May 18, 2005

 

Lead Stories

 

Bush nominates commodity chairman

WASHINGTON (MarketWatch) -- President Bush nominated Reuben Jeffrey on Tuesday to be chairman of the Commodity Futures Trading Commission.  Jeffrey is currently a special assistant to the president and a senior director for international economic affairs at the White House's National Security Council.  He also worked on Iraq policy at the Defense Department and for Goldman Sachs (GS: news, chart, profile) in various locations around the world.  The CFTC has five commissioners and is headquartered in Washington. It aims to protect market participants from fraud, manipulation and abuse related to sales of commodity and financial futures and options.

http://www.marketwatch.com/news/story.asp?guid=%7B95360032-DDDA-4238-9604-F0FF7B7765EE%7D&siteid=google

 

**** It turns out that Mr. Jeffery just happens to be a Washington, DC neighbor of Futures Industry Association President John Damgard, which is good because I could not find anyone from the trading side who knew Mr. Jeffery.  Mr. Jeffery’s career at Goldman Sachs included being head of the Paris office, and running the investment banking business there.  Mr. Damgard said today that Mr. Jeffery will be “very good for the Agency and very good for the industry.”   Mr. Jeffery has previously served as Special Advisor for Lower Manhattan Development, responsible within the White House for coordinating ongoing federal efforts in support of the recovery and re-development of Lower Manhattan.  Mr. Jeffery spent eighteen years at Goldman Sachs, has lived and worked in Paris, London and New York and specialized in the financial services sector.  He previously practiced corporate law in the New York City office of Davis Polk & Wardwell.  Mr. Jeffery received his BA from Yale and JD and MBA degrees from Stanford.

 

***** Also, the MarketWatch story spells his name Jeffrey, not Jeffery.  It would appear MarketWatch spelled his last name incorrectly.

 

Bush picks former banker to head futures regulator

By Jeremy Grant in Chicago

US President George W Bush on Wednesday nominated Reuben Jeffery, a former Goldman Sachs banker, as the next chairman of the Commodity Futures Trading Commission (CFTC), passing over the current acting chairman for the job.  The move is expected to raise questions over the industry regulator‘s approach to foreign competition in US futures markets.

http://news.ft.com/cms/s/cc975132-c74d-11d9-a700-00000e2511c8.html

 

**** Online FT subscription required.

 

FIA Statement on the Nomination of Reuben Jeffery to Serve as CFTC Chairman

"The FIA commends President Bush for nominating such an accomplished individual to serve as CFTC Chairman."

http://www.futuresindustry.org/presscen-2169.asp?pr=56

 

CME Leaders Congratulate White House Candidate for CFTC Chairmanship; Emphasize Changes Needed in Upcoming CFMA Reauthorization

http://www.cme.com/about/press/cn/05-72CongratulateCFTC%20Chairmanship13235.html

 

Globalization and Convergence Fuels Need for Reinvention of U.S. Exchange Models

In testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Jerry Putnam, Chairman and CEO of Archipelago Holdings, Inc. , owner and operator of the Archipelago Exchange , the nation's first totally open, all- electronic stock exchange, testified about the importance of maintaining America's preeminent role in global financial markets.

http://biz.yahoo.com/prnews/050518/nyw039.html?.v=6

 

Banking panel chairman eyes mergers

The proposed mergers of four U.S. stock markets raise questions about consolidation and competition, Senate Banking Committee Chairman Sen. Richard Shelby said on Wednesday.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050518/bs_nm/financial_markets_congress_dc_1

Exchanges: mergers spur competition

WASHINGTON (MarketWatch) -- Planned mergers recently announced among stock exchanges will enhance competition among markets and deliver benefits to investors, exchange executives told a Senate panel Wednesday.  "We believe that the merger of the New York Stock Exchange with Archipelago will help us compete head to head" with other exchanges around the world, NYSE Chief Executive John Thain told the Senate Banking Committee in prepared testimony.  The pending merger with Archipelago Holding Inc. (AX: news, chart, profile) "promises to add to and enrich customer choices by introducing new platforms for new investment products that will include equities, options, exchange-traded funds and bonds," Thain said.  Sen. Richard Shelby, R-Ala., raised a note of concern about the recent announcement of mergers, both between the NYSE with Archipelago and the Nasdaq with Instinet Group (INGP: news, chart, profile)   "The merger announcements raise questions about industry consolidation and competition, the future direction of our equities markets and the ultimate impact on investors," Shelby said in an opening statement.

