July 5, 2005

 

Lead Stories

 

Newly merged association to represent international securities firms

International Capital Market Association

The International Capital Market Association has been formed from the merger of the International Primary Market Association and the International Securities Market Association.  The deal was first announced back in February. The new ICMA is the self-regulatory organization and trade association representing the investment banks and securities firms issuing, trading and dealing international securities worldwide.  The combined organization “has the mandate to represent the capital markets, with the object of maintaining and developing an efficient and cost effective international market for international capital.”

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29505&IdSection=5&cat=5

 

IPMA And ISMA merge to create International Capital Market Association (ICMA)

http://www.icma-group.org/news1/press.Par.0041.ParDownLoadFile.tmp/ICMA0501%20-%20%20IPMA%20And%20ISMA%20%20merge%20to%20create%20International%20Capital%20Market%20Association%20(ICMA)%20final.pdf

 

Hedge fund 'wannabes' blasted

THE vast majority of hedge fund managers are wannabes, has-beens and never-weres, and incapable of generating the market-busting, double-digit returns that investors are led to believe, major research by top consultant KPMG has found.

http://www.thisislondon.co.uk/news/business/articles/timid401962?source=This%20is%20Money

 

Quality hedge funds in low supply

There is no shortage of capacity in hedge funds and fund of funds in spite of the sums of money going into the sector, with only about 15 per cent of funds at their limit.

http://news.ft.com/cms/s/cabfacd4-ec27-11d9-9796-00000e2511c8.html

 

Bet big, or lose your shirt

Single stock futures are steadily overtaking warrants as the drug of choice for those in search of investment thrills.  Stories abound of individuals making profits of 50% or even 100% on single stock futures (SSFs) over two or three days, but less well told are the stories of investors nursing monstrous losses over a similar time frame.  A SSF is a futures contract on an individual share, and there are about 176 JSE Securities Exchange-listed stocks on which SSFs are issued. Like most futures contracts, SSFs expire every March, June, September and December, which makes them popular with short-term traders.   Each SSF contract entitles the holder to acquire 100 of the underlying shares at the price quoted on the day of purchase, for settlement in any one of these four months. Very few traders hold SSFs this long as they are not interested in buying the underlying shares. They want to profit from very short-term moves in share prices, and it’s not uncommon for shares to move 10% in a week or two, which can translate into a 100% profit (or loss) for the SFF trader.  Allan Thompson, director of equities and derivatives trading at the JSE, says SSF volumes have trebled in the past two years, with upwards of 120 000 contracts trading per day. 

http://www.mg.co.za/articlePage.aspx?articleid=244424&area=/insight/insight__economy__business/

 

London Stock Exch. dips on Euronext bid concern

LONDON, July 4 (Reuters) - Shares in the London Stock Exchange (LSE.L: Quote, Profile, Research) slipped on Monday, dented by concern that a possible bid from suitor Euronext (ENXT.PA: Quote, Profile, Research) may be derailed by tough conditions imposed by the UK competition authority.  Concern was triggered by a Financial Times report that Euronext had warned some of its shareholders privately that UK regulators could impose conditions that could force it to scrap any offer it was considering to buy the London Stock Exchange

http://news.reuters.com/newsArticle.jhtml?type=topNews&storyID=8966446

 

US' biggest eyeing India 

JULY 1:  The Chicago Mercantile Exchange, the biggest US futures market, will explore the ‘fertile ground’ of China and India as areas of expansion for the exchange, Chief Executive Craig Donohue said today.

“India and China could be fertile ground in coming years,” Donohue said at a meeting with journalists in London. “Asia offers a tremendous opportunity over the next 10 to 15 years.”

http://www.financialexpress.com/latest_full_story.php?content_id=95422

 

NCDEX to launch brent crude, furnace oil futures 

MUMBAI, JULY 3:  The National Commodity & Derivatives Exchange (NCDEX) will soon launch futures trading in Brent crude oil and Furnace Oil. The exchange has submitted the contracts to the Forward Markets Commission (FMC) for approval. 

http://www.financialexpress.com/fe_full_story.php?content_id=95531

 

IPR to make or break Indian commodity derivatives 

SANGITA SHAH:  Intellectual property rights (IPR), a holy cow in the developed world and now fast spreading among the developing countries, is getting a new connotation in the commodity futures market. 

http://www.financialexpress.com/fe_full_story.php?content_id=95532

 

