July 8, 2005

 

Lead Stories

 

OneChicago Reaches New Open Interest Record; Volume Surpasses 2004 Total

CHICAGO, IL – July 7, 2005 – OneChicago, LLC today reported a new open interest record of 612,458 contracts attained Wednesday, compared to the old record of 551,501 reached in March of this year. Volume for the year increased to 1,977,958 contracts, surpassing the 1,922,726 traded in all of 2004. Open interest is the total number of contracts that have not yet been offset or taken to delivery.  OneChicago President Marty Doyle said, “Our latest open interest record reflects the confidence market participants have in OneChicago. And the Exchange’s volume increases are the result of more and more traders using single stock futures for a variety of their portfolio needs.”

http://www.onechicago.com/060000_press_news/press_news_2005/07072005.html

 

CBOE TO LAUNCH OPTIONS AND FUTURES ON NEW FAMILY OF SECTOR INDEXES, "POWERPACKS," FRIDAY, JULY 8

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=20050707.doc

 

LSE sees record trades following blasts

LONDON (SHARECAST) - Trading volumes on the London Stock Exchange hit record levels following the bomb blasts in Thursday in London. The high turnover in shares was triggered by the surge in volatility and the closing out of large positions, the LSE said.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=507745

 

London Burning: The City Copes

July 7, 2005 - The London Stock Exchange implemented an emergency trading rule today, following a series of terrorist bombings that tore through the city.

http://www.securitiesindustry.com/article.cfm?articleid=15860

 

Exchange makes fast response to emergency

THE London Stock Exchange (LSE) adopted emergency measures on trading after explosions across London triggered stock sell-offs yesterday. 

http://business.timesonline.co.uk/article/0%2C%2C9063-1685341%2C00.html

 

Ag markets stunned by London bombings

Activity on international agricultural commodity markets improved, with the USDA reporting earlier sales of U.S corn and soybean oil and Japan and South Korea buying wheat and corn, though market sentiment was knocked by today's terrorist attacks in London.

http://www.freshplaza.com/2005/08jul/2_uk_londonbombings.htm

 

Death toll tops 50 as Londoners return to subways

LONDON (AP) — Police on Friday raised the death toll to 50 from London's terrorist bombings but said they hadn't yet been able to reach all of the dead. Commuters reluctantly returned to the Underground, but buses and subways carried fewer riders than normal in the aftermath of four rush-hour blasts.

http://www.usatoday.com/news/world/2005-07-08-commuters-return_x.htm

 

Police struggle to reach bodies after London blasts 

LONDON (Reuters) - Police scrambled through dangerous rail tunnels deep underground on Friday to hunt for clues and retrieve bodies after suspected al Qaeda bombers killed more than 50 people in London rush-hour blasts.

A day after four bombs tore through three underground trains and a red double-decker bus, commuters headed to work again on London's battered transport network, some fearful, some defiant, spurred on by the knowledge it might happen again.  "My granddad called me last night and told me I had to go to work today," said Sally Higson, 36. "He's 89. He lived through the war and said it was important to carry on as normal."

http://news.lycos.com/wired/story.asp?section=Breaking&storyId=1060641

 

Bombings force some London financial institutions to adjust operations

London Metals Exchange functioning under emergency procedures

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29573&IdSection=15&cat=15

 

Business group sues SEC over fund rule

WASHINGTON (MarketWatch) - The U.S. Chamber of Commerce is suing the Securities and Exchange Commission for the second time in less than a year over the SEC's adoption of a mutual fund governance rule.

http://www.marketwatch.com/enf/rss.asp?guid=%7B7756706E-F8E9-490A-A547-E7E6A5E13519%7D&dist=rss&siteid=mktw

 

Dennis a dangerous Category 4 hurricane

Eastern Cuba feels storm's wrath; lower Keys evacuated

MIAMI, Florida (CNN) -- Packing winds of at least 135 mph, Hurricane Dennis battered eastern Cuba early Friday, and the National Hurricane Center cautioned the storm might strengthen even further before bearing down on the lower Florida Keys and moving into the warm waters of the Gulf of Mexico

http://www.cnn.com/2005/WEATHER/07/08/tropical.weather/index.html

 

 

Futures and options added to Dubai gold trade

Dubai, the self-proclaimed City of Gold, continues to burnish its image as one of the most important physical centres for the gold market and is about to add another dimension in the form of futures and options.

