June 22, 2005

Lead Commentary

 

SPOOF VOTES NO; 2.4% of votes cast are against CBOT IPO

 

Over 2% of votes cast on the Second Approval Proposition at the CBOT, to approve an Initial Public Offering, were cast against the proposition and a total of 9,589,487 votes/shares (19.43%) were counted as no votes, based on my reading of the outstanding shares in the latest S-1A filing.  Those voting against the proposition apparently ignored the roaring success of the CME since it went public in 2002 and the overwhelming support for the proposition from the rest of the CBOT members.  They ignored the strategic structure needed for the CBOT be able to raise capital or make acquisitions in today’s increasingly competitive environment.  This newsletter has confirmed a strong “flat-earth” belief among the no voters and near unanimous membership in the radical and secret group SPOOFs (Society Promoting Open Outcry Floors).  A SPOOF spokesman by the name of William N. McFill, who asked not to be identified said, “voting yes for the second vote was a no-brainer and our membership just wanted to prove they have brains.”

 

Futures Industry Association President John Damgard, commenting about the 2.4% no vote by SPOOF members said, “This does not pass the laugh test.”

 

**** Actually, differences of opinions are what make markets work and I applaud everyone who stood up for their beliefs, either by voting yes, or no.  But if you can’t have a little fun……

 

**** On a more serious note, there were 40,239,243 shares/votes cast out of a possible 49,359,836* shares/votes issued.  There were 469,894 shares/votes cast against the proposition.  If you measure the 39,770,349 votes cast for the proposition versus the shares outstanding, the vote passed with an 80.57% approval rate.  The CBOT made a big deal out of communicating to members that not voting was the same as a no vote.  Regardless of the way the vote is portrayed, this is a great day and victory for the CBOT and I congratulate them on this step forward.

 

*CBOT HOLDINGS INC (0001161448)

S-1/A [Amend]Registration statement for face-amount certificate companies

http://www.sec.gov/Archives/edgar/data/1161448/000119312505128780/0001193125-05-128780-index.htm

 

Lead Stories

 

CBOT Member/Shareholders Support Second Approval Proposition

The CBOT announced today that shareholders overwhelmingly supported the "second approval" proposition.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29036,00.html

 

 

Eurex to Launch a New 30 Year Euro-Buxl Future

New futures to begin trading on September 9/ Ferscha: "Increasing demand for longer maturities"

http://www.eurexchange.com/about/company_info/press_releases/news_pressreleases_418.html

 

Eurex Bonds Launches Trading in Austrian and Dutch Government Bonds

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_eurex_bonds_230605.htm

 

Board of Trade votes to go public

No date specified for initial offering

By Mark Skertic, Tribune staff reporter

The Chicago Board of Trade on Wednesday won approval from its members to issue shares to the public, a move that clears the way for a $150 million initial public offering.

http://www.chicagotribune.com/business/chi-0506230158jun23%2C1%2C62937.story?coll=chi-business-hed

 

CBOT members strongly approve IPO

Near unanimous 98% vote in favor of floating exchange

(Reuters) — The Chicago Board of Trade moved closer to an initial public offering on Wednesday when members approved a measure that will allow the exchange to sell shares to the public.

http://chicagobusiness.com/cgi-bin/news.pl?id=16905

 

CBOT sets $33-$36 range for IPO

The Chicago Board of Trade set an estimated price range of $33-$36 for its planned initial public offering as the second largest US futures exchange prepared to follow the Chicago Mercantile Exchange with a $150m share listing. 23:26

http://news.ft.com/cms/s/0395a5a0-e362-11d9-b6f0-00000e2511c8.html

 

**** Online FT subscription required.

 

The case for hedge fund oversight

The investigation of a Bradenton investor after his apparent suicide suggests that he wasn't the success story he claimed.

By JENNIFER LIBERTO, Times Staff Writer

To friends and family, Howard K. Waxenberg was a proud father, a clever jokester and a successful businessman.  To the Securities and Exchange Commission, he was the mastermind of a long-running, expensive Ponzi scheme that went undetected until he shot himself in the head last month in his Bradenton condominium.  Waxenberg, 54, ran a hedge fund, a private investment firm that pools clients' dollars into accounts to invest them in a variety of ambitious ways.  Over 15 years, Waxenberg had collected more than $73.7-million from nearly 200 mostly wealthy investors scattered from Los Angeles to Boston, according to SEC records filed in federal court earlier this month.

http://www.sptimes.com/2005/06/23/State/The_case_for_hedge_fu.shtml

 

**** A well crafted piece of journalism.

 

NYSE to Pursue Growth Options Beyond Stocks

By AARON LUCCHETTI and DAVID REILLY, Staff Reporters of THE WALL STREET JOURNAL

The Big Board plans to consider expanding into international markets, options and other derivatives to compete in an increasingly competitive and consolidating industry, Chief Executive Officer John Thain said.

