got 11 million shares of stock. And they're determined that Morgan Stanley Chief Executive Philip Purcell has got to go. They are the eight former Morgan Stanley executives who are waging a "dump Phil" campaign with full-page ads in the Wall Street Journal.  But despite the furor, Purcell is hanging in there--so far anyway--as CEO of one of Wall Street's top-drawer investment banking firms. Much of his staying power, it turns out, may be coming from Chicago.  Purcell has long and deep ties to his board, which stem from his days as one of the architects of Sears, Roebuck and Co.'s expansion into financial services during the 1980s.

http://www.chicagotribune.com/business/chi-0504060285apr06,1,4196297.story?coll=chi-business-hed

 

**** Free Chicago Tribune registration required.

 

Environmental Trading News

 

German Power Exchange EEX Targets Breakeven In 2005 

BERLIN -(Dow Jones)- Germany's European Energy Exchange said Tuesday it plans to break even at net profit level this year.

Leipzig-based EEX said its net loss amounted to EUR2.99 million in 2004, against a EUR3.5 million company forecast. The loss stemmed from a EUR4.2 million charge for a new IT system, as well as a EUR3.13 million depreciation charge resulting from the merger in 2002 of Germany's two power exchanges into EEX.

http://news.morningstar.com/news/DJ/M04/D05/200504050807DOWJONESDJONLINE000291.html

 

Green Trading Report is the First Comprehensive Report on All Environmental Financial Markets

Global Change Associates Inc. and Utilipoint International Inc. have released their report on the state of environmental financial markets which is their third joint research collaboration. The report is called GreenTradingTM Markets: How Environmental Financial Markets Work and is the first study to examine all environmental trading markets including carbon, SOX and NOX and renewable energy

http://www.prweb.com/releases/2005/4/prwebxml225316.php

 

Grains body upbeat about future production

The Grains Council of Australia (GCA) says the industry has the potential to double grain production in the next 20 years, despite the drought and increasing water restrictions.  GCA president Keith Perrett says demand for Australian grain will increase as growing nations such as China look to import, and as ethanol production picks up.

http://www.abc.net.au/news/newsitems/200504/s1339093.htm

 

Exchange News

 

CBOT Strike Price Notice, April 06, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27506,00.html

 

Chicago Mercantile Exchange Holdings Inc. Announces First-Quarter 2005 Earnings Release Date

http://www.cme.com/about/press/cn/05-46ER1QReleaseDate%2012751.html

 

Minimum Reportable Level for E-mini S&P 500 stock price index

Effective immediately, the Market Regulation Department will be amending Rule 561.B and raise the minimum reportable level in the E-Mini S&P 500 stock price index to 100 contracts.

http://www.cme.com/clearing/clr/clradv/12761.html

 

2004 Annual Report/2005 Proxy Statement Now Online

http://www.nyse.com/about/theorganization/1079523097840.html

 

AG Market Network    Special Meeting       Tues. Apr. 12    

http://www.nybot.com/cotton/cottonboll.gif

 

Cocoa Graders Test

The New York Board of Trade ® (NYBOT®) will be administering a cocoa graders test in early summer.  Candidates must have a minimum of three years experience in the cocoa industry to qualify for the written and practical grading test.  The grading test will be conducted at NYBOT’s 39 Broadway location, New York, N.Y.  Candidates interested in receiving an application package need to submit a request to Marie Stendardo by fax at 212-785-3955 or email at  mstendardo@nybot.com

http://www.nybot.com/cocoa/cocoagraderstest.htm

 

***** Marshmallow fluffing experience not required, but can be useful.

 

Record Monthly Volume for SFE SPI 200 Futures

http://www.sfe.com.au/index.html?content/news/mediareleases/2005/mr_20050406_01.htm

 

LSE bid claims the scalps of top German bourse pair

FRANKFURT - The two top managers of Deutsche Boerse will step down next year as a result of the exchange’s abortive bid for the London Stock Exchange (LSE).

