
April 11, 2005
Lead Stories
FIA Branching into
In response to the rapid growth of futures and options trading in Asia and the increasing level of interest in Asia among its members, the FIA is considering the formation of a new organization to bring together exchanges, brokers and customers with business interests in
http://www.futuresindustry.org/fiahome-1927.asp
Refco plans IPO; up to $575 million may be raised
New York-based Refco Inc., the parent of Refco Group, will use proceeds from the IPO to redeem $210 million in notes, it said.
http://www.chicagotribune.com/business/chi-0504090299apr10%2C1%2C7931852.story?coll=chi-business-hed
Refco files with SEC for $575 mln IPO
WASHINGTON, April 8 (Reuters) - Derivatives broker Refco Inc. may raise up to $575 million in an initial public offering according to a regulatory filing on Friday.
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8131124
Refco Inc. Files Registration Statement for Initial
Public Offering of Its Common Stock
http://www.sec.gov/Archives/edgar/data/1305468/000104746905009684/a2155607zex-99_1.htm
Seifert says he will not quit Deutsche Börse
Werner Seifert, the chief executive of Deutsche Börse, the German exchange operator, has dismissed suggestions that he is planning to quit next year.
http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/04/10/cnborse10.xml
Five Years Of Deutsche Börse’s XTF Segment - XTF Is The Leading Market Place For ETFs In Europe - Q1/2005 The Most Successful Quarter Since The Introduction Of The Segment - Deutsche Börse Receives Award As Europe’s Most Proactive ETF Exchange - Indexchange Launches Five New Index Funds In The XTF Segment
http://www.exchange-handbook.co.uk/news_story.cfm?id=52311
A New Australian way to manage intra-day
On 12th April, 2005 Sydney Futures Exchange (SFE) will launch an important new product for those who closely manage intra-day exposure to US Treasury Note prices.
http://www.sfe.com.au/content/news/mediareleases/2005/mr_20050411_01.htm
Financial Times and Goldman Sachs Launch Business Book of the Year Award
The Financial Times and Goldman Sachs are to launch the inaugural Business Book of the Year Award on Monday 11th April 2005.
http://www.pearson.com/media/press_release.cfm?itemid=494&mediaid=623
What you need to know
The Financial Times and Goldman Sachs Business Book of the Year Award aims to identify the book that provides the most compelling and enjoyable insight into modern business issues, including management, finance and economics. The annual award will be presented for the first time this year.
http://news.yahoo.com/news?tmpl=story&u=/ft/20050410/bs_ft/90dbedaaa6bf11d9a6df00000e2511c8
The panel members
Lloyd C. Blankfein, president and chief operating officer, The Goldman Sachs Group, Inc.
http://news.yahoo.com/news?tmpl=story&u=/ft/20050410/bs_ft/4574c038a77f11d9974400000e2511c8
Exchange Sets Daily Volume Records
NEW YORK, N.Y., April 8, 2005 – The New York Mercantile Exchange, Inc., set daily volume records yesterday for total NYMEX division futures and gasoline futures.
Total NYMEX Division futures reached a record when 715,460 contracts were traded, surpassing the previous record of 687, 269 contracts set on March 3.
Gasoline futures also set a daily volume record yesterday when 89,419 contracts were traded, exceeding the previous record of 87,774 contracts set on May 27, 2004.
http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050408a
Comexes post record turnover of Rs 5.71 lakh crore in FY05
MUMBAI, APRIL 8: Commodity futures trading is fast emerging as a strong alternative to the stock markets. The cumulative turnover of all the comexes in the country has hit a record Rs 5.71 lakh crore for the just concluded financial year 2004-05, the highest ever in Indian history. The commodity exchanges have cumulatively clocked a turnover of Rs 98,000 crore in March alone, the highest ever in any month. According to data provided by the Forward Markets Commission (FMC), 3 exchanges have posted nearly 97% of the total turnover in March.
