July 13, 2005

 

Lead Stories

 

NYMEX's London move will tackle IPE Brent head on

LONDON (Reuters) - Volumes of all-electronic London Brent crude futures trade have hit record levels, while the rival open outcry pit in Dublin has languished in a summer lull.  Undaunted, bosses at the New York Mercantile Exchange's European unit say their resolve to bring their Brent pit to London is unchanged.  Only then, they say, will the market see a true test of whether the fledgling contract can rival the long-established International Petroleum Exchange Brent futures.  "We have yet to see the real fight," Samuel Gaer, Chief Executive Officer of NYMEX Europe told Reuters. "Dublin is not as centralised financially as London is."

http://go.reuters.co.uk/newsArticle.jhtml?type=reutersEdgeNews&storyID=789844&section=finance&src=rss/uk/featuresNews

 

***** Sam Gaer, the John Paul Jones of the NYMEX/IPE competition over Brent Crude Oil.

 

Nymex, Icap to offer crude, gas settlement derivatives

NEW YORK (AFX) -- The New York Mercantile Exchange Inc. and Icap PLC said Wednesday they will launch an electronic market in same-day over-the-counter options on prompt-month settlement prices for crude oil and natural gas.

http://www.iii.co.uk/news/?type=afxnews&articleid=5351549&action=article

 

IPE Energy Futures Set Daily Volume Records Following Transition to Electronic Trading

Atlanta, GA - July 13, 2005 - IntercontinentalExchange (ICE) today announced new volume records in the benchmark IPE Brent crude oil and IPE Gas Oil futures contracts.  On July 12, IPE Brent volume reached 185,144 contracts, exceeding the earlier record of 181,182 contracts which was set September 14, 2004.  Open interest in the IPE Brent contract stood at 360,028 contracts.  Also this week, IPO Gas Oil reached record levels of open interest at 238,582 contracts, which exceeded the prior record of 236,172 contracts achieved in 2002.  Each of these records reflects electronically traded contracts following the transition from IPE's open-outcry floor in London on April 7, 2005 to fully electronic trading.

www.theice.com

 

Europe's Patent on Failure

A proposed law to create Europewide rules for patenting software was soundly defeated July 6 in Strasbourg, France, after five long years of wrangling among the European Commission, the European Parliament, and aggressive lobbyists. In the wake of "no" votes in France and the Netherlands on the proposed European Constitution, and a bitter rift over the European Union budget in Brussels, the

http://news.yahoo.com/news?tmpl=story&u=/bw/20050713/bs_bw/tc200507136688tc120

 

London Stock Exchange Says Not for Sale

London Stock Exchange Chairman Chris Gibson-Smith told investors Wednesday that the bourse is not up for sale as he talked up the exchange's growth prospects.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050713/ap_on_bi_ge/britain_london_stock_exchange_2

 

NYSE seatholder alleges misinformation

NEW YORK (Reuters) - A former seatholder of the New York Stock Exchange Tuesday sued the exchange and its chief executive John Thain, alleging that he gave misleading information about the NYSE's plans to become a public company.

http://money.cnn.com/rssclick/2005/07/12/markets/nyse_suit.reut/index.htm?section=money_latest

 

NYSE's Thain Accused Of Fraud By Former Seat Holder

Claims losses for selling seat before plan to go public unveiled.

http://www.forbes.com/business/2005/07/13/thain-nyse-lawsuit-cx_cn_0713autofacescan04.html?partner=rss

 

NYSE slapped with another suit

An ex- New York Stock Exchange seat holder is suing the exchange and its chief executive John Thain, asserting that she never would have sold her seat if Thain had not allegedly hidden the existence of the pending NYSE/ Archipelago Holdings Inc . merger.

http://www.thedeal.com/NASApp/cs/ContentServer?pagename=TheDeal/TDDArticle/TDStandardArticle&c=TDDArticle&cid=1121176441410&r=InFs&p=M4YD5AR2

 

Mr. NYSE Guy

John Thain wants to create a fairer, and geekier, market.

http://www.forbes.com/finance/free_forbes/2005/0725/060.html?partner=rss

 

Are These New ETFs a Good Idea?