http://www.marketwatch.com/news/story.asp?guid=%7B703FB230%2DB3A3%2D4A83%2DA6E0%2D80B0B09730D7%7D&dist=rss&siteid=mktw

 

TradeWeb to Launch Online U.S. Dollar Denominated Interest Rate Swaps Market

Thomson TradeWeb, the leading network of online fixed-income markets, and a unit of The Thomson Corporation , today announced it will be launching a dealer-to-customer electronic trading platform for US Dollar denominated interest rate swaps during the 3rd quarter of 2005.

http://biz.yahoo.com/prnews/050518/nyw127.html?.v=9

 

Bear Stearns president sees no hedge fund crisis 

NEW YORK (MarketWatch) -- Rumors of massive recent trading losses at hedge funds and investment banks that deal with them are "99% exaggerated," Bear Stearns Cos. (BSC) President Warren Spector said Tuesday.  "We've done a lot of double-checking and triple-checking to make sure that none of these rumors are true and none of our counterparties are blowing up," he said at a conference sponsored by Morgan Stanley (MWD). "Clearly, there are losses being taken," but "big players can absorb big losses."

http://www.marketwatch.com/news/story.asp?guid=%7B0C1F56C4-2467-447C-BEEE-B770CB5A0963%7D

 

China’s cotton futures trading exceed NYBOT volume

By Forrest Laws

If you want a graphic illustration of just how serious Chinese merchants and manufacturers are about the cotton business, all you have to do is look at cotton futures trading on the Zhengzhou Commodity Exchange.

Daily volume in Zhengzhou cotton futures, which will complete its first year of trading on June 1, is now running about 50,000 contracts. Open interest at the Zhengzhou Commodity Exchange has been running between 60,000 and 80,000 contracts per day since last November.

http://deltafarmpress.com/news/050517-china-cotton/

 

Nasdaq CIO confirms move to open-source Instinet apps

Plans are under way to integrate the technology platforms of Brut, Nasdaq and Instinet  

By Lucas Mearian

MAY 16, 2005 (COMPUTERWORLD) - Nasdaq Stock Market Inc.'s CIO said last week that the exchange will scrap its proprietary SuperMontage order entry and execution system in favor of an open-source system from electronic broker Instinet Group Inc., which Nasdaq agreed to acquire last month.

http://www.computerworld.com/managementtopics/management/story/0%2C10801%2C101738%2C00.html

 

MTS to scrap sale if eSpeed, Euronext/Borsa Italia offers not improved - report

MILAN (AFX) - The bond trading platform MTS is ready to scrap its sale procedure if offers made for the exchange are not improved, the daily Finanza & Mercati said citing a source close to MTS. Last week, MTS asked eSpeed and the consortium of Euronext NV and Borsa Italiana to improve their bids for the company.

http://www.iii.co.uk/news/?type=afxnews&articleid=5299020&subject=companies&action=article

 

Beijing eases foreign currency trading

The central bank of China on Wednesday allowed the country's smaller lenders to have greater access to the foreign currency market.

http://www.iht.com/articles/2005/05/18/bloomberg/sxfx.php

 

Environmental Trading News

 

Chicago Climate Futures Exchange SO2 Allowance Cash and Futures Market Prices Survey Report              Wednesday, May 18, 2005 11:45 a.m. Central Time Report

SO2 Allowance Cash Market Survey

Vintage               Bid       Offer    Last

2005 (or earlier)   $780         $800      $790 ( May 16 )

2006                    $775         $795

 

Exchange & ECN News

 

Additional December Option To Be Listed On NYBOTs December Cotton No. 2 Futures Contract

http://www.nybot.com/releases/pressRelease.asp?releaseID=876

 

Ethanol Delivery Procedures

http://www.cme.com/clearing/clr/clradv/13217.html

 

Exchange to Launch Additional Freight Swap Futures Contracts  

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050517b

 

Exchange Sets Volume Record for e-miNYsm Natural Gas Futures Contracts

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050517a

 

Clearstream Delivers Key Service Improvements to Customers

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_clearstream_180505.htm

 

NYBOT Announces U.S. Memorial Day And U.K. Bank Holiday Schedules

http://www.nybot.com/releases/pressRelease.asp?releaseID=875

 

Futures & Options - 2005 Education Programme

Euronext.liffe offers a comprehensive range of education courses in Lisbon. The 2005 programme covers everything from the basics of futures and options to courses aimed at experienced users of derivative products.

