May 4, 2005

 

Lead Stories

 

Treasury says may reintroduce 30-yr bond

WASHINGTON (Reuters) - The U.S. Treasury said on Wednesday it is considering reintroducing regular issues of 30-year bonds and will announce a decision Aug. 3.

The announcement was unexpected, as Bush administration officials had said until recently they believed U.S. debt issuance was varied enough to satisfy appetite for longer-dated securities.

http://news.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8387171

 

US considers bringing back 30-year bonds

By Richard Beales and Gillian Tett in New York Andrew Balls in Washington and Jeremy Grant in Chicago

The US Treasury on Wednesday surprised the markets by announcing that it was considering reissuing 30-year bonds - a move that would reverse a decision made in 2001 to concentrate on shorter maturities.

Government officials denied that the change in policy was triggered by the need to fund the rising US debt burden, or the challenges linked to pension system reform.

http://news.ft.com/cms/s/0ed6639c-bca1-11d9-b1e3-00000e2511c8.html

 

Eurex gets a jump on the competition

By Jeremy Grant

In the 14 months since the launch of its US venture, Eurex, Europe’s largest derivatives exchange, has been derided for contemplating an attack on Chicago’s futures exchanges.  In February last year, Eurex US – the exchange’s new US futures exchange – went head-to-head with the Chicago Board of Trade in an attempt to challenge its monopoly of trading in US Treasury futures contracts.  Thanks to a combination of regulatory decisions, deep trading fee discounting by the CBOT and marketing missteps by Eurex, its market share in US Treasury futures has rarely managed more than 5 per cent.  But the performance of Eurex US cannot be judged only by the results of the battle with the CBOT in US Treasuries.

http://news.ft.com/cms/s/718785ae-bc09-11d9-817e-00000e2511c8.html

 

April 2005 - Euronext Key Indicators - 12.7 Million Transactions Completed In Cash, Up 8.8% On April 2004 - Euronext.liffe Trades 73 Million Contracts In April 2005, A Year-On-Year Increase Of 4%

http://www.exchange-handbook.co.uk/news_story.cfm?id=52743

 

Knight Trading buying Attain ECN

NEW YORK (MarketWatch) - In the latest move to consolidate the companies that facilitate the trading of stocks in the U.S. markets, Knight Trading Group Inc said Wednesday it's buying Attain ECN from privately held Domestic Securities Inc.

http://www.marketwatch.com/news/story.asp?guid=%7B62FF39EB-62B8-48E5-A333-983348C5EF54%7D&siteid=google

 

ESpeed leads bidding for MTS

ESpeed, the dominant trading platform operator in US Treasury bonds, has submitted the highest bid for MTS, the number one electronic platform for eurozone government debt, beating an offer from joint bidders Euronext and Borsa Italiana, which were thought to be the strongest contenders.  “ESpeed submitted the highest bid,” a person close to the sale said yesterday. “It was very close to the valuation of the operator.” Neither eSpeed, Euronext, nor Borsa Italiana would comment yesterday.

http://news.ft.com/cms/s/d77460ce-bc06-11d9-817e-00000e2511c8.html

 

Archipelago's CEO defends NYSE deal

NEW YORK - Jerry Putnam, the Archipelago Holdings Inc. chief executive, yesterday defended the terms of his company's planned acquisition by the New York Stock Exchange and the role that Goldman Sachs Group Inc. played in it.  He also noted the plan is for the Archipelago electronic exchange to operate separately from the NYSE's market.

http://www.kentucky.com/mld/kentucky/business/11557844.htm

 

Archipelago CEO sees no need to redo terms of NYSE deal

NEW YORK (MarketWatch) -- Archipelago Holdings Inc. (AX) Chief Executive Jerry Putnam defended the terms of his company's planned acquisition by the New York Stock Exchange and the role that Goldman Sachs Group Inc. (GS) played in it.

http://www.marketwatch.com/news/story.asp?guid=%7B7BA65C16-7050-488D-991A-738D15A66498%7D

 

JERRY NICE DEAL

May 4, 2005 -- The New York Stock Exchange is heading toward another messy executive pay scandal.