Dubai is perfectly placed for business with the Middle East and India, which between them accounted for 43% of gold fabrication in 2004 (GFMS figures).

http://www.mineweb.net/columns/london_beat/459187.htm

 

CBOT Reparat Sonitem

 

Why CBOT Should Play the Field

Various suitors are interested in buying the Chicago Board of Trade. But if it's smart, it won't tie the knot too quickly

http://www.businessweek.com/bwdaily/dnflash/jul2005/nf2005078_5078_db042.htm?campaign_id=rss_daily

 

Environmental Trading News

 

Ethanol Production Price Risk Management and Ethanol Futures

A presentation from the 2005 Fuel Ethanol Workshop.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29259,00.html

 

San Joaquin Regional Rail Commission Joins Chicago Climate Exchange

July 7, 2005 (Stockton, CA) – San Joaquin Regional Rail Commission (SJRRC) today announced it has committed to join the Chicago Climate Exchange (CCX), the first and only voluntary, legally binding greenhouse gas emissions reduction and trading program in North America. The action positions SJRRC as a vanguard in GHG emissions management and environmental policy.

http://www.chicagoclimateexchange.com/news/press/release_20050707_SJRRC.html

 

Exchange & ECN News

 

Former Chicago Bear Richard Dent Rings Opening Bell

On Thursday, July 7, Richard Dent, former Chicago Bears defensive end, rang the opening bell on Chicago Board of Trade's Agricultural trading floor. Click here to view a video clip of the bell-ringing ceremony.

Chairman Carey with Former Chicago Bear MVP Richard Dent at the bell-ringing ceremony.Dent visited the Exchange to promote the Make a Dent Foundation's Third Annual Charity Bash.  The Bash will be held on July 15, 2005, at the Millennium Park in Chicago.  The grand raffle prize is a 2006 Bentley Continental GT valued at almost $200,000, which will be on display in the CBOT Plaza on Friday, July 8.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29255,00.html

 

CORPORATE EVENT: Caterpillar (CAT) 2 for 1 Stock Split

http://www.cme.com/clearing/clr/clradv/14175.html

 

International Securities Exchange Announces Date of Second Quarter 2005 Earnings Release and Conference Call

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=727872&highlight=

 

Updated List of All NYMEX Division Inter-Commodity Spread Credits

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm268&archive=2005

 

Program Trading Averaged 62.9 Percent of NYSE Volume during June 27-July 1

http://www.nyse.com/press/1120732859113.html

 

NYBOT Announces New Margin Requirements For Cocoa, Sugar And Reuters/Jefferies CRB Index

http://www.nybot.com/releases/pressRelease.asp?releaseID=898

 

Rubber futures reach record high

While the local stock market plunged to the year's low yesterday, rubber trading on the country's year-old commodity futures exchange reached a record high, with prices of all but one contract reaching the ceiling, according to the Agricultural Futures Exchange of Thailand (AFET).

http://www.bangkokpost.com/Business/08Jul2005_biz60.php

 

The Amex Will Observe a Moment of Silence for Victims of London Terror Attacks

http://www.amex.com/atamex/news/press/sn_LondonTerrorSilence_070705.htm

 

RTS Stock Exchange Management Met With Members Of Taiwan Securities Association

http://www.exchange-handbook.co.uk/news_story.cfm?id=53910

 

London Stock Exchange Service Announcement Trading And London Market Information Link (LMIL - Extension To The Closing Auction For SETS, SETSmm & Dutch Trading Service Live Date Tuesday, 19 July 2005

http://www.exchange-handbook.co.uk/news_story.cfm?id=53906

 