http://www.financialexpress.com/fe_full_story.php?content_id=87461
NCDEX kicks off tur futures
MUMBAI, APRIL 8: The National Commodity and Derivatives Exchange (NCDEX) launched futures contracts in tur on Friday. The futures in
http://www.financialexpress.com/fe_full_story.php?content_id=87448
Commodity exchanges carve out own niches in 2004-05
MUMBAI, APRIL 10: The first financial year’s performance of the commodity exchanges in terms of trading volumes and turnover have marked a massive growth. All the three nation-wide exchanges have carved a niche for their operations. While the Multi Commodity Exchange of India (MCX) has emerged as the most preferred bullion trading platform, National Commodity and Derivatives Exchange (NCDEX) has shown its importance in agro commodities and the third, the National Multi Commodity Exchange of India (NMCE) has emerged as the plantation exchange.
http://www.financialexpress.com/fe_full_story.php?content_id=87582
http://business.timesonline.co.uk/article/0%2C%2C8209-1564246%2C00.html
SINGAPORE, April 11 (Reuters) - Southeast Asia's largest bourse, Singapore Exchange Ltd. (SGX) , is expected to post a 17 percent fall in third-quarter net profit on Tuesday as high oil prices and corporate scandals hit trading volumes.
http://asia.news.yahoo.com/050411/3/1z6fp.html
PUT UP OR SHUT UP
April 11, 2005 -- THE Dow industrial av erage had been de clining for months when American business leaders gathered in
http://www.nypost.com/business/42506.htm
Captain at the helm of the NYSE
ON most working days, John Thain leaves his office in the New York Stock Exchange building on Wall Street and goes to the balcony above the trading pit. At precisely 9.30am, he rings the exchange's bell that sets off a frenzy of trading on the market's Big Board.
http://www.theherald.co.uk/business/36965.html
Environmental Trading News
Hedge funds target energy and emissions markets
http://www.investors.com/breakingnews.asp?journalid=26928252&brk=1
The Courier-Mail: Greenhouse emissions not so bad? [11apr05]
Greenhouse emissions not so bad? DEPENDING on who you believe,
http://www.thecouriermail.news.com.au/common/story_page/0,5936,12812053%255E3122,00.html
Analyst: Ethanol supply tops demand
While a cooperative of corn producers tries to finalize plans to build an ethanol plant just north of Lincoln, a market analyst is warning that the industry is expanding too rapidly and producing too much of the corn-based fuel.
http://www.lincolncourier.com/news/05/04/07/a.asp
Media Advisory - Video Launch/News Conference - "Climate Catastrophe Cancelled: What you're not being told about the science of climate change"
http://www.newswire.ca/en/releases/archive/April2005/11/c4148.html
HOSTED BY MATT DAMON, TWO NEW EPISODES OF THE “JOURNEY TO PLANET EARTH” SERIES TO PREMIERE ON PBS
In conjunction with the international celebration of Earth Day this April, PBS will present two new episodes in the JOURNEY TO PLANET EARTH series. Both programs are hosted and narrated by Academy Award winner Matt Damon.
THE STATE OF
http://www.ems.org/nws/2005/04/11/journey_to_plane
Exchange News
CBOT Strike Price Notice, April 11, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27562,00.html
CBOT Trading Position Change Notice, Soybeans, April 13, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27560,00.html
CBOT Trading Position Change Notice, Wheat, April 14, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27561,00.html
Ex-Pit Transactions
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27564,00.html
Applications for Regularity in Ethanol
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27549,00.html
New Clearing Member Firm Cross-Margin Division
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27557,00.html
100-Ounce Gold Invoices
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27532,00.html
New Weekly 1-Year MidCurve Eurodollar Options
http://www.cme.com/clearing/clr/npadv/12805.html
KCBT Wheat Market Commentary
Weekly Wrap-up of KCBT Wheat Futurse Market
http://www.kcbt.com/news_2.asp?id=264&home=1
Archipelago Holdings, Inc. to Announce First Quarter 2005 Results
http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=693499&highlight=
ArcaEx Plans to Open Four Hours Earlier
NEW YORK (Reuters) - Archipelago Exchange (ArcaEx), an electronic stock exchange, said on Friday that it planned to open for all U.S. listed stock and over-the-counter trading at 4 a.m Eastern
http://news.reuters.com/newsArticle.jhtml?type=topNews&storyID=8138551
Archipelago Exchange Initiates New Early Open
http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=693496&highlight=