Jerry Putnam, chief executive of Archipelago Holdings, which has agreed to be acquired by the NYSE, stands to pocket $4 million in the deal — thanks to a late change in his severance agreement...

http://www.nypost.com/business/45932.htm

 

Archipelago to pay higher price for Pacific Exchange

NEW YORK - The planned merger of Archipelago Holdings Inc. and the New York Stock Exchange will drive up the price tag for Archipelago's purchase of the Pacific Exchange by more than $20 million because of the run-up in Archipelago's stock price since the NYSE deal was announced.

http://www.sanluisobispo.com/mld/sanluisobispo/business/11561939.htm

 

Instinet: Nasdaq's Sly Scoop

Lost in the tumult created by the New York Stock Exchange takeover of Rule Breakers selection Archipelago Holdings (NYSE: AX) was the report that the Nasdaq exchange is buying electronic broker-dealer Instinet Group (Nasdaq: INGP) in a $935 million deal.

http://www.fool.com/News/mft/2005/mft05050312.htm

 

MCX to launch tea futures in June

NEW DELHI: The Multi Commodity Exchange plans to launch futures trading in tea next month with support from United Planters' Association of Southern India.

http://www.thehindubusinessline.com/blnus/08031501.htm

 

Shareholder seeks to block Instinet sale to Nasdaq

An investor in electronic securities broker Instinet has sued the company and its controlling shareholder, Reuters Group PLC, to block its proposed sale to Nasdaq.

http://news.yahoo.com/news?tmpl=story&u=/afp/20050503/bs_afp/britainusstocks_050503203534

 

Thain's NYSE Deal, Done With Stealth, May Win Grudging Approval

U.S. May 4 (Bloomberg) -- John Thain, chief executive officer of the New York Stock Exchange, named William Higgins in February to a committee planning the exchange's evolution to a for-profit company. Or so Higgins thought.

http://www.bloomberg.com/apps/news?pid=10000103&sid=aTDuRQoRYb1A

 

NYSE deal strongly defended

The head of the electronic stock market that plans to be bought by the New York Stock Exchange defended the deal yesterday, saying that it was "aggressively negotiated" despite questions about the independence of the adviser on the transaction, Goldman Sachs.

http://www.newsday.com/business/ny-bzarch4244231may04,0,4017084.story?coll=ny-business-headlines

 

Environmental Trading News

 

An Austrian Theory of Environmental Economics

Austrian economics lacks a formalized, self-conscious theory of environmental economics. But in fact all of the major elements of such a theory already exist and in that sense what is needed is to piece together the relevant aspects of Austrian economics in order to draw out and focus a theory that is already there.  The purpose of this paper is to do just that. In developing an Austrian theory of environmental economics, very little new theoretical ground will be plowed. But by bringing together Austrian concepts of costs and the praxeological foundations of economics we discover a unique perspective on pollution and the role of property rights in solving environmental problems. Furthermore by placing environmental problems withinthe context of personal and interpersonal plan formulation, we discover that they are not about the environment per se but about the resolution of human conflict.

http://www.mises.org/story/1760

 

XLTechGroup's AgCert announces intention to float

Interactive Investor International

May 3, 2005 - LONDON (AFX) - AgCert International, the Irish company that produces and sells agriculturally derived greenhouse gas emission reductions, or offsets, is to float on the London Stock Exchange from June this year.

http://www.chicagoclimatex.com/news/articles/newsScroller2005050303475001.html

 

DOE Celebrates Success of Regional Carbon Sequestration Partnerships

May 3, 2005 - Groundwork in Place to Validate Carbon Sequestration Technologies in Next Phase of Program

i-Newswire, 2005-05-03 - Washington, DC - A report released today by the Department of Energy? details the success of the Regional Carbon Sequestration Partnerships in laying the groundwork for field testing and verifying carbon sequestration technologies in the near term.

