July 12, 2005

 

Lead Stories

 

Reuben Jeffery III Sworn In As CFTC Chairman

Washington, D.C. – Reuben Jeffery III was sworn in today as a Commissioner and the 10th Chairman of the Commodity Futures Trading Commission (CFTC), the federal agency that regulates commodity futures and options on futures trading in the U.S.  Mr. Jeffery was nominated by President Bush on May 17, 2005, and confirmed by the Senate on June 30, 2005, to a term expiring April 13, 2007.

http://www.cftc.gov/opa/press05/opa5097-05.htm

 

*** Congratulations to Reuben Jeffery on being sworn in.   There now is a full slate of 5 CFTC Commissioners at work.

 

Hedge funds consider code of conduct

Move would alleviate concern over high risk and lack of transparency in the fast-growing business. 

LONDON (Reuters) - Hedge funds are to consider adopting a code of conduct to alleviate concern over high risk and lack of transparency in the fast-growing business, the leading industry body said Tuesday.

The Alternative Investment Management Association (AIMA) is forming working groups for discussions in the next few weeks that will include proposals for an code aimed at boosting investor confidence in the $1 trillion industry.  The move comes after the UK Financial Services Authority (FSA) warned in June that hedge fund activities might provoke "volatile and potentially disorderly markets." A code of conduct, it said, would be an alternative to regulation.

http://money.cnn.com/2005/07/12/markets/hedgefunds.reut/

 

My Broker's Out to Get Me

Even my brokerage is against me. My cash account, held at iZone by Ameritrade (Nasdaq: AMTD), started posting a gag-inducing, not-so-subtle front-page ad recently. It features contrived photos of alleged average Joes -- and Janes -- and dishes out pithy, purported quotes about their exciting, busy lifestyles, followed by the tagline "Live for the trade."

http://www.fool.com/News/mft/2005/mft05071120.htm

 

Five New Commodity Indexes Created

DJ Indexes and AIG Financial Products yesterday announced the creation of five new commodity indexes and sub-indexes.  Dow Jones Indexes and AIG Financial Products Corp. yesterday announced the creation of five new commodity indexes and sub-indexes. Two of these are sub-indexes of the Dow Jones- AIG Commodity Index (DJ-AIGCI). Two of the indexes are Euro and Yen denominated versions of the existing DJ-AIGCI, and the third is a spot price version of the DJ-AIGCI.

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-12-11137.html

 

Firms mull Philly Stock Exchange stake 

NEW YORK (MarketWatch) -- Four financial services firms are considering taking a stake in the Philadelphia Stock Exchange amid dramatic changes in the way stocks are traded in the U.S., a published report said Tuesday.  The Wall Street Journal, citing people familiar with the matter, said Citigroup (C: news, chart, profile) , Credit Suisse First Boston (CSR: news, chart, profile) , Morgan Stanley (MWD: news, chart, profile) and UBS (UBS: news, chart, profile) have all had discussions with the Exchange. Read Wall Street Journal story.

http://www.marketwatch.com/news/story.asp?guid=%7B1B81F193-6D5C-412C-AA4D-A4DE83E6880D%7D&siteid=google

 

Deutsche Börse Wants Closer Ties to Swiss

Following its failed attempt to take over the London Stock Exchange, German stock market operator Deutsche Börse is looking to strengthen its ties with the Swiss stock exchange SWX in Zurich, the head of the German company said in a newspaper interview Tuesday.

http://www.dw-world.de/dw/briefs/0,1574,1647044,00.html

 

Fed publishes code for deciphering minutes

WASHINGTON (Reuters) - Attention Fed watchers. Bored by the increasing transparency of the U.S. central bank? Longing for the good-old days when the Federal Reserve's policy stance could only be discerned through careful monitoring of money market conditions? Well don't read this.   In a move that will no doubt make your life even more joyless, the Fed has issued tips on how to parse the minutes of the closed-door meetings of the Fed's policy-setting Federal Open Market Committee -- further lifting the veil of secrecy that had cloaked the secretive panel for years.  In an article in the latest Federal Reserve Bulletin that provides an overview on the history of FOMC minutes and how they are prepared, two Fed staffers offer guidance on how to gauge the depth of support for various policy-maker views expressed in the minutes.

