(temporarily hijacked by Jon Matte)
June 16, 2005
Lead Stories
Snow urges action to spur global growth
All the key industrial economies need to concentrate on reforms and on creating an investment climate that spurs capital flows and economic growth, U.S. Treasury Secretary John Snow said on Thursday.
http://www.washingtonpost.com/wp-dyn/content/article/2005/06/16/AR2005061600304.html
Weather traders could help curb African famine
Traders in
http://www.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=8800712
Credit Agricole's Calyon aims to raise revenue 27% by 2007
Credit Agricole SA (4507.FR) unit Calyon said Wednesday that it seeks to boost its revenue by 27% through 2007 as it pegs its turnaround on capital markets and brokerage operations.
http://www.marketwatch.com/news/story.asp?guid=%7BF192015A-8475-47C4-92A6-CB821EC69B1D%7D
http://www.iii.co.uk/news/?type=afxnews&articleid=5326039&subject=markets&action=article
http://www.iii.co.uk/news/?type=afxnews&articleid=5325612&subject=companies&action=article
Canadian fund sales surge
Mutual fund sales reached $1.1 billion in May, according to the latest data from the Investment Funds Institute of Canada.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29231&IdSection=1&cat=1
Exchange & ECN News
ISE To Introduce Preferenced Order Functionality
The International Securities Exchange (NYSE:ISE) said today that it is enhancing its trading system to permit Electronic Access Members (EAM) to route "preferenced orders" to any ISE market maker.
http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=720595&highlight=
Eurex Extends its Global Liquidity Network with Introduction of Foreign Exchange Futures
The world’s largest derivatives exchange Eurex announced on Thursday that it will introduce foreign exchange (FX) futures on September 23, 2005. This move marks the extension of the Eurex global liquidity network into a new asset class. Contracts will initially be listed on six major USD currency pairs (Euro, Australian Dollar, British Pound, Yen, Swiss Franc, Canadian Dollar) and four cross currency pairs (EuroYen, SterlingYen, EuroSwiss, EuroSterling).
NYBOT Announces Board Of Governors Appointments
http://www.nybot.com/releases/pressRelease.asp?releaseID=890
Forward Markets Commission to be made independent regulator
The Forward Markets Commission (FMC), overseeing the functioning of the three national and 24 regional Commodities futures trading exchanges in the country, will soon be made an independent, autonomous regulator like the Securities and Exchange Board of India (SEBI), FMC chairman
http://www.keralanext.com/news/indexread.asp?id=230413
Citadel, Merrill to Invest in
Citadel Investment Group LLC and Merrill Lynch & Co. will buy 10 percent stakes in the Philadelphia Stock Exchange, the fourth-largest
http://quote.bloomberg.com/apps/news?pid=10000103&sid=ayymrWPcMKj8&refer=news_index
ESpeed offers to buy 51 pct MTS stake for $154 mln
Bond broker eSpeed Inc. (ESPD.O: Quote, Profile, Research) on Wednesday said it offered to buy a 51 percent stake in MTS, a European electronic bond trading platform, for 127.5 million euros ($153.6 million) to expand its business. New York-based eSpeed has been bidding against Pan-European exchange Euronext (ENXT.PA: Quote, Profile, Research) and Borsa Italiana for a controlling stake in MTS, which has average daily trading volume of about 85 billion euros.
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8798784
Instinet Group trade volume declines
Electronic securities broker Instinet Group Inc. on Wednesday said May trading volume declined 14 percent from the year-ago period.
http://www.businessweek.com/ap/financialnews/D8AOB66O0.htm?campaign_id=apn_home_down
Record Trading on Eurex
CBOT Strike Price Notice
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28875,00.html
E-CBOT Dow Jones Strike Price Notice
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28876,00.html
Regulatory News
SEC STAFF REPORT ON OFF-BALANCE SHEET ARRANGEMENTS, SPECIAL PURPOSE ENTITIES AND RELATED ISSUES
http://www.sec.gov/news/press/2005-91.htm
Managed Futures - Managed Funds
Marin Capital hedge fund to shut down
Marin Capital Partners, a hedge fund that once oversaw about $2 billion in assets, is shutting down because the firm sees few opportunities in the convertible arbitrage and credit arbitrage strategies it follows.
FSA is not poised to support retail hedge funds
Hedge Funds Are Growing: Is This Good or Bad?
http://knowledge.wharton.upenn.edu/index.cfm?fa=viewArticle&id=1225
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
Reuters Announces Reuters Tick Capture Engine for Algorithmic Trading
Reuters (LSE: RTR, NASDAQ: RTRSY), the global information company, today announced the forthcoming release of the Reuters Tick Capture Engine for customers building algorithmic trading infrastructures. Reuters Tick Capture Engine will meet customer requirements to capture and store large amounts of streaming and historical data for real-time analysis and decision making.
http://biz.yahoo.com/bw/050616/165082.html?.v=1
John's Jon’s Comments
In celebration of the continually increasing coverage of hedge funds, I am shifting over half of my “porch fund” which supports my summertime laptop connection, beach chair and spiked lemonade, to my newly created hedge fund which will pay for somebody else to do the gardening. I can see why there’s such interest – this summer promises to be the nicest one ever, given my new perspective.
Since I pay very close attention to government policy in such matters, I am coming down firmly on the side of self regulation with regard to my hedge fund. I think that formal external regulation would harshly impede the flow of capital. Therefore, I think it’s best that my wife not find out about this new venture. I trust that everyone here will help me in my efforts to stay independent of extra oversight in this regard.
John Lothian has promised to return tomorrow and rescue his newsletter from me. As always, it’s been a pleasure to pinch hit for the big guy. My best to all of you.
Respectfully submitted by Editorius Usurpius Jon Matte, on behalf of
John J. Lothian
Publisher
John Lothian Newsletter
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