May 23, 2005

 

Lead Stories

 

Hard to find gold in field of commodities

Newly minted investors in commodities took a round trip already this year.  Commodity prices spiked in February and March and then retreated just as sharply.  Volatility is an essential element of commodity investing--it's the principal attribute to most professional traders.  But ordinary investors who got caught up in the China growth story need to rethink their commodity fascination.

http://www.chicagotribune.com/business/chi-0505220396may22%2C1%2C6555597.column?coll=chi-business-nav

 

Introduction to NFA brochure

http://www.nfa.futures.org/investor/introNFA/introNFA.pdf

 

**** Save this link and forward it to any friends that ever express an interest in trading futures.  This would be a good starting place.

 

LME bends toward plastic

TOYMAKERS will be able to hedge against huge spikes in the cost of plastic from this week, when the London Metals Exchange launches a new family of futures pegged to industrial polymers.

The launch, the exchange’s first move away from its focus on metals in a colourful history spanning 128 years, is timed to exploit increasingly volatile commodity prices.

http://business.timesonline.co.uk/article/0,,8209-1623494,00.html

 

Blackstone to buy London Dungeon operator

http://newyorkbusiness.com/news.cms?newsId=10751

 

***** No, this is not a story about Blackstone buying the NYMEX.

 

Options Trading Grows Up

Electronic systems are making the market more efficient -- and alluring to investors

In the orchestra of financial instruments, options have long played second fiddle. Institutions have used options for years to hedge their investments, but beginning investors have struggled to grasp the arcana of options contracts. And until recently, only a handful of firms have made markets in options.

http://www.businessweek.com/magazine/content/05_22/b3935117_mz020.htm?campaign_id=rss_magzn

 

2005 Harris Interactive Study of The Options Investor (PDF | 1MB - 54 pages)

http://www.888options.com/news/presentations/harris_study_2005.pdf

 

The Coffee Maven

NEW YORK - It's difficult to miss Jeanette Schwarz Young as she trades coffee futures and options at the New York Board of Trade. At the downtown Manhattan exchange, traders must wear either blazers or colored jackets with their floor passes and trading names attached. The 5-foot-4-inch tall Schwarz Young sports hot pink and lime green jackets with animal print lapels, emblazoned on the back with the moniker "Option Queen."   Schwarz Young, who also trades contracts on sugar, the dollar and several Russell indices, and her colleagues on the exchange floor are bucking the automation trend as they furiously ride commodities up and down. Although other exchanges are slowly switching to electronic trading, the NYBOT still has 987 floor traders who argue over prices in person. Business is still done with frantic hand signals. Traders mainly record orders on paper slips, although some, like Schwarz Young, have switched to wireless PDAs hooked up to the clearinghouse's computer.

http://www.forbes.com/markets/2005/05/20/cz_cs_0520commodity.html?partner=rss

 

Reuters launches FX trading service via desktop

LONDON (Reuters) - News and information provider Reuters Group Plc launched a service on Monday that allows banks and their customers to trade currencies over their Reuters desktops.  The move is a part of the company's drive to expand its business in different asset classes and offer customers its services on a single platform.  "Initially we are targeting corporate treasurers and customers in regional domestic banks who now have the opportunity to participate in an anonymous matching service," said Mark Robson, head of Reuters Treasury and Fixed Income services.

http://today.reuters.co.uk/news/newsArticle.aspx?type=internetNews&storyID=2005-05-22T230527Z_01_SPI283094_RTRIDST_0_OUKIN-FINANCIAL-REUTERS-PRODUCT.XML

 

NYSE may look to Europe, Archipelago's Putnam says

CEO discusses post-takeover plans for firm

http://www.sun-sentinel.com/business/local/sfl-sbnyse22may22%2C0%2C5151119.story?coll=sfla-business-headlines

 

Archipelago chief sees more mergers in markets

Archipelago Holdings Inc. Chief Executive Jerry Putnam said more mergers among markets may happen, and that he could envision his company's electronic-trading system eventually becoming more tightly woven with the New York Stock Exchange's market.