http://www.chicagoclimatex.com/news/articles/newsScroller2005050303475002.html

 

PRMIA Joins Chicago Climate Exchange

Professional Risk Managers' International Association Joins Exchange Dedicated to Reducing and Trading Greenhouse Gas Emissions

The Professional Risk Managers' International Association (PRMIA) today announced that it has become an Associate Member in the Chicago Climate Exchange (CCX), a voluntary, multi-sector market for reducing and trading greenhouse gas emissions. PRMIA, a nonprofit association of over 24,000 risk managers worldwide, will quantify the annual indirect greenhouse gas emissions associated with its business-related electricity and heating fuel purchases and transportation. PRMIA will offset emissions through the purchase and retirement of CCX Carbon Financial Instruments.

http://www.chicagoclimatex.com/news/articles/newsScroller2005050303475003.html

 

Exchange News

 

CME INSIDER & RULE 144 TRANSACTIONS REPORTED

http://finance.yahoo.com/q/it?s=CME

 

CBOT Memorial Day Holiday Trading Schedule

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+28026,00.html

 

CBOT Add Month Notice, April 28, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28021,00.html

 

CBOT Strike Price Notice, May 04, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28022,00.html

 

CBOT Trading Position Change Notice, Soybeans, May 05, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28020,00.html

 

ISE, NYU Stern School of Business and IAFE To Host Symposium

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=704861&highlight=

 

Euronext Amsterdam welcomes five Small and Midcap Experts

http://www.euronext.com/news/press_releases/0,4159,1732_8275,00.html

 

Hedging With Options for Cotton Producers Workshop 

http://www.nybot.com/cotton/May2005.pdf

 

NYBOT Announces Listing Of A Second Spot Cycle FCOJ Option Contract Month

http://www.nybot.com/releases/pressRelease.asp?releaseID=870

 

EX-POSTMAN SEC SETTLEMENT

May 4, 2005 -- A former U.S. Postal worker, accused of taking stock tips from Business Week magazine columns before they left his workplace, agreed to pay $581,000 to settle insider trading accusations by the Securities and Exchange Commission.

http://www.nypost.com/business/45929.htm

 

NYSE To Host Global Opportunities Conference For non-U.S. Companies

http://www.exchange-handbook.co.uk/news_story.cfm?id=52746

 

NYSE Appoints Leroy M. Whitaker Vice President, Total Remuneration And Diversity

http://www.exchange-handbook.co.uk/news_story.cfm?id=52744

 

Filings by Designated Contract Markets (DCMS) Current Month
Date of Letter	Date Filed	DCM	Description
04/29/2005	04/29/2005	NYMEX	Amendments concerning NYMEX's Trading at Settlement ("TAS") Program.
04/29/2005	05/03/2005	EUREXUS	Amendments to U.S. Treasury Complex incentive program.
04/29/2005	05/02/2005	CME	Rule 37102.G. Technical clarification to Chapter 371 E-Mini Russell 1000 Index futures Termination of Trading rule.
04/29/2005	04/29/2005	CME	Composition of CME X-Fund Index Futures contracts.
04/29/2005	04/29/2005	CBOT	Appendix 9B-3 Add e-cbot no-bust range for CBOT South American Soybean futures.

