June 20, 2005

 

Lead Stories

 

Has Wall Street Changed Its Tune?

By ANDREW ROSS SORKIN and JEFF LEEDS

WHEN the Warner Music Group went public last month, Edgar Bronfman Jr., its flamboyant chief executive, took a victory lap at the New York Stock Exchange. After the Led Zeppelin guitar god Jimmy Page serenaded traders with "Whole Lotta Love," the band's 1969 hit, Mr. Bronfman wandered the floor with a bevy of investors in tow.

http://www.nytimes.com/2005/06/19/business/yourmoney/19warner.html?adxnnl=1&adxnnlx=1119288136-RLAOyY21AiO+SacmpmDTnQ

 

Broker wars: Whose clients are they, anyway?

Carolann Stenihoff was at the top of her game. Until she decided to quit ScotiaMcLeod. That's when an all-out rumble broke out over who would get her customers. Because in the broker business, your book is everything.

http://www.canadianbusiness.com/managing/article.jsp?content=20050606_68822_68822

 

More brokerage battles

When a broker leaves his current employer for another, battles frequently erupt as the parties scramble to win over the adviser's clients. Such disputes often wind up in court, where judges must adjudicate which practices are acceptable and which are not.

http://www.canadianbusiness.com/managing/article.jsp?content=20050609_164826_5092

 

Wall Street Journal Plans Softer Edition for Saturdays

http://www.nytimes.com/2005/06/20/business/media/20journal.html

 

Out on the Street

Phil Purcell was a master operator inside Morgan Stanley. He wasn't ready when the battle went public.

http://www.msnbc.msn.com/id/8272372/site/newsweek/

 

Void at top puts Morgan in jeopardy

By Aaron Elstein

Board must select new chief quickly to reverse drop in business; sale possible

For several anguished months, a growing number of Wall Streeters had insisted that the only way to turn Morgan Stanley around was to get rid of Chief Executive Philip Purcell. They should have been more careful what they wished for.  Last week's announcement that Mr. Purcell would retire sometime before next March--with no successor in sight--has only increased the level of discord at the firm.

http://newyorkbusiness.com/article.cms?articleId=23184

 

Crude oil futures hit all-time high, nears $60 US in Asian trading

SINGAPORE (AP) - Crude oil futures hit a record high Monday, reaching $59.23 US a barrel in Asian trading on concerns that demand will outpace refineries' ability to produce diesel and gasoline in the second half of the year.

http://ww.moneysense.ca/news/shownews.jsp?content=b062006A&ns=headline_news

 

Eurex and Osaka Securities Exchange Sign Memorandum of Understanding

http://www.eurexchange.com/about/company_info/press_releases/news_pressreleases_416.html

 

Japan's OSE, Eurex agree to work to cross-list products

TOKYO (Reuters) - Osaka Securities Exchange Co. (OSE), Japan's second largest bourse, and European derivatives exchange Eurex said on Monday they have agreed to work towards the cross-listing of stock index futures and other securities.  The agreement will also allow the OSE and Eurex, Europe's largest financial futures exchange, to jointly study the possibility of developing new financial products and recognising each other's member firms.

http://www.reuters.co.za/locales/c_newsArticle.jsp%3B:42b661ca:1c7943713496fa54?type=businessNews&localeKey=en_ZA&storyID=8834355

 

Euronext.liffe introduces pack and bundle trading on Euribor and short sterling contracts 

http://www.euronext.com/file/view/0,4245,1626_53424_602702348,00.pdf

 

Commodity futures clock record volume in April-May

THE total volume of commodity futures trading in the country has reached Rs 1,90,000 crore ($44 billion) during the first two months of the current fiscal from Rs 25,000 crore recorded in the same period last year, showing a significant growth of 800 per cent, Mr S. Sundareshan, Chairman of the Forward Markets Commission (FMC), said.

http://www.thehindubusinessline.com/2005/06/20/stories/2005062000080700.htm

 

Dubai gold exchange offers trading from any country

Dubai: Dubai Gold and Commodities Exchange is the only borderless commodities exchange in the world, according to a board member.

