April 25, 2005

 

Lead Stories

 

Dissidents vow to derail NYSE merger deal

Urge exchange to seek highest bidder

Two separate groups of dissident members are threatening to derail the New York Stock Exchange's proposed $3.5 billion merger with Archipelago Holdings Inc., arguing that the deal grossly undervalues their stakes in the Big Board.  "There is a lot of discontent," says Bill Higgins, head of the Association of New York Stock Exchange Equity Members Inc., which claims 400 paying members, about one-third of the NYSE's total number of seat holders. "It's a bad deal for us.

http://newyorkbusiness.com/article.cms?articleId=22822

 

Dealers May Revisit 30-Year Bond At Quarterly Meeting With Treasury

Primary dealers may revisit the issue of the 30-year bond at primary dealer meetings with the Treasury at the end of the month.

http://www.institutionalinvestor.com/default.asp?page=1&SID=498287&ISS=13937&type=13

 

LANGONE'S LULU

April 25, 2005 -- Former New York Stock Exchange director and billionaire investor Ken Langone is looking to topple the NYSE-Archipelago merger.

Langone has called friends up and down Wall Street since last week's startling merger news and has gotten several executives interested in mounting such a offer, according to two reports.

http://www.nypost.com/business/45222.htm

 

Rival N.Y.S.E. Bid Said to Be in Works

http://www.nytimes.com/2005/04/25/business/25nyse.html

 

NYSE-Archipelago deal will bring together different cultures

One was founded more than 200 years ago, long before the computer, the telephone, and even the light bulb were invented.  The other has not even reached the decade mark and came of age during the go-go Internet era, where speed is measured in milliseconds.  The marriage of the New York Stock Exchange with the electronic network Archipelago Holdings Inc. brings two very different cultures together. But analysts believe each brings assets to the table.

http://www.nwherald.com/BusinessSection/373287213202618.php

 

Winners and losers in NYSE revolution 

The crowd on the NYSE floor had, as a group, failed to recognise they are no longer at the centre of the action in financial...

http://news.ft.com/cms/s/ead1846a-b532-11d9-8df4-00000e2511c8.html

 

Look for fallout from exchanges' changes

BY DAVID ROEDER SUN-TIMES COLUMNIST

The two biggest electronic stock trading networks have chosen sides. For Archipelago (AX), it's the New York Stock Exchange. For Instinet (INGP), the partner is Nasdaq (NDAQ). The landscape of exchanges is being rearranged in a hurry. What are the dangers for investors?

http://www.suntimes.com/output/roeder/cst-fin-curious24.html

 

Brodsky: CBOE won't be pushed into a merger

BY DAVID ROEDER Business Reporter

Responding to a consolidation wave by financial markets, the chairman of the Chicago Board Options Exchange says he won't be pushed into a deal, and doesn't need outside help to expand electronic trading.  CBOE Chairman William Brodsky also said any acquisition his market pursues will be with the aim of diversification, and not adding to market share. Brodsky dismissed speculation the CBOE might acquire its biggest rival, the International Securities Exchange.

http://www.suntimes.com/output/business/cst-fin-cboe25.html

 

**** Bill Brodsky shows he is someone who can see through the smoke and past the mirrors of this consolidation frenzy.

 

Merc was a model for the NYSE

Electronic and IPO courses were studied

When New York Stock Exchange Chief Executive John Thain was looking for a role model, he came to Chicago.

