June 2, 2005

 

Lead Stories

 

CME Buries the Lead and Trading Records, Stock Traders Dig for Gold – John J. Lothian

Shares in the Chicago Mercantile Exchange are sharply higher today after the CME subtly mentioned across the board fee increases in a press release announcing the CME is extending global electronic incentive programs.  The CME also announced a fee reduction for Globex commodity trades. See the press release and Reuters story below for more details.  Coming on the day after the CME cleared a record 12 million contracts (7.5 million CME + 4.5 CBOT) and set all kinds of volume and open interest records in Eurodollars, the timing of this announcement and the subtle way the information was released are quite brilliant and responsible.  And just for the record, the CME’s press release scored a 12.0 on the Flesch-Kincaid Grade Level score, which is pretty good.

 

CHICAGO MER EXC A (NYSE:CME) Delayed quote data 

Last Trade: 228.92

Trade Time: 2:44PM ET

Change:  14.92 (6.97%)

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

 

CME Extends Global Electronic Incentive Programs

CME Extends Global Electronic Incentive Programs and Launches New FX Promotion Program for Large Hedge Funds and Commodity Trading Advisors

CME Implements Other Pricing Changes

“In addition to the expansion of its special incentive programs, CME also implemented a series of trading fee changes in each of its product groups.  For more information on CME’s pricing, please visit the exchange’s Website at www.cme.com\feechanges.”

http://www.cme.com/about/press/cn/05-76ElectronicIncentivePrograms13411.html

 

CME raises member trading fees, extends incentives

Thu Jun 2, 2005 10:43 AM ET

CHICAGO, June 2 (Reuters) - The Chicago Mercantile Exchange (CME.N: Quote, Profile, Research) on Thursday said it would increase trading fees for members across all products for the first time since 2000, effective Aug. 1.  The largest U.S. futures exchange also said it would extend incentive programs targeted at European and Asian customers as well as hedge funds through the end of 2006, and announced a pilot program to attract hedge funds to its foreign exchange contracts.  "This is the first time CME has raised member and lessee fees since September 2000," the CME said in an announcement on its Web site.

Higher fees for members should boost the exchange's average transaction fee per contract, a key measurement of its operating margin.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh45696_2005-06-02_14-43-52_n02652582_newsml

 

CME Sets New Daily Volume Record with 7.5 Million Contracts on June 1

CME® Globex®Sets New Daily Volume Record of 5.1 Million Contracts; Eurodollar and Euro FX Records Set

CHICAGO, June 2, 2005 – CME, the largest U.S. futures exchange, today announced that trading volume exceeded 7.5 million contracts* on Wednesday, June 1, surpassing the previous CME record of 7.0 million contracts traded set on Friday, April 15.   The CME Globex electronic trading platform set a new single-day record with 5.1 million contracts trading, overtaking the prior record of 4.9 million contracts traded on Friday, April 15.

http://www.cme.com/about/press/cn/05-77CMEVolumeRecord13428.html

 

SEC boss quits, raising reform questions

WASHINGTON (Reuters) - U.S. Securities and Exchange Commission Chairman William Donaldson said on Wednesday he will resign on June 30, raising doubts about whether the agency's tougher post-Enron stance on corporate misconduct will be sustained. 

http://www.reuters.com/newsArticle.jhtml?type=politicsNews&storyID=8675080

 

Bush to Nominate Rep. Cox for SEC Chairman

http://abcnews.go.com/Politics/wireStory?id=812190&CMP=OTC-RSSFeeds0312

 

CBOE MAY VOLUME INCREASES 24%; Options on Nasdaq-100 and S&P 500 Indexes Set New CBOE Records

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=20050601.doc

 

Acting Quickly, Bush Nominates Congressman to Lead S.E.C.