Amendment to Exchange Rule 3.43, Settlement Price Committee
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm163&archive=2005
Business Conduct Committee Composition
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm162&archive=2005
Proposed Amendment to COMEX Copper Supplement No. 2 and COMEX Copper Supplement No. 3
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm161&archive=2005
Proposed Amendment to COMEX Silver Supplement No. 2, "Licensed Depositories and Weighmasters for Silver"
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm160&archive=2005
Aluminerie Alouette Inc. "Alouette" Aluminum Brand
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm159&archive=2005
Ex-OTR NYSE Seat Sells for $1,550,000
http://www.nyse.com/press/1112956867327.html
Eurex Repo continues to grow in the first quarter
http://www.eurexchange.com/about/company_info/press_releases/news_pressreleases_406.html
Download the latest X-Pand newsletter
http://www.eurexchange.com/download/xpand/e_xpand_200577.pdf
http://www.chx.com/pressroom/press_article.asp?PR_Date=4%2F8%2F2005
Amex Elects Board of Governors
http://www.amex.com/atamex/news/press/sn_BoardofGovernors_040805.htm
Trading On
http://www.exchange-handbook.co.uk/news_story.cfm?id=52318
Date of Letter |
Date Filed |
DCM |
Description |
04/08/2005 |
NYMEX |
Exchange Rule 3.43 |
|
04/08/2005 |
NYMEX |
Exchange Rule 3.13 |
|
04/08/2005 |
NYMEX |
Supplement No 1, "Official List of Approved Brands and Markings" of the Aluminum Futures Contract. |
|
04/08/2005 |
NYMEX |
Listing of Additional Strike Prices for the Gold, Copper, Unleaded Gasoline, Natural Gas, Heating Oil, Crude Oil, Gasoline Average Price and Related Calendar Spread Option Contracts. |
|
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/dig040805.txt
CFTC And SEC Close To Agreement On Hedge Fund Registration, by Glen Shapiro,
At a recent forum hosted by the US Commodities Futures Trading Commission, acting chairwoman of the CFTC, Sharon Brown-Hruska revealed that the regulator is close to reaching an agreement with the Securities and Exchange Commission over the treatment of hedge funds which invest in commodities.
http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=19470
ASC part-time commissioners issue vote of confidence
Back ASC execs Sibold and Linder
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28395&IdSection=8&cat=8
OSC exempts TradeWeb
New Jersey-based company r can register as international dealer
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28394&IdSection=8&cat=8
Amended deal replaces 2002 version
Following the decision to add
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28390&IdSection=8&cat=8
CDS seeks to update recognition order
Clearing agency designation unchanged since issued in 1997
The Canadian Depository for Securities Ltd. has applied to the Ontario Securities Commission for an order to vary its current recognition and designation order as a clearing agency.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28388&IdSection=8&cat=8
FSA fees update
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/036.shtml
NASD Gives SEC Mutual Fund Disclosure Suggestions
The NASD recommends disclosure of basic fund information to investors at the point of sale.
http://www.financial-planning.com/pubs/fpi/20050404101.html
SEC Announces Panelists for 404 Roundtable
http://www.webcpa.com/article.cfm?articleid=12098
Managed Futures - Managed Funds
Hedge-fund industry in transformation
U.K. April 11 (Bloomberg) -- London, home to the world's most expensive business district, is attracting more hedge fund managers because of the British capital's access to clients, favorable regulations and history as a financial center, International Financial Services London said in a report.
http://www.bloomberg.com/apps/news?pid=10000102&sid=aDqU27n5BHwQ
Alternative Investment News Announces Nominees For 3rd Annual Hedge Fund Industry Awards; Lifetime Achievement Award
http://www.presseportal.de/story_rss.htx?nr=667404
EBS trial supports hedge fund trading role
Hedge funds are replicating the traditional role of banks in the foreign exchange markets, easing fears that their growing presence could destabilise trading.
http://news.yahoo.com/news?tmpl=story&u=/ft/20050410/bs_ft/230d6e1294ad11d98dd300000e2511c8
Bond trader quits hedge fund
Joe Russell, who recently headed all high-yield and distressed bond trading activity at Credit Suisse First Boston, is quitting Bennett Goodman's budding hedge fund operation because of a dispute over Russell's role at the fund.