The New York Stock Exchange chief's comments, in an interview with The Wall Street Journal, reflect a new global reality for the markets where securities are traded. Technological advances that have made electronic trading more reliable and efficient are fueling a shakeout, as increasingly sophisticated customers demand quicker and less expensive trades on a wide variety of securities going far beyond stocks and as regulators scrutinize what brokerage houses charge investors.  That means the real estate that exchanges traditionally have provided traders who oversee the buying and selling of securities has become less important than spending on reliable, fast technology that can match buyers and sellers without human intervention.

http://online.wsj.com/article/0,,SB111949075317767230,00.html?mod=home_whats_news_us

 

**** Online Wall Street Journal subscription required.

 

Advantage Futures Reaches Agreement with Trading Technologies Regarding MD Trader Patents

http://www.tradingtechnologies.com/news/Advantage%20Reaches%20Agreement%20with%20TT%206.23.05.pdf

 

NYSE willing to tweak terms of Archipelago deal

by Aaron Elstein

New York Stock Exchange Chairman Marshall Carter said the exchange is willing to tweak some of the terms of its proposed merger with Chicago-based Archipelago Holdings Inc. in order to get members to sign off on the deal.  In particular, Mr. Carter said exchange officials may settle for a smaller stake in the post-merger company than the 5% they currently intend to give themselves. NYSE members, or seatholders, own the exchange and have complained that management has no business allocating itself equity which belongs to them.

http://newyorkbusiness.com/news.cms?id=10979

 

Nymex, Philly Exchange eye commodity index products

BOSTON (MarketWatch) -- The New York Mercantile Exchange and the Philadelphia Stock Exchange said Wednesday that the U.S. Patent & Trademark Office has published a patent application for a jointly developed financial product that would allow investors to trade securities based on the value of a commodity index.

http://www.marketwatch.com/enf/rss.asp?guid=%7B458F7A85-5287-4292-A63F-A4D0C7A5B7D6%7D&dist=rss&siteid=mktw

 

A Paradigm Shift in Energy Commodity Markets, History is No Longer the Predictor of Future Behavior

Author: Gary M. Vasey, Ph.D.

As the price of crude futures reach close to $60/bbl, the question to ask is can it go higher and if so what will be the impact? Industry analyst CERA has issued guidance that it expects oil prices to stay above $50 per barrel for at least the next four quarters and a number of investment banks have made public announcements of price spikes up to and beyond $100 per barrel.  While many have picked out hedge funds and other alternative investors as the culprit behind rising energy prices in general, the truth is that these investors are simply responding to market fundamentals that they perceive as having an impact on future price levels. Indeed, I would argue that it is these investors that have read the market correctly over the last 12 months while the energy industry has not. Why? Because these investors have recognized that, for the time being at least, history is no longer a predictor of the future.

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-06-23-11046.html

 

Environmental Trading News

 

CCX prepares 4-year extension beyond 2006

North America’s only Marketplace to reduce and trade greenhouse gases reaches 100 member milestone and announces extension to 2007-2010 period CCX

June 23, 2005 – Chicago Climate Exchange (CCX), the first and only voluntary, legally binding greenhouse gas emissions reduction and trading program in North America, announced during its Second Annual Membership meeting that it will extend and expand the program for an additional four years (2007 through 2010). The architecture of the CCX Phase II was unanimously approved by the CCX Board of Directors during the Annual Meeting held in Chicago June 15 to 17. A number of other milestones were announced, including that there are now 100 Members in CCX, and that the US Conference of Mayors unanimously approved a Resolution recommending that all cities in the Conference considering joining CCX. CCX currently has as municipal members Chicago; Oakland, California; and Boulder, Colorado. The City Council of Portland, Oregon has also voted unanimously to join CCX. It was also announced at the Annual meeting that Aracruz Celulose, one of the leading forestry companies in Brazil, has joined CCX, making it the first Latin American Company to commit to the CCX reduction schedule.

