July 1, 2005

 

Lead Stories

 

JUNE 2005 BIGGEST VOLUME MONTH IN NYBOT’S 135-YEAR HISTORY

New York, NY, July 1, 2005– The month of June ), with (NYBOT2005 was the busiest month ever for the New York Board of Trade combined monthly trading volume reaching an unprecedented 3,878,067 contracts, surpassing the previous volume record of 3,611,479 futures and options contracts set in June 2004.  At the half-way mark in 2005, the Exchange is now running 13.2% ahead of the first half of the record year of 2004.   A total of 19,124,761 futures and options have been traded year-to-date (YTD).

http://www.nybot.com/releases/pressRelease.asp?releaseID=897

 

Dangers Abound In Hedge Fund Trading

NEW YORK - The Bank of England and other regulators are concerned about the risks developing over control of the $8 trillion credit derivatives market that the proliferating hedge fund industry is using in their daily trading and investment decisions.  This market, which is an early warning system for global credit defaults, has been growing at a 50% annualized rate without the proper infrastructure to insure against the potential risk of a nasty and disorderly shock.  Regulators in England, as well as in the U.S., are concerned that with the increasing speed and complexity of hedge fund trading, the system will be unable to keep up. Indeed there is a growing--and some believe dangerous--trend of many trades being executed with little more than the equivalent of an electronic handshake. With the paperwork expected to follow as much as days later, there is a potential for a breakdown approaching the scale of the Long-Term Capital debacle that all but crushed Wall Street in 1998.

http://www.forbes.com/business/services/2005/06/30/england-hedge-funds-derivatives-cz_rl_0630england-LHS.html

 

CBOT Commends the Appointments of CFTC Chairman and Commissioner

The Chicago Board of Trade today congratulated Reuben Jeffery III and Walt Lukken on the Senate's vote confirming their nominations as Chairman and Commissioner of the Commodity Futures Trading Commission, respectively. 

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29172,00.html

 

CME June daily volume up 34% over last year 

(Reuters) — Chicago Mercantile Exchange, the largest U.S. futures exchange, said on Friday that trading volume for June was 4.2 million contracts per day, up 34 percent from a year earlier. Average daily volume for June was up from the 3.2 million last year and 4.0 million contracts in...  

http://chicagobusiness.com/cgi-bin/news.pl?id=16992

 

CME Second-Quarter Average Daily Volume Reached Record 4.4 Million Contracts, Up 33 Percent from Last Year; Monthly Volume in June Reached 4.2 Million Contracts per Day

CME® Globex® Second-Quarter Volume Increased 82 Percent from 2004; Electronic Volume in June Averaged 3.0 Million Contracts per Day, Representing 71 Percent of Total

http://www.cme.com/about/press/cn/05-91June2005Volume13808.html

 

NYMEX Europe Appoints Roy Leighton as Chairman

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050630a

 

SEC warns investors on Internet 'auto-trading'

U.S. market regulators warned investors on Friday to be wary of a new type of online investment vehicle and filed civil fraud charges against a small Internet investment advisory firm called Terry's Tips Inc.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050701/pl_nm/financial_sec_terrystips_dc_1

 

Majority of MTS Shareholders Approve Alternative Offer

eSpeed, Inc. , a leading developer of electronic marketplaces and related trading technology for the global capital markets, today announced that it had been informed by Societa per il Mercato dei Titoli di Stato -- Borsa Obbligazionaria Europea S.p.A that a majority of MTS shareholders had voted to accept an alternative offer to acquire a majority interest in MTS.

http://biz.yahoo.com/bw/050701/15314.html?.v=1

 

Nymex admits its London struggle

By Kevin Morrison

The New York Mercantile Exchange conceded on Thursday that establishing a strong presence in the Brent crude futures market in London was becoming more difficult as it awaited regulatory approval, while volumes continued to rise at its electronic rival, the International Petroleum Exchange.

http://news.ft.com/cms/s/13eb3dc2-e97d-11d9-ba15-00000e2511c8.html

 

FSA cracks down on forex margin trading

High pressure tactics to push poorly informed investors into risky foreign exchange margin trading are illegal as of today. The prohibition is just one measure taken by the Financial Services Agency in toughening regulations governing foreign exchange margin trades.  The changes come after numerous complaints from people pressured into entering contracts without a full understanding of the risks.  Investors can trade more than 2 million yen in foreign currencies by depositing only 100,000 yen.

http://www.asahi.com/english/Herald-asahi/TKY200507010151.html

 