Thain visited the Chicago Mercantile Exchange last November expressly to see how the futures and options giant made the transition to electronic trading.

http://www.chicagotribune.com/technology/chi-0504240431apr24,1,2516576.story?coll=chi-technology-hed&ctrack=2&cset=true

 

CBOT revs up its IPO plan

Underwriters named amid renewed talk of merger with Merc

By Kate Ryan

The Chicago Board of Trade is moving forward with an initial public offering of up to $260 million in stock, as consolidation sweeps the financial markets and revives talk of a merger between the Board of Trade and the Chicago Mercantile Exchange Inc……IPO preparations at the CBOT come as mergers are reshaping global financial exchanges, with two major deals announced last week: The New York Stock Exchange plans to buy Chicago-based electronic stock exchange Archipelago Holdings Inc. and the Nasdaq Stock Market agreed to acquire Instinet Group, an electronic brokerage. The moves highlighted the industry's shift to high-tech trading systems and the importance of scale.  Those trends boost the case for a merger between Chicago's two futures exchanges, which no longer dominate their markets.

http://chicagobusiness.com/cgi-bin/news.pl?id=16241

 

***** I can’t quite swallow the claim that these exchanges “no longer dominate their markets.” 

 

***** John’s Rant: Buying increased market share and increased monopoly power is not a formula for innovation.  Innovation = Growth.

 

Langone Seeks to Buy NYSE: WSJ

NEW YORK (Reuters) - Wall Street financier Kenneth Langone is attempting to mount a bid to buy the New York Stock Exchange, a move that could potentially scupper its pending merger with Archipelago Holdings Inc. (AX.P: Quote, Profile, Research) , the Wall Street Journal reported on Sunday.  Citing people familiar with the matter, the newspaper said that Langone, the friend of former NYSE Chairman Dick Grasso, quietly reached out to a number of Wall Street executives late last week, asking them if they would be interested in participating in a counter bid for both entities.

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8275935

 

Langone To Scuttle Archipelago Bid For NYSE?

http://www.forbes.com/business/commerce/2005/04/25/0425autofacescan03.html?partner=rss

 

Ex-NYSE director may spur bid war for Archipelago

Amid a growing chorus of discontent among members over the New York Stock Exchange's proposed merger with Archipelago Holdings, former NYSE director Kenneth Langone is attempting to make a bid for the exchange.

http://www.crainsny.com/news.cms?id=10506

 

The NYSE's Conflict Of Interest Olympics

NEW YORK - Over the weekend, Kenneth Langone, the man most associated with Richard Grasso and the New York Stock Exchange's old regime, indicated he wants to lead a group that would buy the exchange, which would block the NYSE's plan to be bought by Archipelago Holdings.

http://www.forbes.com/business/2005/04/25/cx_da_0425topnews.html?partner=rss

 

NYSE specialists to battle concerns of shelf life

LONDON (MarketWatch) - Last week's surge in shares of Archipelago revealed an immense appetite for investing in exchanges, now it's up to the few publicly-traded New York Stock Exchange specialists to show that they're not stocks with a limited shelf life.

http://www.marketwatch.com/enf/rss.asp?guid=%7B4E0F19A0-C1EE-468A-8E04-703B7C9BA69F%7D&dist=rss&siteid=mktw

 

Instinet Posts Sharply Lower 1Q Profit

Instinet Group Inc., which has agreed to be acquired by Nasdaq Stock Market Inc., said Monday that its first-quarter profit slipped 36 percent as revenue declined amid lower volume on its electronic-trading platforms.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050425/ap_on_bi_ge/earns_instinet_2

 

Nasdaq, Instinet Seal $1.88 Bln Deal

NEW YORK (Reuters) - The Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research) and a consortium of investors on Friday agreed to purchase Instinet Group Inc. (INGP.O: Quote, Profile, Research) for $1.88 billion cash in a move that will intensify the already heated rivalry between the New York Stock Exchange and Nasdaq.

The deal underscores the rapidly evolving securities trading industry, and how fierce competition -- combined with recent changes to securities laws -- have become the impetus for consolidation among industry participants.

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8270016

 

International Securities Exchange Reports First Quarter 2005 Results

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=700319&highlight=

 

ISE First-Quarter Profit Up 20 Percent

International Securities Exchange Inc. said Monday that its first-quarter profit rose 20 percent on increased trading volume.

http://biz.yahoo.com/ap/050425/earns_international_securities_exchange.html?.v=1

 

Coffee futures, anyone?

