June 24, 2005

Lead Commentary

Eurex US’s Great Trade that Benefited the Industry

By John J. Lothian

From my recent travels to New York and Washington, DC, I have learned that Eurex US made a great trade before it ever was approved by the CFTC. That trade could make Eurex US cash flow positive in 2006, according to Eurex US board sources. Eurex US paid just $1 to buy the Brokertec Futures Exchange and gain an accompanying revenue guarantee from the banks and brokerages that backed Brokertec and wanted to support the Eurex US effort. In return the Brokertec consortium received a 20% equity interest in the Eurex US exchange that has now been diluted to about less than 10% due to capital calls to offset start-up costs and operations, Eurex US sources said.

Those revenue guarantee agreements totaled about $18 million over a 3 year term and are graduated. The Brokertec group will pay Eurex US about $11.0 million from now through the end of the contract in early 2007. These revenues and Eurex US network revenues, combined with lower administration costs and absence of start up costs, could lead to black ink on the 2006 Eurex US profit and loss statement.

The Brokertec Futures Exchange owners and the rest of the futures industry have reaped millions of dollars in benefits from the new era of competition Eurex helped initiate by launching its U.S. exchange. Clearing fees in Treasury futures are lower and clearing costs are lower ( due to the CME-CBOT Clearing Link ) for the bulk of U.S. Treasury futures and options and customers and firms have benefited. Eurex US’s entry, with the Brokertec group’s support, was a key factor in these savings and in 2006 Eurex US will realize some of these benefits through the revenue guarantee agreements.

The recent turmoil at Deutsche Boerse could also work out to Eurex US's benefit, especially if Eurex CEO Rudolph Ferscha emerges as the new Deutsche Boerse CEO, as some in the press have speculated. Both Eurex AG and Eurex US appear to be internal victims of a transfer pricing scheme that favors revenues gravitating to Deutsche Boerse Systems, the technology provider to both exchanges. DB Systems, by incorporating significant margins into their charges for systems to Eurex AG and Eurex US, generates revenues that ultimately flow to Deutsche Boerse rather than to Eurex AG or Eurex US, who would share any profits with the Swiss Exchange or the Eurex US bank and brokerage partners.

According to publicly available information, Deutsche Boerse gets to keep 85% of all Eurex profits, with 15% going to its Swiss Exchange partner, while it receives 100% of all DB Systems profits. Likewise, Eurex US shares any profits with its banks and brokerage partners, who as previously noted own about 10% of the exchange.

According to Eurex US board sources, Eurex AG was forced by Deutsche Boerse to assume responsibility for both sides of the a/c/e contract it shared with the Chicago Board of Trade when the CBOT pulled out and signed a deal with Euronext.liffe for its match engine needs. Eurex AG is charged about $20 million per year for match engine technology and networks by DB Systems, according to these sources. Eurex AG passes on about $5 million of those costs to Eurex US, which guarantees Eurex AG $5 million per year, but it could be more based on a per contract charge.

From my perspective, it appears the net effect to both Eurex exchanges is that they look worse on paper than they ought to and this could change due to the change in the chief executive at Deutsche Boerse, no matter who gets the job.

DB Systems apparently earns some of its inflated revenues by being able to double charge Eurex AG and Eurex US for telecommunication lines into customer sites based on separate contracts with each exchange. Each customer must be connected to the Eurex match engine over a 64K telecommunications line. However, you can't get a 64K line. T-1 lines are installed to each customer site and one 64K channel is carved out to connect clients. When a client is both and Eurex AG and Eurex US customer, another pair of 64K lines is selected from same the T-1 line at an additional cost to the client and the exchanges, creating the double charge for the same line already in place.

Eurex and Eurex US would seem to be captive customers of DB Systems and are the only exchange customers for the Deutsch Boerse company. The CBOT was the first and only outside exchange customer of DB Systems, according to Eurex sources, and that deal was more of a non-compete political deal than pure technology deal. The CBOT has now outsourced its match engine needs to Euronext.liffe, which is spinning off its own internal technology unit into a stand alone company and becoming a customer rather than owner of the unit.