Euronext.liffe Market Status - Fri 8 Jul 2005, 08:41:13 BST

http://www.exchange-handbook.co.uk/news_story.cfm?id=53902

 

LCH.Clearnet Status Update

http://www.exchange-handbook.co.uk/news_story.cfm?id=53901

 

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/dig070705.txt

 

OSC cautions CP Ships about corporate disclosure, insider trading

Case centres on when firm should have disclosed to the public the need to restate earnings

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29587&IdSection=8&cat=8

 

CNQ granted exemption from BCSC

Exemption based on OSC recognition of CNQ as a stock exchange

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29582&IdSection=15&cat=15

 

Four arrested on money laundering charges

RCMP allege Toronto firm laundered US$2 million in drug money

The Royal Canadian Mounted Police have arrested four people in on money laundering charges. RCMP are alleging that US$2 million was laundered through New Century Financial Services of Toronto.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29581&IdSection=8&cat=8

 

Japan planning sweeping regulations on financial products

A Japanese government advisory panel on Thursday put forward basic ideas about a new "investment services law" to comprehensively regulate financial products ranging from stocks and bonds to deposits and insurance.

http://asia.news.yahoo.com/050707/kyodo/d8b6jf3o0.html

 

Donaldson's Controversial Legacy

The leaving SEC chairman never swayed from his hardline approach, even at his final ruling.

http://www.forbes.com/business/2005/07/07/sec-donaldson-cox-cz_0708oxan_sec.html?partner=rss

 

Financial Services: European Commission Report Shows Potential Economic Benefits Of Further Integration In New Member States And Retail Financial Services

http://www.exchange-handbook.co.uk/news_story.cfm?id=53909

 

New York Attorney General Eliot Spitzer: Broker Pleads Guilty To Late Trading

http://www.exchange-handbook.co.uk/news_story.cfm?id=53898

 

STATE WILL RETRY SIHPOL

A month after failing to convict bank broker, Spitzer will prosecute again on four counts where jury deadlocked

Instead of accepting his first major legal defeat, Attorney General Eliot Spitzer has decided to retry Theodore Sihpol III, the Bank of America broker who was acquitted last month of most charges related to improper mutual fund trading.

http://www.newsday.com/business/ny-bzspit4334750jul08,0,1831439.story?coll=ny-business-headlines

 

Managed Futures - Managed Funds

 

Aberdeen to buy fund management businesses

Price for units of Deutsche Asset Management expected to be about £265 million

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29585&IdSection=1&cat=1

 

Hedge Fund Poll Forecasts Returns Of 8% To 9.5% For 2005, by Phillip Morton, Investors Offshore.com 08 July 2005

Hedge fund strategies as a whole will achieve returns of between 8% and 9.5% in 2005, according to a survey of hedge fund managers and investors conducted by Tanya Styblo Beder, chief executive of Tribeca Global Management LLC.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20414

 

Van Global Hedge Fund Index Gains 1.4% Net in June

The Van Global Hedge Fund Index gained 1.4% net of fees in June according to a preliminary report released today by Van Money Manager Research, LLC , a leading hedge fund index provider.

http://biz.yahoo.com/bw/050707/75739.html?.v=1

 

Investing: An Alternative Approach

An aggressive investment advisor or stockbroker might not agree with this article. You see, it takes a rather simplistic but safe approach to investing. What I am advocating is mutual funds -- not just any mutual funds, but mutual funds that have produced a steady stream of income and have consistently traded within an acceptably safe range (the difference between the high and low of a stock over

http://www.ecommercetimes.com/rsstory/44354.html

 

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

 

Gap Risk Trades Gain Momentum in US

The trades, already a feature of the European market, are in demand as firms look to lay off some of the risk associated with structured products.

Inter-dealer gap risk trades are picking up in the US.   The trades, already a feature of the European market, are in demand as firms look to lay off some of the risk associated with structured products.