NEW DELHI, APRIL 24: Futures trading in coffee, which Indian traders have till recently been primarily executing through the London (LIFFE) and New York (NYBOT) markets, has finally taken off in India.  The National Commodities and Derivatives Exchange of India (NCDEX) in Mumbai last Tuesday became the second such exchange in the country to launch futures trading in the two principle types of coffee — Arabica and Robusta — after the National Multi-Commodity Exchange (NMCE) in Ahemdabad began similar operations in February this year.

http://www.indianexpress.com/full_story.php?content_id=69050

 

Brokers not happy with NSE's F&O list

Mumbai: The National Stock Exchange's decision to introduce more securities for futures & options (F&O) trading has not found favour with many stockbrokers as they think the exchange has included many illiquid stocks and left out some liquid stocks.  Last week, the NSE came out with a list of 70 securities in which F&O trading will start in three phases. Out of this list, trading in 34 securities started from April 20.

http://sify.com/finance/fullstory.php?id=13725251

 

Not So Fast, Big Board

NEW YORK - It's official: the Big Board has competition in the stock market consolidation game.

http://www.forbes.com/strategies/2005/04/22/cx_lm_0422nasdaq.html?partner=rss

 

NYSE-ArcaEx confounds Street

With few details circulating and the valuation of the combined company sky high, analysts aren't sure what to make of the merger.

http://news.yahoo.com/news?tmpl=story&u=/thedeal/20050425/bs_deal_thedeal/nysearcaexconfoundsstreet

 

Germany's titan brought low

It would be a cruel paradox if Rolf Breuer, one of Germany's most powerful financiers, was ousted as chairman of the supervisory board of Deutsche Börse, the Frankfurt-based stock exchange.

http://money.guardian.co.uk/news_/story/0,1456,1468867,00.html

 

Banks warned about insider trading in credit derivatives 

Banks trading in credit derivatives must maintain strong "Chinese walls" between lending and trading departments or they...

http://news.ft.com/cms/s/995a00ea-b4f5-11d9-8df4-00000e2511c8.html

 

Environmental Trading News

 

Virginia To Allow Sewage Plants, Industry To Trade Pollution Credits

(AP) - Virginia is planning to test a free-market experiment in environmental protection: allowing sewage plants and industrial sources to buy, sell and trade water-pollution credits to benefit the Chesapeake Bay.

http://www.wavy.com/Global/story.asp?S=3253774&nav=23iiZ2g9

 

On Earth Day, CREA Praises President’s Commitment to Parks, Reducing Air Pollution

Washington, DC – On the 35th anniversary of Earth Day, the Council of Republicans for Environmental Advocacy (CREA) praised President George W. Bush’s commitment to protecting our National Park System and for his efforts to advance cleaner, healthier air. For Fiscal Year 2006, the President has proposed $2.2 billion overall for our National Parks, including $1.1 billion to meet his goal of funding the maintenance backlog over five years. His Clear Skies Initiative will reduce air pollution nationwide, clearing the haze that harms many parks.

http://www.ems.org/nws/2005/04/22/on_earth_day_cre

 

Exchange News

 

CBOT Strike Price Notice, April 28, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27867,00.html

 

CBOT Trading Position Change Notice, Soybeans, April 26, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+27866,00.html

 

Implementation of the Brokerage Payment System (BPS)

http://www.cme.com/clearing/clr/clradv/12980.html

 

Deutsche Börse to Announce Details of Capital Management Program and Q1 Results on May 2

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_250405_q1.htm

 

NYMEX still keen on Singapore energy futures-paper

SINGAPORE, April 25 (Reuters) - The New York Mercantile Exchange (NYMEX) is still keen to introduce energy futures trading in Singapore despite failing in an earlier joint attempt with the Singapore bourse, a newspaper said on Monday.

http://asia.news.yahoo.com/050425/3/1zx3q.html

 

US investigates cheddar price rigging allegations

25/04/2005 - The US’ Commodity Futures Trading Commission (CFTC) is to investigate allegations of cheddar cheese price rigging, said to have occurred at one of the country’s most influential commodity trading centres, Tom Armitage reports.

