Untitled Document

June 13, 2005

Lead Stories

FSA 'open to change' on hedge fund access

Individuals in the UK would be able to buy into regulated hedge funds for the first time as part of reforms under discussion at the chief City regulator.

http://news.ft.com/cms/s/93c935de-da15-11d9-b071-00000e2511c8.html

Duopoly Alert!

By MEYER FRUCHER

Mr. Frucher is chairman and CEO of the Philadelphia Stock Exchange.

June 13, 2005; Page A12

The fundamental tenet of American business -- that the more competition there is, the better it is for everybody -- is under threat today in the U.S. securities markets, and the threat is becoming urgent. The planned merger of NYSE-Arca and Nasdaq-Instinet will create two gigantic competitors and might well create a duopoly in the market for trading stocks. These mergers were brilliantly constructed and will certainly benefit each company's shareholders, and they are good for the U.S. capital markets because they will enhance the technology and reach of our primary markets. The question is, in this new environment, where will the next Arca or Instinet come from?

http://online.wsj.com/search#SB111862221075557590

**** Online WSJ subscription required.

European exchanges pin hopes on new products

By Louise Heavens

LONDON, June 10 (Reuters) - European securities exchanges are desperately seeking new products to boost trading volumes as competition intensifies and the prospect of a major merger deal eludes the sector.

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=8757868&pageNumber=0

Soaring seat prices add to Nymex fears

By Kevin Morrison in London

Floor traders on the New York Mercantile Exchange have plenty to worry about these days: volatile prices; the cost of doing business on the exchange; the future ownership of the world's largest energy futures exchange; and, most worrisome of all, the threat electronic trading poses to their livelihoods. The sale last week of a Nymex seat for a record $2.485m, about 25 per cent higher than the previous seat sale record set last October, was welcomed by James Newsome, Nymex president, as a vote of confidence in the exchange's future growth.

http://news.ft.com/cms/s/b2c04268-db62-11d9-913a-00000e2511c8.html

***** Online subscription required.

A Leap Into the Futures

Individual investors were always wary of the futures markets. They aren't so shy anymore.

By PETER A. MCKAY

Staff Reporter of THE WALL STREET JOURNAL

Not many individual investors have weathered the risks of the futures markets for as long as Bruce Reale, who started trading contracts on silver and Swiss francs more than 20 years ago.

Futures trading, traditionally the bailiwick of big Wall Street firms, is essentially a bet on the direction that prices of financial instruments or commodities will take.

http://online.wsj.com/search#SB111826453005954558

**** Online WSJ subscription required.

Patsystems joins forces with CME FX on Reuters

http://www.patsystems.com/NewsEvents/index.cfm?fuseaction=NewsEvents&subaction=NewsArticle&fromSideMenu=true&id=123

Hedge-fund managers lose sleep over 'investor fear gauge'

When hedge-fund managers lie awake at night worrying about the market, the Vix index is likely to loom large. The Chicago Board Options Exchange Volatility index, the longhand name for Vix, has become a popular financial market indicator.

http://news.ft.com/cms/s/36f188c2-d94b-11d9-8403-00000e2511c8.html

Comments, coverage on SEC nominee baffling

WASHINGTON - California Congressman Chris Cox, the president's nominee to be chairman of the Securities and Exchange Commission, would like to write a book giving Leibniz his due, at Newton's expense, for the invention of calculus. Could Cox really also be ''a devoted student of Ayn Rand''? She wrote fat and pitilessly didactic novels - e.g., ''Atlas Shrugged'' and ''The Fountainhead'' - celebrating severe individualism and unfettered capitalism. The third paragraph of The New York Times front-page story reporting Cox's nomination called him ''a devoted student'' of Rand. Cox, however, has never read a Rand novel. He sampled her work only when preparing, for the Times, a less-than-reverent review of a collection of her correspondence. Still, the ''devoted student'' description swiftly reverberated in the echo chamber of Washington journalism, where much of the reporting about Cox's nomination has had a cartoon-like quality.

http://www.aberdeennews.com/mld/aberdeennews/news/11882413.htm

As Donaldson departs, companies ponder SEC changes and impact

TAMPA -- The legacy of William Donaldson, departing chairman of the Securities & Exchange Commission, is evident in business as usual but not as it once was.

http://www.bizjournals.com/tampabay/stories/2005/06/13/story5.html?from_rss=1

Goldman bans mobiles after dealer probe

Goldman Sachs has launched a global ban on the use of mobile phones on its trading floors, broken up a team of traders, and called in a London law firm to conduct an investigation, after allegations were levelled against one of its top dealers.