http://news.reuters.com/newsArticle.jhtml;jsessionid=XBIRHTO2EWSJOCRBAEZSFEY?type=reutersEdge&storyID=9033683

 

Rolfe & Nolan Organisation Changes Reflect Growing Importance of Merlin

London and Chicago, July 12th 2005. Rolfe & Nolan, the leading independent supplier of specialist software and services to the exchange-traded derivatives market, has announced senior organisation changes that will take immediate effect.  The current CEO of Rolfe & Nolan Systems Inc (“RNSI”), Bob Sylverne, will assume a new Group position as CEO, Merlin Products Division, based in Chicago.  In this role he will be responsible for all aspects of Rolfe & Nolan’s Merlin product range, including all development, marketing, implementation and support across all regions.  He will also become President of RNSI.  Commenting on this new role, Bob Freeman, Rolfe & Nolan’s Group Chief Executive, said: “We have made major strides with Merlin in the last couple of years, particularly in the development of functional modules to handle Commissions, Fees, Margining and Exchange interfaces and we believe that now is the time to bring all our Merlin activities effectively under one “business head”.  Bob Sylverne is a highly respected figure in the industry who has the right blend of business and IT skills to lead Merlin out of the R&D phase towards realising the significant commercial interest that our new technology is generating, particularly in North America”.  There are some other changes in senior executive responsibility associated with this new initiative.  Jim Birney, currently the CFO of RNSI is promoted to CEO reporting directly to Bob Freeman as Group Chief Executive.  Phil Reed, the present Chief Technology Officer for Europe will have a global operational role as Group Chief Operating Officer.

www.rolfeandnolan.com

www.merlinmodules.com

 

More than 80 percent of individual investors polled wants the Tokyo Stock ...

_ More than 80 percent of individual investors polled wants the Tokyo Stock Exchange to authorize night-time trading, according to the results of a survey released Tuesday by a group of four major Internet brokerages.

http://asia.news.yahoo.com/050712/kyodo/d8b9tgro0.html

 

Mind the gap between the bidder and its target

The best form of defence is not attack, as the proverb has it, but success. And as the London Stock Exchange waits to see whether the Competition Commission will permit it to be taken over, it is only natural for it to present itself as a strongly dynamic business.  For this may help push up the price a bidder has to pay for it, and could conceivably push the price so far that potential bidders withdraw - an outcome that would not displease those within the Exchange who would prefer it to retain its independence.

http://news.ft.com/cms/s/d861fd70-f270-11d9-8e69-00000e2511c8.html

 

**** Online FT subscription required.

 

Environmental Trading News

 

Chicago Climate Futures Exchange SO2 Allowance Cash and Futures Market Prices Survey Report Tuesday, July 12, 2005 -11:45 a.m. Central Time Report

SO2 Allowance Cash Market Survey

Vintage                 Bid          Offer       Last

2005 (or earlier)     $780         $800        $790 (July 12)

2006                      $775          $795

Cash Market Price Survey Overview The SO2 cash market price information provided above reflects central values of price ranges gathered from randomly selected market participants from energy, brokerage and financial firms. The 9:30 a.m. Central Time report is based on information gathered between 9:10 and 9:25 a.m. Central Time. The 11:45 a.m. Central Time report is based on information gathered between 11:25 and 11:40 a.m. Central Time.

 

www.chicagoclimateexchange.com

 

Exchange & ECN News

 

Eurex to launch credit default swap trading

Eurex, the world’s largest derivatives exchange, on Monday said it would launch the first exchange-traded credit default swap instrument this year, signalling the coming of age of a rapidly developing market.

http://news.ft.com/cms/s/d6814e2e-f23a-11d9-8e69-00000e2511c8.html

 

CBOT extending electronic trading hours

CHICAGO, July 11 (Reuters) - The Chicago Board of Trade on Monday said it will operate its electronic trading platform 22 hours a day to build non-U.S. trading volume.