http://www.foodproductiondaily.com/news/news-ng.asp?n=59590-us-investigates-cheddar

 

TSX to overhaul definition of independent directors

Proposed standards would identify individuals considered to have a material relationship with TSX

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28515&IdSection=15&cat=15

 

RPT Infotec to supply data services to LSE's Proquote International

LONDON (AFX) - Swiss-based financial information distributor Infotec SA, a subsidiary of Swiss publishing group Edipresse SA, said it has agreed to supply Proquote, the trading and market data subsidiary of the London Stock Exchange, with technology infrastructure services for its new global market data product, Proquote International.

http://www.iii.co.uk/news/?type=afxnews&articleid=5276427&action=article

 

Deutsche Boerse shareholder TCI's Hohn sees fund as long-term investor

FRANKFURT (AFX) - Deutsche Boerse AG shareholder The Children's Investment Fund (TCI) sees itself as a long-term investor in the German stock exchange operator,

http://uk.biz.yahoo.com/050424/323/fgzsb.html

 

Iran allows foreigners to buy 10 pct of bourse firms

TEHRAN, April 24 (Reuters) - Foreigners will be able to directly buy up to 10 percent of shares of the companies listed on Tehran stock exchange, waiving case-by-case permits required in the past, the bourse chairman told state radio on Sunday.

http://asia.news.yahoo.com/050424/3/1zw9a.html

 

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/dig042205.txt

 

CFTC Weekly Advisory

http://www.cftc.gov/opa/adv05/opawa17-05.htm

 

ASC says director fired for not co-operating with investigation

Newton wouldn’t talk to auditors, commission says

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28522&IdSection=8&cat=8

 

IDA fines Union Securities $25,000

Firm failed to enforce foreign exchange rates

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28513&IdSection=5&cat=5

 

Regulators to host investor town hall

Investors get opportunity to improve complaints system

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28511&IdSection=8&cat=8

 

Simplified Prospectus will give fund investors more information

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/041.shtml

 

OSC official says probe of Environmental Management Solutions began years ago

TORONTO (CP) - Ontario's stock-market watchdog confirmed Friday that it has been quietly looking into "potential market manipulation, options trading issues and disclosure issues" at Environmental Management Solutions Inc. for several years.

http://www.canada.com/news/business/story.html?id=c7a42e2f-0051-4cef-b143-afe02d1da213

 

NASD Proposes Revising Definition of Public Arbitrator

NASD announced today it is proposing a new rule to tighten the definition of who can serve as a public arbitrator in its Dispute Resolution forum, a move that reinforces NASD's commitment to ensuring the integrity of the arbitration process.

http://biz.yahoo.com/prnews/050425/dcm024.html?.v=8

 

Hey, Buddy, Want A Share?

LOS ANGELES - It's a new wrinkle in the eternal struggle involving con artists seeking to separate investors from their wealth.

Stockholders of collapsed companies get calls from purported brokers they don't know offering to exchange the now-worthless shares for stock in a promising or even blue-chip company, or for cash.

http://www.forbes.com/finance/2005/04/25/cz_wb_0425stock.html?partner=rss

 

SEC, NASD missed illegal fund trading, GAO says

BOSTON (MarketWatch) -- A report released Friday by the Government Accountability Office said the Securities and Exchange Commission failed to detect fund market-timing abuses before they were unearthed by New York Attorney General Eliot Spitzer in 2003.

http://www.marketwatch.com/enf/rss.asp?guid=%7BDABAC14C-AA22-475B-B6A6-58B31A290315%7D&dist=rss&siteid=mktw

 

Case centers on broker

Ailing man says stock choices didn't reflect his health condition

Richmond resident Ed Wilson has battled Merrill Lynch for four years, claiming a stockbroker mishandled his account and lost at least $150,000 by investing in risky stocks.  Wilson is 49, disabled since 1995 with AIDS. He claims his broker knew about his fragile health.  "He should have been treated like a 70-year-old man, but his money was arbitrarily put in high-flying [technology] stocks," said Frank Stahl, a certified public accountant. Stahl has prepared Wilson's taxes for the past couple of years.