http://www.nzherald.co.nz/index.cfm?c_id=3&ObjectID=10118891

 

 

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/dig040505.txt

 

Laguna Capital Management LLC, Mark S. Wolfkiel, Timothy P. Erber, David J. Rocha, Kirk F. Chambers and R. Mathew Guerrero

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0326128&case=04BCC00019&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0269184&case=04BCC00019&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0221434&case=04BCC00019&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0284189&case=04BCC00019&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0272988&case=04BCC00019&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0298891&case=04BCC00019&contrib=NFA

 

NASD Investor Education Foundation Announces 2005 Grant Cycle

http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5

 

Connecticut Department of Banking and SEC Announce Enforcement Actions Against David M. Faubert

http://www.sec.gov/news/press/2005-47.htm

 

NASD proposes fine for Edward Jones over mutual fund sales

ST. LOUIS - The brokerage firm Edward Jones could face a fine of $1.7 million for alleged inappropriate sales of mutual fund Class B shares, marking the second time in recent months the company has come under scrutiny over its handling of mutual funds.

http://www.miami.com/mld/miamiherald/news/breaking_news/11316800.htm

 

Managed Futures - Managed Funds

 

Japanese banks turn to riskier strategies

Japan's banks are increasing their investments in high-risk instruments such as hedge funds and derivatives in an attempt to boost profitability, even though they do not always understand the risks involved, according to the Bank of Japan.  The central bank's conclusion is a worrying reminder of the questionable asset allocation decisions that helped create Japan's banking crisis of the 1990s, from which the sector is only now starting to recover.

http://news.ft.com/cms/s/9e941e10-a5eb-11d9-b67b-00000e2511c8.html

 

**** Online FT subscription required.

 

New Trafalgar fund offers exposure to gold

Apr-5-2005 - Trafalgar Capital Management's new Advanced Fund Ltd and LP is offering investors an innovative gold share class

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-04-05-13-26-25p1.htm

 

Hedge Funds Join Race To Attract Retiring Baby Boomers

NEW YORK (Dow Jones)--Hedge funds are the latest entrants in the race to attract retiring baby boomers looking for alternative ways to invest and protect retirement income.

http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji&section=news&news_id=dji-00065920050405&date=20050405&alias=/alias/money/cm/nw

 

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

 

Trading: Algorithms Headed for New Frontiers

Advanced matrices for equity transactions are being applied to other financial instruments, such as options, futures and foreign exchange. And you thought the game was competitive before.

http://www.banktechnews.com/article.html?id=20050401E363NTC1

 

Factors would trigger global economic instability, Conference Board says

Reduction in U.S. consumption, increased savings and the adoption of flexible exchange rates in Asia would not have impact intended

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28343&IdSection=16&cat=16

 

The Power of the Heart

A new book offers a novel approach to beating stress—by regulating the rhythms of your heart

http://www.msnbc.msn.com/id/7393686/site/newsweek/

 

***** Reducing the size of your Crude Oil position will also reduce your stress.

 

Goldman Settles Derivatives Trading Dispute With Enron 

WASHINGTON -(Dow Jones)- Goldman Sachs Group Inc. (GS) on Wednesday said it has finally settled a dispute with Enron Corp. (ENE) over the trading of over- the-counter derivatives.  According to the company's quarterly report filed with the Securities and Exchange Commission, the settlement resolves an adversary proceeding brought by Enron North America Corp. related to the termination of an agreement for the trading of derivatives.

http://news.morningstar.com/news/DJ/M04/D06/200504060728DOWJONESDJONLINE000556.html

 

Open Letter to Depository Trust and Clearing Corporation First Deputy General Counsel Larry Thompson on the Largest Breach of Public Trust in History

http://biz.yahoo.com/prnews/050406/nyw122.html?.v=4

 

Saul Bellow, U.S. Author and Nobel Winner, Dead at 89

http://news.reuters.com/newsArticle.jhtml;jsessionid=OEOWI03HO3Y22CRBAE0CFEY?type=topNews&storyID=8102808

