Lead Stories
NYMEX Revises Date of e-miNYsm Futures Contracts Migration
New York, N.Y., June 3, 2005 — The New York Mercantile Exchange, Inc., today announced that it will postpone the migration of its e-miNYsm crude oil and natural gas futures contracts to NYMEX ClearPortsm from the CMEsm Globexsm electronic trading platform to July 19. The August contracts will now be listed for trading on the CME Globex platform on June 7 for NYMEX miNYsm crude oil futures and June 14 for NYMEX miNYsm natural gas futures. The August NYMEX miNYsm crude oil futures contract will expire on the CME Globex platform at 2:30 PM EST on July 19, but the September NYMEX miNYsm crude will not be listed for trading until it launches on NYMEX ClearPort® at 3:15 PM EST on July 19.
http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050603b
Exchange Sets Volume Record for e-miNYsm Crude Oil Futures Contracts
http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050603a
NYSE rebels plot union against deal
Combined effort could block merger or force concessions; managers stand firm
As the New York Stock Exchange's proposed merger with an upstart trading firm moves full speed ahead, some disgruntled NYSE members are pushing hard to unite two warring opposition blocs in an attempt to gain leverage. By combining forces, the foes of the NYSE-Archipelago Holdings Inc. merger would greatly boost their chances of wringing concessions from management or even blocking the deal.
http://newyorkbusiness.com/article.cms?articleId=23060
Turning the wholesale foreign exchange markets into electronic exchanges?
The Interbank Foreign Exchange Market operates on very thin, almost transparent, margins. It has a continuous key challenge and objective: to attract the additional volume required to boost revenues from those very fine trading margins. It has to continuously seek out for the wholesale market customers who not only currently pay for foreign exchange services, but who will try to compete with the banks to make trading profits.
http://www.it-analysis.com/article.php?articleid=12747&SESSID=f29cbef687b9496e19e8e25c82959df0
“Traders and Employees will make “the best trade of the day” by donating lunch money for Tastykakes and Power Bars”
Former Philadelphia Phillies player and current Assistant Gerneral Manager, Ruben Amaro Jr., will ring the opening bell along with William J. Clark, executive director of Philabundance.
ISE To List Sector Indexes
http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-IRnewsArticle&ID=717270&highlight=
Transparency Pains
Primary Dealership Allure Wanes
The glamour of being a primary dealer--historically a prestigious designation in the bond market-- is waning as growing direct bids in Treasury auctions chip away at the dealership's competitive advantage.
http://www.institutionalinvestor.com/default.asp?page=1&SID=516307&ISS=16363&type=23
Derivatives front-runner has seen the future - and it's on a screen
By Martin Waller
One of the least-known market leaders in the financial world - and a British firm to boot
DERIVATIVES are among the most feared and least understood beasts in the financial menagerie. Few people understand the many ways they affect our daily lives, giving us fixed-rate mortgages, keeping the price of petrol stable at the pump and protecting the value of our pensions. Even less appreciated is the fact that
http://business.timesonline.co.uk/article/0%2C%2C8210-1642253%2C00.html
Icap to offer property derivatives
ICAP, the world’s biggest inter-dealer broker, is launching a range of property-based derivatives, the first of their kind, that would let investors take a position on the future of the property market without owning bricks and mortar.
http://business.timesonline.co.uk/article/0%2C%2C8209-1642559%2C00.html
Fixed income slowdown to hit European brokers' jobs
Slump in
The future of
http://www.etaiwannews.com/World/2005/06/06/1118023406.htm
Concerns mount for hedge fund overseers
Administrators overseeing about a third of global hedge fund assets are so overloaded they risk mispricing complex credit instruments, the focus of concerns about financial stability,
Bankers say the Dublin-based managers, who look after global hedge fund assets totalling $300bn, are finding it tough to attract and retain vital staff.