http://www.gulf-news.com/Articles/BusinessNF.asp?ArticleID=169627

 

Commodity futures market to clock

The nascent staged Indian commodity futures market size is expected to grow by over 252% to touch an estimated business of Rs12 lakh cr and will have potential to generate additional employment opportunities for over 1 lakh people by 2010, according to the findings of study on "Commodity Futures Bright" conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). Currently,

http://www.indiainfoline.com/news/news.asp?dat=60810

 

SFE Announces the Launch of the SFE Listed Property Trust Futures Contract

Sydney Futures Exchange formally announced today the launch of the SFE Listed Property Trust Futures contract with trading scheduled to start tomorrow the 21st of June 2005 at 9.50am.

http://www.sfe.com.au/content/news/mediareleases/2005/mr_20050620_01.htm

 

Nasdaq's acquisition of Instinet pending DOJ's investigation

U.S. Justice Department requests more information delaying the acquisition

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29273&IdSection=15&cat=15

 

Expanding : Futures firms move towards merchandise

BEIJING, June 18 -- A Chinese official is reported to have revealed that the State Council will allow some futures companies to do a certain type of futures trading on the overseas market by cross-market arbitrage practices.  Zhang Huibang, deputy director of the Futures Supervision Department of the market watchdog the China Securities Regulatory Commission (CSRC), made the announcement on Wednesday at a meeting in Shanghai, according to domestic media reports.

http://www.keralanext.com/business/readnews.asp?id=233042

 

SGX TO DEVELOP OVER-THE-COUNTER CLEARING FACILITY

http://info.sgx.com/webnewscentre.nsf/bcb6f015b16e5258482569a7001af139/48256838002f07b148257026001b6d11?OpenDocument

 

Environmental Trading News

 

Senate climate vote puts heat on administration

A simmering conflict between U.S. lawmakers and the Bush administration over global climate change could boil over in the coming week when the Senate debates legislation that would require U.S. industry to cut emissions of heat-trapping gases.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050619/pl_nm/energy_congress_climate_dc_1

 

Aviation pledge to cut emissions

A coalition of airlines, airports and aircraft manufacturers has pledged to cut harmful greenhouse gas emissions significantly within the next 15 years.

http://www.dehavilland.co.uk/webhost.asp?wci=default&wcp=NationalNewsStoryPage&ItemID=8789442&ServiceID=8&filterid=10&searchid=8

 

Climate 'key to African future'

Tony Blair's efforts to alleviate poverty in Africa will fail unless action is taken to halt climate change, a report says.

http://news.bbc.co.uk/go/rss/-/1/hi/sci/tech/4103336.stm

 

Mayor's capital idea on climate change

An ambitious scheme to combat the possible effects of climate change in London will be formally launched today by Ken Livingstone.

http://society.guardian.co.uk/governinglondon/story/0,8150,1510367,00.html

 

U.S. Moves To Scuttle Climate Accord

Extraordinary efforts by the White House to scupper Britain's attempts to tackle global warming have been revealed in leaked U.S. government documents obtained by The Observer. These papers - part of the Bush administration's submission to the G8 action plan for Gleneagles in Scotland next month - show how the United States, over the past two months, has been secretly undermining Tony Blair's

http://freeinternetpress.com/modules.php?name=News&file=article&sid=3855

 

CLIMATE CHANGES

PLANS by G8 countries to tackle climate change have been watered down - to please George Bush. Earlier pledges to give cash to help Third World green policies have now been axed, a new leaked G8 document shows.

http://www.mirror.co.uk/news/tm_objectid=15645147&method=full&siteid=94762&headline=climate-changes--name_page.html

 

GOP Senator Wants White House Climate Deal

A leading Republican senator, trying to shepherd a broad energy bill through the Senate, is urging the White House and other GOP senators to support a compromise proposal on global warming, including mandatory curbs on climate-changing pollution.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050617/ap_on_go_co/congress_climate_1

 

Exchange & ECN News

 