 

**** "A great deal of intelligence can be invested in ignorance when the need for illusion is deep."  ~Saul Bellow

 

**** When we ask for advice, we are usually looking for an accomplice. ~ Saul Bellow

 

**** A man is only as good as what he loves. ~Saul Bellow

 

**** No realistic, sane person goes around Chicago without protection. ~Saul Bellow

 

**** In the greatest confusion there is still an open channel to the soul. It may be difficult to find because by midlife it is overgrown, and some of the wildest thickets that surround it grow out of what we describe as our education. But the channel is always there, and it is our business to keep it open, to have access to the deepest part of ourselves. ~Saul Bellow

 

Corn Products' stock off on warning

http://chicagobusiness.com/cgi-bin/news.pl?id=16032

 

E*TRADE FINANCIAL Corporation Announces First Quarter 2005 Earnings Conference Call

http://www.newswire.ca/en/releases/archive/April2005/06/c2622.html

 

OIC Updates - April 2005

http://www.888options.com/newsletter/2005_april.html

 

International bank HSBC deluged by viruses

International bank HSBC is suffering thousands of virus attacks a day, a top executive at the company has revealed. Speaking at the e-Crime Congress in London, Alan Jebson, HSBC's group chief operating officer, said that the bank often received tens of thousands times that figure.

http://www.zdnetindia.com/news/international/stories/120000.html

 

Death of a Stock Salesman

With discount outfits eroding profit margins, only wealthy clients get face-to-face attention, making stockbrokers an almost extinct breed

Here's a riddle for the 21st century investor: What is the difference between a stockbroker and a financial adviser? Answer: What's a stockbroker?

http://www.businessweek.com/bwdaily/dnflash/apr2005/nf2005046_9224_db016.htm?campaign_id=rss_daily

 

T.H. Lee planning its largest fund ever

Thomas H. Lee Partners, a prominent Boston private equity firm, yesterday said it planned to raise a $7.5 billion fund to acquire more companies, according to a finance industry executive who heard the firm's chief executive, Thomas Lee, speak at a conference in New York.

http://www.boston.com/business/articles/2005/04/06/th_lee_planning_its_largest_fund_ever?rss_id=Boston+Globe+--+Business+News

 

CITY, STATE BIGS WOO GOLDMAN

CITY, STATE BIGS WOO GOLDMAN April 6, 2005 -- City and state officials scrambled to do damage control yesterday after Goldman Sachs said it was backing away from a widely publicized plan to build a new headquarters tower in Battery Park City.

http://www.nypost.com/business/43939.htm

 

New York Seeks to Revive Plan for Goldman Ground Zero Tower

U.S. April 5 (Bloomberg) -- New York City and state officials are working to revive Goldman Sachs Group Inc.'s plan to build a new $1.8 billion, 40-floor headquarters close to the World Trade Center site after the securities firm suspended the project, spokeswomen for the mayor and governor said.

http://www.bloomberg.com/apps/news?pid=10000103&sid=ae_Lb9M01hZg

 

FFastFill’s New Customer Win - KBC Clearing

http://www.exchange-handbook.co.uk/news_story.cfm?id=52226

 

Stocks shed 2.85% as tax on brokers’ commission hinted

... The inquiry initiated by the chief regulator, Securities and Exchange Commission of ... At the futures counter PTCL-April was the volume leader with 18.2 ...

http://www.dailytimes.com.pk/default.asp?page=story_6-4-2005_pg5_14

 

John's Comments

 

Clearing Corp for Sale, or Not for Sale?

 

There have been a lot of stories lately in various publications, including Securities Week and the Financial Times, about whether the Chicago-based Clearing Corporation was for sale.  The rumors have included references to potential interest from the CBOT in purchasing the Clearing Corp or that fact that the CBOT does not own its own clearing house and this some impacts the CBOT’s attractiveness as an IPO offering.