http://www.nzherald.co.nz/index.cfm?c_id=3&ObjectID=10330309

NASD charges broker over short sales

BOSTON (MarketWatch) -- The National Association of Securities Dealers said Monday it has charged Scott Ryan and his brokerage firm Ryan & Co. with "impermissible" short-selling activity on behalf of three hedge-fund clients.

http://www.marketwatch.com/enf/rss.asp?guid=%7B45EAC326-42FD-4EFA-ABB7-9495B9870BF0%7D&dist=rss&siteid=mktw

At least 9 Deutsche Boerse shareholders acted in concert to oust CEO - report

FRANKFURT (AFX) - At least nine hedge funds were working together to oust Deutsche Boerse AG's chief executive Werner Seifert and chairman Rolf Breuer, weekly magazine Der Spiegel reported.

http://www.iii.co.uk/news/?type=afxnews&articleid=5321424&subject=companies&action=article

Schroeder Seeks Uniform Global Hedge-Fund Standards (Update3)

June 13 (Bloomberg) -- German Chancellor Gerhard Schroeder said his government will seek unified international controls on hedge funds with other Group of Eight and European countries.

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

Cantor trading tool launch

By Matthew Garrahan in London

Cantor Fitzgerald, the US broker, has launched a stock exchange software tool that allows companies to set up their own online trading facilities.

http://news.ft.com/cms/s/864010d4-dba7-11d9-913a-00000e2511c8.html

**** Online FT subscription required.

With the euro's pratfall comes opportunity

bY DAVID ROEDER SUN-TIMES COLUMNIST

Early this year, the U.S. dollar was portrayed as a loser against the euro. Times have changed; Friday, the dollar hit a nine-month high against the euro. In the currency markets at the Chicago Mercantile Exchange, traders are exhilarated but wary. The exchange is reporting record trading in currency futures because of turmoil over the idea that Europe can unite behind a currency. Voters in France and the Netherlands refused to subject themselves to a European Union constitution, leading to speculation in some capitals that the euro could be abandoned.

http://www.suntimes.com/output/roeder/cst-fin-curious12.html

Environmental Trading News

Asia's greenhouse gas exchange to be set up in Singapore

_ Asia's first carbon dioxide credit exchange will be set up in Singapore by the end of this year, targeted mainly at buyers from Japan, Europe and Canada who are interested in investing in emissions-reduction projects in developing countries, according to company officials.

http://asia.news.yahoo.com/050613/kyodo/d8amjjag0.html

The debate's over: Globe is warming

Don't look now, but the ground has shifted on global warming. After decades of debate over whether the planet is heating and, if so, whose fault it is, divergent groups are joining hands with little fanfare to deal with a problem they say people can no longer avoid.

http://news.yahoo.com/news?tmpl=story&u=/usatoday/20050613/ts_usatoday/thedebatesoverglobeiswarming

Exchange & ECN News

Dubai & Nymex tie up oil futures trade deal

Dubai will be the host for the Middle East's first oil futures trading centre under a tie-up announced Friday between the New York Mercantile Exchange (Nymex) and the fast-growing Gulf emirate.

http://www.aljazeera.com/me.asp?service_ID=8854

NSE to launch Bank Index in F&O list

Mumbai: The National Stock Exchange (NSE) has decided to start trading in derivatives from Monday on its recently launched CNX Bank Index.

The exchange said that keeping in view the need to provide investors with more tradeable indices, trading in the CNX Bank Index (Bank Nifty) futures and options would start from June 13.

The Bank Nifty contracts are based on the CNX Bank Index, which is a 12-stock index.

http://sify.com/finance/fullstory.php?id=13869808

Archipelago makes push for new ETF listings

BOSTON (MarketWatch) -- Archipelago Holdings Inc.'s planned merger with the New York Stock Exchange and its plans to pursue new exchange-traded fund listings could have major implications for both the industry and investors.

http://www.investors.com/breakingnews.asp?journalid=28195767&brk=1

TSD poised to become sole clearing house

The Thailand Securities Depository, a unit of the Stock Exchange of Thailand, will be the sole clearing house for bonds in 2006.