Starting on Oct 9, the No. 2 U.S. futures exchange will offer trading on the platform from 6 p.m. CDT (1900 EDT/2300 GMT) to 4 p.m. CDT the following day. The trading day currently starts at 7 p.m. CDT.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-07-11T212337Z_01_N11503384_RTRIDST_0_FINANCIAL-CBOT-HOURS.XML

 

CBOT to Extend Trading Hours on its Electronic Trading Platform

Exchange to Offer 22-hour Trading Day

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29297,00.html

 

CBOT Trader Newsletter: July 11, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29296,00.html

 

CBOT Strike Price Notice, July 12, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29303,00.html

 

New Clearing Sub-Firm

Effective Mon., July 11, 125 Fortis Clearing Chicag LLC has a new clearing sub-firm.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29284,00.html

 

Agricultural Exercises and Expirations

The deadline for exercise, and for automatic exercise cancellation, of August 2005 Corn, Oat, Rice, Soybean, Soybean Meal, Soybean Oil and Weat futures options in 6:00 p.m. Friday, July 22, 2005. 07.11.2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29281,00.html

 

Financial Exercises and Expirations

The deadline for exercise, and for automatic exercise cancellation, of August 2005 U.S. Treasury Bond and Treasury Note futures options is 6:00 p.m. Friday, July 22, 2005. 07.11.2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29282,00.html

 

Dow Jones Industrial Average Index Futures Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29283,00.html

 

THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING OPTIONS ON THE SIG OIL EXPLORATION & PRODUCERS INDEX

“ TRADING TO BEGIN ON JULY 19”

PHILADELPHIA – Jul. 12 2005 - The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading options on the SIG Oil Exploration & Production Index (EPX)on July 19. Cash options on EPX will trade on PHLX XL, the Exchange’s electronic trading platform, along with 22 other PHLX proprietary indexes. The index has been allocated to Susquehanna Investment Group.  “EPX allows traders to capture the performance of the leading oil and gas exploration and production companies,” said PHLX Vice President of New Products, Daniel Carrigan.  “With crude oil hitting new highs each week and Northeastern states beginning to stockpile heating oil for the upcoming winter, this sector will be characterized by significant volatility, hence the need for a hedging vehicle.”

http://www.phlx.com/news/pr2005/05pr071205.htm

 

Week 9 Average Pricing System Final Testing Cycles 

http://www.cme.com/clearing/clr/clradv/14223.html

 

3rd Quarter 2005 Eligible Stocks 

http://www.cme.com/clearing/clr/clradv/14227.html

 

Archipelago Holdings Releases June 2005 Transaction Volume Data

http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=728810&highlight=

 

Exchange to Increase Margins for Gasoline Futures and Calendar Swaps Futures Contracts  

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050711a

 

Exchange to Increae Margins for Heating Oil and Gasoil Futures Contracts

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050711b

 

Reminder on Renewal of Current Incentive Programs for NYMEX Brent Trading

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm283&archive=2005

 

Margin Rate Change for Unleaded Gasoline (HU) and NY Harbor Gasoline Calendar Swap (MS) Contracts

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm281&archive=2005

 

Tier Changes for New York Harbor Heating Oil Crack Spread Calendar Swap; Margin Rate and Tier Changes for Heating Oil, New York Harbor Heating Oil Calendar Swap and Northwest Europe Gasoil

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm280&archive=2005

 

Recommendations for Open Positions on the Board of Directors of NYMEX Holdings, Inc.

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm279&archive=2005

 

"CENTURY" Aluminum Brand

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm278&archive=2005

 

Proposed Amendment to COMEX Copper Supplement No. 1 "Official List of Approved Brands and Markings." "RT" Copper Brand

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm277&archive=2005

 

Deutsche Börse: Four New Members for the Supervisory Board 

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_ar-mitglieder_120705.htm

 

Eurex Repo Continues to Grow in the First Half of 2005

Outstanding volume in first six months up 34 percent year-on-year/ New records on Swiss Franc and Euro Repo Markets in June 

http://www.eurexchange.com/about/company_info/press_releases/news_pressreleases_424.html

 

Net Mobile Starts Trading in the Regulated Unofficial Market at the Frankfurt Stock Exchange 

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_freiverkehr_net_mobile_120705.htm

 

Clearstream Clearstream Shows Good Growth Levels in June 2005 

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/db_news_clearstream_12072005.htm

 