 

Let me be very direct here, the CBOT owns something more important and valuable than a clearing house.  They own and control their clearing.  They currently chose to outsource the mechanical and banking functions to the CME Clearing House.  The CBOT does not need to own a clearing house in order to earn clearing fees.  They do that already.  They do that without having to absorb the fixed expenses of operating a clearing house.  These are handled by the CME.  Thus, the CBOT earns lots in clearing fees with little in terms of direct overhead costs to manage this.

 

Not owning a clearing house is like now owning the bank you do business with.  You still control the money, but you don’t have the responsibility to pay for the infrastructure.  This whole obsession with the CBOT not owning a clearing house is just plain silly.  The ISE does not own their clearing house, the OCC, and their IPO went just fine.  Conformity to a single market model does not drive growth and market valuation.  I am living proof that one size does not fit all.

 

The CBOT has received flack in the press for not owning a clearing house or an electronic matching engine, particularly in light of the success of the CME’s share appreciation.  It out-sources both.  It is the largest customer of both the CME and Euronext.liffe.  That is a great position.  Being a customer means you can drive innovation and the CBOT has done so.  When the CBOT moved it clearing to the CME with the Common Clearing Link it brought with it electronic delivery programs, which they improved and upgraded while adapting them to the CME infrastructure.  This gave the CME better delivery technology than they had before.

 

The CBOT has also been a driver in improvements for Liffe Connect.  We will see some major upgrades and functionalities in the coming months with Liffe Connect, based on the needs and customer demands of the CBOT.  Rather than being the CME with Globex, Liffe Connect has two major exchanges driving innovation and paying for the costs.  The CBOT may not own their match engine, but they have a very competitive and flexible situation.

 

Sometimes it makes sense to lease.  Sometimes it makes sense to own.  The CBOT leases, i.e. out-sources for a match engine and clearing processing.  We all do the same thing every day.

 

Let me be direct on something else.  Eurex US is not going away, no matter what the tea leave readers may say.  Eurex US is having significant success, working with the Eurex AG staffers, in promoting Eurex products in the US.  That may not be reflected in the Eurex US volumes, but then maybe there are good signs emerging and Eurex AG volumes are seeing an impact from the increased US based efforts.  Yesterday Eurex US traded 4229 Russell 1000 contracts and the CME traded a daily record 7232 Russell 1000 contracts.  This is the first time the combined Russell 1000 volume has broken the 10,000 contracts per day level.  Competition is driving volume growth.  Somewhere Kelly Haughton of Russell is smiling broadly, to borrow a phrase from Jim Kharouf.

 

All this Clearing Corp for sale talk just does not make sense to me.  We as an industry need the Clearing Corp for competitive reasons.  And the CBOT is not going to walk away from the CME-CBOT Common Clearing Link.  Besides the oft quoted $1.8 billion of capital savings, the clearing member firms have saved millions of dollars in operating costs and improved productivity through simplified processes for clearing.  The latter is not insignificant and it is a lot easier to cut staff or reorganize than it is to have to build new systems and hire and train new people.  The Common Clearing Link is here to stay.  The outcry for abandoning it would be too loud and disruptive, let alone expensive.

 

Clearly, no pun intended, the Clearing Corporation has it challenges.  It has laid off many employees and taken significant charges, which combined with lower than expected revenues has led to perhaps the first losses it has ever seen.  I don’t know if it is for sale, but then everything is for sale, it is just a matter of price.  But I don’t think the Clearing Corp is for sale.  It is a different company than two years ago with new leadership, challenges and opportunities.   Does that answer the question?

 

********

 

*** Not a Hall of Fame, but another list of movers and shakers in the financial services markets and I can’t find one former Futures Industry Association Chairman listed!

 

Online 40 - Americas: 2005

 

Selections from the 40 leading bankers, brokers, traders and all-around visionaries who are sparking the industry's revival, who make up the ranks of Institutional Investor's sixth annual Online Finance 40 ranking.