http://www.chicagoclimateexchange.com/news/press/release_20050623_CCXextension.html

 

US climate exchange raises its fees

More comes amid insufficient trading activity

The Chicago Climate Exchange (CCX) has boosted its membership fees fivefold to generate income after more than a year of operations have failed to generate sufficient trading activity to secure the exchange’s long-term viability.  The development is a sign that voluntary carbon emissions exchanges are not attracting significant trading activity in the US, even as the concept has gained acceptance among US corporations as a way of setting standards for controlling greenhouse gases.

http://news.ft.com/cms/s/eb1ca1c4-e346-11d9-b6f0-00000e2511c8.html

 

Exchange & ECN News

 

CBOT Strike Price Notice, June 23, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29041,00.html

 

CBOT Trading Position Change Notice, Wheat, June 27, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29040,00.html

 

Agricultural Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29043,00.html

 

Financial Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29044,00.html

 

CBOT Financial Delivery Cycle

http://www.cme.com/clearing/clr/clradv/13670.html

 

Allocation of June 2005 Currency Order-to-Pay Charges

http://www.cme.com/clearing/clr/clradv/13672.html

 

Exchange Early Closing Schedule for July 1, 2005

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm254&archive=2005

 

NYSE honored to welcome Vietnamese Prime Minister, H.E. Phan Van KHAI

http://www.nyse.com/press/1119436622786.html

 

CBOT sets $33-$36 range for IPO

All Financial Times NewsThe Chicago Board of Trade on Wednesday set an estimated price range of $33-$36 for its planned initial public offering as the second largest US futures exchange prepared to follow the Chicago Mercantile Exchange with a $150m share listing.

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=FT&Date=20050622&ID=4911899

 

MX seeks to retain jurisdiction over former traders

Says amendment will ensure co-operation in investigations

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29322&IdSection=15&cat=15

 

ADVISORY/eSpeed Second Quarter 2005 Earnings Announcement at Close of Market on Thursday, August 4, 2005

eSpeed, Inc. , a leading developer of electronic marketplaces and related trading technology for the global capital markets, will announce second quarter 2005 results after the close of market on Thursday, August 4, 2005, and host a conference call Friday, August 5, 2005, to discuss results. -0- *T

http://biz.yahoo.com/bw/050623/235035.html?.v=1

 

New PowerShares ETFs kick off trading on Amex

BOSTON (MarketWatch) -- PowerShares Capital Management launched eight new sector exchange-traded funds and matching options on the American Stock Exchange Thursday.

http://www.marketwatch.com/enf/rss.asp?guid=%7B15ADF108-4FAA-4F80-AFD4-BFB5369DC7C9%7D&dist=rss&siteid=mktw

 

Two More Seat Holders Sue NYSE Over Merger

Two more New York Stock Exchange seat holders filed suit against the Big Board Thursday, seeking the release of documents and records of the exchange's merger agreement with all-electronic rival Archipelago Holdings Inc.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050623/ap_on_bi_ge/nyse_archipelago_1

 

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/dig062205.txt

 

Office of the Chief Accountant Selects Two Professional Accounting Fellows

http://www.sec.gov/news/press/2005-92.htm

 

Wilson nominated as next OSC chairman

Scotia Capital chairman the right person to lead OSC, says departing Brown

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29319&IdSection=9&cat=9

 

FSA launches debate on the impact of hedge funds in the UK

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/068.shtml

 

SEC showdown looms on fund reforms

The U.S. Securities and Exchange Commission on Wednesday scheduled a June 29 vote on a controversial mutual fund governance rule that promises to end SEC Chairman William Donaldson's tenure on a note of discord.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050622/bs_nm/financial_sec_mutualfunds_dc_1

 

SEC Puts Its House in Order

June 23, 2005 - Chastened by a report from the GAO, the SEC finds it needs to clean house in the technology area to make it more effective at protecting investors from fraud.

http://www.securitiesindustry.com/article.cfm?articleid=15794

 

Managed Futures - Managed Funds

 

U.K.'s FSA Plans to Increase Scrutiny of Hedge Funds (Update1)

June 23 (Bloomberg) -- U.K. regulators may increase scrutiny of the $1 trillion hedge fund industry because of concern over their trading practices and the effect on the financial markets.