There seems to be a lot of room to restructure the contracts in place between DB Systems and their internal customers to better reflect the true financial performance of Eurex AG and Eurex US and any profits to all Eurex AG and Eurex US owners. I hope the leadership at Deutsche Boerse can realize the negative impact this revenue transfer pricing scheme has on the perception of Eurex US as a long term viable entity. Eurex US can continue to be a positive, innovative influence on the futures industry (and even profitable) if its economic picture is portrayed in a truer light.

Lead Stories

Trading Technologies wins patent tussle

Advantage Futures broker agrees to use software

By Kate Ryan

Trading Technologies International Inc. (TT) scored a victory Thursday in its continuing legal battles, as Chicago-based broker Advantage Futures LLC agreed to acknowledge TT’s patents on a widely used futures trading system.

http://chicagobusiness.com/cgi-bin/news.pl?id=16916

Gas-station owners try oil futures market

By George Anders, The Wall Street Journal

AUBURN, Calif. -- As a boy in the 1950s, Walt Dwelle loved helping out at his family's gas station. When price wars arose, the Dwelles would grab a can of blue tempera paint, write "19.9c" on butcher paper, and then tape the new prices in front of the station. Customers streamed in and business thrived. It isn't so easy any more. The gas-station business is in turmoil, largely because of wildly zigzagging energy prices. With oil prices once again hitting record highs, station owners are jockeying to see who can get fuel on tolerable terms. Profit margins have been squeezed for operators from mom-and-pop independents to the company-owned stations of Exxon Mobil Corp. Now Mr. Dwelle and some other independent station owners are trying their luck in the sharp-elbowed world of commodities futures. They hope to find trading strategies that will stabilize costs and shore up profits. A misstep in this new world can be ruinous, but some of these nervous rookies are succeeding.

http://www.post-gazette.com/pg/05172/525945.stm

FSA confronted by the reality of growth in investment products

The growth in the choice of complex investment products such as hedge funds and changes in European financial regulations are putting increasing pressure on the Financial Services Authority to modify its rules for retail investors.

http://news.ft.com/cms/s/3cbc990a-e44e-11d9-a754-00000e2511c8.html

Environmental Trading News

European Climate Exchange, Powernext enter cooperation in CO2 emissions mkts

LONDON (AFX) - Environmental investment company Climate Exchange PLC said European Climate Exchange (ECX) and Powernext, the French electricity trading exchange, are entering into a cooperation agreement to trade both CO2 emission futures and spot markets. The cooperation agreement will include marketing, technology and a revenue sharing agreement and is aimed at creating the leading European exchange to trade all classes of CO2 emission contracts.

http://www.forbes.com/home/feeds/afx/2005/06/24/afx2109796.html

Pollute the Rich

Feeling guilty about driving your car? If you've been ranting at too many of Clark's recent posts, then I've got a sales pitch for you...

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Now here's the fine print: it won't actually reduce the emissions from your tailpipe, or turn your gas-guzzler into a sipper. What the pass does is buy smog allowances from the Chicago Climate Exchange where companies buy and sell pollution credits. By buying up a few credits, you reduce their supply (and presumably raise their price), and you thereby indirectly reduce the amount of pollution from other people.

http://cascadiascorecard.typepad.com/blog/2005/06/pollute_the_ric.html

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http://www.terrapass.com/

Reducing Your Climate Footprint To Zero With Carbonfund.org

Carbonfund.org Makes it Simple and Affordable to Offset Business, Home and Travel Climate Footprint

(CSRwire) Washington, DC – As a socially responsible business or individual concerned about climate change, what do you do after you've changed your lighting, heating and other energy-using appliances? You are saving energy and money but are still producing pollution that causes climate change. Now you can eliminate your remaining climate footprint with Carbonfund.org. Carbonfund.org purchases and retires carbon dioxide credits for individuals and businesses, reducing CO2 and the dangers of climate change, while supporting climate-friendly projects globally.