[ Portuguese brochure ] http://www.euronext.com/file/view/0,4245,1626_53424_584956047,00.pdf

 

Breuer, Ousted at Deutsche Boerse, Faces Vote at Deutsche Bank

May 18 (Bloomberg) -- Rolf Breuer, who was forced out as supervisory board head of Deutsche Boerse AG after a shareholder revolt, is facing a call for his dismissal from the same role at Deutsche Bank AG, Germany's biggest bank.

http://www.bloomberg.com/apps/news?pid=10000100&sid=alDrgeyotnkc

 

Shareholders Of The Philadelphia Stock Exchange Elect Six To Its Board Of Governors

http://www.exchange-handbook.co.uk/news_story.cfm?id=52966

 

Statement Of Meyer S. Frucher, Chairman And Chief Executive Officer, Philadelphia Stock Exchange, Inc., Before The Unites States Senate Committee On Banking, Housing And Urban Affairs May 18, 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=52962

 

Testimony Of Mr. Edward J. Nicoll, CEO, Instinet Group Before The Senate Banking, Housing And Urban Affairs Committee May 18, 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=52959

 

Testimony Of Mr. Robert Greifeld CEO And President The Nasdaq Stock Market Before The Senate Banking, Housing, And Urban Affairs Committee May 18, 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=52958

 

John A. Thain, CEO, New York Stock Exchange, Testimony Before U.S. Senate Banking Committee May 18, 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=52956

 

 

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/dig051705.txt

 

CFTC Staff Allows U.S. Offer & Sale of the Taiwan Futures Exchange's (TAIFEX's) Futures Contracts on the Taiwan Stock Exchange Electronic Sector Index (TE) and Finance Sector Index (TF) 

http://www.cftc.gov/opa/press05/opa5076-05.htm

 

Keynote Address of Acting Chairman Sharon Brown-Hruska before the Energy Risk USA 2005 on Pitfalls of Regulating Risk Taking 

http://www.cftc.gov/opa/speeches05/opabrown-hruska-31.htm

 

Refco Faces SEC Charges in Short-Selling Probe

By Matthew Goldstein

http://www.thestreet.com/_googlen/markets/matthewgoldstein/10223924.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

 

Hedge Fund Manager Hilary Shane Barred, to Pay $1.45 Million To Settle NASD, SEC Fraud and Insider Trading Charges Related to Purchase and Sale of Compudyne PIPE Shares

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

 

NASD Restructures Certain TRACE Fees for Market Data and Amends the Definition of "Non-Professional" in Connection with TRACE Market Data; Effective Date: June 1, 2005

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

 

SEC Charges Hedge Fund Manager Hilary Shane with Insider Trading and Unregistered Sales of Securities in Connection with “PIPE” Offering

See also Litigation Release No. 19227

http://www.sec.gov/litigation/litreleases/lr19227.htm

 

McMaster confers honorary degree upon OSC chairman

Brown to address spring convocation

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28819&IdSection=9&cat=9

 

ASC general counsel resigns

Horn to fill in for Hendrickson

The Alberta Securities Commission announced today that its general counsel, Denise Hendrickson, has resigned.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28817&IdSection=8&cat=8

 

FSA wants to see improvements in Key Facts documents

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/050.shtml

 

FSA announces a new market-based instalment plan for firms to pay their 2005/06 fees and levies

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/049.shtml

 

SIA Outlines Views On SRO Reform, Reg NMS For Senate Banking Committee

http://www.sia.com/press/2005_press_releases/03838278.html

 

SIA, TBMA Argue That Same Securities Class Action Standards Should Apply to Holders, Purchasers, Sellers

http://www.sia.com/press/2005_press_releases/03828854.html

 

NASD Fines, Bars Hedge Fund Manager

The National Association of Securities Dealers said Wednesday that it permanently barred hedge fund manager Hilary Shane from associating with any of its registered firms. Shane also will have to pay $1.45 million in fines to settle NASD and SEC charges of fraud and insider trading.

http://biz.yahoo.com/ap/050518/nasd_hedge_fund_manager.html?.v=1

 

Oppenheimer Holdings discloses employee Wells notices

BOSTON (MarketWatch) -- Oppenheimer Holdings Inc. in a regulatory filing said two employees and a number of former financial advisers have received Wells notices from the Securities and Exchange Commission over alleged improper mutual-fund trading.