Some hedge funds may be ``testing the boundaries of acceptable practice with respect to insider trading and market manipulation,'' the Financial Services Authority said in a statement today.

http://www.bloomberg.com/apps/news?pid=10000102&sid=ay7ht0SypZdU&refer=uk

 

Hedge fund aggression a threat, but hyped

LONDON (Reuters) - Hedge funds' aggressive profit focus can lead to market abuses but is usually a force for good, fund managers told Reuters, against a backdrop of German plans to push for more regulation at a G8 meeting in July.  The $1.2 trillion hedge fund industry is still lightly regulated compared to more established market players such as investment banks, and this combined with a tough investment approach has led to unethical behaviour, some politicians say.

http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2005-06-22T171611Z_01_MCC262121_RTRUKOC_0_FINANCIAL-SUMMIT-EUROPE-ABUSE.xml

 

Russell announces manager change to Canadian Equity Portfolios

Guardian removed from Canadian equity fund

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29320&IdSection=1&cat=1

 

Hedge fund fees seen rising

LONDON (Reuters) - Hedge funds may have suffered lacklustre performance this year, but the high fees they charge are more likely to rise than fall, hedge fund managers say.

http://www.reuters.co.uk/newsArticle.jhtml?type=personalFinanceNews&storyID=764940&section=finance&src=rss/uk/personalFinanceNews

 

'Richest Brit' Mittal in hedge fund deal

Lakshmi Mittal, the Indian-born steel magnate who is Britain's richest man on some estimates, yesterday became a major investor in RAB Capital, the hedge fund group whose directors are among the country's best paid.

http://www.guardian.co.uk/business/story/0,3604,1512428,00.html

 

Report Shows How London Is Reaping Benefits Of Hedge Fund Growth, by Carla Johnson, Investors Offshore.com 23 June 2005

The growth of the hedge fund industry has meant a net gain to jobs in London's financial services sector, according to an independent report launched today for the Corporation of London.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20258

 

Hedge fund practices 'pose market risk'

SOME hedge funds are 'testing the boundaries of acceptable practice with respect to insider trading and market manipulation', the Financial Services Authority warned today.

http://www.thisislondon.co.uk/news/business/articles/timid401652?source=This%20is%20Money

 

ETFs Gone Wild

New Indices Track Everything From Petit Cos. To Entertainment

Niche exchange-traded funds have become increasingly popular following the success of the first commodity-based ETFs launched at the start of the year.

http://www.institutionalinvestor.com/default.asp?page=1&SID=520128&ISS=16363&type=24

 

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

 

Free Standards Briefing

FIA, in conjunction with FPL, FOA and FOW, will present a standards briefing at The Barbican on Thursday, June 30. The full day of sessions includes a panel on European standardization featuring SWIFT, ISDA and FPL. The briefing also includes sessions on FIXML for derivatives clearing, and standards for high-volume market data, allocations and post-clearing. The sessions are free to qualified delegates.

http://www.futuresindustry.org/standard-2568.asp

 

Merrill poaches derivatives team from JP Morgan

LONDON, June 22 (Reuters) - Investment bank Merrill Lynch & Co. (MER.N: Quote, Profile, Research) said on Wednesday that it hired 23 derivatives specialists from rival JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research) , a move that marks one of the biggest poaches in the sector.

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8865151

 

Crossing Boundaries

Wall Street firms have received plaudits and criticism alike for increasingly behaving like hedge funds as they leverage their balance sheets to make bets on the markets. Now hedge funds are repaying the favor-by edging in on the Street's turf.

http://www.iddmagazine.com/idd/fierce_finance.cfm?id=10491&issueDate=current

 

FIX Protocol Expands in Commodities Exchange Space: IntercontinentalExchange Selects CameronFIX Platform

New York — Thursday June 23, 2005: Cameron Systems, the leading global provider of FIX protocol messaging solutions today announced that IntercontinentalExchange (ICE) and its subsidiary International Petroleum Exchange (IPE), global electronic marketplaces for trading energy commodities, have implemented the FIX Protocol with the high performance CameronFIX Platform for fast, efficient trade execution. ICE will use CameronFIX to provide FIX compliant access to its suite of cleared futures and OTC contracts traded on ICE’s internet based electronic platform.

http://www.bobsguide.com/guide/news/9843.html

 

Ameritrade to buy rival, create No. 1 Web trader

Rejecting a takeover offer from E-Trade Financial Corp., Ameritrade Holding Corp. on Wednesday said it will instead acquire rival TD Waterhouse U.S.A. for about $3.3 billion in stock to form a company that will surpass Charles Schwab Corp. as the biggest online trader.