http://www.chicagotribune.com/business/chi-0505210103may21%2C1%2C7477686.story?coll=chi-business-hed

 

Ángel Torre González, new chairman of Sociedad de Bolsas.

http://www.bolsasymercados.es/asp/homepage.asp?id=ing

 

More than herds and fields: ADM's Ag in America Tour teaches issues of modern farming

DECATUR - Learning about the futures market may sound dry to the average high school student. It's a sweet lesson, however, for those who learn about marketing commodities from Archer Daniels Midland Co.'s Ag in America Tour.

http://www.herald-review.com/articles/2005/05/22/news/money/1007969.txt

 

LSE bidding on ice, but consolidation in European exchanges ready to heat up

LONDON (AP) - The future of the London Stock Exchange may be temporarily on ice amid scrutiny from market regulators about bids from Euronext or Deutsche Boerse, but the race for European equity supremacy is ready to heat up again.

http://www.canadianbusiness.com/news/article.jsp?content=b052104A

 

Nasdaq chief exec vested in confidence of traders

When Robert Greifeld took over the top job at the Nasdaq Stock Market in early 2003, something needed to change. Investor confidence was at rock bottom after three consecutive years of blistering losses.

http://www.dallasnews.com/perl/common/rssredir.pl?page=http://www.dallasnews.com/sharedcontent/dws/bus/stories/052205dnbusnasdaq.cd1eb695.html

 

Clients may be better served by a takeover, says London Stock Exchange

The London Stock Exchange appears to believe that customer service could improve if it is taken over by Euronext or Deutsche Börse.

http://www.guardian.co.uk/business/story/0,3604,1489137,00.html

 

TCI will not insist on Deutsche Boerse's Breuer to resign immediately - report

FRANKFURT (AFX) - Deutsche Boerse AG shareholder The Children's Investment Fund (TCI) will not insist on the immediate resignation of the stock exchange's supervisory board head Rolf Breuer, WirtschaftWoche reported on its website, citing sources familiar with the matter.

http://www.iii.co.uk/news/?type=afxnews&articleid=5303504&subject=companies&action=article

 

Deutsche Boerse's Zass resigns as vice chairman of supervisory board

FRANKFURT (AFX) - Deutsche Boerse AG's Manfred Zass said he is resigning as vice chairman of the supervisory board at the end of the May 25 AGM.

http://www.sharewatch.com/story.php?storynumber=72135

 

Börse veteran quits over 'predators'

Deutsche Börse faces fresh chaos this week after a veteran member of the supervisory board said he was leaving to protest against the growing influence of foreign hedge funds over management strategy.

http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/05/23/cnbors23.xml

 

Citigroup opposes takeover of LSE by Euronext or Deutsche Boerse

LONDON (AFX) - A takeover of the London Stock Exchange PLC by either Euronext NV or Deutsche Boerse AG could "seriously damage the standing of the City in world financial markets", Citigroup said in a submission to the Competition Commission, The Independent daily reported.

http://www.sharewatch.com/story.php?storynumber=72129

 

Takeover of LSE could seriously damage City's standing, says bank

A takeover of the London Stock Exchange by either Euronext or Deutsche Börse could "seriously damage the standing of the City in world financial markets", according to Citigroup, the world's largest bank.

http://news.independent.co.uk/business/news/story.jsp?story=640684

 

Electronic trading platform ready to be launched in July

The Bond Electronic Exchange, a unit of the Stock Exchange of Thailand, expects to launch its electronic trading platform in July with nine local brokers.