Mack Returns to Run Morgan Stanley, Vows to Fix It

NEW YORK (Reuters) - John Mack returned triumphantly to Morgan Stanley on Thursday as chairman and chief executive and immediately declared his intention to fix some of the firm's poorly performing businesses.

http://today.reuters.com/news/newsArticleSearch.aspx?storyID=77092+01-Jul-2005+RTRS&srch=mack

 

Turnover on German Stock Exchanges 33 Percent up Year-on-year

€335 billion in turnover on German stock exchanges in June/ More transactions on Xetra in H1 2005/ Exchange Traded Funds turnover increased 75 percent year-on-year

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_010705.htm

 

Bush Formally Nominates Cox As SEC Chair

Bush Formally Nominates Rep. Christopher Cox As SEC Chairman

http://abcnews.go.com/Business/wireStory?id=899379&CMP=OTC-RSSFeeds0312

 

Bush Names Glassman Acting SEC Chair

President George W. Bush Thursday named Securities and Exchange Commissioner Cynthia Glassman as acting SEC Chairman.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050630/ap_on_bi_ge/sec_chair_4

 

CBOT Reparat Sonitem

 

CBOT seat price hits $2 million on merger mania

CHICAGO, June 30 (Reuters) - A full membership seat at the Chicago Board of Trade sold for $2.0 million on Thursday, according to exchange data, up from previous highs of $1.9 million a day earlier.

Full seats are now bid at $1.915 million and offered at $2.125 million.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh66409_2005-06-30_16-29-51_n30548427_newsml

 

NYSE may be able to compel CME to reveal CBoT plans

http://www.fow.com/articles/foweek_article.asp?storyCode=3524

 

Over 1 Million Open Interest in CBOT Fed Funds

The Chicago Board of Trade (CBOT®) today announced that CBOT 30-Day Fed Funds options open interest reached an all-time record of 1,041,977 contracts on June 29, surpassing the one million mark for the first time.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29152,00.html

 

CBOT Average Daily Volume Climbs 14.8 Percent to New Quarterly Record

June average daily volume increases 18.5 percent from last year

CHICAGO, July 1, ) announced today that Exchange-wide2005 — The Chicago Board of Trade (CBOT average daily volume climbed to a new record in the second quarter.  Average daily volume rose to 2,889,059 contracts in the quarter ended June 30, up 14.8 percent from the same period last year.  Total volume in the quarter also reached a record 184,899,800 contracts, up 16.6 percent from the same period in 2004.

www.cbot.com

 

Environmental Trading News

 

David Bornstein: Terrapass

WorldChanging Guests

David Bornstein is the author of How to Change the World.

If you drive a 1995 GMC Yukon K1500 four wheel drive -- rated at 12/16 city/highway miles per gallon -- and like the average American travel 12,000 miles a year your "number" would be 16,766 and your price would be $79.95 a year. By contrast, if you drive a 2005 Honda Insight with a manual transmission rated at 61/66 city/highway mpg, your number is a mere 3,698 and your price would be only $29.95 a year.

http://www.worldchanging.com/archives/003005.html

 

Exchange & ECN News

 

Clearing Corp Partners With Exchange Systems Technology to Offer Back-Office Solutions, and more

The Clearing Corporation (CCorp) and Exchange Systems Technology (Exchange Sys) have agreed to provide derivatives marketplaces with an integrated back-office clearing, settlement and risk-management system.

http://www.wstonline.com/showArticle.jhtml?articleID=164904189

 

CBOT Fed Funds June Settlement

The CBOT 30-Day Fed Fund futures contract for May 2005 will be cash settled this morning at a final settlement price of 96.997.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+19856,00.html

 

CBOT Add Month Notice, June 29, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29160,00.html

 

CBOT Dow Jones Strike Price Notice, July 01, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29166,00.html

 

CBOT Strike Price Notice, July 01, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29159,00.html

 

Clearing and Bookkeeping Processing for CME Auction Markets

http://www.cme.com/clearing/clr/clradv/13810.html

 

Exchange Appoints Vice President of Market Data Services 

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050630b

 

NYSE Seat Sells for $2,410,000

http://www.nyse.com/press/1120214369124.html

 

Program Trading Averaged 76.3 Percent of NYSE Volume during June 20-24

http://www.nyse.com/press/1120128532486.html

 

NYSE Seat Sells for $2,410,000

http://www.nyse.com/press/1120128534516.html

 

NYSE Announces Third-Quarter 2005 Circuit-Breaker and Trading-Collar Levels

http://www.nyse.com/press/1120128533828.html

 