http://www.marketwatch.com/enf/rss.asp?guid=%7B2D176812-836B-427E-8B9B-1DCE2CA55DAD%7D&dist=rss&siteid=mktw

 

SEC's Nazareth Is Democrats' Choice for Commissioner (Update1)

U.S. May 18 (Bloomberg) -- U.S. Senate Democrats plan to propose Annette Nazareth as the newest member of the Securities and Exchange Commission, tapping one of the agency's top officials at a time of partisan wrangling over the scope of regulation.

http://www.bloomberg.com/apps/news?pid=10000103&sid=aTJ39UcHV8Fg

 

Testimony Before The Senate Banking Committee Hearing On Regulation NMS And Recent Market Developments May 18, 2005 By Scott Evans, Chief Investment Officer TIAA-CREF

http://www.exchange-handbook.co.uk/news_story.cfm?id=52968

 

Managed Futures - Managed Funds

 

Investor gloom gathers over world economy - Merrill

http://news.reuters.com/newsArticle.jhtml;jsessionid=TJGCP55OHWUKGCRBAELCFFA?type=reutersEdge&storyID=8518781

 

A managed futures first in Germany

May-17-2005 - Winton Capital Management has become one of the first trading advisors to be able to offer a managed futures fund via private placement to the German market

http://www.marhedge.com/news/Cover.MAR.asp?s=MARH-2005-05-17-12-52-31p1.htm

 

Hedge Fund Returns Stuck In The Doldrums, by Carla Johnson, Investors Offshore.com 18 May 2005

With the major hedge fund return trackers continuing to report their monthly performance figures, it has become clear that April, and indeed 2005, has been one of the gloomiest periods for hedge funds performance for quite some time.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=19878

 

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

 

The New Exchange Business

Jamie Selway

http://www.tradersmagazine.com/column.cfm?id=233

 

Bear Stearns Consolidates Derivatives Trading and Processing on Calypso

Bear Stearns has selected Calypso Technology as its front-to-back system for derivatives, the San Francisco-based technology company announced on Thursday.

http://www.wstonline.com/showArticle.jhtml?articleID=163104833

 

China prepares yuan reform with new forex system

By Edwin Chan and Lu Jianxin

SHANGHAI (Reuters) - China launched a new foreign exchange dealing system on Wednesday that allows domestic trading in currencies other than the yuan, a milestone in the country's effort to reform its tightly controlled currency regime.

http://www.reuters.com/newsArticle.jhtml?storyID=8528112&type=businessNews

 

Foundation For Investor Education, PNC To Honor Local Winners Of Stock Market Game Program 

http://www.sia.com/press/2005_press_releases/03837330.html

 

Eleven Global Dealers and DTCC Working With MarketAxess to Develop Credit Default Swap Index Trading System

MarketAxess Holdings Inc. , the operator of a leading electronic trading platform for U.S. and European high-grade corporate and emerging markets bonds, today announced that eleven global dealers and DTCC are working with the company to develop MarketAxess' client-to-dealer electronic trading platform for Credit Default Swap Indices .

http://biz.yahoo.com/prnews/050518/nyw018.html?.v=11

 

REFCO Overseas Ltd Selects STB Systems for Automated Regulatory Reporting

(PRWEB) May 18, 2005 -- REFCO, in selecting STB-Reporter, joins the largest group of deposit takers and securities/investment firms using the market leading automated regulatory reporting solution in the UK.

http://news.yahoo.com/news?tmpl=story&u=/prweb/20050518/bs_prweb/prweb240942_1

 

FUN Technologies plc - Announcement of ownership interest

FUN Technologies plc announced today that the Company has received a notification dated 13 May 2005, in accordance with section 198 Companies Act 1985, that Man Financial has an interest in 5,562,203 ordinary shares of 5 pence each in the Company, representing 11.21% of the current issued ordinary share capital of the Company.

http://biz.yahoo.com/prnews/050517/to256.html?.v=7

 

UBS says India stock trade ban unfair, to appeal against order

Swiss banking group UBS said it would appeal a one-year derivatives trading ban imposed on it by India's stock market regulator which blamed it for a massive stock market crash a year ago.

http://news.yahoo.com/news?tmpl=story&u=/afp/20050518/wl_sthasia_afp/stocksswitzerlandindiaubsregulatorbanreax_050518094747