http://www.timesdispatch.com/servlet/Satellite?pagename=RTD/MGArticle/RTD_BasicArticle&c=MGArticle&cid=1031782340167

 

Germany's cartel office extends review period for Deutsche Boerse's LSE bid

FRANKFURT (AFX) - The German cartel office has extended its review period for Deutsche Boerse AG's bid for the London Stock Exchange (LSE) until June 30 because the body wants to delay a decision until after Deutsche Boerse's May 25 AGM. ...

http://uk.biz.yahoo.com/050425/323/fh4cn.html

 

Equities trading regulator attracts strong talent in spate of new hirings

 VANCOUVER, April 25 /CNW/ - The Vancouver office of Market Regulation Services Inc. (RS) has acquired additional top-notch expertise and talent with the hiring of five new people into key regulatory positions in the last two months. Included in the mix of new blood at the independent trading regulator for the TSX Venture Exchange are a new chief counsel and a new manager of surveillance and compliance, as well as new surveillance and investigative staff.

http://www.newswire.ca/en/releases/archive/April2005/25/c9972.html

 

Managed Futures - Managed Funds

 

UK hedge fund boss quits over strategy

Coronation, the independent South-African hedge fund manager, lost its UK chief executive last week in bizarre circumstances.  The firm announced on Monday that Andre du Plessis, who has been head of UK, Japan, Benelux and Scandinavia operations for the $10bn investment firm for four years, would be taking up a new role as chairman of its Irish operations.  But Coronation then told FTfm on Tuesday that Mr du Plessis had in fact left the company.

http://news.ft.com/cms/s/93781072-b55e-11d9-be59-00000e2511c8%2Cdwp_uuid%3D65bdd284-25a9-11d8-81c6-0820abe49a01.html

 

MSCI Launches First Multiple-Asset Class Index by Major Provider

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=404

 

City braced for hedge fund scandal

THE City could be rocked by a major corruption scandal amid claims a top banker and a leading hedge fund are being investigated for share trade collusion.

http://www.thisislondon.co.uk/news/business/articles/timid399972?source=This%20is%20Money

 

Buchanan Associates Offers Compliance Checklist for Investment Advisors and Hedge Funds

Mandatory registration with the Securities and Exchange Commission in February 2006 is creating major challenges for hedge fund managers and investment advisors who find that, along with registration, they may also need to spend countless man-hours creating and maintaining compliance procedures to help them meet the new SEC requirements.

http://biz.yahoo.com/prnews/050425/nym149.html?.v=6

 

Four hedge fund directors share £53m pay package

Four directors at privately owned hedge fund manager Sloane Robinson last year shared in salaries of £53.4m, according to filings at Companies House.

http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/04/23/cnfund23.xml

 

Janus mulls performance fees

Janus, the fifth-largest US mutual fund group, is considering charging for performance to compete with hedge funds, which are now soaring in popularity.

http://news.yahoo.com/news?tmpl=story&u=/ft/20050425/bs_ft/0a872accb59b11d9be5900000e2511c8

 

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

 

At Morgan Stanley, It’s a War Without Winners

http://www.msnbc.msn.com/id/7614158/site/newsweek/

 

First War, Now Disease Plague Angola Coffee Growers

http://news.reuters.com/newsArticle.jhtml;jsessionid=F5TEB24PKZZS0CRBAEOCFFA?type=reutersEdge&storyID=8284591

 

OES Emerges as the 'Best Kept Secret' in Recent Flurry of Stock Exchange Transactions

http://biz.yahoo.com/bw/050425/255674.html?.v=1

 

EasyScreen says no second bidder

LONDON (SHARECAST) - EasyScreen watched its shares head south this afternoon after the financial software group said is not aware of the existence of another potential bidder for the company.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=470497

 