CBOE and CFE Trading Schedule for Independence Day Holiday

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=20050624b.doc

 

LEAPS Conversion Schedule for Cycle 3 Options

http://www.cboe.com/tradtool/symbols/LEAPS/TP06-30.pdf

 

Six new listings on Euronext markets in one week

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

 

Eurex Introduces Future on Swiss Mid-cap Equity Index SMIM

Joint Press Release of Eurex and SWX

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_eurex_010705.htm

 

Next NYSE Holiday - July 4, 2005

The NYSE will be closed on Monday, July 4, 2005, in honor of Independence Day.

http://www.nyse.com/about/1022963613686.html

 

SEC Sues Online Adviser for Conduct Involving "Auto-Trading"

http://www.sec.gov/news/press/2005-98.htm

 

Instinet Group Completes Sale of Lynch, Jones & Ryan, Inc. to The Bank of New York

Instinet Group Incorporated , the largest global electronic agency securities broker, announced today that it has completed the previously agreed sale of Lynch, Jones & Ryan, Inc. , an Instinet subsidiary, to The Bank of New York for $174 million in cash.

http://biz.yahoo.com/bw/050701/15234.html?.v=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/dig063005.txt

 

Federal Court Enters Judgments Against Michigan & New Jersey Residents and Two Panamanian Companies In Marquis Commodity Pool Fraud Case; Defendants Ordered to Pay More than $2.5 Million in Restitution and Penalties

http://www.cftc.gov/opa/enf05/opa5096-05.htm

 

Western Gas settles pricing allegation

Western Gas Resources will pay $5.95 million to settle allegations that it manipulated the prices of natural-gas futures on the New York Mercantile Exchange.

http://www.denverpost.com/business/ci_2834029

 

Preliminary Injunction Entered Preventing Florida Trading Firm — United Investors Group & Five Employees — From Violating Federal Commodity Law

http://www.cftc.gov/opa/enf05/opa5095-05.htm

 

MADIGAN: MANAGER OF IROQUOIS COUNTY GRAIN ELEVATOR CHARGED WITH FALSIFYING RECORDS RELATED TO TRADING ON FUTURES MARKET

Chicago –Attorney General Lisa Madigan today announced that charges have been filed against the manager of a former Iroquois County grain elevator relating to his alleged unauthorized trading on the Commodities, Futures and Options Market.  Madigan today charged Cameron Charles, manager of the former Watseka Farmers Grain Company Cooperative, with two counts of Violation of the Record Keeping Provision and one count of Destruction of Records, all Class 2 felonies punishable by three to seven years in the Illinois Department of Corrections (IDOC). To cover up his fraudulent futures trading practices, Charles allegedly presented falsified records to the Illinois Department of Agriculture (IDOA) during a 2004 audit and destroyed records that he was required to keep for two years.

http://www.agr.state.il.us/newsrels/r0630051.html

 

Illinois Resident Cameron Charles Charged with Defrauding His Employer, Watseka Farmers Grain Co. Cooperative 

http://www.cftc.gov/opa/enf05/opa5094-05.htm

 

NASD Announces Nomination Procedures for Regional Industry Member Vacancies on the National Adjudicatory Council; Nomination Deadline: August 1, 2005

http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5

 

Agency Securities Lending Disclosure Initiative

http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5

 

OSC approves distribution plans for $205.6 million fund probe settlement

Investors to receive payments sooner

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29490&IdSection=8&cat=8

 

Company and chief executive committed fraud and misrepresentation

http://www.bcsc.bc.ca/release.asp?id=2622

 

NASD fines BofA Investment Services $90K

NASD has censured and fined 20 securities firms, including Banc of America Investment Services Inc., a total of $1.65 million for late or inaccurate reporting of municipal-securities transactions.

http://www.bizjournals.com/charlotte/stories/2005/06/27/daily40.html?from_rss=1

 

NASD fines Raymond James for municipal trade reporting violations

Raymond James & Associates Inc. was fined $90,000 in a crackdown by regulators on reporting of municipal securities transactions.

http://www.bizjournals.com/tampabay/stories/2005/06/27/daily45.html?from_rss=1

 

Managed Futures - Managed Funds

 

First a toast -- then a knock at the door

Paul Eustace held a celebratory dinner last week at a restaurant near his home in Oakville, Ont. A colleague at Philadelphia Alternative Asset Management Co. rose to toast Mr. Eustace and his success, to the applause of other diners.  There seemed much to toast.  Mr. Eustace could boast that one of his hedge funds, which played on commodity prices, was up 18 per cent so far this year. The $230-million (U.S.) hedge fund group, known as PAAM, had recently welcomed substantial new investments -- more than $200,000 (Canadian) -- from several families living in the affluent enclave near the Oakville lakefront west of Toronto.