ESpeed Continues Long-Odds Pursuit of MTS

June 17, 2005 - Fixed-income trading and technology company eSpeed, topping a competing bid, has confirmed making a EUR127.5 million ($156.6 million) offer for 51 percent of European government bond platform MTS--yet the odds are stacked against it.

http://www.securitiesindustry.com/article.cfm?articleid=15732

 

CBOT Dow Jones Strike Price Notice, June 20, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28928,00.html

 

CBOT Strike Price Notice, June 20, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28927,00.html

 

Agricultural Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28929,00.html

 

Financial Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+28930,00.html

 

PCS and Trade Register FIXML File Conversion Deadline-July 30, 2005

http://www.cme.com/clearing/clr/clradv/13630.html

 

Exchange to Change Margins on Natural Gas Futures and Other Related Contracts 

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050617b

 

Exchange Announces Margins, Position Accountability Levels, and Reporting Requirements for New Emissions Contracts

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050617a

 

Outright (Scan) Margin Rates and Intra-Commodity Spread Margin Rates for the New NYMEX Emission Futures Contracts

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm249&archive=2005

 

Two New Emissions Allowance Futures Contracts - Large Trader Reporting Requirements, Expiration Position Limits, All Month/Any One Month Position Accountability Levels, and Electronic Trading No Bust Ranges

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm247&archive=2005

 

NYSE Announces Quarterly Changes to the NYSE Family of Indexes

http://www.nyse.com/press/1118660421155.html

 

TreeHouse Foods, Inc. Joins the NYSE in the Week Ended June 17

http://www.nyse.com/press/1119004782008.html

 

Deutsche Börse Further Expands its Real-time Data Provision

New high-speed feed CEF alpha now available/ Direct data feed for automated trading applications

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_200605_realtime.htm

 

NYBOT Announces Board Of Governors Appointments

http://www.nybot.com/releases/pressRelease.asp?releaseID=890

 

MX approves amendments to rules

Paritipants must now appoint CFO

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29267&IdSection=15&cat=15

 

Monthly Short Selling Value

http://www.tse.or.jp/english/data/exotic/karauri/index.html

 

Trading Calendar

http://www.tse.or.jp/english/option/calendar/index.html

 

Exchange celebrates 10 years of AIM

http://www.londonstockexchange.com/en-gb/about/Newsroom/pressreleases/aim10.htm

 

NexTrade Announces Connectivity Through SAVVIS

NexTrade Holdings Inc. is pleased to announce that its wholly owned subsidiary Krauss & Alberta Inc., a connectivity corporation, entered into an agreement with SAVVIS, Inc. to provide electronic linkage for the operator of NexTrade's ECN -- Electronic Communications Network.

http://biz.yahoo.com/prnews/050620/flm014.html?.v=14

 

NYBOT And NYMEX Sign MOU On Possible NYMEX Use Of eCOPS

http://www.exchange-handbook.co.uk/news_story.cfm?id=53559

 

NYSE Seat Sells For $2,500,000

http://www.exchange-handbook.co.uk/news_story.cfm?id=53557

 

E-Meff Newsletter June 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=53557

 

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/dig061705.txt

 

Harrington Financial & Energy Advisors (Peter W. Kaneb)

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0341236&case=05BCC00006&contrib=NFA

 

Robert W. Roesener

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0046390&case=03BCC00021&contrib=NFA

 

CESR Officials & US Treasury Secretary Snow Discuss CFTC's Efforts to Protect Investors and Facilitate Trans-Atlantic Business

http://www.cftc.gov/files/opa/press05/opasnowvisitscesr061505.pdf

 

Florida Commodity Pool Operator Longboat Global Funds Management & its President Charged with Fraud

CFTC Alleges That Defendants Fraudulently Misrepresented Certain Investments

WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an injunctive complaint in the United States District Court for the Northern District of California against Longboat Global Funds Management, LLC (Longboat) and Robert Joseph Beasley of Whitefish, Montana. The complaint charges that the defendants committed fraud by misrepresenting the condition and status of certain investments held by Piranha Capital, LP, a commodity pool that defendants operated, and failed to disclose defendant Beasley’s personal financial interest in those investments.