TSD president Nongram Wongwanich said the change would help increase convenience for market participants and also facilitate cross-market trade.

http://www.bangkokpost.com/Business/13Jun2005_biz57.php

Archived Webcast of Press Briefing for June 10 USDA Report

On Friday, June 10, the U.S. Department of Agriculture (USDA) released its latest supply/demand report. Following the report's release, the Chicago Board of Trade conduct ed a press briefing/panel analysis.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+28771,00.html

New Special Opening Quotation Procedures on All NASDAQ Indexes

http://www.cme.com/clearing/clr/clradv/13509.html

Mandatory Out-Trade Session for Expiring Canadian Dollar Futures Contract

http://www.cme.com/clearing/clr/clradv/13513.html

Mandatory Out-Trade Session for Expiring Currency Futures Contracts

http://www.cme.com/clearing/clr/clradv/13515.html

Exchange Annonces Signing of Joint Venture to Develop Futures Exchange in Dubai

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050610a

Updated List Of All Nymex Division Inter-Commodity Spread Credits

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm246&archive=2005

Mets Day at NYBOT

The Mets Came to NYBOT on Thursday, June 9 with the Mets Radio Broadcast Team of Howie Rose and Gary Cohen, joined by Mets representing the two World Series years: Art Shamsky of the ’69 miracle Mets and Keith Hernandez of the ’86 Championship team. Howie Rose opened sugar and Gary Cohen opened coffee. Keith Hernandez and Art Shamsky teamed up to open OJ and then Keith kicked off the pre-open for cotton. The Mets contingent toured the floor, talking baseball with members and staff. A NYBOT contingent led by President and CEO Harry Falk then went to Shea for the night game against the Houston Astros. Several of the group had the opportunity to go down on the field and visit with Mets and Astros stars and management.

The New York Board of Trade for a second year is a proud sponsor of Mets Broadcasts on WFAN Radio 66.

http://www.nybot.com/metsnybot

June 2005 Index LEAPS Conversion Schedule

http://www.cboe.com/tradtool/symbols/LEAPS/TP06-02.pdf

Planned Merger HVM and Unicredito

http://www.eurexchange.com/products/news_EQU/productNews_2005_06_13_478.html

New DJIA Divisor

Due to UTX stock split on 6/10/2005 the new DJIA divisor is now

.13033708

Click here for an explanation of the role of the DJIA divisor in calculating the DJIA index.

http://www.cbot.com/cbot/pub/cont_detail/1,3206,1556+8705,00.html

S&P announces changes to S&P/TSX composite index

Eight issues added, six stocks dropped

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29191&IdSection=15&cat=15

Deliverable bonds and conversion factors

http://www.tse.or.jp/english/option/jgbf/ejgbfcf.html

Deutsche Börse Launches New Strategy Index: DAXplus Seasonal Strategy - New index For Seasonal Investment Strategy - Joint Development By Deutsche Börse And ABN Amro - Index Launch On 13 June

http://www.exchange-handbook.co.uk/news_story.cfm?id=53419

Archipelago Holdings Releases May 2005 Transaction Volume Data

http://www.exchange-handbook.co.uk/news_story.cfm?id=53402

Please click the link below to view a report on US Dollar Index Analysis

http://www.nybot.com/usdx/pdf/nybot.pdf

Filings by Designated Contract Markets (DCMS) Current Month
Date of Letter	Date Filed	DCM	Description
06/10/2005	06/10/2005	CME	Rule Numbers 357A.01.C., 357A01.E., 359A01.C., and 359A01.E. Amendments to the minimum fluctuation and exercise price rules for the Nasdaq 100 and E-Mini Nasdaq 100 options contracts.
06/10/2005	06/10/2005	CME	Composition of CME X-Fund Index Futures contracts.
06/09/2005	06/09/2005	HEDGESTREET	HedgeStreet introduces Real-Time Account Funding.

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/dig061005.txt

AROUND THE NATION

... Reuben Jeffery, nominated to be the nation's top futures industry regulator, said his priorities at the Commodity Futures Trading Commission will include ...