StreetTracks Gold Shares (GLD) , the first exchange-traded fund tracking a commodity, was one of the most successful ETF launches in history. Within weeks of its November 2004 launch it amassed more than $1.5 billion in assets. Is it any wonder that other financial firms are scrambling to introduce their own commodity ETFs?  In fact, ETF purveyors are much like traditional mutual fund companies in that they aren't above launching new funds in asset classes that have enjoyed strong recent performance and have gotten a lot of attention. Not all of the new commodity ETF proposals, which include offerings tracking silver, oil, and the euro, are without merit. In many cases, however, they sacrifice the tax efficiency and transparency of stock ETFs and should be approached with caution.

http://www.forbes.com/finance/feeds/mstar/2005/07/13/mstar1_2_23800_132.html

 

European bourses plan silence for blast victims

LONDON (Reuters) - Bourses around Europe said they would hold a silence on Thursday in memory of people killed in last week's bomb attacks in London.  The London Stock Exchange (LSE.L: Quote, Profile, Research), Frankfurt's Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research), Euronext (ENXT.PA: Quote, Profile, Research) operations including the Liffe derivatives market, Swiss exchanges SWX and Virt-x and the Warsaw bourse will all pause at 1100 GMT for 2 minutes. The Nordic and Baltic bourse group will pause at that time for 1 minute.

http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2005-07-13T110451Z_01_SCH339855_RTRUKOC_0_MARKETS-SILENCE.xml

 

Instinet to Pay Special Dividend

Instinet Group Inc., the electronic trading business being purchased by Nasdaq Stock Market Inc., said it will pay shareholders a special dividend from the proceeds of the sale of Lynch, Jones & Ryan Inc.

http://biz.yahoo.com/ap/050712/instinet_dividend.html?.v=1

 

Deutsche Boerse Says Viermetz to Contend for Chairman's Post

July 12 (Bloomberg) -- Deutsche Boerse AG, Europe's largest stock exchange by market value, said Kurt Viermetz will contend as a candidate for supervisory board chairman, one of the two top jobs left vacant after shareholders ousted the company's leaders.

http://www.bloomberg.com/apps/news?pid=10000085&sid=aSdIyqbY.zBA

 

Human Capital

July 13, 2005 - Even as we enter the hottest stretch of the summer, the people who drive the securities industry are still on the move.

http://www.securitiesindustry.com/article.cfm?articleid=15895&pg=bnews

 

Environmental Trading News

 

Chicago Climate Futures Exchange SO2 Allowance Cash and Futures Market Prices Survey Report Wednesday, July 13, 2005 -11:45 a.m. Central Time Report

SO2 Allowance Cash Market Survey

Vintage                 Bid          Offer       Last

2005 (or earlier)     $800         $820        $805 (July 13)

2006                      $795          $815

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

 

CBOT Trading Position Change July 15, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29321,00.html

 

CBOT Strike Price Notice, July 12, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29321,00.html

 

Approved Increase in Ethanol Regularity

The Exchange approved BP Corporation North America Inc. for an increase at its Forest View, IL facility. 07.12.2005

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

 

Approved Application for Ethanol Regularity

The Exchange approved the application of Badger State Ethanol LLC. 07.12.2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29312,00.html

 

The Archipelago Exchange(SM) (ArcaEx(R)) Announces Dual Listing of ICOP Digital, Inc.

http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=729355&highlight=

 

NYMEX miNY(sm) Registration

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm289&archive=2005

 

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

 

NYSE Regulation Announces Disciplinary Actions Against Four Member Firms and 15 Individuals

http://www.nyse.com/press/1121078538191.html

 

Royal Dutch Shell plc offering extended on Euronext

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

 

Two Minutes Silence on 14 July at 1 p.m. CEST: Deutsche Börse Group Commemorates the Victims of the Terror Attacks in London.