Santi Kiranand, the chief executive of the BEX, said the brokers that would help introduce the system included Trinity Securities, KGI Securities, SCB Securities and National Securities.

http://www.bangkokpost.com/Business/24May2005_biz62.php

 

Systems & Services

May 23, 2005 - Technology and operations announcements that strike us as useful, important or simply interesting.

http://www.securitiesindustry.com/article.cfm?articleid=15602

 

Arca-NYSE can't see turf fight in futures Chicago exchanges too big to confront directly, says Archipelago CEO

By Kate Ryan

http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=23718&arc=n

 

***** Online Crain’s Chicago subscription required.

 

Environmental Trading News

 

Exchange & ECN News

 

CBOT South American Soybeans Launched!

Watch the historic bellringing on Friday, May 20, that marked the start of trading for the Chicago Board of Trade's South American Soybean futures. The first CBOT contract with international delivery points.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+28336,00.html

 

 

CBOT Strike Price Notice, May 23, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28470,00.html

 

Physical Delivery of ETF Contracts

http://www.cme.com/clearing/clr/clradv/13275.html

 

ISE Expands Index Options

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=712271&highlight=

 

Euronext.liffe - Giving you the Advantage

All five major STIRs on one exchange and one trading platform - LIFFE CONNECT®

Simple, effective, global.

http://www.euronext.com/editorial/wide/0,5371,1732_204146886,00.html

 

TSX Datalinx to distribute BlockBook data

Electronic marketplace masks investor intentions

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28858&IdSection=15&cat=15

 

FXI China 25 futures, options begin trading in HKEx

HONG KONG, May 23 (Xinhuanet) -- FTSE/Xinhua (FXI) China 25 Index futures and options began trading Monday in the derivatives market of Hong Kong Exchange (HKEx).

http://news.xinhuanet.com/english/2005-05/23/content_2992211.htm

 

Derivative market ready to take off

Prospects for the Thai derivative market look bright, particularly given the speculative nature of Thai investors, according to local securities experts.

The Thailand Futures Exchange, a subsidiary of the Stock Exchange of Thailand, plans to launch the country's first exchange-traded derivative products later this year with SET50 index futures.

http://www.bangkokpost.com/Business/23May2005_biz50.php

 

Trading Starts 15 Minutes Earlier on 30 May 2005 [May 23,2005]

http://www.tfx.co.jp/en/newsfile/05/20050530kokogyo_e.html

 

PHLX to Begin Trading Two New Options on May 24

http://www.phlx.com/news/pr2005/05pr052305a.htm

 

PHLX To Begin Trading Options on Wellspring Bio-Clinical Trials Index (WHC) on Tuesday, May 24

http://www.phlx.com/news/pr2005/05pr052305.htm

 

SEAT HOLDERS BRACE FOR JOB CUTS AT NYSE

May 22, 2005 -- Jobs on the floor of the New York Stock Exchange could be lost just 12 months after the NYSE's merger with electronic rival Archipelago is approved, a source close to the floor community told The Post.

http://www.nypost.com/business/44372.htm

 

S&P 500 Index Options (SPX) Set New Weekly Volume Record At CBOE - Over 500,000 SPX Contracts Traded Friday, May 20th, 2.0M Contracts Traded For The Week Of May 16 - 20

http://www.exchange-handbook.co.uk/news_story.cfm?id=53035

 

FXI China 25 Futures And Options Begin Trading In HKEx Derivatives Market

http://www.exchange-handbook.co.uk/news_story.cfm?id=53029

 

 

 

Holiday Schedules

 

CBOE and CFE Trading Schedule for Memorial Day Holiday

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=20050518.doc

 

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/dig052005.txt

 

Former Williams Natural Gas Trader Agrees to Cooperate with Government: CFTC Continues Probe Into Illegal Conduct by Natural Gas Traders 

http://www.cftc.gov/opa/enf05/opa5078-05.htm

 

Oklahoma Resident Randy Steve Lanier Charged in CFTC Enforcement Action with Defrauding Customers 

http://www.cftc.gov/opa/enf05/opa5077-05.htm

 

CFTC Amends Rule 1.25 Re: Investment of Customer Funds 

http://www.cftc.gov/files/opa/oparule125frrelease5-11-05final.pdf

 