Representative Christopher Cox, 52, is a California Republican who has long been an ally of business groups.

http://www.nytimes.com/2005/06/02/business/02wire-sec.html?hp&ex=1117771200&en=0e0c99e6c3c91bab&ei=5094&partner=homepage

 

SEC Chairman William H. Donaldson to Step Down on June 30

http://www.sec.gov/news/press/2005-82.htm

http://www.sec.gov/cgi-bin/goodbye.cgi?www.connectlive.com/events/secnews/

 

At The SEC: Backlash Without The Lash

NEW YORK - In the 72-year history of the U.S. Securities and Exchange Commission, the average tenure of the chairman is two years and eight months. So the fact that 73-year-old William Donaldson will resign after two years and four months fits squarely within historical norms.

http://www.forbes.com/business/2005/06/02/cx_da_0602topnews.html

 

A Legacy That May Not Last

With corporate anger about reforms rising, some of departing SEC chairman William Donaldson's work could be derailed by a new chief

William H. Donaldson stunned just about everyone on June 1 with the news that he was stepping down as chairman of the Securities & Exchange Commission. But the courtly Wall Street veteran has been a surprise act ever since he took the helm at the nation's securities regulator in February, 2003.

http://www.businessweek.com/bwdaily/dnflash/jun2005/nf2005062_5347_db016.htm

 

Merrill funds Sesame St to boost money know-how

U.S. investment bank Merrill Lynch is expanding its ties with "Sesame Street" to help boost children's financial literacy and improve their awareness of global cultures.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050602/en_nm/financial_merrill_dc_2

 

Bush Chooses Conservative Cox to Lead SEC

President Bush named conservative Rep. Christopher Cox to lead the Securities and Exchange Commission Thursday, a day after William Donaldson announced he was stepping down after 28 months. With Cox at his side at a White House ceremony, Bush called the Californian "a champion of the free enterprise system in Congress" and said "he'll be an outstanding leader of the SEC."

http://news.yahoo.com/news?tmpl=story&u=/ap/20050602/ap_on_go_ot/sec_chairman_27

 

OneChicago Reports 165% Increase for May 2005 Volume

http://www.onechicago.com/060000_press_news/press_news_2005/06012005.html

http://www.onechicago.com/060000_press_news/press_news_2005/images/May05VolumeReport.pdf

 

'Network Storm' Caused NYSE Shutdown

The New York Stock Exchange halted trading four minutes before the closing bell Wednesday because of an error message that circulated millions of times throughout the exchange's communication system, NYSE Chief Executive John Thain said Thursday.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050602/ap_on_bi_ge/nyse_trading_halted_5

 

Technical problem halts NYSE, Amex trading

NEW YORK (Reuters) - A communications problem stopped trading on the floor of the New York Stock Exchange four minutes before the close at 4 p.m. on Wednesday, disrupting trade during one of the session's busiest periods.

http://www.reuters.com/newsArticle.jhtml?storyID=8671750&type=businessNews

 

Clearstream and Chinaclear Sign MOU to Explore Regional Initiatives

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_020605_clearstream.htm

 

The Zhengzhou Commodity Exchange And NYBOT Sign MOU

http://www.nybot.com/releases/pressRelease.asp?releaseID=881

 

Record Month for SFE 30 Day Interbank Cash Rate Futures and Electricity Futures

http://www.sfe.com.au/content/news/mediareleases/2005/mr_20050602_01.htm

 

CanDeal and Thomson TradeWeb Join Forces to Deliver Online Fixed-Income Markets for Institutional Investors in Canada

CanDeal, the leading multi- dealer-to-institutional investor online debt securities trading platform in Canada, and Thomson TradeWeb, a unit of the Thomson Corporation announced today a long-term technology and co-marketing agreement.

http://biz.yahoo.com/cnw/050602/candeal_thomson_deal.html?.v=1

 

Iceland pushes Nordic link with LSE

The fast-growing Iceland Stock Exchange has called for its Nordic and Baltic peers to collectively merge with the London Stock Exchange.

http://news.ft.com/cms/s/96a9d582-d304-11d9-bead-00000e2511c8.html

 

Environmental Trading News

 

Schwarzenegger's Voluntary Proposal Aims for 25% Cut by 2020

California should take steps to reduce its greenhouse gas emissions 25 percent by 2020, Gov. Arnold Schwarzenegger (R) said yesterday, a move that would put his state in the forefront of international efforts to combat climate change.