http://www.csrwire.com/article.cgi/4099.html

MUTUAL FUND COMBATS WARMING

Pax World Funds, the mutual fund company founded in 1971 to provide socially responsible investments, has continued to expand and diversify since then to include environmental responsibility (see “Investing for the Earth,” cover story, March/April 2004). Now Pax is launching another first: It is taking direct action against carbon emissions that lead to global warming. Pax has become an associate member of the Chicago Climate Exchange, a pilot program marketplace for reducing and trading greenhouse gas emissions. (Members make electronic trades of emissions through allowances or offsets.) Pax will offset its greenhouse gas releases by purchasing CO2 credits and retiring them, equivalent to 360 tons of emissions per year.

http://www.emagazine.com/view/?2490

Joint emissions platform planned

The European Climate Exchange and Powernext Carbon plan to merge their operations to create potentially Europe's largest emissions exchange and put the combined entity in the driving seat of any further consolidation in the sector.

http://news.yahoo.com/news?tmpl=story&u=/ft/20050623/bs_ft/fto062320051721102503

Exchange & ECN News

NYSE weighs expansion into derivatives trading-WSJ

NEW YORK, June 23 (Reuters) - The New York Stock Exchange plans to consider expanding into international markets, options and other derivatives, the Wall Street Journal said on Thursday.

NYSE chief executive John Thain discussed the exchange's plans in an interview with the Journal. He predicted the number of exchanges will continue to fall world-wide as deals heat up.

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8877472&section=investing

Board Bulletin, June 2005

The Board of Directors of the Chicago Board of Trade at its regular meeting held Tuesday, June 21, 2005, took the following actions summarized in the attached document.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29052,00.html

Application for Regularity in South American Soybeans

An application has been received from Caramuru Alimentos Ltda.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29050,00.html

CME/CBOT Delivery Dates for July 2005

http://www.cme.com/clearing/clr/clradv/13678.html

ISE Weekly Listings

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=722650&highlight=

Program Trading Averaged 61.5 Percent of NYSE Volume during June 13-17

http://www.nyse.com/press/1119523107304.html

Agriculture and Currency Margins 6/23/2005

http://www.nybot.com/pdf/margins062305.pdf

Quarterly review Euronext 100 index & Next 150 index

http://www.euronext.com/news/press_releases/0,4159,1732_8275,00.html

Three new listings on Alternext, the Euronext market dedicated to SMEs

http://www.euronext.com/news/press_releases/0,4159,1732_8275,00.html

The NYSE Salutes Financial Journalist Louis Rukeyser

Friends and family of Louis Rukeyser ring The Closing BellSM on June 27, 2005.

http://www.nyse.com/events/1119523106724.html

Trading Starts 15 Minutes Earlier on 1 July 2005 [June 24,2005]

http://www.tfx.co.jp/en/newsfile/05/20050701cpitankan_e.html

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/dig062305.txt

NFA Web site availability notice:

Due to scheduled maintenance, this site will be unavailable from 10:00 pm Friday 6/24/2005 until 5:00 pm Sunday 6/26/2005.

We apologize for any inconvenience this may cause you.

http://www.nfa.futures.org/

FEDERAL COURT FREEZES ASSETS OF FLORIDA ILLEGAL OFF-EXCHANGE METALS OPTIONS FIRM AND TWO CORPORATE OFFICERS

U.S. Commodity Futures Trading Commission Charges E-Metal Merchants, Inc., Benji Dayan, And Andrew Stern With Illegal Metals Options Trading

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today that U.S. District Court Judge Joan A. Lenard entered a restraining order freezing the assets of E-Metal Merchants, Inc., a Florida corporation based in Aventura, Florida, and two of its corporate officers, Benji Dayan and Andrew Stern, both of Miami, Florida.