CFTC Weekly Advisory

http://www.cftc.gov/opa/adv05/opawa21-05.htm

 

Letter: SEC and CFTC will just have to remain

By Philip McBride Johnson

http://news.ft.com/cms/s/2dd3759c-cb28-11d9-9abe-00000e2511c8.html

 

Regulators step up hedge fund scrutiny amid concerns over the risk of collapse

Financial regulators around the world are stepping up their scrutiny of hedge funds amid rising concerns that the sector's recent dramatic growth could pose a risk to financial stability.

http://news.ft.com/cms/s/d8fce996-cb26-11d9-9abe-00000e2511c8.html

 

View a speech by Chairman and CEO, Robert Glauber, from the SIA Market Structure Conference in New York

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

 

NASD Reminds Broker-Dealers of Their Responsibilities Regarding Deficits in Introduced Accounts; Immediate Action May Be Required to Ensure Compliance

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

 

Norshield registration suspended

Firm unable to adequately explain investment structure, regulator says

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28862&IdSection=8&cat=8

 

OSC signs off on MFDA agreement with Quebec regulators

Parties agree to co-ordinate regarding Quebec reps

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28861&IdSection=8&cat=8

 

OSC to enhance oversight of limited market dealers

Compliance team to conduct on-site reviews

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28859&IdSection=8&cat=8

 

Cost of regulation study gathers pace

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/053.shtml

 

FSA creates new accounting and auditing sector team

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/052.shtml

 

Regulators approve MFDA Investor Protection Fund

IPC to begin coverage on July 1

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=28851&IdSection=8&cat=8

 

SEC chairman says big mergers of exchanges will help competition

WASHINGTON (AP) — The big mergers planned by the New York Stock Exchange and the Nasdaq Stock Market will give them dominance in stock trading but likely will not hurt competition, the government’s top securities regulator said Thursday.

http://www.dailyitem.com/archive/2005/0521/biz/stories/07biz.htm

 

CFTC Settles With Former Williams Natural Gas Trader

NEW YORK (Dow Jones)--The U.S. Commodity Futures Trading Commission reached a settlement with a former Williams Cos. (WMB) natural gas trader over allegations that he attempted to manipulate prices, the agency said in a Friday release.

http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji&section=news&news_id=dji-00088920050520&date=20050520&alias=/alias/money/cm/nw

 

Securities fraud - US Attorney reports second Williams trader guilty manipulating natural gas prices PRESS RELEASE - PROSECUTIONS

22 May - LAWFUEL - The Law News Network - The United States Attorney's Office for the Northern District of California announced that Brion Scott McKenna pleaded guilty today to the manipulation of natural gas prices in interstate commerce. Mr. McKenna, 36, recently of Houston, Texas, is a former natural gas trader at Williams Energy Marketing & Trading, a subsidiary of The Williams Companies based in Tulsa, Oklahoma. Mr. McKenna entered a guilty plea before U.S. District Judge Susan Illston in San Francisco.

http://www.lawfuel.com/index.php?page=press_releases&handler=focus&pressreleaseid=3383&category=&return=list-publications&sortby=timestamp&screen=1

 

Managed Futures - Managed Funds

 

Disjointed markets increase risk of hedge-fund investing

In the TV reality show "The Biggest Loser," overweight contestants get serious about trimming down and getting healthy. The fun for viewers is trying to pick the ultimate loser/winner.