Mammoth Public Plans Eye Hedge Funds
Two giant
http://www.institutionalinvestor.com/default.asp?page=1&SID=494487&ISS=13937&type=10
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
GM downgrades spark rise in credit derivative trading
Trading in credit derivatives has surged in recent weeks, partly because investors have tried to protect themselves from falling bond prices after events such as the ratings downgrades for General Motors, bankers say.
http://news.ft.com/cms/s/ffc08bb8-aa25-11d9-aa38-00000e2511c8.html
*** Online FT subscription required.
http://uk.biz.yahoo.com/050411/323/fg2f0.html
Options Forum: Pros Have Expiration Edge
http://www.thestreet.com/_tscrss/options/stevensmith/10216695.html
Currency exchange shop steals $100,000 from young Muscovite
A group of swindlers organized a fake currency exchange shop in
http://funreports.com/2005/03/11/58613.html
**** Due Diligence goes a long way.
Merrill Beats Strife-Riven Morgan Stanley in Global Stock Sales
April 11 (Bloomberg) -- Merrill Lynch & Co., a perennial bridesmaid among global equity underwriters, unseated Morgan Stanley at the top of the lucrative market for stock sales in the first quarter and may get an additional boost from its rival's persistent feuding with former executives.
http://www.bloomberg.com/apps/news?pid=10000085&sid=aRh.zrIZBz04
Schwab Repackages Itself In New Campaign
Charles Schwab & Co. has launched a new print and outdoor marketing campaign that repackages Charles Schwab , the firm's founder and newly reinstated chairman, as affable "Chuck."
http://www.fundmarketing.com/default.asp?page=1&SID=494466&ISS=14220
Financial Services Industry Leaders Recognized for Commitment to Entrepreneurship Education
http://au.biz.yahoo.com/050411/21/41oi.html
Stephen Bookbinder Departs eSpeed
eSpeed, Inc. , a leading developer of electronic marketplaces and trading technology, today announced that following a mutual decision, Stephen Bookbinder, Senior Managing Director and Head of Sales, will leave the firm to pursue other opportunities.
http://biz.yahoo.com/bw/050411/115534.html?.v=1
Morgan Stanley May Fall Victim as Deference Dies: Matthew Lynn
April 11 (Bloomberg) -- The battle for control of Morgan Stanley, the world's No. 2 securities firm, is holding the markets in thrall. Yet aside from the fun of a personality clash, it tells us something about power ebbing away from those who run large financial institutions.
http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_lynn&sid=aNbkXrHmyo58
Jefferies & Co. Now on TradeWeb's Corporate Marketplace
Thomson TradeWeb, part of The Thomson Corporation , a leading global provider of integrated information solutions to professional customers, announced today that Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. , has gone live as a liquidity provider for TradeWeb's growing online corporate bond marketplace.
http://biz.yahoo.com/prnews/050411/nym032.html?.v=6
John's Comments
Brent Crude Watch
IPE Brent Volume: 129,478
NYMEX Brent Crude Volume: 5969
********
Percent Electronic
CBOT: 61.53%
CME: 73.20%
CME Eurodollars: 77.51%
CME Live Cattle: 3.59%
CME Currency Products: 76.83%
CBOT Soybeans: 1.75%
CBOT Options: 5.47%
CME Options: 7.31%
Volume
OneChicago Volume: 2420
Eurex
Euronext.liffe Eurodollar Volume: 51,302
CBOE Futures Exchange Volume: 299
Market Share
CBOT 100 oz. Gold Volume: 579
NYMEX 100 oz. Gold Volume: 27,855
CBOT Share: 2.04%
NYMEX Share: 97.96%
CBOT 5000 oz. Silver Volume: 147
NYMEX 5000 oz. Silver Volume: 14,498
CBOT Share: 1.00%
NYMEX Share: 99.00%
CBOT Mini Gold Volume: 753
CBOT Mini Silver Volume: 348
CME Emini Russell 1000 (100X) Volume: 3426
Eurex
NYBOT Mini Russell 1000 (50X) Volume: 254
CFE Mini Russell 1000 (100X) Volume: 0
CME Emini Russell 2000 Volume: 105,717
Eurex
CFE Mini Russell 2000 Volume: 23
Liffe Eurodollar Over-Under
Liffe/Globex: 4.72%
Liffe/CME: 3.69%
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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