 

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/dig050305.txt

 

SEC  SETTLES  WITH  U.S.  POSTAL  WORKER WHO  TIPPED  AND  TRADED  ON  INSIDE INFORMATION FROM BUSINESS WEEK MAGAZINE

The  Commission announced today that it reached a settlement  with  Davi Thomas,  a  former U.S. Postal Service employee now residing in  Kerala,

India  for  allegedly illegally tipping and trading  on  misappropriated information about companies featured in the “Inside Wall Street”  column

of  Business  Week  magazine. 

http://www.sec.gov/news/digest/dig050305.txt

 

COMMISSION OBTAINS TRO TO HALT MASSIVE AFFINITY FRAUD AND PONZI SCHEME AND AN ASSET FREEZE AND OTHER EMERGENCY RELIEF TO PRESERVE INVESTOR ASSETS

On  May  2,  the Commission obtained a temporary restraining  order,  an asset  freeze,  and  other emergency relief, in  a  civil  action  filed against  several individuals and entities alleged to be perpetrating  an ongoing  affinity fraud and Ponzi scheme.  According to the complaint, defendants have defrauded hundreds of investors of over $12 million by promising returns of 100% or more within 60 days.  The complaint alleges that  defendants  have been telling investors that  these  extraordinary profits were to be generated in part by helping an unnamed Saudi Arabian prince  move  gold  from Israel through Luxembourg to  the  United  Arab Emirates.

http://www.sec.gov/news/digest/dig050305.txt

 

NASD Investor Education Foundation Calls for Research Aimed at Improving Information Disclosed to Investors

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

 

New Webcast for Brokers

Understanding Variable Annuities:  Exchange Suitability Issues.  This free webcast outlines key factors brokers should consider when determining the suitability of a variable annuity exchange.

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

 

SEC Approves Amendments to Rule 2711 to Prohibit Research Analysts from Participating in a Road Show and from Communicating with Customers in the Presence of Investment Banking Personnel or Company Management about an Investment Banking Services Transaction; Compliance Date: June 6, 2005

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

 

Chairman Donaldson Meets with Japan Minister of State for Financial Services Ito

http://www.sec.gov/news/press/2005-71.htm

 

SEC Sues Telemarketers for Fraudulent "Wrong Number" Stock Tips

http://www.sec.gov/news/press/2005-70.htm

 

SEC targets “wrong number” scams

Files civil charges against telemarketers

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28683&IdSection=8&cat=8

 

Company president banned for failing to disclose trading activity

Jesus Ricafort Martinez failed to disclose 163 transactions totalling more than $1.8-million, BCSC says

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28650&IdSection=8&cat=8

 

NASD Investor Education Foundation Calls for Research Aimed at Improving Information Disclosed to Investors

In an effort to make financial product information more meaningful and more accessible to investors, the NASD Investor Education Foundation today called upon non-profit groups, colleges and universities to submit grant proposals for research projects that examine the type of information, level of detail and method of distribution that would most benefit investors.

http://biz.yahoo.com/prnews/050504/dcw033.html?.v=8

 

SEC Posts Rules To Allow NYSE Trade Of Unlisted Bonds

NEW YORK (Dow Jones)--The Securities and Exchange Commission has posted a number of rule changes that would be necessary to allow the trading of unlisted corporate bonds on the New York Stock Exchange.

http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji&section=news&news_id=dji-00056120050503&date=20050503&alias=/alias/money/cm/nw

 

Managed Futures - Managed Funds

 

Man offers access to Global Strategies portfolio

May-3-2005 - Man Investments Ltd is offering access to its Man Global Strategies portfolio of hedge funds from May 2 until June 13

http://www.marhedge.com/news/Cover.Strat.asp?s=StratH-2005-05-03-10-24-56p1.htm

 

Hedge fund co-founder investigated

Tightening the screws on the three men who ran a San Diego hedge fund that collapsed last year amid allegations of fraud, officials have wrested some money from two and are threatening a third with imprisonment.

http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/20050504/NEWS/50504003/1036/BUSINESS

 

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

 

MCI Introduces Next-Generation Ethernet Solutions Internationally; Meets Growing Enterprise Demand for End-to-End

MCI, Inc. (NASDAQ:MCIP) today unveiled a new suite of next-generation global Ethernet solutions, offering businesses like the Chicago Mercantile Exchange, Inc., the largest futures exchange in the U.S., an economical and flexible way to extend their local area networks worldwide.