Wall Street lately has been focused on its own version of "The Biggest Loser." This game entails trying to guess which hedge fund has made enough bad trading bets to wipe itself out and cause a domino effect, perhaps toppling a major bank or brokerage.

http://www.chicagotribune.com/business/chi-0505220454may22%2C1%2C4458440.story?coll=chi-business-hed

 

April was a cruel month

May-20-2005 - Hedge funds lost between 1.5% and 2% on average in April, as nearly all strategies suffered negative performance

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-05-20-12-12-11p1.htm

 

Consultants ‘lack house view on commodities’

IPE.com 23/May/05: UK - Consultants need to reach a “house view” on commodities says Barclays Global Investors’ head of commodities strategy.

http://www.ipe.com/article_default.asp?article=18801

 

New Schwab Institutional Industry Report Reveals Affluent Investors Have a High Degree of Trust in Independent

Nearly 90 percent of affluent investors working with an independent investment advisor are "very satisfied" with the level of "trustworthiness" of their advisor according to new industry research developed by Moss Adams and Advisor Impact for Schwab Institutional.

http://biz.yahoo.com/prnews/050523/sfm035.html?.v=10

 

Pensions' hedge fund hunger may wane-UBS

LONDON (Reuters) - Pension plans are likely to continue embracing hedge funds but rate of inflows into these portfolios may slow from 12 months ago after recent sluggish returns, a report by UBS said on Monday.

http://www.reuters.co.uk/newsArticle.jhtml?type=businessNews&storyID=733421&section=finance&src=rss/uk/businessNews

 

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

 

Tullett Liberty (Equities) Extends Global Market Access, Adds Advanced Trading Functionality With Townsend Analytics'

Townsend Analytics is now providing internal traders and clients of Tullett Liberty's global Equity Division with its RealTick® multi-product market data, analytics, and direct-access trading platform.

http://biz.yahoo.com/prnews/050523/cgm001.html?.v=11

 

SIA Honors Student From Rep. Hinojosa's District For 'Investwrite' Essay 

http://www.sia.com/press/2005_press_releases/03889803.html

 

eSignal Announces an Upgrade to FutureSource Workstation with Real-Time Equities Data

FutureSource Workstation 2.0 Now Provides Futures Traders with Stocks and Indices Data from Exchanges Throughout the World

http://biz.yahoo.com/bw/050523/235252.html?.v=1

 

Will Evolution bosses survive the scrum?

FEW companies can have such a colourful corporate history. Alex Snow, chief executive of stockbroker Evolution, boasts that for four years the firm has doubled its revenues - every year. But Evolution has also been beset by a string of scandals and mishaps.

http://www.thisislondon.co.uk/news/business/articles/timid400750?source=This%20is%20Money

 

Fair Trade Advocates Say Open Markets Could Shatter Small Farms

The Central American Free Trade Agreement would spread the effects of unequally subsidized agribusiness onto freshly opened markets in Latin America, while enhancing the impact NAFTA had on small farmers in the US.

http://newstandardnews.net/content/index.cfm/items/1832

 

Commodities need governance - consultant

IPE.com 23/May/05: UK - Lack of time and resources are among the factors behind the lack of development in commodities in the UK, according to a Watson Wyatt consultant, Alasdair Macdonald.

http://www.ipe.com/article_default.asp?article=18802

 

Dispatch from Reuters

Fair enough. Yet the title does seem relevant at this particular moment in Reuters' 154-year history. The Instinet sale is the last big piece of a major makeover for the London-based financial data and information company, which soared in the 1990s and crashed soon afterward.

http://www.thedeal.com/NASApp/cs/ContentServer?pagename=CrpDmkr&cid=1115235550525

 

John Dizard: Lessons from a derivatives bang

The dealers who financed the credit derivatives specs, along with the smarter investors in the trade, have been picking through the crash site debris and analysing the flight data recorder.

http://news.ft.com/cms/s/22a54d88-c95e-11d9-b9f4-00000e2511c8.html

 

The Xs and Os of winning investing

Since becoming Ameritrade Inc. chief executive in 2001, Joe Moglia has played offense, leading the Omaha online discount broker on an aggressive campaign to buy and consolidate other trading firms in the highly competitive industry. But now Moglia is on the defensive, as his company has become the target of an unsolicited purchase offer by E Trade Financial Corp. The ...

http://www.boston.com/business/articles/2005/05/22/the_xs_and_os_of_winning_investing?rss_id=Boston+Globe+--+Business+News

 