http://www.chicagoclimatex.com/news/articles/newsScroller2005060211572101.html

 

Schwarzenegger Issues Plan to Reduce Greenhouse Gases

SAN FRANCISCO, June 1 - Speaking to hundreds of international leaders gathered here for the United Nations World Environment Day, Gov. Arnold Schwarzenegger announced a plan to reduce California's contribution to gases that many scientists believe cause global warming.

http://www.chicagoclimatex.com/news/articles/newsScroller2005060211572102.html

 

California Sets Emission Goals That Are Stiffer Than U.S. Plan

California's Republican governor, Arnold Schwarzenegger, announced targets to cut global-warming emissions in the state that are more stringent than the Bush administration's policy but less aggressive in the next few years than those in the Kyoto Protocol, the international global-warming treaty.

http://online.wsj.com/article/0,,SB111767582105348945,00.html?mod=todays_us_page_one

 

Exchange & ECN News

 

Nymex Hires JPMorgan as Adviser as It Considers Selling a Stake

June 2 (Bloomberg) -- The New York Mercantile Exchange hired JPMorgan Chase & Co. as an investment adviser, costing Merrill Lynch & Co. its status as sole banker to the world's largest energy market, according to people familiar with the matter.

http://www.bloomberg.com/apps/news?pid=10000087&sid=aPsJxk9Ot5Fw&refer=top_world_news

 

CBOT members to vote on IPO June 22; sale to raise $150 million

Chicago Board of Trade members will vote June 22 on the exchange's proposal to launch an initial public offering, according to documents sent to the membership.

http://www.chicagotribune.com/business/chi-0506020187jun02%2C1%2C6621134.story?coll=chi-business-hed

 

CME May year-on-year volume growth slows to 18 pct

CHICAGO, June 1 (Reuters) - Chicago Mercantile Exchange (CME.N: Quote, Profile, Research) said on Wednesday derivatives trading volume for May averaged 4.0 million contracts per day, up 18 percent from a year earlier.

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8665906

 

CBOT May Average Daily Volume Up 11.7 Percent from Last Year

The CBOT announced today that May average daily volume rose 11.7 percent from last year. Year-to-date average daily volume was up 21.9 percent.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+28650,00.html

 

W. Wheat & Corn Ratings Slip, but Bean Plantings Ahead

Both winter wheat & corn ratings declined on this week's USDA crop conditions update.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+28657,00.html

 

Sharp Price Drop Slows March U.S. Ethanol Output

The week's U.S. monthly ethanol production report for March releaseed by the DOE revealed...

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+28656,00.html

 

Application for Increased Corn and Soybean Regularity

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28658,00.html

 

Brokerage Payment System (BPS) Parallel 

http://www.cme.com/clearing/clr/clradv/13402.html

 

Kansas City Board of Trade SPAN file 

http://www.cme.com/clearing/clr/clradv/13404.html

 

CORPORATE EVENT 2 for 1 Stock Split ConocoPhillips 

http://www.cme.com/clearing/clr/clradv/13396.html

 

KCBT® Speculative Position Limit Change

KCBT® announces increased speculative position limits for wheat

http://www.kcbt.com/news_2.asp?id=284&home=1

 

Exchange Reduces Position Limits for Copper Futures Contract

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050601a

 

Copper Warehouses: Changes in Rates for Storage of Copper

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm224&archive=2005

 

NYSE STATEMENT ON END-OF-DAY TRADING HALT

http://www.nyse.com/press/1117622308035.html

 

NYSE Seat Sells for $2,370,000

http://www.nyse.com/press/1117622307763.html

 

NYSE CEO John A. Thain Statement on U.S. Securities and Exchange Chairman William H. Donaldson

http://www.nyse.com/press/1117622307436.html

 

NYSE Seat Sells for $2,300,000

http://www.nyse.com/press/1117622307487.html

 