United States Coast Guard Visits the NYSE

Chief Boatswain's Mate Troy L. Loining rings The Closing BellSM on July 12, 2005.

http://www.nyse.com/events/1121078538979.html

 

**** The NYSE really does do a good job of marketing itself as “America’s exchange.”

 

Trading for Dollars

Until Archipelago Holdings (NYSE: AX) announced its proposed merger with the New York Stock Exchange, not many people knew about the company.

http://www.fool.com/News/mft/2005/mft05071203.htm

 

Boston Options Exchange Begins Trading In 23 New Names

http://www.exchange-handbook.co.uk/news_story.cfm?id=53942

 

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/dig071105.txt

 

NOTICE  OF  AN  APPLICATION  OF  THE NEW YORK STOCK  EXCHANGE,  INC.  FOR  AN EXEMPTION PURSUANT TO SECTION 36 OF THE SECURITIES EXCHANGE ACT OF 1934

The  Commission  has approved publication of a notice of an  application submitted  by  the  New  York Stock Exchange,  Inc.  that  requests  the Commission  to  grant  an  exemption  pursuant  to  Section  36  of  the Securities  Exchange Act of 1934.  The NYSE requested  exemptive  relief from  Section  12(a) of the Exchange Act to permit its members,  brokers and  dealers  to  trade certain debt securities on the NYSE's  Automated Bond  System  that  were  offered  and  sold  in  compliance  with   the registration  requirements of the Securities Act of 1933, but  that  are not  registered under Section 12(b) of the Exchange Act.  The Commission also  approved  publication  of a proposed  order  granting  the  NYSE's application for exemptive relief.  One of the conditions to the proposed exemptive  relief  is that issuers of the debt securities  must  have  a class  of  equity  securities  registered under  Section  12(b)  of  the Exchange  Act and listed on the NYSE.  In connection with the  exemption application, the Commission also published notice of a related  proposed rule  change filed by the NYSE pursuant to Rule 19b-4 under the Exchange Act.   Comments on the notice, proposed exemptive order and the proposed NYSE  rule change should be submitted within thirty days of the date  of their publication in the Federal Register.  For more information, please contact  Sean Harrison in the Division of Corporation Finance  at  (202) 551-3430, or Tim Fox in the Division of Market Regulation at (202)  551-5643. (Rel. 34-51998)

http://www.sec.gov/news/digest/dig071105.txt

 

SEC sanctions two hedge fund advisors

July-12-2005 - The SEC has sanctioned two California registered investment advisors for touting their own investment advisory services while at the same time marketing two hedge funds to retail investors

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-12-06-14-02p1.htm

 

Managed Futures - Managed Funds

 

Hedge funds eye rich pickings in Germany

LONDON (Reuters) - Hedge fund managers see a host of investment opportunities opening in Germany, where a deep-rooted reluctance to reform the economy and hostility toward foreign capital are slowly but steadily diminishing.  Hedge funds are looking at investment areas including stocks, particularly manufacturers, and unprofitable loans sitting on the books of German banks.

http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-07-12T121407Z_01_NOA244032_RTRUKOC_0_HEDGE-FUNDS-ANALYSIS-GERMANY.xml

 

UBS, Citi to challenge Big 3 banks in prime brokerage

NEW YORK, July 11 (Reuters) - For years, three giant Wall Street banks - Morgan Stanley (MWD.N: Quote, Profile, Research), Goldman Sachs (GS.N: Quote, Profile, Research) and Bear Stearns (BSC.N: Quote, Profile, Research) - have dominated the lucrative business of servicing hedge funds.  But the league tables are set to change if two upstarts in the business - Citigroup (C.N: Quote, Profile, Research) and UBS (UBSN.VX: Quote, Profile, Research) - have their way.

http://today.reuters.com/investing/financeArticle.aspx?type=fundsNews2&storyID=URI:urn:newsml:reuters.com:20050711:MTFH31018_2005-07-11_21-00-18_N08720378:1

 