http://www.chron.com/cs/CDA/ssistory.mpl/business/3219173

CFTC Weekly Advisory

http://www.cftc.gov/opa/adv05/opawa24-05.htm

State charges five in futures case

Five Broward residents were charged with running an investment scam that allegedly defrauded at least 25 people of a total of $2 million, the state attorney general's office said Friday. The suspects are accused of operating a scam that allegedly claimed to invest in the foreign exchange futures market but did not. Victims received unsolicited phone calls promising lucrative returns on their investments, the attorney general's office said in a statement. The callers minimized the risk of the investment and urged the prospective investors to immediately wire money or send checks to companies run by the callers. Those arrested and taken into custody were John Taddeo, 36; Frank Desantis, also known as Josh Anthony, 38; Erin Rose Desantis, also known as Erin Valko, 31; Doreen Valko, 56; and Christopher Boutchie, 36. Taddeo, Frank Desantis and Erin Desantis are from Lighthouse Point. Valko lives in Coconut Creek and Boutchie in Coral Springs. The Broward County Sheriff's Office is still seeking Gavin Livoti, 32, of Highland Beach; and Daniel Ledoux, 40, of Richmond, Va. The suspects could not be reached for comment Friday. They ran the scam, according to the attorney general's office, through four related companies: World Banks Foreign Currency Traders Inc. and Compliance and Customer Care Inc., both of Fort Lauderdale; International Investors Trading Group Inc. of Boca Raton; and International Investments Holding Corp., an offshore company formed under Bahamian law.

http://www.sun-sentinel.com/business/local/sfl-zforex11jun11,0,5146530.story?coll=sfla-business-headlines

Important Information Regarding the Suspension of Trading in the Securities of Gluv Corp.

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

NASD Requests Comment on Proposal to Prohibit All Product-Specific Sales Contests and to Apply Non-Cash Compensation Rules to Sales of All Securities; Comment Period Expires August 5, 2005

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

SEC Charges a Second Former Gen Re Executive for Aiding in AIG Securities Fraud See also

http://www.sec.gov/litigation/litreleases/lr19264.htm

http://www.sec.gov/news/press/2005-88.htm

Canadian to head anti-money laundering group

FATF meeting in Singapore

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29185&IdSection=9&cat=9

BCSC settles with three unregistered salesmen

Trio sold $27 million of securities without a prospectus

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29178&IdSection=8&cat=8

FSA will not tolerate 'phoenix' firms

The Financial Services Authority (FSA) told financial advisers today that it would not tolerate firms attempting to sidestep their liabilities to customers by moving assets between companies.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/064.shtml

EU to decide today on launch of financial services, energy sector probes

BRUSSELS (AFX) - The European Commission said it is due to decide today on the launch of its highly-publicised probes into the financial services and energy sectors. The commission made its intention to carry out in-depth investigations into these sectors plain at the beginning of the year.

http://www.iii.co.uk/news/?type=afxnews&articleid=5321837&subject=economic&action=article

Schröder to Tighten Hedge Fund Rules

German Chancellor Gerhard Schröder said on Monday that his government will seek to tighten monitoring of highly-speculative hedge funds. The chancellor underlined that he would try to define unified international rules for hedge funds together with other Group of Eight and European countries.

http://www.dw-world.de/dw/briefs/0,1574,1614212,00.html

SEC opens formal probe of Brocade

Brocade Communications Systems disclosed Friday that the Securities and Exchange Commission has elevated an informal inquiry into a formal investigation of how the company accounted for stock options it granted in its first three years after going public.

http://news.yahoo.com/news?tmpl=story&u=/sv/20050613/tc_siliconvalley/_www11871481_1

FSA 'fails to protect' public

The Financial Services Authority is failing to protect consumers from the sharp practices of the financial services industry, according to a new report.

http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/06/15/cmnfsa15.xml

What To Expect From Chris Cox

His SEC could be a less aggressive cop. But business won't get a pushover

http://www.businessweek.com/magazine/content/05_25/b3938047_mz011.htm

Managed Futures - Managed Funds

GlobeOp Names Edward Condon to Lead Electronic Marketplace Initiatives

NEW YORK and LONDON, June 13, 2005 (PRIMEZONE) -- GlobeOp Financial Services (GFSSM or GlobeOp(r)), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, today announced that industry veteran Edward F. Condon has joined the company as director of business development for electronic marketplace initiatives. In this newly created position, Condon's primary duties are expected to involve building out GlobeOp's bridges to electronic trade execution platforms, trade booking, and additional outsource services that are linked to GlobeOp's processing business.

http://www.primezone.com/newsroom/?d=79785

Voltaire closes shop as Briery retires

June-12-2005 - London-based Voltaire Asset Management Ltd will cease trading its seven-year old Voltaire Fund by the end of this month

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-06-13-08-24-09p1.htm

Global high-net-worth wealth accelerated last year

June-12-2005 - For the second year in a row, the world's high-net-worth wealth experienced robust growth in 2004, according to the new 2005 World Wealth Report, released by Merrill Lynch and Capgemini

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-06-09-14-02-42p1.htm

Asuka's activist fund is 'friendly'

June-12-2005 - Japan's Asuka Asset Management has launched the Asuka Value Up Fund as a Japan "friendly" activist fund

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-06-09-12-40-41p1.htm

Alternative Investing - Alternative Answers

Starting points and hedge funds

By GREGORY ZUCKERMAN

Staff Reporter of THE WALL STREET JOURNAL

http://online.wsj.com/article/SB111826353504854526-search.html?