Feds crack down on Boca-area boiler room securities fraud

The federal government has launched a crackdown on boiler room securities fraud in the Boca Raton area, filing four lawsuits in the past seven weeks.  The Commodity Futures Trading Commission (CFTC) filed the most recent lawsuit last week against Boca Raton broker Jeffrey Paul Jedlicki and four other salesmen for allegedly using high-pressure telephone calls to swindle 924 people in the U.S., Canada and United Kingdom out of $17.1 million in investments during a three-year foreign currency trading scam.

http://www.bocaratonnews.com/index.php?src=news&category=Local%20News&prid=11979

 

Euronext warns of conditions on LSE bid - report

LONDON (AFX) - Euronext NV is concerned that the UK Competition Commission will impose conditions on any offer it makes for London Stock Exchange PLC, the Financial Times reported, without naming its source.

http://www.iii.co.uk/news/?type=afxnews&articleid=5342309&subject=companies&action=article

 

RPT Euronext's Theodore sees MTS deal earnings enhancing from 2006

PARIS (AFX) - The acquisition of a majority stake in bond trading platform MTS will have a positive effect on Euronext NV's results from 2006, Euronext chief executive Jean-Francois Theodore said in a report to appear in tomorrow's edition of Le Tribune newspaper.

http://www.iii.co.uk/news/?type=afxnews&articleid=5342172&subject=companies&action=article

 

Deutsche Boerse CEO List A Positive Step

1403 GMT [Dow Jones]--Deutsche Boerse (DB1.XE) receiving a first list of potential CEO candidates from recruitment consultants is positive, says M.M. Warburg analyst Joern Kissenkoetter, as it represents a step toward returning focus to operations and strategy, rather than personnel issues.

http://www.newratings.com/analyst_news/article_904248.html

 

CBOT Reparat Sonitem

 

Planning for the Futures

By Kopin Tan  Published: July 5, 2005 

TRADERS AT THE Chicago Board of Trade spend all day gauging future prices of Treasury notes and agricultural commodities from corn to soybeans. But these days, another appraisal lurks closer to their own hearts.  As the member-owned exchange begins to morph into a for-profit business, it has been preoccupied with valuing its 157-year-old futures market — and finding the best way to harvest that value for members. The exchange told regulators on June 22 that it plans to sell an undisclosed number of shares, each priced between $33 and $36, in a $150 million public offering. Six days later, the CBOT announced it had received "unsolicited expressions of interest" from unnamed parties that reportedly include its crosstown rival, the Chicago Mercantile Exchange (CME).

http://www.smartmoney.com/barrons/index.cfm?story=20050705

 

CBOT traders' choice: Sell or float?

Members weigh lucrative options

By Kate Ryan

While Chicago Board of Trade executives juggle buyout offers and a planned initial public offering of stock, the final decision on the 157-year-old exchange's future belongs to its members.

A sale of the Board of Trade (CBOT) would require the approval of its 3,600 members, who last month greenlighted a plan to float about 9% of the company in a $150-million initial public offering, valuing the exchange at roughly $1.7 billion, or $33 to $36 a share.

http://chicagobusiness.com/cgi-bin/news.pl?id=17003

 

Environmental Trading News

 

Climate Exchange says trading activity picking up on European exchange

LONDON (AFX) - Environmental investment company Climate Exchange PLC said activity on the European Climate Exchange (ECX), one its main investments, has picked up in recent weeks with 1.15 mln trades today. It has now traded over 10 mln tonnes of CO2 futures contracts since its launch last April.

http://www.iii.co.uk/news/?type=afxnews&articleid=5344076&subject=companies&action=article

 

Exchange & ECN News

 

Eurex June contracts volume hits new monthly record of 126 mln

FRANKFURT (AFX) - German-Swiss derivatives exchange Eurex said it saw around 126 mln contracts traded in June, a new monthly record and up around 34 pct from 94 mln contracts in the year-earlier period.

http://www.forbes.com/markets/feeds/afx/2005/07/05/afx2122604.html

 

Record Trading Month on Eurex with Turnover of Around 126 Million Contracts

First six months close at a new high of approximately 640 million contracts/ Record turnover in Bund, Bobl and Schatz futures

http://www.eurexchange.com/about/company_info/press_releases/news_pressreleases_421.html

 

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

 

CBOT Average Daily Volume Climbs 14.8 Percent to New Quarterly Record

June average daily volume increases 18.5 percent from last year

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29173,00.html

 