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

 

NYBOT Announces Synthetic Prices Used To Margin Cotton Positions

http://www.nybot.com/releases/pressRelease.asp?releaseID=899

 

NYSE dishes out sanctions for breaking the rules

Exchange disciplines four member firms and 15 individuals

The New York Stock Exchange took disciplinary action today against four member firms and 15 individuals for assorted violations of NYSE rules and federal securities laws.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29642&IdSection=8&cat=8

 

NYSE fines UBS, ABN Amro for rules violations

NEW YORK (MarketWatch) -- The New York Stock Exchange on Wednesday said it fined UBS $2.1 million for failing to preserve electronic communications and for supervisory failures.

http://www.marketwatch.com/enf/rss.asp?guid=%7BE0C98C6D-02C3-44CF-9AAD-F484C9E44045%7D&dist=rss&siteid=mktw

 

Strength in new issues boosts LSE

Revenue in its first fiscal quarter increased by 13%

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29640&IdSection=15&cat=15

 

FSA to simplify Handbook and remove unnecessary Rules

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/079.shtml

 

London Stock Exchange AGM Chairman's statement

http://www.londonstockexchange.com/en-gb/about/Newsroom/pressreleases/2005/130705chair.htm

 

London Stock Exchange Q1 trading statement

http://www.londonstockexchange.com/en-gb/about/Newsroom/pressreleases/2005/Q1trading.htm

 

Track Data's Track ECN Adds HLV Capital as Subscriber

Track Data Corporation today announced that its Track ECN has added HLV Capital as a new subscriber. The signup comes on the heels of Track's new pricing policy, which allows traders to take away liquidity from its book for only 2.5 mils per share.

http://biz.yahoo.com/bw/050713/135137.html?.v=1

 

NYBOT Announces Synthetic Prices Used To Margin Cotton Positions

http://www.exchange-handbook.co.uk/news_story.cfm?id=53961

 

Standard & Poor’s Announces Changes To U.S. Indices

http://www.exchange-handbook.co.uk/news_story.cfm?id=53960

 

ASX CEO Speech To Australian Shareholders' Association

http://www.exchange-handbook.co.uk/news_story.cfm?id=53962

 

 

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/dig071205.txt

 

MFDA wants information on exempt securities, deposit instruments

Regulator will use information to identify potential regulatory problems

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29633&IdSection=8&cat=8

 

Enforcement actions launched by CSA members down in second half of 2004

More cases resolved than in the first half of the year

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29632&IdSection=8&cat=8

 

United States: Federal Banking Agencies and FinCEN Jointly Issue Bank Secrecy Act/Anti-Money Laundering Compliance Examination Manual

http://www.mondaq.com/article.asp?articleid=33683&lastestnews=1

 

Quattrone Challenges NASD's Securities Industry Ban, by Glen Shapiro, LawAndTax-News.com, New York 13 July 2005

Former Credit Suisse First Boston high-flyer, Frank Quattrone has argued in an SEC administrative appeal that the National Association of Securities Dealers (NASD) acted illegally when it imposed a lifetime securities industry ban on him for failing to cooperate with its investigation into IPO 'spinning'.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20462

 

Amex Settles With N.H. for $7.4 Million

New Hampshire regulators and American Express Financial Advisors Inc. have reached a record $7.4 million settlement over allegations that the company illegally rewarded its financial advisers who steered clients toward underperforming, in-house mutual funds.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050712/ap_on_bi_ge/american_express_settlement_3

 

Spitzer probes Bear Stearns - source

New York Attorney General Eliot Spitzer is looking into whether Bear Stearns Cos. Inc. gave inaccurate bond pricing information to a customer, a person familiar with the situation said on Tuesday.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050712/bs_nm/financial_bearstearns_probes_dc_1