2005 Honorary Degree Recipients

John Henry, Doctor of Humane Letters

http://www.bu.edu/bridge/archive/2005/05-19/honorary.html

 

Morgan Stanley case highlights e-mail perils

The $1.45 billion judgment against Morgan Stanley for deceiving billionaire Ronald Perelman over a business deal has a lesson all companies should learn -- keeping e-mails is now a must, experts say.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050520/bs_nm/financial_morganstanley_perelman_emails_dc_4

 

Recuse News

 

Patsystems to License TT's MD Trader

http://www.tradingtechnologies.com/news/documents/050523_PatsTTLicense.pdf

 

**** Caution, this area is recused and quarantined and I am verklempt.

 

Patsystems settles lawsuit

LONDON (SHARECAST) - Electronic trading systems group Patsystems regained some lost ground after announcing it has signed a settlement agreement relating to a lawsuit filed against it in the US.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=483029

 

Patsystems to withdraw DOME from the market as part of TT settlement

LONDON (AFX) - Patsystems PLC, the global supplier of electronic trading technology, said it would withdraw its DOME function from the market before Aug 19, as part of the lawsuit settlement with Trading Technologies International Inc it announced on May 20. The lawsuit, filed by TT in US District Court against Patsystems, had alleged that Patsystems had infringed certain TT patents.

http://www.iii.co.uk/news/?type=afxnews&articleid=5302839&subject=companies&action=article

 

John's Comments

 

 

May 2005 Edition now online.  Fun reading from Patrick Young.

 

******

 

Eurex US to Trade Foreign Currency Futures?

 

Word circulating around the futures industry is that Eurex US is preparing to launch foreign currency futures.  Multiple reliable sources have told me Eurex’s US exchange plans on offering a larger contract size than those traded by the Chicago Mercantile Exchange.  Additionally, they say Eurex US is expected to offer substantial fee breaks for Exchange for Physical (EFPs) trades.  The new Eurex US FX trading would compete with the CME and the New York Board of Trade.

 

*****

 

Thanks Jon

 

Thanks to Jon Matte for editing my newsletter while I was in Washington, D.C.

 

*****

 

Brent Crude Watch

 

IPE Brent Volume: 133,269

NYMEX Brent Crude Volume: 4651

NYMEX Percent of Total Volume: 3.37%

 

********

 

Chicago Electronic Trading Scorecard for May 20, 2005

 

Percent Electronic

 

CBOT: 58.15%

CME: 74.68%

CME Eurodollars: 80.02 %

CME Live Cattle: 1.14%

CME Currency Products: 80.63%

CBOT Soybeans: 2.45%

 

CBOT Options: 8.11%

CME Options: 13.92%

 

Volume 

 

OneChicago Volume: 3606

Eurex US Volume: 6691

Euronext.liffe Eurodollar Volume: 33,020

CBOE Futures Exchange Volume: 1928

 

Market Share

 

CBOT 100 oz. Gold Volume: 1003

NYMEX 100 oz. Gold Volume: 61,553

CBOT Share: 1.60%

 

CBOT 5000 oz. Silver Volume: 242

NYMEX 5000 oz. Silver Volume: 21,798

CBOT Share: 1.1%

 

CBOT Mini Gold Volume: 1443

CBOT Mini Silver Volume: 507

 

CME Emini Russell 1000 (100X) Volume: 2013

Eurex US Mini Russell 1000 (100X) Volume: 919

NYBOT Mini Russell 1000 (50X) Volume: 1642

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 86,323

Eurex US Mini Russell 2000 Volume: 2044

CFE Mini Russell 2000 Volume: 1157

 

Notes: The Chicago Board of Trade had first day volume of 218 contracts in their new South American Soybean futures.  If this was the FT, that would have been soyabean futures.  Open interest stood at 113 contracts, up 113 contracts.

 

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 3.29%

Liffe/CME: 2.65%

 

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.

 

Futures and options trading involve risk.  Past results are no indication of future performance.

 

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