Man Group stock falls as asset growth disappoints

LONDON (Reuters) - Shares in Man Group (EMG.L: Quote, Profile, Research), the world's largest-listed hedge fund firm, fell on Tuesday after the company reported a smaller-than-expected rise in assets under management, analysts said.  Man said funds under management are currently about $43.5 billion (24.6 billion pounds), up from $43 billion at the end of March, taking into account an adverse currency impact of $600 million, which reflects recent euro weakness against the dollar.  "The organic growth of funds under management is under half my assumption," said Martin Cross, analyst at Teather & Greenwood. "But having said that, the figures are only for three months and may not be a guide to the future."

http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2005-07-12T093458Z_01_MAR234409_RTRUKOC_0_FINANCIAL-FUND-HEDGE-MANGROUP.xml

 

**** Question for CBOT members: Why has an investment in Man Group been such a good thing for the past 5 years?

 

Man Group Net Sales Modest - Bridgewell

1359 GMT [Dow Jones] Man Group's (EMG.LN) quarterly funds under management statement shows that although sales were strong at $1.6B, redemptions at $1.2B reduced net sales to a "more modest $0.4B," says Bridgewell Securities.

http://www.newratings.com/analyst_news/article_914428.html

 

Update: Investors exit Man

LONDON (SHARECAST) - Fund manager Man Group has seen a swathe of investors withdraw cash from its funds over the last three months. Shares in the fund manager came under pressure after it said investors withdrew $1.2bn from its funds in the three months to June, largely by private investors.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=509040

 

Man Group stock falls on redemptions, fund raising

LONDON (Reuters) - Shares in Man Group, the world's largest-listed hedge fund firm, fell on Tuesday on rising redemptions and disappointment with the funds raised by a new product launch, analysts said.

http://go.reuters.co.uk/newsArticle.jhtml?type=businessNews&storyID=788174&section=finance&src=rss/uk/businessNews

 

RBC offers new series of commodity linked notes

Series available until July 26

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29617&IdSection=5&cat=5

 

Commentary - Customers Finally Come First in Fund Management, So Long as They Don’t Expect Fund Managers to Share in Their Losses

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-12-11139.html

 

Alpha expects growth in hedge fund of funds

Cape Town - Alpha Asset Management expects its hedge fund of funds business, which has invested close to R200 million on behalf of clients, to grow two to three times in size over the next year due to strong anticipated growth in the local market.

http://www.businessreport.co.za/index.php?fSectionId=&fArticleId=2620989

 

Hedge fund performance improves in June - Hennessee

SAN FRANCISCO (AFX) -- Hedge fund performance improved in June as good stockpicking helped managers beat equity market indexes, industry consultant Hennessee Group LLC said Monday.

http://www.iii.co.uk/news/?type=afxnews&articleid=5349499&subject=companies&action=article

 

Hedge fund rules steady

Regulations for Asian hedge funds are not expected to become more stringent, even though these alternative investments, previously reserved for the ultra rich, are quickly finding their way to a broader group of investors.

http://www.thestandard.com.hk/stdn/std/Markets/GG12Ag05.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

 

Helmut Jahn Drafts Big Plans

In his first month of architecture school in Munich, Germany, Helmut Jahn did a slapdash job on an assignment to design an office building with a carport.

After he turned it in, the professor harshly criticized his work in front of the class. The experience knocked Jahn pretty low. Others might've decided at that point that architecture wasn't for them. But Jahn was determined not to disappoint again.

http://biz.yahoo.com/ibd/050708/lands.html?.v=1

 

***** Ironically, the CBOT ANNEX is not listed as one of Helmut Jahn’s master piece designs.  Perhaps the leaky roof in the atrium has something to do with this.

 

Ameritrade's 3Q Earnings Leap 20 Percent

Online brokerage Ameritrade Holding Corp., which recently agreed to buy rival TD Waterhouse USA, said Tuesday that third-quarter earnings rose 20 percent from a year ago, meeting Wall Street expectations, and said it is on track to deliver "record" earnings for the fiscal

http://biz.yahoo.com/ap/050712/earns_ameritrade.html?.v=4

 

Learning to deal with apparent chaos

Ask most people what they know about commodities trading and they may point to the 1983 movie Trading Places.