Unmasked: online brokers

When the bellhops start buying shares, it's supposed to be the time to be selling. Only these days the bellhops are trading online, and they're just as likely to be the ones who are selling.

http://www.smh.com.au/news/Investment/Unmasked-online-brokers/2005/04/25/1114281500507.html

 

Banks may get more leeway on derivatives

The Reserve Bank of India is likely to announce a roadmap for banks to participate in the derivatives segment in the equity, commodities and fixed income ( bonds) markets for better risk management.

http://www.rediff.com/rss/redirect.php?url=http://www.rediff.com/money/2005/apr/25bank.htm

 

Events

 

CME® Options Online Seminar - CME® E-mini™ Options, A New World of Trading Opportunity

Options trading on CME E-mini futures is growing at a spectacular rate. To help you take advantage of the opportunities these markets offer, CME is hosting a free, two-part online presentation on options principles and strategies on April 26 and April 27 at 3:30 pm (CT). Options are now available on CME E-mini S&P 500®, CME E-mini NASDAQ-100® and CME E-mini Russell 2000® futures. Seven market makers have been selected for each product and are helping to build volume in the new products. CME E-mini S&P 500 Options in particular continue to set both volume and open interest records. Record Volume: 25,426 contracts Feb 25, 2005 and Record Open Interest: 178,743 positions March 11, 2005.

Date:  April 26 and April 27

Time:  3:30 p.m. - 4:30 p.m. (CT)

Title:  Options on CME E-mini Futures: The Basics (Part 1of 2)

Options on CME E-mini Futures: Trading Strategies (Part 2 of 2)

Presenters: Dan Gramza, Gramza Capital Management

http://www.hotcomm.com/virmeetCID_ARR.asp?CID=MY6GR8&MID=8AQT6X

http://www.hotcomm.com/virmeetCID_ARR.asp?CID=MY6GR8&MID=7YZBEC

 

John's Comments

 

Correction from Friday:

 

Recuse

 

I am recusing myself from any further discussions, commentary or writings about the Trading Technologies patent situation.  For the foreseeable future, I will not be commenting on any aspects of this case, personally, professionally or journalistically.  This is my decision alone. 

 

*********

 

Brent Crude Watch

 

IPE Brent Volume: 71984

NYMEX Brent Crude Volume: 9561

NYMEX Percent of Total Volume: 11.72%

 

********

 

Chicago Electronic Trading Scorecard for April 22, 2005

 

Percent Electronic

 

CBOT: 61.36%

CME: 72.76%

CME Eurodollars: 79.68%

CME Live Cattle: .38%

CME Currency Products: 83.80%

CBOT Soybeans: 2.05%

 

CBOT Options: 2.79%

CME Options: 4.74%

 

Volume 

 

OneChicago Volume: 3767

Eurex US Volume: 8044

Euronext.liffe Eurodollar Volume: 40,278

CBOE Futures Exchange Volume: 1343

 

Market Share

 

CBOT 100 oz. Gold Volume: 665

NYMEX 100 oz. Gold Volume: 22,205

CBOT Share: 2.91%

 

CBOT 5000 oz. Silver Volume: 144

NYMEX 5000 oz. Silver Volume: 17,360

CBOT Share: .82%

 

CBOT Mini Gold Volume: 557

CBOT Mini Silver Volume: 308

 

CME Emini Russell 1000 (100X) Volume: 3221

Eurex US Mini Russell 1000 (100X) Volume: 1645

NYBOT Mini Russell 1000 (50X) Volume: 844

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 150,000

Eurex US Mini Russell 2000 Volume: 5441

CFE Mini Russell 2000 Volume: 303

 

Notes: On Friday, open interest in CBOT 100 Oz. Gold futures reached 4,935 contracts, moving closer to the 5,000-contract mark.  (The previous record was 4,791 contracts reached the prior session.)  Further, gold futures have set OI records in eight of the last 10 sessions.

 

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 3.58%

Liffe/CME: 2.87%

 

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

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