http://news.ft.com/cms/s/fb62e872-d5e5-11d9-8040-00000e2511c8.html
**** Online FT subscription required.
TAIPEI, June 6 (Reuters) - Taiwan has yet to allow its investors to join Singapore's new electronic trading system for trading Taiwan stock futures, partly due to fear it will compete with Taiwan's own futures, a regulator said on Monday.
http://asia.news.yahoo.com/050606/3/22118.html
June 6 (Bloomberg) -- Robusta coffee futures in
http://www.bloomberg.com/apps/news?pid=10000086&sid=aYFjgiZrTTro
Environmental Trading News
The increasing appetite among investors for renewable energy stocks will this week see
http://www.guardian.co.uk/business/story/0,3604,1500005,00.html
Global-warming fight goes grass roots
Sunday, when mayors from around the world gathered in this most environmentally aware of American cities to mark World Environment Day, they hoped to make a clear statement: Local communities - even more than nations - can be the pioneers of environmental reform. The choice of place and time could hardly have been more auspicious.
http://news.yahoo.com/news?tmpl=story&u=/csm/20050606/ts_csm/awarm_1
American mayors target global-warming
Mayors of 150-plus American cities have pledged to move their communities toward the greenhouse-gas reductions laid out the ...
http://www.usatoday.com/news/nation/2005-06-05-mayors-kyoto-csm_x.htm?csp=34
ABN AMRO says sets first bank-arranged carbon deal
MELBOURNE, June 6 (Reuters) - Dutch bank ABN AMRO said it had arranged a world-first bank intermediated carbon credit deal under the Kyoto Protocol, linking hydro power projects in Fiji with British utility Centrica Plc. .
http://asia.news.yahoo.com/050606/3/220ob.html
Exchange & ECN News
Most FX trading on CME's Globex halted by glitch
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=8691590
Weak hedge fund returns won't dry up inflows
LONDON, June 6 (Reuters) - Institutional investors such as pension funds are likely to keep investing in hedge funds even after recent poor returns because they offer diversification and often deliver better risk-adjusted returns, analysts say. But investors are likely to switch to strategies that focus on price inefficiencies between securities -- known as relative value -- and away from loss-making strategies in convertible bond and other credit markets.
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8704126
CBOT Strike Price Notice, June 06, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28694,00.html
Proposed Amendment to the COMEX Silver Futures Contract Supplement No. 2, "Licensed Depositories and Licensed Weighmasters for Silver"
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm239&archive=2005
Notice of Revision of Post-Close Trading Session Periods for Trading in
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm233&archive=2005
Notice of Extension of Trading at Settlement Programs (TAS) for NYMEX Heating Oil and Unleaded Gasoline Futures Contracts
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm232&archive=2005
Revised Date and Procedure for the Transition of the NYMEX miNY(sm) Energy Futures Contracts from CME® Globex® Electronic Trading Platform to NYMEX ClearPort® Trading
Please be advised that the Exchange has determined to revise the date of the transition of the NYMEX miNYsm energy futures contracts from the CME® Globex® system to NYMEX ClearPort® Trading from Monday, June 20, 2005 to Tuesday, July 19, 2005.
http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm238&archive=2005
Learn more about theoretical settlement of the Spring Wheat options market and how to participate
http://www.mgex.com/documents/SWOptionsSettlementsInstrucForm_002.pdf
NYSE Seats Sell for $2,380,000
http://www.nyse.com/press/1117795409257.html
NYSE Seat Sells for $2,380,000
http://www.nyse.com/press/1117795406865.html
NYSE Seat Sells for $2,380,000
http://www.nyse.com/press/1117795406686.html
Agency of Dutch Ministry of Finance lists Dutch Treasury Certificates on...
http://www.euronext.com/news/press_releases/0,4159,1732_8275,00.html
MTU Aero Engines Goes Public on the
Ferscha: 8th floatation on the FWB this year
Nanostart Goes Public on the
The
http://www.phlx.com/news/pr2005/05pr060605a.htm
OSE to limit margin trading on Hercules market after glitches
_ The Osaka Securities Exchange said Monday it will restrict margin trading on the Hercules market for start-ups to ease the burden on the computer system handling issues listed there.