The film ends with Eddie Murphy and Dan Akroyd trading orange juice futures amid a flurry of shouting and gesturing floor traders.  Michael Benien took a big step closer to the real thing recently when he won the team and individual oil trading competitions at the third annual New York Mercantile Exchange/Co-Ed Magazine Commodities Challenge at the University of Houston Bauer College of Business. In addition to a $1,000 prize, he gets a six-week paid internship at the exchange.

http://www.chron.com/cs/CDA/ssistory.mpl/business/3261886

 

Bear Stearns LME membership active from July 14

LONDON, July 12 (Reuters) - The London Metal Exchange (LME) said on Tuesday that U.S. brokerage and investment bank Bear Stearns International Ltd (BSC.N: Quote, Profile, Research) will start trading as a category two member on July 14.  Bear Stearns was elected as an associate broker clearing member (ABCM) last month. ABCMs are the second tier in the LME membership structure. They have all the clearing and trading rights of membership, but cannot trade during the open-outcry sessions. There are currently 23 ABCMs.

http://today.reuters.com/investing/financeArticle.aspx?type=fundsNews2&storyID=URI:urn:newsml:reuters.com:20050712:MTFH37856_2005-07-12_07-53-14_L12256300:1

 

Bear Stearns adds $100 mln reserves

NEW YORK (Reuters) - Bear Stearns Cos. Inc. (BSC.N: Quote, Profile, Research) said on Monday that it increased its legal reserves by $100 million in connection with a possible settlement with the U.S. Securities and Exchange Commission over improper mutual fund trading.  The reserve increase will reduce the company's previously announced second-quarter results, reducing net income to $298.1 million from $365.1 million and earnings per share by 47 cents to $2.09.  "While the company and its subsidiaries believe that they have substantial defenses to the potential claims, the company has had recent discussions with the (SEC) staff regarding possible resolution of this matter," Bear Stearns said in a securities filing.

http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-07-11T214827Z_01_N11509038_RTRIDST_0_BUSINESS-FINANCIAL-BEARSTEARNS-DC.XML

 

Bear Stearns facing new scrutiny

NEW YORK: Bear Stearns has set aside an additional $100 million in legal reserves in connection with an investigation into improper mutual fund trading.

http://www.iht.com/articles/2005/07/12/business/hot.php

 

PwC program encourages volunteerism

Staff eligible to receive a day off work

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29626&IdSection=9&cat=9

 

China embraces coffee culture more than the coffee

http://news.reuters.com/newsArticle.jhtml;jsessionid=XBIRHTO2EWSJOCRBAEZSFEY?type=reutersEdge&storyID=9044293

 

HSBC rated #1 for ringgit derivatives

HSBC has been voted as the number one overall provider of Malaysian ringgit derivatives in a regional poll undertaken by the Asia Risk magazine recently.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a13269c0-cb73c03a-a2267100-c9456ef4

 

Study Links Parkinson's Drug to Gambling

By LINDSEY TANNER, AP Medical Writer

CHICAGO - Joe Neglia was a retired government intelligence worker with Parkinson's disease when he suddenly developed what he calls a gambling habit from hell. After losing thousands of dollars playing slot machines near his California home several times a day for nearly two years, Neglia stumbled across an Internet report linking a popular Parkinson's drug he used with compulsive gambling.  "I thought, 'Oh my God, this must be it,'" he said. Three days after stopping the drug, Mirapex, "all desire to gamble just went away completely. I felt like I had my brain back."

http://news.yahoo.com/s/ap/20050712/ap_on_he_me/parkinson_s_gambling;_ylt=Avv8NtGOtLLbXxo7cpOqdvSs0NUE;_ylu=X3oDMTA3czJjNGZoBHNlYwM3NTE-

 

Chicago draws more tourists, especially from overseas

Anyone who window-shops the Magnificent Mile could verify a report to be released today showing that tourists have come flooding back to Chicago.

http://www.suntimes.com/output/business/cst-fin-visitors12.html

 

Events – Chicago

 

Upcoming Live Webcasts

http://www.cboe.com/LearnCenter/webcast/webcastlive.aspx

 

 

 

The Time is Now for Single Stock Futures Hosted by Mark Esposito, OneChicago Wednesday, July 13th 3:30 p.m. CST

 

Join us as CBOE and OneChicago present The Time is NOW for Single Stock Futures. This intriguing, online seminar provides an in-depth look at trades that enable you to take advantage of margin and leverage for more efficient use of capital by using single stock futures in lieu of stock. You can also learn how EFPs can enable traders to lock in their borrowing costs - even in a volatile interest rate environment.