http://www.cftc.gov/opa/enf05/opa5084-05.htm

 

FEDERAL COMMODITY REGULATOR AND STATE OF NEW HAMPSHIRE BRING SALES FRAUD CLAIMS AGAINST FLORIDA TRADING FIRM CROMWELL FINANCIAL SERVICES, INC. AND OTHERS

Complaint by U.S. Commodity Futures Trading Commission and the New Hampshire Secretary of State, Bureau of Securities Regulation, Charges Cromwell Financial Services, Inc. and Certain Employees With Defrauding Customers and Failure to Supervise

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) and the New Hampshire Secretary of State, Bureau of Securities Regulation (New Hampshire) announced today that the United States District Court for the District of New Hampshire, acting on a complaint filed on June 12, 2005, issued an order on June 13, 2005, preventing the destruction of the books and records of defendants Cromwell Financial Services, Inc., Phillip Tuccelli, Michael Staryk III, Dennis Gee, Richard Peluchette and Richard Astern.

http://www.cftc.gov/opa/enf05/opa5083-05.htm

 

OSC gets mixed signals on enforcement

Regulator sees broad support for review of SROs

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29275&IdSection=8&cat=8

 

SEC rescinds MarketXT's registration

Electronic trading system consents to order, though admitting nothing

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29268&IdSection=8&cat=8

 

Royal Bank of Scotland to pay $20 million to settle Enron suit

LONDON (AFP) - Royal Bank of Scotland has agreed to pay 20 million dollars (16.3 million euros) with regard to litigation arising from the collapse of Enron.

http://au.biz.yahoo.com/050620/33/4wce.html

 

Deerfield Beach financial firm accused of defrauding investors $19 million

CONCORD, N.H. -- A Florida financial firm has landed in federal court after authorities said customers in New Hampshire and other states lost roughly $19 million because of false and misleading claims.

Employees of Cromwell Financial Services Inc., of Deerfield Beach, defrauded customers by exaggerating potential profits and downplaying possible losses when offering options on futures contracts for commodities such as natural gas and heating oil, New Hampshire and federal investigators said.  Jeffrey Spill, chief of enforcement with the state Bureau of Securities Regulation, said the company placed calls from Florida to potential clients here.  "Commodities futures trading is very risky trading,'' Spill told the New Hampshire Sunday News. ``It's not meant for your average investor.''

More than 85 percent of Cromwell's customers lost money -- roughly 900 or more customers in New Hampshire and elsewhere, authorities said.

http://www.sun-sentinel.com/news/local/southflorida/sfl-fraud19,0,7538160.story?coll=sfla-home-headlines

 

Managed Futures - Managed Funds

 

More rich people on the planet, report says

The world's high-net-worth wealth grew strongly in 2004 for a second consecutive year, increasing 8.2 percent to $30.8 trillion, according to the 2005 World Wealth Report, released recently by Merrill Lynch and Capgemini.

http://www.westchestercountybusinessjournal.com/current_issue//062005wfoc07.html

 

Barclays applies for what would be first silver ETF

BOSTON (MarketWatch) -- Barclays Global Investors filed an initial prospectus for the first exchange-traded fund to reflect the price of silver bullion.

http://www.marketwatch.com/enf/rss.asp?guid=%7B5E1370AE-59DC-4FBF-9A56-75B69A7907BD%7D&dist=rss&siteid=mktw

 

Barclays Global Investors International, Inc. Files for iShares Silver Trust

Barclays Global Investors International, Inc., has filed a Form S-1 Registration Statement for the iShares Silver Trust with the U.S. Securities and Exchange Commission. The shares of the Trust will be expected to reflect, at any given time, the price of the silver owned by the Trust, less the Trust's expenses and liabilities.

http://biz.yahoo.com/bw/050620/205338.html?.v=1

 