http://www.rednova.com/news/display/?id=147822&source=r_technology

 

Bursa Malaysia aims for higher liquidity, velocity

Bursa Malaysia Bhd aims for the market's turnover velocity to rise to pre-crisis levels partly by encouraging trading activity from both retail and institutional investors and by enhancing the exchange with new products and services.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a6eba230-cb73c03a-2af8f500-b6089e5b

 

Morgan Stanley announces good news

Hires law firm executive to be vice chairman, managing director

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28688&IdSection=5&cat=5

 

David Heleniak Joins Morgan Stanley as Vice Chairman

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=407

 

TradePortal to Usher in New Era of Direct Market Access for Institutional Financial Brokerages

Compliance, Automation and Competitiveness Issues Converge on Financial Services Market as Business Execution Weighs in the Balance

http://biz.yahoo.com/prnews/050504/law041.html?.v=42

 

It's behind you! Investors afraid, but not very afraid

http://news.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=8385990

 

Soy crushers suffer cash squeeze

Soybean crushing plants in China, the biggest importer of the oilseed, face closures this year because suppliers are demanding larger up-front payments after buyers reneged on contracts last year.

http://www.iht.com/articles/2005/05/04/bloomberg/sxsoy.php

 

Brazil May Become Biggest Soybean Producer by 2008 (Update1)

May 4 (Bloomberg) -- Brazil may overtake the U.S. as the world's biggest soybean grower by 2008 as farmers clear land in the Amazon Basin to plant a crop over an area almost twice the size of New York state, a U.S. agricultural attache said.

http://www.bloomberg.com/apps/news?pid=10000086&sid=a0eSDk3qqavM

 

Canadian Beef Industry Issues Threat to U.S. Over Meat Processing 05/04/05 08:50

OMAHA (DTN) -- Good Morning Ontario reported that Canada's beef industry has warned the US that it will accelerate the expansion of its meat processing capacity because it can no longer wait for the US-Canadian border to re-open to imports into the US of live Canadian cattle, says a story in the Britain's Financial Times.

http://www.news.farmpage.com/index.cfm?show=4&id=14184

 

Single trader hurts wheat industry: PGA

The Pastoralists and Graziers Association (PGA) says the current wheat dispute in Iraq highlights the risk of having only one Australian wheat trader in the market.

http://au.news.yahoo.com/050504/21/u748.html

 

First Traders Sets Pace Within Options Industry

Huge Listed Options Routing Gains for April

CHICAGO, May 4 /PRNewswire/ -- First Traders Analytical Solutions, LLC announced today that it set a new volume record in April 2005 when 17,426,951 total options contracts traded with the use of First Traders' technology. This volume represents an increase of 750% over the same period last year, and represents roughly 14% of all the OCC cleared options contracts traded in April.

http://biz.yahoo.com/prnews/050504/cgw044.html?.v=9

 

UBS Reports 15% Profit Gain

UBS, one of Europe's biggest banks, reported record first-quarter profit yesterday as higher fees from managing money for the rich helped outweigh a drop in investment banking earnings.

http://www.nytimes.com/2005/05/04/business/businessspecial3/04bank.html

 

TradeWeb to Launch First Global Online Market for Credit Derivatives

Thomson TradeWeb, the leading network of online fixed-income markets, and a unit of The Thomson Corporation , today announced it has teamed up with three major liquidity providers to launch global Credit Default Swap Indices trading on the first multi-dealer platform of its kind.

http://biz.yahoo.com/prnews/050504/nyw137.html?.v=8

 

Morgan Stanley May Have Pre-9/11 E-Mails

Morgan Stanley has discovered sources of e-mails related to its role in the Wall Street stock-research scandal and other legal issues that it previously said had been destroyed in the terrorist attacks on the World Trade Center.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050503/ap_on_bi_ge/morgan_stanley_e_mail_1

 

TT Releases Memo to Common TT/Refco End Users

http://www.tradingtechnologies.com/news/documents/050405_TTRefcoMemo.pdf

 