**** Online WSJ subscription required.

Russell set to restock its indexes with 208 firms

Annual process keeps Russell benchmarks tuned to market reality

TACOMA, Wash. — Russell Investment Group has posted on www.russell.com its preliminary lists of companies that will join or leave the broad-market Russell 3000Ò Index when Russell’s family of U.S. equity indexes is reconstituted June 24. Russell also posted a preliminary membership list for the new Russell Microcap™ Index.

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

Morgan Stanley expects its 2005 second quarter earnings per diluted share to be approximately 15 - 20% below second quarter 2004 earnings

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=417

Morgan Stanley Chairman and CEO Philip J. Purcell Announces Plans to Retire

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=418

M. Stanley CEO to retire amid pressure

NEW YORK (Reuters) - Morgan Stanley Chief Executive Philip Purcell threw in the towel on Monday and said he was going to retire, surrendering to calls for his ouster from investors unhappy about an exodus of staff and an underperforming share price.

http://news.reuters.com/newsArticle.jhtml;jsessionid=BPHQSS4KUV1YSCRBAELCFFA?type=businessNews&storyID=8774458

Morgan Stanley fires CEO Purcell -CNBC

NEW YORK (Reuters) - U.S. investment bank Morgan Stanley (MWD.N: Quote, Profile, Research) has fired embattled Chief Executive Officer Philip Purcell, CNBC reported on Monday.

Morgan Stanley officials declined to comment. Representatives of a group of eight former senior Morgan Stanley executives who have campaigned for nearly three months to drive Purcell out were not available to comment.

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8771875

Cantor's China dream

Cantor Fitzerald has set up a local investment banking alliance in China. We speak to Cantor's global head and Henry Liu about the deal.

http://www.financeasia.com/articles/60B7A787-9027-7E17-4B9C14BE9E4FBFEA.cfm

China to appoint market makers for yuan/dollar trading in Shanghai

BEIJING (AFX) - China's financial authorities will later this year approve the first yuan/US dollar market makers at the center for foreign exchange trading in Shanghai, the China Securities Journal said.

http://www.iii.co.uk/news/?type=afxnews&articleid=5321863&subject=markets&action=article

The Royal Bank of Scotland's North American Foreign-Exchange Business To Operate from RBS Greenwich Capital

RBS Greenwich Capital, a leading institutional fixed income firm, today announced that the North American arm of The Royal Bank of Scotland's world-class foreign exchange business will begin operating out of its headquarters in Greenwich, Conn., effective June 13, 2005.

http://biz.yahoo.com/prnews/050613/nym201.html?.v=14

Fierce Competition for Customers in the Online Brokerage Industry, Reports Keynote

New competitive intelligence from Keynote Systems (Nasdaq:KEYN - News), The Internet Performance Authority®, reveals that brokerage Web sites generally maintain the Internet's highest service levels, increasing competitive pressures in what is already a highly competitive market. Two companion studies (the Keynote Customer Experience Rankings for Brokerage Web Sites and the Keynote Service Level Rankings for Brokerage Web Sites) examined the online customer experience and service levels at leading brokerage Web sites and offer new insights into the intensely competitive nature of this market.

http://biz.yahoo.com/bw/050613/135328.html?.v=1

Chicago firm launches City hedge fund arm

Chicago’s Katten Muchin Rosenman has launched a City office with a tie-up with UK hedge fund specialist MW Cornish Solicitors. Martin Cornish, former principal of five-lawyer boutique MW Cornish, will head the new London arm, which will be known as Katten Muchin Rosenman Cornish.

http://www.legalweek.net/ViewItem.asp?id=24474

Trading Technologies to Open Tokyo Office

CHICAGO, June 13, 2005 - Trading Technologies International, Inc. (TT) today announced plans to establish a sales and support office in Tokyo, Japan. The operation, which is expected to open this summer, will serve as TT's headquarters in the Asia/Pacific region. The Tokyo location will become TT's second office in the region; the company established a Sydney, Australia facility in 2003.