Now, those who raised a glass to their colleague and friend are wondering just what they were celebrating. U.S. regulators allege Mr. Eustace faked his performance figures over several years, hiding the fact that he had actually lost more than half his fund's assets on futures and options trades.  The Commodity Futures Trading Commission also alleges that Mr. Eustace used these faked performance figures, which masked more than $140-million (U.S.) in losses, while attempting to attract new money into a fund that didn't even exist.

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050701/RPHILLY01/TPBusiness/Canadian

 

CFTC Gets Restraining Order Against Pa.-Based Hedge Fund

KING OF PRUSSIA, Pa. (HedgeWorld.com) - A Canadian man who ran a hedge fund based outside Philadelphia has seen the assets of his firm seized and handed over to a court-appointed receiver after the Commodity Futures Trading Commission convinced a federal judge that the firm had defrauded investors in three pooled funds it managed.

http://www.blackenterprise.com/yb/ybopen.asp?section=ybbf&story_id=74771745&ID=blackenterprise

 

Regulators seek Ontario hedge fund manager

An Oakville, Ont., man has been running a fake hedge fund, a U.S. regulator alleges, and stands accused of hiding $140-million (U.S.) in losses in two other funds.  A U.S. federal court has frozen the assets of Philadelphia Alternative Asset Management Co. LLC and its president, Paul Eustace. And yesterday, the Ontario Securities Commission sent a senior enforcement officer to his quiet neighbourhood in an attempt to serve legal papers.  Mr. Eustace was not at his home when the OSC official arrived. He could not be reached for comment by a reporter.

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050630/RHEDGE30/TPBusiness/Canadian

 

Public-Offering Hopefuls Can Take Heart: Altin Stock Tracks NAV

NEW YORK (HedgeWorld.com) - After trading at a significant discount to net asset value for years, the shares of Altin AG, a fund of funds listed on the London and Switzerland stock exchanges, are now priced almost at NAV.  The upturn may be due to measures instituted by the fund's board of directors to align the price with asset value. Strong performance in 2004 is another likely reason. The fund returned close to 12% last year, beating fund of funds indexes by wide margins.

http://www.blackenterprise.com/yb/ybopen.asp?section=ybem&story_id=74771742&ID=blackenterprise

 

Schindler Trading Performance as of June 30, 2005

http://www.schindlertrading.com/index.php?page=performance

 

Hedge funds: a wild quarter

Hedge funds -- those famously publicity-shy investment pools targeted at wealthy individuals, institutions, and increasingly, public pension plans -- were the talk of Wall Street in the second quarter, when rumors of a major fund's collapse raced through financial markets.

http://money.cnn.com/rssclick/2005/07/01/markets/hedgefunds/index.htm?section=money_latest

 

INSTITUTIONAL INVESTORS ALPHA MAGAZINE TO HONOR BEST HEDGE FUND SERVICE PROVIDERS AT GALA EVENT IN SEPTEMBER

New York - New York - Institutional Investors Alpha magazine is conducting its first survey of the hedge community to rank the best prime brokers, hedge fund administrators, law firms and accountants who serve hedge funds. The top three firms in various service categories will be honored at a gala awards dinner to be held on Thursday, September 29, 2005 at Capitale Restaurant in New York City.

http://www.dbusinessnews.com/shownews.php?type_news=latest&newsid=33398

 

Alternative Investment News Announces Hedge Fund Industry Award Winners

New York - New York - Alternative Investment News, a publication of Institutional Investor News, is pleased to announce the winners of its third annual Hedge Fund Industry Awards. Taking top honors this year is Maverick Capital, which has been named Hedge Fund Leader of the Year. Maverick introduced several initiatives that were novel for the hedge fund industry including longevity sweetners for

http://www.dbusinessnews.com/shownews.php?type_news=latest&newsid=33408

 

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

 

Calyon expands derivatives access

Calyon Financial, the Chicago-based brokerage arm of Calyon Corporate, has picked Trading Technologies to add to its client conncectivity options following demand from hedge funds. In a software licensing agreement, TT will provide its front-end architecture, as well as API and FIX solutions that allow clients to customise their trading systems and improve to access and execution on derivatives markets.

http://www.bankingtech.com/ipi/bankingtech/indextemplate.jsp?pageid=article&contentid=20017305725

 

 

***** Recuse me not, recuse me, recuse me not.

 