 

Managed Futures - Managed Funds

 

Investors are cooling to allure of hedge funds 

After a spectacular two-year run, growth in the hedge fund industry is expected to slow sharply in the year ahead, according to a new study by Deutsche Bank's hedge fund group.

http://www.iht.com/articles/2005/07/13/business/gflede.php

 

SEC eyeing hedge fund leverage, warns of risks

LONDON, July 12 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is aware of the need to watch the amount of leverage hedge funds use to magnify returns although it had no desire to regulate this, a senior SEC official said.

http://today.reuters.com/investing/financeArticle.aspx?type=governmentFilingsNews&storyID=URI:urn:newsml:reuters.com:20050712:MTFH52831_2005-07-12_17-32-08_L12638019:1

 

Man hit by $1.2 billion of redemptions in Q2

July-12-2005 - London-based Man Group plc saw sales of $1.6 billion over the second quarter of 2005, but a large chunk of that was cancelled out by $1.2 billion worth of redemptions over the same period, according to the firm's latest statement of assets under management.

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-12-12-02-43p1.htm

 

RCMP launches criminal 'assessment' of Portus

July-12-2005 - The Royal Canadian Mounted Police is trying to determine whether criminal charges are warranted against Portus Alternative Asset Management following its collapse

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-12-11-57-36p1.htm

 

Hedge fund is first to be based in Wales

THE first-ever Welsh-based hedge fund has gone live after successfully raising more than £17m. The macro hedge fund, Cadwyn Global, is the idea of Aberdare-born Gerald Holtham, the former chief investment officer of Morley Fund Managers.

http://icwales.icnetwork.co.uk/0300business/0100news/tm_objectid=15729603&method=full&siteid=50082&headline=hedge-fund-is-first-to-be-based-in-wales-name_page.html

 

HedgeOp Compliance, LLC Launches New Hedge Fund SEC Registration Service

(PRWEB) July 13, 2005 -- HedgeOp Compliance, LLC, one of the industry"s leading compliance consulting firms, announced the launch of its ADVassist hedge fund registration service today. ADVassist is designed to provide focused and efficient registration and compliance infrastructure development for hedge fund managers. The service is a concentrated exercise with the purpose of (1) completing the

http://news.yahoo.com/news?tmpl=story&u=/prweb/20050713/bs_prweb/prweb259867_2

 

Hedge Fund Returns Finish First Half On The Right Side Of Zero, by Phillip Morton, Investors Offshore.com 13 July 2005

Hedge funds appear to have shrugged off a tumultuous first half of the year according to the Standard & Poor's Hedge Fund Index, which has finished the first six months marginally in positive territory after a period when some hedge funds collapsed under the weight of trading losses and investor redemptions.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20464

 

Commodities boost Dutch metals scheme PMT

IPE.com 13/Jul/05: NETHERLANDS - With returns of 30%, commodities were the best performing asset class of the Dutch pension for Metalworking and Mechanical Engineering, or PMT, during the second quarter, it said.

http://www.ipe.com/article_default.asp?article=19096

 

FTSE Xinhua Index Announces Annual Review Results

FTSE Xinhua Index , the independent China index provider, held its index committee meeting on July 5 to review and approve constituent changes.

http://biz.yahoo.com/prnews/050712/hktu008.html?.v=3

 

$43.5bn shock at Man Group

Man Group, the world's largest stock market-listed hedge fund manager, was the biggest faller in the FTSE 100 yesterday after a trading update showed a slower than expected increase in funds under management.

http://www.guardian.co.uk/business/story/0,3604,1527096,00.html

 

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

 

Man Group's slow growth disappoints

Man Group, the world's largest listed hedge fund manager, yesterday blamed an adverse $600m (£342m) currency charge for a below-par rise in funds under management in the first three months of its financial year.