http://www.cftc.gov/opa/enf05/opa5089-05.htm

U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES FLORIDA FIRM COMMODITY INVESTMENT GROUP AND ITS PRINCIPALS WITH FRAUD RESULTING IN OVER $9 MILLION IN LOSSES TO CUSTOMERS

CFTC Alleges That Linda and Michael Kuhney Fraudulently Solicited Customers To Trade Commodity Options Contracts

WASHINGTON D.C. – The United States Commodity Futures Trading Commission (CFTC) announced today the filing of an enforcement action in the U.S. District Court for the Southern District of New York against Commodity Investment Group (CIG) of Ft. Lauderdale, Florida, and Linda and Michael Kuhney, both of Coral Springs, Florida, alleging fraud in the solicitation to trade commodity options. The matter has been assigned to the Honorable Harold Baer, Jr., United States District Judge. Specifically, the CFTC complaint alleges that -- since January 2001 -- CIG, through its employees, knowingly misrepresented and failed to disclose material facts to prospective and existing customers concerning commodity options trading, including the likelihood of realizing large profits, the risk of loss, and the fact that nearly all of CIG’s customers lost money trading commodity options. The complaint further charges that CIG customers lost at least $9 million.

http://www.cftc.gov/opa/enf05/opa5088-05.htm

FSA homes in on hedge fund risks

SOME British hedge funds are “testing the boundaries of acceptable practice”, the Financial Services Authority concluded yesterday in its assessment of the fast-growing industry.

Accusing some funds of insider dealing and market manipulation, the chief City regulator outlined the many regulatory risks posed by the new breed of investor.

http://business.timesonline.co.uk/article/0%2C%2C9063-1667160%2C00.html

Seoul may penalise foreign firms over derivatives

Deutsche Bank is facing three months' suspension from derivatives trading in South Korea and three other global banks are under investigation amid allegations that they did not adequately advise state-run companies about the risks involved with currency swaps and other derivative products.

http://news.ft.com/cms/s/97e5067a-e4a6-11d9-95f3-00000e2511c8.html

**** Online FT subscription required.

Business group urges SEC to hold off fund vote

WASHINGTON (MarketWatch) -- The U.S. Chamber of Commerce is urging the Securities and Exchange Commission to hold off on a scheduled vote about mutual fund governance, shortly after a U.S. court asked the SEC to review a fund rule.

http://www.marketwatch.com/enf/rss.asp?guid=%7BF753474F-FDC0-4870-8B54-31E3750A98EC%7D&dist=rss&siteid=mktw

Managed Futures - Managed Funds

Lombard: Hedge funds and crowded exits

By Martin Dickson

When the eggheads at Long Term Capital Management hedge fund started trading a decade ago, they solemnly believed that their cutting-edge financial models gave them an infallible edge.

But in the event, these Nobel Prize-winning economists were tripped up by two fundamental problems: first, their clever models did not take account of “crowded exits” – or the possibility that investors might panic and head for the door, creating wild price swings; and second, these rational models failed to recognise that seemingly unrelated assets could be linked simply by being owned by the same investors – leading to the type of “irrational” market swings that eventually destroyed LTCM.

http://news.ft.com/cms/s/2c0dd9b6-e41c-11d9-a754-00000e2511c8.html

**** Online FT subscription required.

MSCI Barra to Launch New Japanese Equity Indices for Domestic Investors

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=421

Industry Risk - Key Issues and Challenges Facing the Mutual Fund Industry

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-06-24-11050.html

Portus co-founder's 'hand in cookie jar,' says auditor

June-24-2005 - Boaz Manor allegedly tried to transfer some US$35 million in investor assets out of a Portus-related offshore company this month for his own personal use