Russell Investment Group Announces New Relationship with Schwab Institutional

Russell Investment Group today announced an agreement with Schwab Institutional where effective immediately, investment advisors who custody their assets with Schwab can access Russell's fee-based, mutual fund asset allocation product, Russell Asset Management Program .

http://biz.yahoo.com/bw/050620/205686.html?.v=1

 

Bailey Coates Hedge Fund to Close After Declining 20% in 2005

June 20 (Bloomberg) -- Bailey Coates Cromwell Fund, a London- based hedge fund with $1.3 billion at its peak in 2004, will close after losing 20 percent this year, the second fund in a week to call it quits.

http://www.bloomberg.com/apps/news?pid=10000085&sid=aWoYMBhSmUx4

 

Singapore hedge fund Aman to close after losses

SINGAPORE, June 20 (Reuters) - One of Singapore's biggest hedge funds is closing down and returning money to investors after suffering losses in April, a senior official of the fund group said on Monday.

http://sg.news.yahoo.com/050620/3/3t1vw.html

 

Big hedge fund caught out and braced for $1bn repayment

One of London's leading hedge fund managers is bracing itself to repay investors around $1bn (£550m) after dreadful performances at two of its main funds.

http://news.independent.co.uk/business/news/story.jsp?story=647924

 

Nordic Hedge Fund Industry Set To Swell

Hedge fund managers are predicting an explosion in the number of funds in the Nordic region over the next couple of years in response to regulatory changes.

http://www.institutionalinvestor.com/default.asp?page=1&SID=519640&ISS=16363&type=10

 

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

 

How to Hedge Against a Rate Rise

Looking for protection against rising interest rates? You've got two options, each with its pros and cons.

The question arises as investors once again weigh whether the latest rate jump is for real. That's a big if, given numerous head fakes lately.

http://www.thestreet.com/_googlen/mutualfundmonday/mutualfundmondaygg/10228636.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

 

Citigroup cleared of breaching principles

http://www.businessweek.com/ap/financialnews/D8APGKDG0.htm?campaign_id=apn_home_down

 

Three cheers for three heroes!

The three civilians who valiantly helped victims after Friday's helicopter crash (from l.), Miguel Lopez, Joe Curvino and Charlie Stamm, enjoy a day at Yankee Stadium, courtesy of Yankees owner George Steinbrenner.  Big-league ballplayers tipped their caps at yesterday's Yankees game to a trio of heroes who came through in a clutch to save victims of a helicopter crash.  Miguel Lopez, Charlie Stamm and Joe Curvino were treated like blue-chip free agents by Bombers Boss George Steinbrenner, who gave them primo seats next to the Yankees' dugout.  "This is a thrill of a lifetime," said Stamm, 57, of New Milford, N.J., who soaked up every run, hit and error in the Yanks' 6-3 win over the Chicago Cubs.  Stamm and Curvino, 55, of Fort Lee, N.J., raced to the rescue Friday when they saw a chopper with eight people aboard nosedive into the East River close to where they were fishing in a boat. They rescued two victims from the swift waters.

http://www.nydailynews.com/news/story/320686p-274265c.html

 

IPC Launches IP Trader Voice for the Global Trading Floor: Enterprise Voice Services -EVS-

IPC Information Systems, a leading provider of mission-critical trading floor communication solutions for the global financial services industry, has announced its initial release of Enterprise Voice Services , an IP-based trader voice service developed specifically for the trading floor.

http://biz.yahoo.com/bw/050620/205604.html?.v=1

 

StreamBase Systems Targets Financial Services Industry with Enhanced Stream Processing Engine

StreamBase Systems, Inc., the source for software to process, analyze, and act on real-time data within milliseconds of its arrival, today announced a new version of the StreamBase® stream processing engine that includes new features of special interest to the financial service industry.

http://biz.yahoo.com/prnews/050620/nem036.html?.v=17

 

Options Central Newsletter - Summer 2005

http://www.888options.com/store/bp/oc_summer05.pdf

 