CBOT and CME report record volumes

All Financial Times NewsThe Chicago Mercantile Exchange and Chicago Board of Trade posted record trading volumes in the second quarter, underscoring how the two largest US futures exchanges continue to benefit from rapid growth of electronic derivatives trading

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=FT&Date=20050703&ID=4937092

 

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

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

 

Chicago Mercantile Exchange Holdings Announces Date of 2Q05 Earnings Release, Conference Call

http://www.cme.com/about/press/cn/05-922Q05ReleaseDate13839.html

 

CBOE JUNE VOLUME SURGES 39%; Biggest Monthly Year-To-Year Gain In 2005

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=20050701.doc

 

Position Adjustment Deadlines for the August 2005 Metal and Energy Contracts

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm263&archive=2005

 

Euronext June share trades up 32.2 pct; derivatives up 18 pct

PARIS (AFX) - The number of share transactions on Euronext NV's markets soared 32 pct to 12.676 mln in June from a year earlier, while trades of derivatives products on Euronext.liffe climbed 18 pct to 59.2 mln, the company announced.

http://www.sharewatch.com/story.php?storynumber=73112

 

11 IPOs on Euronext’s markets

Euronext.liffe Euribor trades record month

Amsterdam, Brussels, Lisbon, London, Paris, 4 July 2005 - 13.2 million transactions were completed on Euronext’s cash markets in June 2005, up nearly 30% on June last year.

During the first six months of 2005, over 76 million cash transactions were registered on Euronext, up 2.8% on the same period in 2004. This represents an average of 602,000 transactions per day.

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

 

Expert Commission, Indices Committee

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

 

National Society Daughters of the American Revolution Visits the NYSE

Knickerbocker Chapter of Manhattan Vice Regent Suzanne Chase Osborne rings the Closing BellSM on July 5, 2005.

http://www.nyse.com/events/1120559777949.html

 

OMX Exchanges Statistics January-June 2005

STOCKHOLM, Sweden, July 01, 2005 (PRIMEZONE) -- - Average daily share turnover amounted to EUR 2 924 (2775) million. - The turnover rate was 142 (131) percent. - The average daily derivative trading turnover amounted to 472 373 (514 874) contracts. - The number of listed companies amounted to 683 at the end of June (end 2004:685). - The number of members amounted to 147 at the end of June (end

http://au.biz.yahoo.com/050701/21/56b5.html

 

TSX Group To Announce Financial Results For Q2 2005 On July 26, 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=53827

 

Dow Jones Indexes And Bahrain Stock Exchange Launch Dow Jones Bahrain Index

http://www.exchange-handbook.co.uk/news_story.cfm?id=53821

 

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/dig070105.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

 

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

 

Lawyers concerns over FSA fine on Citigroup

The decision by the Financial Services Authority to impose a £13.9m fine on Citigroup (NYSE:C) this week over controversial bond trades has serious implications for other banks operating in the City of London with large trading operations, a leading law firm has warned.

http://news.yahoo.com/news?tmpl=story&u=/ft/20050703/bs_ft/fto070320051730251928

 

SEC Approves Amendments Relating to Taping Rule "Opt Out" and Exemption Provisions; Effective Date: August 1, 2005

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

 

SEC Votes To Adopt Securities Act Rule Reform and Shell Company Regulations; Considers Matters Remanded by Court of Appeals

http://www.sec.gov/news/press/2005-99.htm

 

FSCO to enhance risk-based regulatory approach

Statement of priorities also focuses on promoting coordinated national approach to regulatory issues

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29520&IdSection=8&cat=8

 

SEC issues “auto-trading” alert

Regulator files charges regarding allegedly misleading performance projections

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29509&IdSection=8&cat=8

 

Trio of officers leaving SEC

Derby, Well, and Hall announce departures

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29508&IdSection=9&cat=9

 

Brown, Donaldson and Lauber say goodbye to their respective posts

Retiring regulators leave changed organizations

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29495&IdSection=9&cat=9

 

Hedge funds' heft raises increasing concern about their risks

While the rewards of hedge fund investing are well known, what about the downside? Could the actions of hedge funds again threaten the economy?

http://www.iht.com/articles/2005/07/04/business/hedge.php

 

Could a Few Hedge Funds Spoil the Party?