Public travel on private tab

Members of Connecticut's congressional delegation have traveled widely on the tab of corporate-backed think tanks, industry associations, and other private interest groups, which have shelled out nearly a quarter-million dollars for 120 trips by the lawmakers since 2000.... Chicago Board of Trade and the Chicago Mercantile Exchange, which paid $5,086 so he and his wife could attend the "Futures Industry Association Conference" in ...

http://www.zwire.com/site/news.cfm?newsid=14453928&BRD=985&PAG=461&dept_id=161556&rfi=6

 

John's Comments

 

Golf Thoughts of the Day

 

May thy ball lie in green pastures and not in still waters.

~ Author Unknown

 

The only time my prayers are never answered is on the golf course.

~ Billy Graham

 

Golf is a game invented by the same people who think music comes out of a bagpipe.

~ Author Unknown

 

*******

 

April Equity Option Highlights

 

APRIL OPTIONS TRADING BRINGS SEVERAL NEW VOLUME RECORDS

Total Options Volume Sets New Monthly High

http://www.888options.com/news/news_archives_05/may_4.jsp

 

Following is a breakdown of April 2005 options volume numbers as compared to April 2004 volume numbers.

 

Index options April 2005 – 11,995,885 contracts

Index options April 2004 – 7,704,363 contracts

This is a 55.70 percent increase

 

April 2005 month-end equity options volume 112,197,174 contracts (49,758,728 puts and 62,438,446 calls)  

April 2004 month-end equity options volume 94,766,948 contracts (38,073,584 puts and 56,693,364 calls)

This is an 18.39 percent increase

 

Average daily equity options volume for April 2005 was 5,342,723 contracts

Average daily equity options volume for April 2004 was 4,512,712 contracts

This is an 18.39 percent increase

 

Year to date options volume (through April) is 471,945,800 contracts vs. 417,467,146 contracts in 2004.

This year's annual volume was ahead 13.05 percent from last year at this same time period.

 

Highest day in April for equity options volume – April 15 with 10,097,235 contracts, a new record

 

Equity open interest high point occurred on April 15 with 154,302,259 contracts.

 

Month-end equity open interest April 2005 was 143,336,760 contracts.

Month-end equity open interest April 2004 was 125,048,790 contracts.

This is a 14.63 percent increase.  

 

*******

 

Brent Crude Watch

 

IPE Brent Volume: 95,711

NYMEX Brent Crude Volume: 11,380

NYMEX Percent of Total Volume: 10.63%

 

********

 

Chicago Electronic Trading Scorecard for May 3, 2005

 

Percent Electronic

 

CBOT: 64.34%

CME: 75.81%

CME Eurodollars: 83.84%

CME Live Cattle: 1.84%

CME Currency Products: 81.80%

CBOT Soybeans: 2.87%

 

CBOT Options: 7.56%

CME Options: 6.10%

 

Volume 

 

OneChicago Volume: 3825

Eurex US Volume: 7688

Euronext.liffe Eurodollar Volume: 31,305

CBOE Futures Exchange Volume: 760

 

Market Share

 

CBOT 100 oz. Gold Volume: 658

NYMEX 100 oz. Gold Volume: 56,407

CBOT Share: 1.15%

 

CBOT 5000 oz. Silver Volume: 132

NYMEX 5000 oz. Silver Volume: 15,036

CBOT Share: .87%

 

CBOT Mini Gold Volume: 853

CBOT Mini Silver Volume: 195

 

CME Emini Russell 1000 (100X) Volume: 4874

Eurex US Mini Russell 1000 (100X) Volume: 2466

NYBOT Mini Russell 1000 (50X) Volume: 435

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 128,404

Eurex US Mini Russell 2000 Volume: 4619

CFE Mini Russell 2000 Volume: 345

 

Notes:

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 2.09%

Liffe/CME: 1.76%

 

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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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.

 

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