Electronic Trading Newsflashes: TradingScreen Raises $12 Million in Third Round of Venture Capital and more

TradingScreen -- a provider of multiasset trading platforms -- secured an additional $12 million in a series C funding led by European technology investor Net Partners Ventures, the company announced this week.

http://www.wstonline.com/showArticle.jhtml?articleID=164904257

 

Crawford and Cruz Resign Board Seats, Continue As Co-Presidents of Morgan Stanley

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=426

 

John Mack Elected Chairman and CEO of Morgan Stanley

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=424

 

Business feels technology's influence

The world is instantly at your fingertips with the Internet (No. 4). Surfing the Web on your personal computer (No. 9) has become as commonplace as making a phone call. From the comfort of our homes, we can now shop, bank, learn and communicate.

http://www.cnn.com/2005/US/07/01/cnn25.top.financial/index.html?section=cnn_latest

 

Industry Risk - US Treasury Releases Report on Terrorism Risk

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-01-11088.html

 

Trading In the Ether

Tepid worldwide equity markets and expansion of international trade have spurred growth in all forms of financial exchange. That growth, in turn, has fueled greater need for and development of electronic trading technologies for financial services companies offering foreign exchange (FX) services, according to Octavio Marenzi, CEO of New York-based consultancy Celent Communications.

http://www.banktech.com/showArticle.jhtml?articleID=165600009#_

 

Boca protects financial systems

Cities in south Palm Beach County already were taking extensive precautions to protect their financial information, so they're not planning extra measures in case of another busy hurricane season.

http://www.sun-sentinel.com/news/local/palmbeach/sfl-bc01preparejul01,0,5500831.story?coll=sfl-news-palmcomm

 

John's Comments

 

CBOT Survey Results So Far

 

www.johnlothiannewsletter.com/cbotquestion.htm

 

	Count	Percentage
Archipelago/NYSE	71	28.51%
Blackstone Group	16	6.43%
Caledonia Investments	12	4.82%
CBOE	23	9.24%
CME	137	55.02%
Eurex	69	27.71%
Euronext.liffe	67	26.91%
GTCR Golder Rauner LLC	57	22.89%
NYMEX	38	15.26%
Unidentified Private Equity Group	39	15.66%
Other	13	5.22%

 

********

 

FOWeek Headlines   Issue 1026  04-Jul-2005

 

• CBoT in play as rumour mill goes into overdrive

• CME slates European competitors at exchange heads’ discussion

• EST builds cross-asset class business with equities buy

• European exchanges look to extended hours

• NYSE may be able to compel CME to reveal CBoT plans http://www.fow.com/articles/foweek_article.asp?storyCode=3524

• OptionsXpress expands Australian options

• CBoT members against the grain on ‘CME bid’

• C-Corp and Nymex reaching into OTC clearing business

• CIS purchase boosts Refco’s grid position

• FCM landscape still shifting

 

 

*******

 

Brent Crude Watch

 

IPE Brent Volume: 163,919

NYMEX Brent Crude Volume: 14,023

NYMEX Percent of Total Volume: 7.88%

 

********

 

Chicago Electronic Trading Scorecard for June 30, 2005

 

Percent Electronic

 

CBOT: 64.29%

CME: 73.02%

CME Eurodollars: 84.32%

CME Live Cattle: 1.47%

CME Currency Products: 85.12%

CBOT Soybeans: 4.04%

 

CBOT Options: 5.64%

CME Options: 4.27%

 

Volume 

 

OneChicago Volume: 5136

Eurex US Volume: 3149

Euronext.liffe Eurodollar Volume: 12,928

CBOE Futures Exchange Volume: 222

 

Market Share

 

CBOT 100 oz. Gold Volume: 1592

NYMEX 100 oz. Gold Volume: 44,553

CBOT Share: 3.45%

 

CBOT 5000 oz. Silver Volume: 395

NYMEX 5000 oz. Silver Volume: 27691

CBOT Share: 1.41%

 

CBOT Mini Gold Volume: 520

CBOT Mini Silver Volume: 818

 

CME Emini Russell 1000 (100X) Volume: 2398

Eurex US Mini Russell 1000 (100X) Volume: 406

NYBOT Mini Russell 1000 (50X) Volume: 3254

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 96,199

Eurex US Mini Russell 2000 Volume: 2612

CFE Mini Russell 2000 Volume: 73

 

Notes: The CME traded 192 Lean Hogs on Globex yesterday.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .78%

Liffe/CME: .66%

 

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.

 

Futures and options trading involve risk.  Past results are no indication of future performance.

 

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