Unmasked: online brokers

It's never been easier, or cheaper, to buy and sell shares, as David Potts shows in a test drive of the system. Have a look at a few websites. Registration is free and, frankly, less involved than getting membership at the local video shop.  When the bellhops start buying shares, it's supposed to be the time to be selling. Only these days the bellhops are trading online, and they're just as likely to be the ones who are selling.

http://www.theage.com.au/news/investment/online-brokers-unmasked/2005/04/25/1114281500507.html?oneclick=true

 

Ameritrade nears accord to buy rival

Ameritrade Holdings, the online brokerage firm, is near an agreement to purchase TD Waterhouse, another powerhouse in the industry, according to executives close to the deal.

http://www.iht.com/articles/2005/06/20/business/ameri.php

 

Systems & Services

June 20, 2005 - The volume of vendor and service-provider announcements exploded so dramatically last week that even our 52-page SIA Technology couldn't contain them all.

http://www.securitiesindustry.com/article.cfm?articleid=15769

 

John's Comments

 

FIA / FOA International Derivatives Week

International Derivatives Week 2005

Monday 27 June to Friday 1 July

http://www.foa.co.uk/events/idc/conference.jsp

 

**** I will not be in attendance.  It should be an interesting time, especially if you stay clear of FOW’s Grindley Clarke.

 

**********

 

More about the statues the CBOT recovered:

 

The Grain Traders -- The Story of the Chicago Board of Trade By William G. Ferris Michigan State University Press, 1988

 

pg 186, Paragraph 3

 

Cutten also took two eight ton draped female statues that had stood in the doorway, one labeled "Commerce" and the other "Labor".  He transported them to his Glen Ellyn farm, but never erected them; it was a little too much for his wife and the statues remained prone on the ground in an out-of-the-way portion of the estate.

 

**********

 

Brent Crude Watch

 

IPE Brent Volume: 112,926

NYMEX Brent Crude Volume: 3600

NYMEX Percent of Total Volume: 3.09%

 

********

 

Chicago Electronic Trading Scorecard for June 17, 2005

 

Percent Electronic

 

CBOT: 54.85%

CME: 75.82%

CME Eurodollars: 85.20%

CME Live Cattle: .74%

CME Currency Products: 85.88%

CBOT Soybeans: 3.21%

 

CBOT Options: 5.03%

CME Options: 4.62%

 

Volume 

 

OneChicago Volume: 17,158

Eurex US Volume: 17,648

Euronext.liffe Eurodollar Volume: 10,538

CBOE Futures Exchange Volume: 319

 

Market Share

 

CBOT 100 oz. Gold Volume: 2376

NYMEX 100 oz. Gold Volume: 75,883

CBOT Share: 3.04%

 

CBOT 5000 oz. Silver Volume: 379

NYMEX 5000 oz. Silver Volume: 17,910

CBOT Share: 2.07%

 

CBOT Mini Gold Volume: 848

CBOT Mini Silver Volume: 505

 

CME Emini Russell 1000 (100X) Volume: 3186

Eurex US Mini Russell 1000 (100X) Volume: 696

NYBOT Mini Russell 1000 (50X) Volume: 236

CFE Mini Russell 1000 (100X) Volume: 0

 

 

CME Emini Russell 2000 Volume: 90,355

Eurex US Mini Russell 2000 Volume: 3736

CFE Mini Russell 2000 Volume: 83

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 1.35%

Liffe/CME: 1.15%

 

From Euronext.liffe:

 

Euribor Futures  Trade For An Additional Three Hours Until 3:00pm Chicago Time     Beginning June 27th

 

Trading hours for Euronext.liffe's benchmark Three Month Euribor futures will be extended by three hours beginning on Monday June 27th, 

2005. The decision to extend trading hours until 3:00pm Chicago time was made in response to widespread demand by US customers for  

the opportunity to transact Euronext.liffe’s global STIR benchmark contract across the entire US trading day.

 

The extension of trading hours reflects the Euribor’s prominence as one of a few truly global trading and risk management products.  Extending 

the trading hours for Euribor futures increases its global coverage and brings its closing time in line with other major US financial futures contracts.

 

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.

 

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