http://asia.news.yahoo.com/050606/kyodo/d8ai47g81.html
June 3 (Bloomberg) -- Bursa Malaysia Bhd., which manages the nation's stock exchange, may boost its dividend payments, returning some of its more than 850 million ringgit ($224 million) in cash to shareholders
http://www.bloomberg.com/apps/news?pid=10000080&sid=aMDnsncS.Ewc
Globes [online] - NYSE: We expect more Israeli cos within 18 months
The New York Stock Exchange (NYSE) has launched a campaign to recruit Israeli companies to hold IPOs on it. The NYSE is also trying to interest Israeli investment institutions in investing in its stock instruments and other financial tools.
http://www.globes.co.il/serveen/globes/docview.asp?did=920936&fid=942
http://www.exchange-handbook.co.uk/news_story.cfm?id=53311
National Commodity & Derivatives Exchange Launches Futures Trading In Electrolytic Copper Cathode
http://www.exchange-handbook.co.uk/news_story.cfm?id=53303
http://www.exchange-handbook.co.uk/news_story.cfm?id=53297
CBOT to Establish Telecom Hub in
The CBOT announced today that the Exchange is establishing a new telecom hub in
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+28703,00.html
RESEARCH ALERT-Keefe Bruyette raises CME target to $265
Chicago Mercantile downgraded by Keefe Bruyette
http://finance.yahoo.com/q/ud?s=CME
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/dig060305.txt
The Ad Hoc Committee respond to the SIA with suggestions
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29086&IdSection=8&cat=8
Common securities regulator in the works
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29082&IdSection=8&cat=8
Companies want better explanation of proposed financial reporting requirements
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29081&IdSection=138&cat=138
Father and son team settle for close to $250,000
ASC's most significant sanction in insider trading to date
Ken and Lyle Pretty were fined close to $250,000 in settlement with the Alberta Securities Commission. The two were facing charges of insider tipping and insider trading during merger/acquisition discussions.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29080&IdSection=8&cat=8
New Web site tracks Registration Reform Project
CSA aims to keep market players up to date on project
The Canadian Securities Administrators has launched a Web site to track the progress of what remains of the Ontario Securities Commission’s Fair Dealing Model, now known as the Registration Reform Project.
The Web site (www.rrp-info.ca/index.jsp) aims to allow market players to keep up to date on the project.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29079&IdSection=8&cat=8
FSA publishes near final Prospectus Directive Rules
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/063.shtml
MFA Responds to Cox Nomination
http://www.mfainfo.org/images/PDF/Press%20Alert-%20MFA%20Responds%20to%20Cox%20Nomination.pdf
MFA Responds to SEC Chairman Donaldson's Resignation
http://www.mfainfo.org/images/PDF/DonaldsonResignation%20_3_.pdf
Two men ordered out of B.C. capital market
http://www.bcsc.bc.ca/release.asp?id=2514
Lawyers Weigh In on SEC Nominee
Defense lawyers are hailing Rep. Christopher Cox, nominated by President Bush to be the new SEC head, as a savior for companies squeezed by the tight regulatory regime of current Chairman William Donaldson.
http://biz.yahoo.com/law/050606/d14e42418de8dd4f31b4be63bf6215d9.html?.v=1
FSA Chairman McCarthy Protests Blair Speech on
U.K. June 6 (Bloomberg) -- Callum McCarthy, chairman of Britain's Financial Services Authority, wrote to U.K. Prime Minister Tony Blair to protest against a speech that was critical of the country's securities regulator.
http://www.bloomberg.com/apps/news?pid=10000102&sid=aaHPqXe5LT9k
FSA anger over critical Blair speech
THE Financial Services Authority is heading for confrontation with
http://www.thisislondon.co.uk/news/business/articles/timid401103?source=This%20is%20Money
Commodities Update: CFTC Data - Funds On The Run
http://www.exchange-handbook.co.uk/news_story.cfm?id=53305
Managed Futures - Managed Funds
Swinging at convention
Heavy-hitting ETFs could be the industry's ticket
If you'd asked me just three years ago what I thought the prospects were for a wide range of successful new ETF products, you'd have gotten a pessimistic response. A tough market and a tougher regulator combined to dim the hope for innovation in the ETF industry. But that was then. We've since seen the wildly successful launches of fixed-income, regional, dividend-focused and now even gold bullion ETFs.