 

Fidelity Cuts Retail Online Options Trades Pricing

BOSTON (Dow Jones)--Fidelity Investments has cut the cost of it retail online options trading fees, it said Wednesday, the latest of several transaction fee reductions by the financial services giant.

http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji&section=news&news_id=dji-00063220050518&date=20050518&alias=/alias/money/cm/nw

 

Morgan Stanley Punitive Damages Weighed

An expert testified on Tuesday that Morgan Stanley can afford to pay $1.8 billion in punitive damages to billionaire financier Ron Perelman, who's suing the firm for deceiving him in a business deal with the fledgling Sunbeam Corp.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050517/ap_on_bi_ge/morgan_stanley_sued_11

 

Morgan Stanley tells jury $604 mln enough

The jury that ordered Morgan Stanley to pay Ronald Perelman $604 million in damages began hearing arguments on Tuesday over how much more to tack on to punish the Wall Street firm for misleading the billionaire investor in a business deal that went sour.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050517/bs_nm/financial_morganstanley_perelman_dc_10

 

Other Voices

 

Today’s Other Voices contribution is an announcement from the Institute of Financial Markets.

 

The Review of Futures Markets is Back!

 

The prestigious journal Review of Futures Markets (RFM), originally published by the Chicago Board of Trade, will resume publication beginning with the spring 2005 issue. Kent State University in cooperation with the Institute for Financial Markets will broaden the knowledge of futures, options, and derivatives research, with insightful articles written by renowned scholars and innovative young researchers. Dr. Mark Holder from Kent State University will serve as Editor of the Review, and two IFM Trustees, Mr. Alger (Duke) Chapman, recently retired Chairman of ABN AMRO Financial Services and Mr. Paul Saltzman, Chief Operating Officer of eSpeed, Inc., will serve on the six-member Advisory Board.

 

The RFM will publish peer-reviewed, editor-selected articles on a quarterly basis. Prominent academics from major universities have prepared articles for the first issue including Carol Alexander, University of Reading; Robert Daigler, Florida International University; Stewart D. Hodges, University of Warwick; Jayaram Muthuswamy, Singapore Management University; and Salih Neftci, City University of New York. Proceedings of the Asia Pacific Futures Research Symposium will be published in future issues of the journal.

 

For more info on the Review of Futures Markets see www.theIFM.org. To subscribe visit http://www.business.kent.edu/rfm

 

John's Comments

 

Reminder

 

I will be in Washington, DC tomorrow and Friday and Jon Matte of Defender Capital Management will be returning to the role of Editorius Upsurpious.  If you have any news for the newsletter tomorrow, please contact Jon at jonm@defendercapital.com.  I will be returning to my duties editing the newsletter on Monday.

 

*****

 

Brent Crude Watch

 

IPE Brent Volume: 97996          

NYMEX Brent Crude Volume: 12,800

NYMEX Percent of Total Volume: 11.55%

 

********

 

Chicago Electronic Trading Scorecard for May 17, 2005

 

Percent Electronic

 

CBOT: 68.11%

CME: 73.46%

CME Eurodollars: 86.63%

CME Live Cattle: 1.43%

CME Currency Products: 68.96%

CBOT Soybeans: 5.90%

 

CBOT Options: 3.63%

CME Options: 5.42%

 

Volume 

 

OneChicago Volume: 3702

Eurex US Volume: 4770

Euronext.liffe Eurodollar Volume: 34,239

CBOE Futures Exchange Volume: 1626

 

Market Share

 

CBOT 100 oz. Gold Volume: 897

NYMEX 100 oz. Gold Volume: 47,500

CBOT Share: 1.85%

 

CBOT 5000 oz. Silver Volume: 261

NYMEX 5000 oz. Silver Volume: 16,534

CBOT Share: 1.55%

 

CBOT Mini Gold Volume: 962

CBOT Mini Silver Volume: 240

 

CME Emini Russell 1000 (100X) Volume: 3447

Eurex US Mini Russell 1000 (100X) Volume: 896

NYBOT Mini Russell 1000 (50X) Volume: 3692

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 117,817

Eurex US Mini Russell 2000 Volume: 3761

CFE Mini Russell 2000 Volume: 427

 

Notes: The CBOT traded 69 Bund futures yesterday.  The CME set a new open interest record in Eurodollars.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 2.51%

Liffe/CME: 2.18%

 

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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