 

7 David Krell

PRESIDENT AND CEO, International Securities Exchange

Last year's rank: 9

 

11 Gerald Putnam

CEO, Archipelago Holdings

Last year's rank: 12

 

13 Craig Donohue

CEO, Chicago Mercantile Exchange Holdings

Not ranked last year

 

17 Robert Greifeld

CEO, Nasdaq Stock Market

Not ranked last year

 

19 David Rutter

CEO, ICAP/BrokerTec

Not ranked last year

 

20 Satish Nandapurkar

CEO, Eurex US

Last year's rank: 22

 

23 Edward Nicoll

CEO, Instinet Group

Last year's rank: 17

 

26 Howard Lutnick

CHAIRMAN AND CEO, ESpeed

Last year's rank: 19

 

30 Thomas Peterffy

CHAIRMAN, Interactive Brokers

Not ranked last year

 

36 David Gershon

CEO, SuperDerivatives

Not ranked last year

 

**********

 

Brent Crude Watch

 

IPE Pit Brent Volume: 64,743

IPE Electronic Brent Volume: 39,152

IPE Electronic Brent Percentage: 37.68%

 

NYMEX Brent Crude Volume: 4349

 

********

 

Chicago Electronic Trading Scorecard for April 5, 2005

 

Percent Electronic

 

CBOT: 52.76%

CME: 65.32%

CME Eurodollars: 80.58%

CME Live Cattle: 2.65%

CME Currency Products: 81.42%

CBOT Soybeans: 1.15%

 

CBOT Options: 1.95%

CME Options: 3.45%

 

Volume 

 

OneChicago Volume: 4434

Eurex US Volume: 22,263

Euronext.liffe Eurodollar Volume: 40,980

CBOE Futures Exchange Volume: 729

 

Market Share

 

CBOT 100 oz. Gold Volume: 597

NYMEX 100 oz. Gold Volume: 30,289

CBOT Share: 1.93%

NYMEX Share: 98.07%

 

CBOT 5000 oz. Silver Volume: 150

NYMEX 5000 oz. Silver Volume: 10,892

CBOT Share: 1.36%

NYMEX Share: 98.64%

 

CBOT Mini Gold Volume: 613

CBOT Mini Silver Volume: 233

 

CME Emini Russell 1000 (100X) Volume: 7232 * record

Eurex US Mini Russell 1000 (100X) Volume: 4229 * record

NYBOT Mini Russell 1000 (50X) Volume: 144

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 93,133

Eurex US Mini Russell 2000 Volume: 7367

CFE Mini Russell 2000 Volume: 46

 

Notes: The Russell 1000 volume yesterday on the CME and Eurex US combined for the first time the 10,000 mark.  In fact, it traded over 11,000 contracts.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 4.04%

Liffe/CME: 3.29%

 

Regards,

 

John J. Lothian

Publisher

John Lothian Newsletter 

www.johnlothiannewsletter.com

 

Futures Brokerage - Business Intelligence   John J. Lothian President- Electronic Trading Division The Price Futures Group, Inc. 141 West Jackson Blvd., Suite 1340A Chicago, IL 60604 jlothian@pricegroup.com johnlothian@johnlothian.com IM: LothianJohnJ http://www.pricegroupetd.com tel: tel2: fax: mobile: +1 312-264-4350 +1 800-713-0215 +1 312-264-4399 +1 312-203-5515

Add me to your address book... Want a signature like this?

 

 

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.

 

This is an opt-in newsletter.  If you wish to unsubscribe, please check the address of list you are receiving the newsletter from and then click on the appropriate link below.

 

mailto:johnlothiannewsletter-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter1-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter2-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter3-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter4-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter5-request@johnlothiannewsletter.com?subject=unsubscribe

 

If the unsubscribe links above do not work for you, please send an email to johnlothian@johnlothian.com with unsubscribe in the subject line.

 

This is a voluntary pay newsletter.  The voluntary pay fee for a 1-year subscription is $95, or $55 for 6-months.  For more details about this, or to sign up to receive the newsletter, please go to www.johnlothiannewsletter.com.