WHEN the Long Term Capital Management hedge fund was sinking in 1998, leaders of the Federal Reserve were worried. They feared that if the fund failed, a major disruption could be set off in financial markets, with dire consequences for the global economy.

http://www.nytimes.com/2005/07/03/business/yourmoney/03view.html

 

NJ Attorney General Busts Amex Financial Advisors

Trenton, N.J. (July 5, 2005) - American Express Financial Advisors Inc. will pay New Jersey $5 million and implement company-wide reforms to address allegations that it failed to reasonably supervise its financial advisors.

http://www.webcpa.com/article.cfm?articleid=13682

 

Managed Futures - Managed Funds

 

Hedge funds seen escaping new EU rules for now

By Huw Jones

BRUSSELS (Reuters) - The European Commission will not suggest new rules to oversee hedge funds when it launches a review of the asset management industry later this month, people familiar with the situation said on Friday.

http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-07-04T081505Z_01_NOA429645_RTRUKOC_0_HEDGE-FUNDS-EU-RULES.xml

 

Hedge funds to consolidate over next three years

LONDON (Reuters) - The world's fast-growing hedge fund industry is likely to consolidate over the next three years as waning performance and big inflows drive down charges, KPMG and research firm Create said on Monday.

http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-07-04T081702Z_01_NOA429751_RTRUKOC_0_HEDGE-FUNDS-STUDY.xml

 

Hedge funds can't meet return expectations

LONDON (Reuters) - Most hedge funds are unable to generate the double-digit returns investors were led to expect by the industry's prior performance during the recent prolonged bear market, a report said on Monday.

http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-07-04T101630Z_01_NOA436900_RTRUKOC_0_HEDGE-FUND-RETURNS-STUDY.xml

 

Manager-of-managers approach booming: report

Assets up 32% in 2004

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29515&IdSection=1&cat=1

 

CI granted greater freedom to short stocks

Market value of all securities sold short must not exceed 10% of the total net assets of a fund on a daily marked-to-market basis

CI Mutual Funds Inc., now known as CI Investment Inc., has received an exemption from the Ontario Securities Commission, broadening its funds’ freedom to short stocks.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29504&IdSection=1&cat=1

 

Hedge funds face 'Darwinian' consolidation

July-5-2005 - A new survey by KPMG International and CREATE suggests that managers will have to continue to innovate if they don't want to be victims of a wave of "Darwinian" consolidation...Read More

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-04-12-31-32p1.htm

 

Family offices fill coffers of Hong Kong's SAIL

July-5-2005 - Hong Kong-based Search Investment Group's two SAIL funds of funds raised more than US$200 million in the first six months of 2005...Read More

http://www.marhedge.com/news/Cover.Strat.asp?s=StratH-2005-07-04-10-54-55p1.htm

 

Northfield Trading and QES form joint venture

July-5-2005 - Northfield Trading LP and Quantitative Equity Strategies LLC announced on Friday that they will share resources and jointly develop new futures trading strategies...Read More

http://www.marhedge.com/news/Cover.MAR.asp?s=MARH-2005-07-04-10-09-18p1.htm

 

Funds in Brief: No 'hedge-fund summit,' Schröder aide asserts

Chancellor Gerhard Schröder of Germany will not push the issue of hedge-fund regulation at a meeting this week of his counterparts from the seven most industrialized nations and Russia, a top aide said on Monday.

http://www.iht.com/articles/2005/07/04/business/gfbrief.php

 

More Hedge Fund Advisors Registering With The SEC, by Carla Johnson, Investors Offshore.com 04 July 2005

The number of federally-registered investment advisors providing investment advice to hedge funds is on the increase, according to a report by the Investment Adviser Association and National Regulatory Services.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20356

 

Man Group FY pretax profit rises to 1.058 bln usd under IFRS UPDATE

(Adds detail, background, share price) LONDON (AFX) - Listed hedge fund manager Man Group PLC said its pretax profit for year to March 31, 2005 is higher under the International Financial Reporting Standards (IFRS) that the group is phasing in this year.

http://www.iii.co.uk/news/?type=afxnews&articleid=5343767&action=article

 

Bono Finds What He's Looking For

Elevation Partners Raises $1.8B Fund Corporate Financing Week

The private equity firm that counts U2 lead singer Bono as a director has raised $1.8 billion for its inaugural fund. Silicon Valley-based Elevation Partners began raising money last July and held a first close of $21.2 million in September.

http://www.institutionalinvestor.com/default.asp?page=1&SID=522759&ISS=17383&type=10

 