Smith Barney Raises Euronext Price Target

0629 GMT [Dow Jones] Smith Barney edges Euronext (24151.AE) price target higher to EUR26.50 from EUR26 on modest growth in EBITA and despite relatively weak outlook for the company's derivative operations.

http://www.newratings.com/analyst_news/article_852665.html

 

May 2005 Statistics for the Boston Options Exchange

http://www.bostonoptions.com/pdf/PressReleaseMay05.pdf

 

 

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/dig060105.txt

 

IN THE MATTER OF CHARLES J. O’BRIEN JR. & CREDIT SUISSE FIRST BOSTON, LLC

The  United  States  Securities  and  Exchange  Commission  (Commission) announced the issuance of an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings and Imposing Remedial  Sanctions and  a  Cease-and-Desist Order Pursuant to Section 8A of the  Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934  and Section 203(f) of the Investment Advisers Act of 1940, (Order) against  Charles  J.  O’Brien, Jr. (O’Brien)  and  Credit  Suisse  First Boston,   LLC  (CSFB).   The  Order  finds  that  O’Brien,  formerly a proprietary  trader on the Australia/New Zealand Equities  Desk  in  New York (Australia Desk), incurred proprietary trading losses totaling more than  $12  million  by making unauthorized trades and falsifying  CSFB’s books  and records in order to conceal his misconduct.

http://www.sec.gov/news/digest/dig060105.txt

 

Bankers set to vent anger over derivatives rules

Leading banking industry representatives will meet international regulators in New York on Thursday to voice their concern over new derivatives trading rules.

http://news.ft.com/cms/s/0cda0074-d2d8-11d9-bead-00000e2511c8.html

 

**** Online FT subscription required.

 

FERC Enforcing Market-Based Rate Requirements and Proposing Changes to Host of Information Collection Activities

http://www.mondaq.com/i_article.asp_Q_articleid_E_32854

 

Statement of NASD Chairman and CEO Robert R. Glauber Regarding the Resignation of SEC Chairman William H. Donaldson

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

 

U.S. Department of Labor and Securities and Exchange Commission Issue Guidance Addressing Potential Conflicts of Interest of Pension Consultants

http://www.sec.gov/investor/pubs/sponsortips.htm

http://www.sec.gov/news/press/2005-81.htm

 

Statement by Commissioner Cynthia A. Glassman

http://www.sec.gov/news/press/2005-83.htm

 

SEC chairman tenders resignation

Donaldson to leave at the end of June

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29045&IdSection=8&cat=8

 

SEC gives tips for plan fiduciaries

Labor, SEC preempt conflicts of interest

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29043&IdSection=3&cat=3

 

RS moves Fediuk hearing

Regulator will decide on allegations of frontrunning

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29038&IdSection=8&cat=8

 

Investors grill regulators at town hall meeting

OSC chairman David Brown says regulator may not have “placed sufficient emphasis on protecting the investor”

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29018&IdSection=8&cat=8

 

SIA Statement On SEC Chairman Donaldson's Retirement

http://www.sia.com/press/2005_press_releases/03985139.html

 

SEC's Donaldson to step down

June-1-2005 - William H Donaldson will resign as chairman of the SEC at the end of this month, the commission confirmed today

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-06-01-13-27-47p1.htm

 

FSA Director Jumps To Citigroup Hedge Fund

Gay Huey Evans , a director in the Financial Services Authority 's markets division, is stepping down to join Tribeca Global Management , a hedge fund manager owned by Citigroup , reports eFinancial News . As a director of the FSA's markets division, he was central to the decision by the regulator to open a formal investigation into European government bond trades carried out by Citigroup in

http://www.globalmoneymanagement.com/default.asp?page=1&SID=515436&ISS=16221&pressbox=1

 

Donaldson foresees problems in hedge fund industry

WASHINGTON (AFX) -- Outgoing Securities and Exchange Chairman William Donaldson is forecasting problems in the hedge fund industry. "I would expect on down the pike here that we would identify some problems," Donaldson said at a press conference Wednesday.