http://www.chicagotribune.com/business/chi-0506230165jun23%2C1%2C7342032.story?coll=chi-business-hed

 

Brokers Get Hitched

And he loves somebody else, you just can't win." It's official! Ameritrade (Nasdaq: AMTD) is acquiring Toronto Dominion 's (NYSE: TD) TD Waterhouse subsidiary in an all-stock deal that was valued at $2.9 billion when it was first announced yesterday.

http://www.fool.com/News/mft/2005/mft05062303.htm

 

Cargill to sell London-based futures subsidiary

MINNETONKA - Cargill Inc., the nation's largest agriculture company, plans to sell its London-based Cargill Investor Services unit to the Refco Group Ltd. for up to $400 million, the company announced.

http://www.sanluisobispo.com/mld/sanluisobispo/business/11963207.htm

 

Sun's Solaris(TM) 10 Sets Pace for Financial Firms

SANTA CLARA, Calif., June 21 /PRNewswire-FirstCall/ -- Sun Microsystems today revealed that over 40 new Solaris(TM) 10 Operating System (OS) "proof-of-concept" trials with financial services firms from around the world have produced significant performance results on Sun's latest systems.

http://www.commsdesign.com/press_releases/prnewswire/showPressRelease.jhtml?&CompanyId=1&HeadlineId=X340267

 

Man Grp stock seen undervalued, no takeover talks

LONDON (Reuters) - Man Group's EMG.L stock is undervalued but the world's largest listed hedge fund firm is not currently in any talks to be acquired, the chief operating officer of its fund-of-funds unit said on Thursday.

http://www.reuters.co.uk/newsArticle.jhtml?type=businessNews&storyID=765093&section=finance&src=rss/uk/businessNews

 

Morgan Stanley weighs John Mack for CEO

Morgan Stanley is considering former president John J. Mack as a candidate for chief executive of the Wall Street firm, according to media reports Thursday.

http://money.cnn.com/rssclick/2005/06/23/news/fortune500/morgan_stanley_mack/index.htm?section=money_latest

 

The bear market in brokerage stocks may be weakening, but it’s not over yet, suggests a new report from independent

“Capital market stocks have absorbed the recent spate of well-advertised negative profit results, raising the question of whether the underperformance phase has ended,” BCA says in a research note. “While some positive developments have occurred, it is still a bit too soon to call for a bottom.”

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29330&IdSection=137&cat=137

 

Down The Brain Drain

Morgan Stanley's morale is bad, hurting retention and recruiting. Earnings aren't so hot either

http://www.forbes.com/business/services/2005/06/22/morgan-stanley-earnings-cx_em_0622mwd.html?partner=rss

 

John's Comments

 

Brent Crude Watch

 

IPE Brent Volume: 102,715

NYMEX Brent Crude Volume: 5343

NYMEX Percent of Total Volume: 4.86%

 

********

 

Chicago Electronic Trading Scorecard for June 22, 2005

 

Percent Electronic

 

CBOT: 61.89%

CME: 72.97%

CME Eurodollars: 87.51%

CME Live Cattle: 1.05%

CME Currency Products: 88.88%

CBOT Soybeans: 7.67%

 

CBOT Options: 6.41%

CME Options: 8.91%

 

Volume 

 

OneChicago Volume: 1420

Eurex US Volume: 5910

Euronext.liffe Eurodollar Volume: 15,628

CBOE Futures Exchange Volume: 448

 

Market Share

 

CBOT 100 oz. Gold Volume: 807

NYMEX 100 oz. Gold Volume: 32,767

CBOT Share: 2.40%

 

CBOT 5000 oz. Silver Volume: 165

NYMEX 5000 oz. Silver Volume: 16,729

CBOT Share:

 

CBOT Mini Gold Volume: 307

CBOT Mini Silver Volume: 415

 

CME Emini Russell 1000 (100X) Volume: 3405

Eurex US Mini Russell 1000 (100X) Volume: 878

NYBOT Mini Russell 1000 (50X) Volume: 666

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 90,761

Eurex US Mini Russell 2000 Volume: 4510

CFE Mini Russell 2000 Volume: 19

 

Notes: Trade Globex Cattle early and often.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 1.01%

Liffe/CME: .89%

 

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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