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-08-11125.html

 

Tullett Financial Becomes Tullett Prebon Information

http://www.newswire.ca/en/releases/archive/July2005/08/c9219.html

 

JOHN EDWARDSON ELECTED CHAIRMAN OF THE EXECUTIVES’ CLUB OF CHICAGO BOARD

CHICAGO - John Edwardson has been elected Chairman of the Board of The Executives’ Club of Chicago, one of the nation’s top three business forums. Mr. Edwardson, who is Chairman and Chief Executive Officer of CDW Corporation, started serving a one-year term on July 1, 2005, together with fellow officers James Tyree, first vice chairman (Chairman & CEO, Mesirow Financial); Richard Vie, second vice chairman (Chairman & CEO, Unitrin, Inc.); Carl Vander Wilt, treasurer (Retired Senior Vice President & CFO, Federal Reserve Bank of Chicago); and John Conroy, Jr., secretary (Chairman of the Executive Committee, Baker & McKenzie International).  The Executives’ Club also elected a slate of directors to serve for a two-year term expiring June 30, 2007. They include: Harry Barto (President & CEO, Rexam Beverage Can North America); David Bernauer (Chairman & CEO, Walgreen Company); David Blake (Publisher, Crain’s Chicago Business); George Buckley (Chairman & CEO, Brunswick Corporation); William Daley (Chairman of the Midwest, JPMorgan Chase & Co.); Deborah DeHaas (Vice Chairman and Midwest Regional Managing Partner, Deloitte & Touche USA LLP); Craig Donohue (CEO, Chicago Mercantile Exchange); Craig Duchossois (CEO, Duchossois Industries, Inc.); John Ettelson (President & CEO, William Blair & Company, L.L.C.); Alan Lacy (Vice Chairman and CEO, Sears Holdings Corporation); Edward Liddy (Chairman and CEO, The Allstate Corporation); Stephen Lilienthal (CEO, CNA Financial Corporation); Barry MacLean (President & CEO, MacLean-Fogg Company); Robert Parkinson, Jr. (Chairman & CEO, Baxter International Inc.); Tonise Paul (President & CEO, BBDO Chicago); Manuel Sanchez (Founder & Managing Partner, Sanchez, Daniels & Hoffman); Frank Techar (President & CEO, Harris Bankcorp, Inc.); and Norman Wesley (Chairman & CEO, Fortune Brands, Inc.).

http://chicago.dbusinessnews.com/shownews.php?newsid=34163&type_news=latest

 

Schwab committed to independence

Charles Schwab Corp. , the largest U.S. discount broker, on Thursday said it was committed to independence and had no interest in being acquired.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050707/bs_nm/financial_schwab_dc_2

 

Schwab Committed To Independence Of His Brokerage

http://www.forbes.com/facesinthenews/2005/07/07/0707autofacescan07.html?partner=rss

 

Schwab Has `No Interest' in Sale, Dousing Speculation (Update4)

U.S. July 7 (Bloomberg) -- Charles Schwab Corp., the world's biggest discount broker by assets, said it has ``no interest'' in being acquired, dousing a rally in its shares fueled by takeover speculation.

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

 

Cargill drives into whey derivatives market through Brazilian buy

08/07/2005 - Signing yet another deal to feed its seemingly insatiable appetite for acquisitions, US ingredients firm Cargill makes a drive into the whey derivatives market, reports Lindsey Partos.

http://www.foodnavigator.com/news/news-ng.asp?n=61169-cargill-drives-into

 

Google, Goldman invest in powerline Internet firm

A company that provides high-speed Internet access over electrical power lines on Thursday said it has received a major investment from Google Inc. , the Hearst Corp. and Goldman Sachs .

http://news.yahoo.com/news?tmpl=story&u=/nm/20050707/wr_nm/energy_current_broadband_dc_1

 

Leaving Morgan Stanley with $44M

NEW YORK (Reuters) - Morgan Stanley said Thursday it would pay recently retired chairman and chief executive Philip Purcell a one-time bonus that could top $44 million, depending on how the company performs in 2005.