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-06-24-10-23-53p1.htm

Legg Mason to Buy Citigroup Unit, Permal Hedge Funds (Update2) Listen

U.S. June 24 (Bloomberg) -- Legg Mason Inc. agreed to buy Citigroup Inc.'s fund unit and hedge fund company Permal Group in separate deals totaling more than $4.5 billion to become the world's fifth-biggest asset manager.

http://www.bloomberg.com/apps/news?pid=10000103&sid=a4TLOw5lVCgI

Class action discontinued against Manulife in connection with Portus Alternative Asset Management

The class action commenced against Manulife Securities International Ltd. and Manulife Financial Corporation in connection with Portus Alternative Asset Management has been discontinued.

http://biz.yahoo.com/cnw/050623/manulife_class_action.html?.v=1

Hedge funds causing concern to FSA chiefs

CITY regulator, the Financial Services Authority (FSA), yesterday announced it was increasing its "proactive market surveillance" of hedge funds, because of concern over their trading practices and their effect on financial markets.

http://business.scotsman.com/index.cfm?id=695562005

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

Interbank FX and Equis International Announce Strategic Partnership With the Launch of MetaStock Pro FX

SALT LAKE CITY, June 23 /PRNewswire/ -- Interbank FX (www.interbankfx.com) and Equis International (www.equis.com) announced today that they have formed a strategic partnership relating to the technology surrounding the launch of the MetaStock Pro FX. MetaStock Pro FX is the real-time version of MetaStock specifically created for FOREX trading. MetaStock Pro FX uses advanced charting and technical indicators to help investors analyze the FOREX market.

http://biz.yahoo.com/prnews/050623/lath072.html?.v=13

Snow Says Move to Flexible Exchange Rate Is in China's Interest

It is in China's own interest to begin a transition process toward a flexible exchange rate policy, Treasury Secretary John Snow tells a Senate committee. Snow says China's rigid currency regime has become highly distortional for China's own economy, for the economies of neighboring countries and for the global economy overall.

http://usinfo.state.gov/usinfo/Archive/2005/Jun/23-515873.html?chanlid=washfile

Orem trading tech firm bought

Global financial services giant JPMorgan Chase & Co. acquired Orem-based trading software company Neovest Holdings Inc. on Thursday in a deal that could make it a global market player. Terms of the cash transaction weren't disclosed.Under the deal, which is expected to close in the third quarter, Neovest was acquired from a group of private investors led by CCP Equity

http://www.harktheherald.com/modules.php?op=modload&name=News&file=article&sid=58069

Three provinces benefiting from commodity markets

The strongly performing commodity markets have been a boon to the Prairie provinces, although some have benefited more than others, according to a report released by the Investment Dealers Association of Canada.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29345&IdSection=16&cat=16

Gasparino: Mack In Running for Morgan CEO

http://www.msnbc.msn.com/id/8335685/site/newsweek/

HSBC seeks to be founder member of Dubai exchange

DUBAI — HSBC Holdings Plc is in talks to become a founder member of a regional stock exchange due to open in Dubai later this year, a senior regional official at the bank said.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/June/business_June509.xml&section=business&col=

Schwab needs a deal, too

A day after Ameritrade agrees to buy TD Waterhouse, investors are wondering what Charles Schwab will do. It may need to find its own partner.

http://moneycentral.msn.com/content/P121512.asp

TD Ameritrade workforce likely to be cut by one-third in two years, CEO says

TORONTO (CP) - The combined workforce of TD Waterhouse U.S.A. and Ameritrade Holding Corp. is likely to be cut by one-third within two years of their merger, says the designated CEO of the new organization.

http://news.yahoo.com/news?tmpl=story&u=/cpress/20050623/ca_pr_on_bu/td_ameritrade_1

Globeinvestor.com: TD, Ameritrade CEOs a brokerage odd couple

Effusive doesn't begin to describe Joe Moglia. Two days ago, during a conference call to unveil his company's $2.5-billion (U.S.) deal with TD Waterhouse, an analyst jokingly thanked the Ameritrade Holding Corp. chief executive officer for not cursing him in Italian after he asked a question.