Secondary Hedge Fund Mart Floated To Ease Risk Crunch
Some fund-linked derivative players are looking to start a secondary market for the underlying funds used in hedge fund indices.
http://www.derivativesweek.com/default.asp?page=1&SID=516106&ISS=16564
Man Inflows Deceleration Cause For Concern
0717 GMT [Dow Jones] Morgan Stanley retains equalweight on Man Group (EMG.LN). Cites industry data that reinforces the trend of a deceleration of inflows at Man that the bank highlighted recently, "although we recognize that positive trends helping AHL will naturally lead to a supportive share price."
http://www.newratings.com/analyst_news/article_857768.html
Apples To
Mutual Fund Shareholder Servicing Fees Remain Murky
Fund companies are not making much progress in the quest to simplify mutual fund fee structures, according to a new report that highlights significant discrepancies between different investment providers' methods for calculating account servicing fees.
http://www.institutionalinvestor.com/default.asp?page=1&SID=516502&ISS=16363&type=14
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
Fresh Ideas
In this hypercompetitive economy, the old rules for managing just don't cut it. What counts now is innovative thinking—at a time when bosses are being critiqued more than ever before.
http://www.msnbc.msn.com/id/8099828/site/newsweek/
Chief Legal Officer Donald G. Kempf, Jr. to Retire After Successor Is Named
http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=415
ISDA 2005 Operations Benchmarking Survey: Automation of Credit Derivatives Processing Improves
http://www.isda.org/press/press060105.html
http://www.isda.org/c_and_a/pdf/ISDA-OBS-FpML-2005.pdf
The Options Industry Council Announces Equity Options Trading in May Increased 22.8%
http://www.888options.com/news/news_archives_05/jun_3.jsp
E-Trade sweetens bid for Ameritrade; already in negotiations with TD Waterhouse
http://news.yahoo.com/news?tmpl=story&u=/cpress/20050606/ca_pr_on_bu/td_bank_ameritrade_1
Telerate, ICAP Deal Positive For Reuters-ABN
0826 GMT [Dow Jones] ABN Amro sees Reuters (RTR.LN) early closing of Telerate acquisition with GBP32M lower integration costs and new agreement with ICAP (IAP.LN) to distribute US Treasury pricing and swaps data, as "positives". , but points out that acquisition costs of Telerate have been adjusted so overall consideration unchanged.
http://www.newratings.com/analyst_news/article_857924.html
Sandler O'Neill & Partners, L.P. Financial Services Conference: 'A Time for Structural Change'
http://biz.yahoo.com/prnews/050606/nym023.html?.v=12
Events –
Trading seminar - STIR trading: outrights, calendar spreads, butterflys, condors, packs and bundles
You are invited to attend a seminar hosted by Patsystems with a guest speaker from Euronext.liffe. The seminar will focus on a demonstration of the latest technology and trading products for Short Term Interest Rate traders, outline recent developments of the pack and bundle market and the new opportunities available to you. You will also be able to experience the advanced trading functionality of the Grid screen - part of the new Pro-Mark front-end - with a demonstration by Patsystems expert developers.
Grid has been designed exclusively for Short Term Interest Rate (STIR) traders and allows the user to custom-design a single screen for trading outrights, calendar spreads, butterflys, condors, packs and bundles in multiple contracts.
Amanda Sudworth, Director of Fixed Income, Product Development, Euronext.liffe will speak on the practicalities of trading packs and bundles and the inherent advantages and opportunities provided by the utilisation of this type of strategy trading on LIFFE CONNECT.