The ETF Approach to Tech Investing

Picked correctly, exchange-traded funds can be a simple way to spread exposure across IT subsectors or focus on a desirable group

http://www.businessweek.com/investor/content/jul2005/pi2005075_7236_pi051.htm

 

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

 

Melamed tells DePaul graduates they're lucky to be starting out in America

BY LEO MELAMED

Leo Melamed, financial-market innovator, writer, lecturer and international authority on futures markets, delivered this commencement address at DePaul University on June 12.

http://www.suntimes.com/output/business/cst-fin-leo04.html

 

Credit derivatives find calmer waters

Sentiment in the credit derivatives market looks to have calmed down after the outbreak of turmoil that followed the downgrade in May of General Motors and Ford, say traders and bankers.

http://news.ft.com/cms/s/3b897ed6-ecaa-11d9-9d20-00000e2511c8.html

 

The New Sell-Side Trader: Execution Consultant

Brokers are morphing into execution consultants to advise the buy side on selecting algorithms and measuring performance. But how will the sell side reinvent the institutional sales trader?  After unleashing a multitude of algorithms into the buy-side trading community - which both empowered buy-side clients to take control of their own trading and often left them confused about which algorithms to use - the sell side is fine-tuning its quantitative tools and retraining its sales traders to offer continued value to buy-side clients. Many bulge-bracket firms are taking on a consultative role, helping buy-side customers choose algorithms. Brokers say they will advise buy-side firms on which electronic strategies to apply for particular trading styles and develop customized algorithms, as well as pre- and post-trade analysis tools, for clients.

http://www.wallstreetandtech.com/showArticle.jhtml%3Bjsessionid%3DIHNETY0NOVOGIQSNDBCSKHSCJUMEKJVN?articleID=164903111

 

Hedge risk to develop discipline

The very essence of speculation is assuming risk in exchange for the potential for profit. Traders have to assume the risk of financial loss for the potential for financial gain. In doing so, traders will often undertake more risk than necessary when they trade commodities without much regard for reducing their trading risk.

http://www.agweekly.com/articles/2005/07/05/news/markets/business01.txt

 

Comeback: Can Mack Heal Morgan Stanley?

http://www.msnbc.msn.com/id/8443646/site/newsweek/

 

FIX, FpML, AND TWIST to Collaborate on FX Standards

http://www.isda.org/press/FPL-FpML-TWIST_release.htm

http://www.isda.org/press/FPL-FpML-TWIST_SOU-final.htm

 

***** SHOUT chose not to participate in this technology collaboration, thus you will not find TWIST and SHOUT together on this one.

 

ISDA Publishes 2005 Commodity Definitions

ISDA last week announced publication of the 2005 ISDA Commodity Definitions and accompanying User's Guide.  The International Swaps and Derivatives Association, Inc. (ISDA) last week announced publication of the 2005 ISDA Commodity Definitions and accompanying User's Guide. The Definitions are designed to provide commodity market participants with a single basic framework for the documentation of cash-settled commodity swaps, basis swaps, options, caps, collars, floors, swaptions and commodity index transactions as well as certain physically settled transactions.

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-05-11096.html

 

Wall Street gift limits a worry for merchants

http://news.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=8957159

 

Ameritrade-TD Waterhouse merger took a long time / Chief executive Moglia foresees additional consolidation in online

Online broker Ameritrade, which recently announced a $2.9 billion acquisition of rival TD Waterhouse, talked with the target company off and on for two years before cinching the deal, in the process spurning a takeover bid from a third competitor, E-...

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/07/05/BUGP2DI1IG1.DTL&feed=rss.business

 

The Bank of New York Named Best Trade Services Bank for the Second Consecutive Year

The Bank of New York has been named the Best Trade Services Bank for the second consecutive year by Trade Finance magazine in its 2005 Awards for Excellence. The award recognizes the Bank's use of innovative technology solutions and global processing expertise to meet its clients' needs.

http://rds.yahoo.com/S=53720272/K=trade+clearing/v=2/SID=w/l=NSR/R=1/SIG=122j47ala/EXP=1120666980/*-http%3A//biz.yahoo.com/bw/050705/55294.html?.v=1

 

Years after tech bust, new media thriving

To watch most of his favorite programs, James Finn doesn't turn on the TV. He boots up his computer.