http://www.tradingtechnologies.com/news/050613_TokyoOffice.html

Orc Software delivers Orc Liquidator to an American trading firm

Orc Software, a leading provider of automated trading technology, reports today that one of the leading trading firms in the US will be implementing Orc Liquidator.

http://www.waymaker.net/templates/newsList.aspx?id=73&wm_org_id=2415&wm_lang=EN

Fortis Clearing Chicago Appoints Michelle Sargent as Sales Manager

http://www.informationbanking.fortisbank.com/assets/Press%20Releases/Appointment%20Sargent%20Clearing%20Chicago.pdf

Fashion News

Some like it hot at Opera Ball

.. The men did their best in the usual dark wool tuxedoes, although a few clever ones (Bill Nitze, John Damgard) thought to don white linen jackets. ...

http://washingtontimes.com/entertainment/20050612-100448-4879r.htm

John's Comments

FOWeek Headlines Issue 1023 13-Jun-2005

• Nymex goes for Dubai

• Arcades to set up shop in Singapore

• Opinions split on CME fee hikes

• PHLX bid to block ISE thwarted http://www.fow.com/articles/foweek_article.asp?storyCode=3415

• BarCap boss criticises LME

• CBoT/Liffe confirm Singapore hub

• CME makes bid for retail market with ETF futures

• Susquehanna PHLX business divested

• TFX targets July launch for new FX market

• CAO CEO faces charges, slammed by PwC report

www.fow.com

*******

Correction:

It appears that my characterization of the equity option plan of the CME was not quite correct in last week’s commentary about the CBOT. Many CME employees below the Managing Director level have received option grants of varied amounts and as many as 80% of CME employees have options. I offer my apologies for this mischaracterization of the CME’s plan. You may be hearing from the CME later this week in an Other Voices essay about this subject.

********

WHAT'S SHAKIN' AT CBOT/CME?

Wednesday, June 15

The Main Lounge, 2nd Floor

The Union League Club of Chicago

65 West Jackson Boulevard

Chicago, IL 60604

Speakers

Bryan Durkin, Executive Vice President and Chief Operating Officer, Chicago Board of Trade

Phupinder Gill, President and Chief Operating Officer, Chicago Mercantile Exchange Inc.

https://www.futuresindustry.org/fiachica-2555.asp

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

Last Trade: 254.50

Trade Time: 1:23PM ET

Change: 7.20 (2.91%)

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

*********

NYMEX and PHLX Get Together on Patent for Securitizing Commodities

**** This is the title of a Securities Week scoop by Sarah Rudolph in this week's Securities Week edition. For subscription information to Securities Week, call 1-800-852-1641.

**********

Brent Crude Watch

IPE Brent Volume: 138,441

NYMEX Brent Crude Volume: 1941

NYMEX Percent of Total Volume: 1.38%

********

Chicago Electronic Trading Scorecard for June 10, 2005

Percent Electronic

CBOT: 56.30%

CME: 68.37%

CME Eurodollars: 78.11%

CME Live Cattle: 1.20%

CME Currency Products: 79.65%

CBOT Soybeans: 3.08%

CBOT Options: 7.21%

CME Options: 6.26%

Volume

OneChicago Volume: 19,142

Eurex US Volume: 5513

Euronext.liffe Eurodollar Volume: 10,165

CBOE Futures Exchange Volume: 777

Market Share

CBOT 100 oz. Gold Volume: 1949

NYMEX 100 oz. Gold Volume: 60,309

CBOT Share: 3.13%

CBOT 5000 oz. Silver Volume: 456

NYMEX 5000 oz. Silver Volume: 20,240

CBOT Share: 2.20%

CBOT Mini Gold Volume: 916

CBOT Mini Silver Volume: 724

CME Emini Russell 1000 (100X) Volume: 2220

Eurex US Mini Russell 1000 (100X) Volume: 692

NYBOT Mini Russell 1000 (50X) Volume: 23,354

CFE Mini Russell 1000 (100X) Volume: 0

CME Emini Russell 2000 Volume: 170,282

Eurex US Mini Russell 2000 Volume: 3690

CFE Mini Russell 2000 Volume: 445

Notes: The CBOT’s cash settle Schatz contract traded 74 contracts on Friday.

Liffe Eurodollar Over-Under

Liffe/Globex: .72%

Liffe/CME: .56%

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

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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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