Click Here to Register Now!

 

 

John's Comments

 

Death Notices and Guest Books for 7/11/2005

Published in the Chicago Tribune on 7/11/2005. 

 

Paul L. Kram Jr.   

 

Paul L. Kram Jr., 56, of Wheaton, loving father of Kevin, Christopher (Mieke Blees) and Timothy; friend of Rosemary Gullikson; brother of Peter (Anne), Susan (Don) Kumler, Philip, Daniel, Joan, Edward (Michelle) and Matthew; uncle of nine; son of Nancy Dineen Kram and the late Paul L. Kram, Sr. Commodities trader and Sr. Vice President at FIMAT USA. Visitation Wednesday, July 13, 4 to 9 p.m., at Hultgren Funeral Home, 304 N. Main St., Wheaton. Mass Thursday, at 11 a.m., at St. Francis Xavier Church, 124 N. Spring Ave., La Grange, IL. Interment Queen of Heaven Cemetery in Hillside. Memorials may be directed to Mercy Home of Chicago or Jesuit International Mission of Jesuit Province of Chicago. Information and guest book at hultgren.com or 630-668-0027.

http://www.legacy.com/chicagotribune/LegacySubPage2.asp?Page=LifeStory&PersonId=14516980

 

 

****

 

Brent Crude Watch

 

IPE Brent Volume: 144,147

NYMEX Brent Crude Volume: 3461

NYMEX Percent of Total Volume: 2.34%

 

********

 

Chicago Electronic Trading Scorecard for July 11, 2005

 

Percent Electronic

 

CBOT: 62.81%

CME: 73.67%

CME Eurodollars: 87.03%

CME Live Cattle: 2.34%

CME Currency Products: 81.61%

CBOT Soybeans: 9.15%

 

CBOT Options: 5.00%

CME Options: 7.35%

 

Volume 

 

OneChicago Volume: 29,453

Eurex US Volume: 2450

Euronext.liffe Eurodollar Volume: 15,602

CBOE Futures Exchange Volume: 674

 

Market Share

 

CBOT 100 oz. Gold Volume: 1305

NYMEX 100 oz. Gold Volume: 35,373

CBOT Share: 3.56%

 

CBOT 5000 oz. Silver Volume: 118

NYMEX 5000 oz. Silver Volume: 10,507

CBOT Share: 1.11%

 

CBOT Mini Gold Volume: 510

CBOT Mini Silver Volume: 592

 

CME Emini Russell 1000 (100X) Volume: 1855

Eurex US Mini Russell 1000 (100X) Volume: 597

NYBOT Mini Russell 1000 (50X) Volume: 90

CFE Mini Russell 1000 (100X) Volume: 10

 

CME Emini Russell 2000 Volume: 124,485

Eurex US Mini Russell 2000 Volume: 1390

CFE Mini Russell 2000 Volume: 37

 

Notes: The CBOE Futures Exchange traded 155 of their new POWERPACK sector indexes.  Here is the breakdown and a link to their launch announcement:

 

CBOE Pharmaceuticals Index 115

CBOE Telecom Index 40

 

CBOE LAUNCHES 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

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: 1.59%

Liffe/CME: 1.39%

 

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.

 

This is an opt-in newsletter.  If you wish to unsubscribe, please check the address of list you are receiving the newsletter from and then click on the appropriate link below.

 

mailto:johnlothiannewsletter-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter1-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter2-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter3-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter4-request@johnlothiannewsletter.com?subject=unsubscribe

 

mailto:johnlothiannewsletter5-request@johnlothiannewsletter.com?subject=unsubscribe

 

If the unsubscribe links above do not work for you, please send an email to johnlothian@johnlothian.com with unsubscribe in the subject line.

 

This is a voluntary pay newsletter.  The voluntary pay fee for a 1-year subscription is $95, or $55 for 6-months.  For more details about this, or to sign up to receive the newsletter, please go to www.johnlothiannewsletter.com.