http://www.globeinvestor.com/servlet/ArticleNews/story/GAM/20050624/RTD24

Other Voices

Today’s Other Voices contribution is a recap of this week’s QWAFAFEW Chicago meeting at the CBOE:

Chicago, IL June 22, 2005 - On June 21st ninety people gathered in Chicago to hear a panel discussion on the topic "Opportunities in New Exotic Financial Instruments - Closed-end Funds, Hedge Funds and Structured Products." This is a topic of growing interest in that individuals and portfolio managers recently have invested tens of billions of dollars in such instruments in order to boost their risk-adjusted returns or diversify their portfolios.

The panelists for the meeting were (1) Mr. Keith A. Styrcula, Chairman of the Structured Products Association, and VP, JPMorgan Chase Equity Derivatives; (2) Mr. John Larkin, Managing Director, HFR (Hedge Fund Research) Asset Management, and (3) Mr. Paul C. Williams, Managing Director. Nuveen Investments. The moderator for the evening was Mr. Matt Moran, VP, CBOE, and a member of the Chicago QWAFAFEW steering committee.

KEY TOPICS COVERED

Among the topics covered at the meeting were the following:

Many investors recently have explored opportunities in new financial instruments such as certain closed-end funds, hedge funds and structured products, which recently have attracted billions of dollars in new investments. Bullishness was expressed on the potential for future growth in these products. One of the factors that is driving this growth is the fact that many investors are dissatisfied with the recent performance and yield on “traditional” financial investments such as stocks (e.g., the DJIA, Russell 2000 and Nasdaq Composite indexes are all down this year) and traditional long-term fixed income instruments (e.g., the recent yield on 10-year Treasury notes has hovered around 4%).

There has been work on a certificate of deposit linked to a hedge fund index, with 7-year maturity, 100% principal protection, FDIC-insurance up to $100,000, investor suitability requirement, and an investment

minimum: of $50,000 (or $25,000 for an RIA).

There also has been work done on a hedge fund index short share class.

The number of closed-end funds doing covered call writing is expected to rise from zero in June 2004, to 25 in July 2005. Such funds have raised more than $10 billion in the past year, and there is potential for much more growth in the future. Investors are looking for 8% to 10% yield with such funds (which can under perform when stocks do well).

The approximate market share breakdown of investors in closed-end funds is 95% individual investors and 5% institutional investors.

The Structured Products Association is working on fostering more innovation and best practices.

U.S. investors are accustomed to taking on investment risk and usually do not ask for the principal protection feature in structured products, whereas European investors and regulators often request the principal protection feature in structured products.

Marketing efforts for structured products in Europe have been very successful.

In regard to tax efficiency of structured products in the U.S., upside products can be pretty tax-efficient, but products with downside principal protection can be tax-inefficient in the U.S. because of issues such as phantom income and OID. European products with downside principal protection can be tax efficient under European tax laws (all investors should check with tax counsel for tax advice).

John's Comments

FOWeek Headlines Issue 1025 27-Jun-2005

• Justice Department gets on TT’s case

• SGX to develop OTC clearing for commodity derivatives

• Arcades roll up a new template http://www.fow.com/articles/foweek_article.asp?storyCode=3497

• CBOE hires Goldman Sachs

• Eurex US ready for FX price war

• No cross-listing in Eurex, OSE deal

• Refco pays $208m for Cargill Investor Services

• Screen sparks IPE Brent fund interest

• VDM acquires Curvalue

• Bruce’s circle of Liffe

FOW Latest Issue Issue 410 01-Jul-2005

• Hitting the jackpot http://www.fow.com/articles/fow_article.asp?storyCode=3449

• A magnet for growth

• Attracting retail

• CFTC chairman appointed

• China’s futures

• Coal derivatives

• Credit derivatives

• Deuce?

• Emerging European equities

• Exchanges challenge BIS OTC claims

********

No statistics today.

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.
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