(temporarily hijacked by Jon Matte)
June 15, 2005
Lead Stories
Snow opposes overregulation of hedge funds
U.S. Treasury Secretary John Snow said on Wednesday he opposed excessive regulation of hedge funds and preferred to let market forces impose discipline.
Speaking to reporters on the way to
"Unless there is a demonstrated market failure, I think there should be a heavy burden of proof on people seeking regulation," the U.S. Treasury chief said.
http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8797564
***** I am a big fan of sensible regulation that creates an environment where compliance and ethics are easier than deception, and where problems and questionable activity are quickly spotted. Because of this, I applaud these latest “go slow” comments from Mr. Snow. No, those two sentences are not a contradiction. However, his comment specifically highlighted above shows a worrisome law enforcement mentality when considering the creation of regulation. One should add regulation to counter a risk of unchecked behavior, not just to fix a failure. If their only tool to spot trouble, their only signal that unacceptable risk is present, is a “demonstrated market failure”, then it seems to me that the administration lacks a great deal of analytical skills and imagination. To me, either it’s possible to declare, “we can’t figure out how a market failure could take place in the current environment because things are so very under control,” or else somebody had better be looking for ways to improve the system. Sensibly.
Snow calls on
John Snow, the US Treasury secretary, yesterday urged European leaders to stop using inflammatory anti-capitalist rhetoric or risk losing
http://news.ft.com/cms/s/8d2759a4-dd3a-11d9-b590-00000e2511c8.html
Analysts welcomed the start of bond forward trading on
http://www.forbes.com/home/feeds/afx/2005/06/15/afx2093485.html
Cracks in the Crackdown -- A Spitzer loss may signal a shift for white-collar crime.
http://www.msnbc.msn.com/id/8186570/site/newsweek/
Matt Simpson of CME Elected as Co-Chair of FPL Global Technical Committee
FIX Protocol Limited (FPL) has announced that Matt Simpson of the Chicago Mercantile Exchange (CME) has been elected to the Co-Chair position of the Global Technical Committee (GTC). He will work alongside Kevin Houstoun who represents HSBC and has served in this position since June of 2004.
http://www.bobsguide.com/guide/news/9683.html
Patsystems joins CME FX on Reuters
Electronic trading firm Patsystems has launched an interface that provides customers with access to CME FX on Reuters, a service which allows banks to trade foreign exchange futures products from the Chicago Mercantile Exchange through the Reuters Dealing 3000 system.
http://www.cbronline.com/article_news.asp?guid=8FE47B00-D922-402B-A361-FA34B69747C1
Trading Technologies to open
Trading Technologies, a provider of trading software for derivatives professionals, is planning to establish a sales and support office in
http://www.cbronline.com/article_news.asp?guid=74123AEE-290F-450F-B3B7-1AEBC5E1D520
The new issue of appliederivatives.com is online
http://www.appliederivatives.com/
Exchange & ECN News
Exchange Surpasses 200,000 Contracts Cleared on NYMEX Clearport® in a Single Day
The New York Mercantile Exchange, Inc., announced today that a record 222,051 contracts were cleared through NYMEX ClearPort® yesterday, surpassing the previous record of 186,320 contracts cleared on June 13.
http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050614b
Record Daily Volume for the
Sydney Futures Exchange experienced record daily trading volumes yesterday, and an individual contract daily record for the SFE SPI 200™ Equity Index Future.
http://www.sfe.com.au/index.html?content/news/mediareleases/2005/mr_20050615_01.htm
Nymex to launch emissions futures on ClearPort
The New York Mercantile Exchange (Nymex) is to introduce sulphur dioxide (SO2) and nitrogen oxide (NOx) futures contracts on Nymex ClearPort on June 19 for the June 20 trading session, the exchange said today.
http://db.riskwaters.com/public/showPage.html?page=283450
***** I keep hoping that they’re going to introduce a Hot Air contract for tracking political intensity, but it looks like I’m still waiting…
Deutsche Börse and
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/dig061405.txt
Managed Futures - Managed Funds
Lehman linked Hedge Fund group admits flaws in trading model
The Financial Times says that
http://www.finfacts.com/irelandbusinessnews/publish/article_10002229.shtml
***** Yesterday’s story, but now it’s free from a different source, if you didn’t have the FT subscription to read it. Much like day-old bread, what we can’t entice you with yesterday, we offer today at a drastic discount.
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
CBOT Strike Price Notice, June 15, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28858,00.html
Miscellaneous News
Record Revenues Lift Bear Stearns' Profit
Wall Street firm Bear Stearns Cos. Inc. said Wednesday its earnings rose 5 percent from a year ago on strength in its institutional stock trading business.
http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20050615&ID=4893618
GFI launches oil and gas broking in
Inter-dealer broker GFI has opened a
http://db.riskwaters.com/public/showPage.html?page=283418
Salary.com Ranks Salaries of
TV Dad Salary Analysis Shows That Average Pay Has More Than Doubled In Real Dollars Since 1950s, With Trend Towards More Glamorous Six-Figure Jobs
http://biz.yahoo.com/bw/050615/155774.html?.v=1
***** I hereby announce that I am seeking to become a TV dad. Being a real life dad costs me money, sleep and hair color. I am now officially seeking a six-figure glamorous job, and I want some new TV kids that will gently challenge but then ultimately respect my amazing wisdom. If you are a TV employer who is seeking a new Dad, I will ROCK YOUR VIRTUAL WORLD. Call me.
John's Jon’s Comments
In the print newspaper world, there are risks in the production of the paper. I have no idea what they are, as the closest I have been to a newspaper plant was walking past The Oregonian’s building on the way to see a baseball game last weekend (
In the world of virtual newsletters, we do not suffer from a lack of ink, nor do we have to fear a breakdown of printing machinery. However, there is nothing quite so desperate as looking around the room here asking, “Internet? Is the web online? Are we down?”
Curiously, my wife next to me shrugged and said, Well, *I* am not having trouble. The 15-year old at the table behind me was comfortably doing deep research into the social habits of young people around the world via the web. #12 was not seeing trouble, either. Throughout the extensive Defender-Matte shared LAN, I was the only one who couldn’t use the Web.
Panic set in. I MUST GET THE NEWSLETTER DONE. MR. LOTHIAN TRUSTS ME, AND HIS SUBSCRIBERS EAGERLY AWAIT THEIR NEWS. Oh, what shall I do??? So I rebooted, tried again, and got… nothing. Google’s missing. No Yahoo. Business magazines – gone.
In desperation, I grabbed a random link from my “Favorites” list, which doesn’t really house my actual favorite links but rather is a convenient junk drawer to place web sites that someday I might need again. Proudly, my screen displayed the full and complete instructions for “How To Cook a
Through the cheers and high-fives all around, we speculated that somehow, my browser had a desperate need to talk turkey with me, and refused to go any further until it had fulfilled its greatest desire. Returning to my work here, I put in a Yahoo search phrase, and discovered that once again, it had gone silent.
So somewhere out there, it looks like there’s a denial of service attack or something going on. I can still use email, so John will eventually get this from me, but information about what’s going on in the world is a bit incomplete today.
Best regards and respectfully submitted by Interim Internet Editor Jon Matte, on behalf of
John J. Lothian
Publisher
John Lothian Newsletter
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