Date: Thursday, 16th June 2005
Venue: Level 24, Tower 42,
Programme:
17.30 Registration & coffee
18.00 Introduction by Nick Garrow, Director of Product Management and European Sales, Patsystems
18.10 Trading Packs & Bundles on LIFFE CONNECT with Amanda Sudworth, Director of Fixed Income, Product Development, Euronext.liffe
18.30 Demonstration of Pro-Mark, Patsystems' new front-end by Brian Kelly, Product Manager, Patsystems
19.00 Q&A session
19.15 Drinks and canapes
20.30 Close
RSVP: jessica.williams@patsystems.com
John's Comments
Kopin Tan, a columnist with Barron’s, reports the following in this week’s “The Striking Price.”
THE STRIKING PRICE
By KOPIN TAN
THE
HOPING TO ATTRACT MORE INDIVIDUAL investors to trade futures, the Chicago Mercantile Exchange (CME) on Monday will begin trading futures on two popular exchange-traded funds, the Nasdaq 100 tracking stock and the S&P Spiders. Futures on a third, the iShares Russell 2000 (IWM), will begin trading June 20.
http://online.wsj.com/search#SB111784046313450676
********
CME Futures on ETFs
http://www.cme.com/trading/prd/equity/etffutures13022.html
Product Launch: June 6, 2005
CME ETF Futures Brochure (PDF)
http://www.cme.com/files/cmeetfbrochure.pdf
*******
100 MOST INFLUENTIAL PEOPLE IN FINANCE
The movers and shakers in corporate finance, ranging from corporate execs the head of
John Thain, CEO,
Even if their current deal fails, it should provide a map for the electronic future of the venerable, if battle-scarred, exchange.
Richard Thaler, Professor, Graduate
Thaler has helped to breathe new life into the field of behavioral economics with influential theories about how consumers spend, invest and plan for retirement.
Richard Sandor, Chairman and CEO, Environmental Financial Products LLC
Not content with having come up with interest rate futures, Sandor spearheaded the establishment of the Chicago Climate Exchange (CCX), a market for reducing and trading greenhouse gas emissions.
http://www.treasuryandrisk.com/issues/2005_06/careers/416-1.html
***** I am exempt from this list because while I can move, I do not shake.
*******
Brent Crude Watch
IPE Brent Volume: 109,450
NYMEX Brent Crude Volume: 2899
NYMEX Percent of Total Volume: 2.58%
********
Percent Electronic
CBOT: 67.45%
CME: 68.43%
CME Eurodollars: 83.98%
CME Live Cattle: .62%
CME Currency Products: 70.66%
CBOT Soybeans: 3.08%
CBOT Options: 6.46%
CME Options: 5.12%
Volume
OneChicago Volume: 1348
Eurex
Euronext.liffe Eurodollar Volume: 20,967
CBOE Futures Exchange Volume: 699
Market Share
CBOT 100 oz. Gold Volume: 1545
NYMEX 100 oz. Gold Volume: 53,666
CBOT Share: 2.80%
CBOT 5000 oz. Silver Volume: 312
NYMEX 5000 oz. Silver Volume: 19,400
CBOT Share: 1.58%
CBOT Mini Gold Volume: 659
CBOT Mini Silver Volume: 405
CME Emini Russell 1000 (100X) Volume: 2256
Eurex US Mini Russell 1000 (100X) Volume: 2404 * I believe this is the first time Eurex
NYBOT Mini Russell 1000 (50X) Volume: 13,818
CFE Mini Russell 1000 (100X) Volume: 0
CME Emini Russell 2000 Volume: 104,750
Eurex
CFE Mini Russell 2000 Volume: 108
Notes: The CME had two 7 million plus contract days last week, including Friday when 7,166,339 contracts traded. The CME set a number of volume and open interest records again Friday in interest rates futures and products. The CME also set new all-time highs in its share prices last week and today.
Liffe Eurodollar Over-Under
Liffe/Globex: .65%
Liffe/CME: .55%
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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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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