The 25-year-old manager of a Baltimore movie theater spends as many as four hours a day on ManiaTV.com, checking out music videos, extreme sports highlights and short films streamed over the Internet.

http://www.chicagotribune.com/technology/chi-0507050097jul05,1,1987704.story?coll=chi-business-hed

 

Grain forecast: Mostly chaos

Weather's uncertainty clouds crop outlook, keeps prices swirling

For much of Illinois, it was a mere sprinkle of rain, but it was enough to set the tone in Chicago's hypersensitive commodity markets.

Last Thursday, a line of thunderstorms swept through the upper Midwest overnight. And though it barely wet the pavement, the city's grain traders figured it could only help the drought-stressed crop in the eastern Corn Belt.

http://www.chicagotribune.com/business/chi-0507050102jul05,1,3540934.story?coll=chi-business-hed

 

NeoNet Adds Program Trading Functionality

July 5, 2005 - NeoNet, an international agency broker that provides direct market access trading for investors, has enhanced its electronic program trading functionality.

http://www.securitiesindustry.com/article.cfm?articleid=15852

 

Changes in Our Financial Tables

The Wall Street Journal is streamlining its financial listings starting with today's edition as more readers access stock, mutual-fund and other quotations on Internet financial sites, including The Wall Street Journal Online at WSJ.com.

http://online.wsj.com/search#SB112052009375476916

 

The Reading Room

 

Last Financial Bookshop In The City Of London Saved - 05-Jul-05

 

• Last remaining specialist Financial Bookshop in the City of London rescued from closure by erivatives.com
• Shop is only remaining specialist financial markets bookshop in the Western World
• New Events and Meetings Space Launched within shop complex at 90 Bishopsgate
• Survival Plan is based around becoming a key “Exchange of Information” in the City of London
• Key financial institutions and individuals already backing survival plan With sponsorship and private placing investment
• The last remaining specialist financial bookshop in the City of London has been rescued.
• The Financial World Bookshop, formerly owned by the Institute of Financial Services had been earmarked for closure due to internal rationalisation within the IFS.

 

Patrick L Young, sometime derivatives trader and owner of the online publishing company erivatives.com has acquired the bookshop with the intention of securing its future.

 

“It strikes me that in an era where financial education is more essential than ever, having a major financial centre without a specialist bookshop is ludicrous,” comments Young, himself the author of several books such as the bestselling “Capital Market Revolution” which charted the future of electronic markets.

 

“Given the pricing and relative difficulty in securing supply of specialist financial titles, we find that competition from the internet has not impacted on our market significantly. With cover prices frequently in excess of 50 Pounds for specialist financial titles, our customers tend to want to browse before committing to purchase. Nevertheless, operating premises within the City of London is a very expensive business!”

 

The bookshop from today will be renamed “The Financial Bookshop” – a name change to reflect the unique status of the shop. The website has also been relaunched at:

http://www.thefinancialbookshop.com.

 

http://www.exchange-handbook.co.uk/news_story.cfm?id=53826

 

John's Comments

 

The Good

 

FT tops list of world's best newspapers - survey

BERLIN, July 5 (Reuters) - The Financial Times topped a list of the  world's best newspapers,  according to a survey of executives, politicians, university lecturers,  journalists and  advertising professionals conducted by a Swiss-based consultant.  Among 1,000 respondents from 50 countries, 19.4 percent chose the FT as  the best paper,  according to the survey by Zurich-based Internationale Medienhilfe  published on Tuesday.

The Wall Street Journal took second place with 17.0 percent, followed by  Germany's Frankfurter  Allgemeine Zeitung in third with 16.2 percent.

 

**** Congratulations to the Financial Times on being named the world’s best newspaper in this survey.  

 

*******

 

The Bad

 

OneChicago Growth Story Hard to Find

 

References to OneChicago’s volume, showing remarkable growth in recent months, have disappeared from stories about volume figures of the CBOT, CME or CBOE from the various news services.  Who was the last newspaper to do a story about OneChicago’s volumes?  The Financial Times.  Is OneChicago the fastest growing exchange on the planet in recent months?  If so, why is it being ignored?  Why are there not even paragraphs in stories (or even press releases) about CBOT, CME or CBOE volumes about OneChicago volumes?  Inquiring minds want to know.

 

OneChicago Reports 66% Increase for June 2005 Volume, YTD Increase 86%

www.onechicago.com

 

Press Release;

http://www.onechicago.com/060000_press_news/press_news_2005/06302005.html

 

Volume Report

http://www.onechicago.com/060000_press_news/press_news_2005/images/Jun05VolumeReport.pdf

 

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No statistics due to 4^th of July holiday.

 

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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