http://www.iii.co.uk/news/?type=afxnews&articleid=5312075&subject=companies&action=article

 

SEC chief says he will quit at end of month

http://news.ft.com/cms/s/d89bd074-d301-11d9-bead-00000e2511c8.html

 

Managed Futures - Managed Funds

 

AIMA Releases "Offshore Alternative Fund Directors' Guide"

http://www.aima.org/uploads/AIMAOffshoreAlternativeFundDirectorsGuide.pdf

 

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

 

Broker Collins Stewart says trading still soft

LONDON (Reuters) - Broker Collins Stewart Tullett CSTL.L said on Thursday that trading in a number of its markets remained weak although it still expected results to meet expectations.

http://www.reuters.co.uk/newsArticle.jhtml?type=businessNews&storyID=743893&section=finance&src=rss/uk/businessNews

CyberTrader Takes Active Traders Beyond Back-Testing With Intuitive Strategy Center(R)

CyberTrader, Inc. today unveiled Strategy Center, a comprehensive suite of technical analysis tools available for active traders that give them the power to both back-test customized trading strategies and simultaneously scan the market for stocks that are meeting those strategies.

http://biz.yahoo.com/prnews/050601/sfw135.html?.v=2

 

HOW I GOT 'DEEP' INTO FBI SECRETS

WASHINGTON — In 1970, when I was serving as a lieutenant in the U.S. Navy and assigned to Adm. Thomas Moorer, the chief of naval operations, I some times acted as a courier, taking documents to the White House.

http://news.yahoo.com/news?tmpl=story&u=/nypost/20050602/cm_nypost/howigot39deep39intofbisecrets

 

Bank requests protection from anarchists

THE Royal Bank of Scotland has called for a police presence and increased security at its Edinburgh headquarters during the G8 summit.

http://news.scotsman.com/scotland.cfm?id=600232005

 

Wells Fargo offers best customers free online trading

Wells Fargo & Co. said Wednesday that it will offer low- and no-cost online stock and mutual fund trading for self-directed investors using WellsTrade, if they do a lot of other business with the bank.

http://www.bizjournals.com/sanfrancisco/stories/2005/05/30/daily17.html

 

Wells Fargo to cut online trading fees / Price war escalates with discounts for some bank patrons

Wells Fargo will jump into the nation's discount-brokerage price war today when it unveils new, lower online-trading fees for customers holding minimum deposit and credit balances with its banking unit. Home mortgages are among the accounts that can...

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/06/01/BUGDLD17TO1.DTL&feed=rss.business

 

Morgan Stanley to return downtown

Morgan Stanley has agreed to lease three floors of an office building in lower Manhattan and will move 2,300 of its workers there from midtown, Mayor Michael Bloomberg's office said early Thursday.

http://www.newsday.com/business/nyc-morgan0603,0,3273154.story?coll=ny-business-leadheadlines

 

John's Comments

 

Notice posted to CBOT’s Membernet:

 

ATTENTION ALL CBOT MEMBER/SHAREHOLDERS:

 

Including Series B-1 (Full), Series B-2  (Associate), Series B-3

( ½ Associates & GIM),  Series B-4 (IDEM), and Series B-5 (COM)

 

SECOND APPROVAL BALLOTS - DUE WEDNESDAY, JUNE 22

 

Because the ballot approval requirement is one half of the total voting power of ALL shareholders, this proposal requires an extraordinary voter turnout.

 

Your Board of Directors asks for your support and urges you to vote in favor of the proposition

 

Remember, A FAILURE TO VOTE =   A “NO” VOTE

 

For Details Contact the Secretary’s Office 435-3605

 

*********

 

Monthly Options Stats: May 2005 marketshare by exchange

 

May 2005 Equity Options Marketshare:

CBOE - 26.11%

AMEX - 15.70%

PHLX - 10.12%

PCX - 9.66%

ISE - 32.63%

BOX - 5.79%

 

May 2004 Equity Options Marketshare:

CBOE- 25.05%

AMEX -18.69%

PHLX - 12.00%

PCX - 8.60%

ISE - 34.03%

BOX - 1.28%

 