http://money.cnn.com/rssclick/2005/07/08/news/newsmakers/purcell.reut/index.htm?section=money_latest

 

Morgan Stanley's Purcell Will Get $44 Mln to Retire (Update2)

U.S. July 7 (Bloomberg) -- Morgan Stanley will pay former Chairman and Chief Executive Officer Philip Purcell about $44 million in cash after he agreed to step down from the world's biggest securities firm, ending a 2 1/2-month effort by shareholders and dissident alumni to oust him.

http://www.bloomberg.com/apps/news?pid=10000103&sid=aNW9sAsbwwrY

 

Ex-CEO leaves Wall Street for a place on easy street / Morgan Stanley gives Purcell a parachute worth $113.7 million

Philip Purcell's golden parachute has a platinum lining. The board of Morgan Stanley has awarded Purcell, who retired as chairman and chief executive officer after a bitter struggle for control of the firm, an exit package worth an estimated $113.7...

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/07/08/BUGF1DKKFG1.DTL&feed=rss.business

 

GL TRADE To Provide US domestic Fixed Income And Enhanced Equity Back Office With The Acquisition Of The New York Based OASIS Inc.

http://www.exchange-handbook.co.uk/news_story.cfm?id=53891

 

Events – Asia

 

 

Register Before July 25 and Save $200!

FIA’s first Asia-wide derivatives conference

co-hosted by the Dalian Commodity Exchange,

Shanghai Futures Exchange, and Zhengzhou Commodity

Exchange, will be held August 9-11 in Beijing. The event will

focus on both financial and commodity

futures and options markets in Asia.

 

 

Make your hotel reservations at the Grand Hyatt Beijing today.

Other Voices

 

Dear Golfer,

 

FUNDRAISER TO BENEFIT JIM CAMPAGNA and FAMILY

JTC Scramble – Monday, September 12, 2005

 

Jim is the youngest brother of Joe Campagna, a longtime Industry veteran.

 

On February 13, 2004 - Jim was rushed to the hospital with spontaneous bleeding of the brain; a stroke-like event. An operation was performed to stop the bleeding in order to save his life. He was in the ICU at Good Samaritan Hospital in Downers Grove for two weeks then moved to the Rehab Institute of Chicago to receive therapy for his partial paralysis and cognitive impairment. Jim now resides in the DuPage Convalescent Center, located in Wheaton IL.

 

Jim is 44 years old. He is husband to Debbie; father to twin girls Katie and Christine and sons Bobby and Danny.

 

Friends and family of Jim will be coming together to raise money for Jim's ongoing care.  This Outing is the inaugural event of what we hope will be an annual opportunity to gather on behalf of Jim and his family.

 

In addition to a day on the golf course, we will be providing lunch, drinks, dinner, prizes and raffles, as well as several contests which include:

 

• Hole in One Contest
• Longest Drive Contest
• Closest to the Pin Contest
• Lowest Team Scores

 

If interested in attending, or making a donation, please respond by July 15th, 2005 to:

 

James T. Campagna Special Needs Trust

c/o Joe Campagna

2225 Shannon Court

Darien IL 60561

joe.campagna@comcast.net

 

Thank you in advance for your support!

 

John's Comments

 

FOWeek Headlines   Issue 1027  11-Jul-2005

http://www.fow.com/

 

• LCH-C tight-lipped as discontent rumbles

• CBoT ag floor remains powerful in IPO run-up

• Jeffery confirmed as CFTC head

• PCX penny ruling sparks debate http://www.fow.com/articles/foweek_article.asp?storyCode=3535

• Espeed launches cross-asset tools

• Eurex confirms longer trading hours

• Healthy highs in market volumes

• Icap, Tulletts eye joint ventures in China

• LME plastics make encouraging debut

• Briefs

 

 

***

 

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. 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

Add me to your address book... Want a signature like this?

 

 

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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