May 2005 Total Options Marketshare:

CBOE - 31.60%

AMEX - 14.92%

PHLX - 9.55%

PCX - 8.76%

ISE - 29.93%

BOX - 5.25%

 

May 2004 Total Options Marketshare:

CBOE - 31.16%

AMEX - 17.68%

PHLX - 11.44%

PCX - 7.78%

ISE - 30.78%

BOX  - 1.16%

 

********

 

Brent Crude Watch

 

IPE Brent Volume: 146,218

NYMEX Brent Crude Volume: 11,943

NYMEX Percent of Total Volume: 7.55%

 

********

 

Chicago Electronic Trading Scorecard for June 1, 2005

 

Percent Electronic

 

CBOT: 64.64%

CME: 67.42%

CME Eurodollars: 83.97%

CME Live Cattle: .25%

CME Currency Products: 80.75%

CBOT Soybeans: 1.85%

 

CBOT Options: 5.59%

CME Options: 3.39%

 

Volume 

 

OneChicago Volume: 2003

Eurex US Volume: 13,156

Euronext.liffe Eurodollar Volume: 19,076

CBOE Futures Exchange Volume: 892

 

Market Share

 

CBOT 100 oz. Gold Volume: 1830

NYMEX 100 oz. Gold Volume: 84,277

CBOT Share: 2.13%

 

CBOT 5000 oz. Silver Volume: 651

NYMEX 5000 oz. Silver Volume: 41,943

CBOT Share: 1.53%

 

CBOT Mini Gold Volume: 1007

CBOT Mini Silver Volume: 740

 

CME Emini Russell 1000 (100X) Volume: 3864

Eurex US Mini Russell 1000 (100X) Volume: 3210

NYBOT Mini Russell 1000 (50X) Volume: 16,824

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 121,321

Eurex US Mini Russell 2000 Volume: 3435

CFE Mini Russell 2000 Volume: 281

 

Notes: From the CME:

 

In May, CME Eurodollar futures on CME Globex accounted for a record 83.5% of total CME Eurodollar futures volume, up from April when it was 81%. The percentage of CME Eurodollar futures volume on CME Globex in the third year of quarterly expirations (Greens) was 39.6%, a significant increase over April’s 29.1% and January’s 11.7%. This volume increase can be attributed to the increased volume in Eurodollar packs and bundles traded on Globex due to CME’s market making program. The second year of quarterly expirations (reds), came in with a percentage on Globex of 83.4% vs. 78% in April, and the first year of expirations (Whites) came in with 89.2% vs. 86.3% in April.

 

On May 31, CME Eurodollar futures had an open interest record of 27,748,286 positions, topping the previous record of 27,666,865 from March 10.

 

The volume of CME Eurodollar futures traded on Globex totaled 30,552,269 contracts, an increase of 205% over the May 2004 total of 10,004,908 contracts and down 11.2% over the record April 2005 volume of 34,391,470. On May 6, CME Eurodollar futures on Globex had record daily volume of 2,871,083 contracts. Average daily volume for Eurodollar futures on Globex in May was 1,454,870.

 

Total volume for CME Eurodollar futures in May was 36,599,850 contracts, down 13.8% from April. Total CME Eurodollar futures and options volume for May was 49,985,618, down 18.7% from a record 61,483,368 contracts in April.

 

The May 2005 volume of CME Eurodollar futures on CME Globex was 145.6% higher than the preliminary monthly volume of Euronext.liffe Euribor futures of 12,441,848 contracts. In May, CME Eurodollar futures on Globex out-traded the entire STIR futures complex volume of Euronext.liffe by 46.9%. Total CME Eurodollar futures and options volume in May of 49,985,618 contracts was 3.2 times the Euribor complex preliminary volume of 15,707,811 futures and options contracts. In options alone, CME Eurodollar options 4.1 times (13,385,768 contracts) the number of  Euronext.liffe Euribor options (3,265,963 contracts) in May.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .62%

Liffe/CME: .52%

 

**** Ouch!

 

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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