Man said sales in the three months to June 30 were $1.6bn and redemptions were $1.2bn, meaning that funds under management rose by only one per cent to $43.5bn in the first financial quarter.

http://news.ft.com/cms/s/d0c95bc0-f339-11d9-843f-00000e2511c8.html

 

**** Online FT subscription required.

 

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

 

Commodity Price Index Lit Up by Oil Price Surge - BMO Economics

http://www.newswire.ca/en/releases/archive/July2005/13/c0913.html

 

DTCC Board of Directors Elect Richard B. Nesson Executive Managing Director, Legal, Regulatory and Compliance

The Depository Trust & Clearing Corporation today announced the election by its Board of Directors of Richard B. Nesson as executive managing director, legal, regulatory and compliance.

http://biz.yahoo.com/bw/050712/125734.html?.v=1

 

Schwab Announces Its Next Business Update

The Charles Schwab Corporation announced today that it has scheduled its regular semi-annual Business Update for institutional investors on July 26, 2005. The Updates are designed to help the investment community keep abreast of recent developments and management's strategic focus.

http://biz.yahoo.com/prnews/050712/sftu128.html?.v=13

 

ITG expected to win MacGregor

Investment Technology Group Inc. is expected to buy MacGregor Financial Trading in a cash deal worth between $215 million and $230 million, according to industry sources.

http://www.thedeal.com/NASApp/cs/ContentServer?pagename=hpa&c=TDDArticle&cid=1121176442372&p=M4YD5AR1

 

TA Associates Completes $50 Million Majority Recapitalization of Quantitative Analytics, Inc.

TA Associates, a leading private equity and buyout firm, announced today it has completed a $50 million majority recapitalization of Chicago-based Quantitative Analytics, Inc., a leading provider of database integration and analysis solutions to the financial services industry.

http://biz.yahoo.com/bw/050713/135093.html?.v=1

 

Colin Powell Joins Venture-Capital Firm

Former Secretary of State Colin Powell has joined one of Silicon Valley's best-known venture-capital firms.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050713/ap_on_bi_ge/powell_venture_capital_1

 

Gore's Generation

Former Veep Readies Venture For Investors

When former U.S. Vice President Al Gore announced last November he was teaming up with an ex-Goldman Sachs Asset Management ceo to launch an asset management firm, the press immediately branded the entity a socially responsible investment house.

http://www.institutionalinvestor.com/default.asp?page=1&SID=524423&ISS=17383&type=10

 

Morgan Stanley's Cruz Does It the `Zoe Way': Graef Crystal

July 13 (Bloomberg) -- Call it the ``Zoe way.'' Stay put and say ``no'' to a guarantee of millions. That's the decision that Zoe Cruz made when she decided to stay as Morgan Stanley's president.

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_crystal&sid=a0CBPqHnOhg8

 

It's A Knockout!

Novel Swaps Pitched To Emerging Market Sovereigns

Firms are marketing innovative currency and rate swaps to emerging market sovereign debt issuers, in which the swap knocks out if the sovereign defaults.

http://www.institutionalinvestor.com/default.asp?page=1&SID=524101&ISS=17383&type=23

 

GL TRADE Launches Margin Checker, An Online UBIX Component Designed To Offer Drill Down Reporting Into Margin Calculations - This Module Enables Users To Perform Online Checks Into The Margin Calculations Produced By The Back Office Or Broker

http://www.exchange-handbook.co.uk/news_story.cfm?id=53978

 

John's Comments

 

CME Magazine

 

The Chicago Mercantile Exchange on July 22 will be launching a corporate magazine to promote the exchange to customers, prospective customers, investors and others target audiences.  The “CME Magazine” will be a quarterly.  The inaugural edition will feature on its cover an undisclosed baseball team owning hedge fund manager.  There will also be an interview with some folks at a prominent Chicago hedge fund.  No word on whether there will be a merger and acquisitions section in the magazine.

 

*******

 

Patent Approved

 

My patent application on the use of “Open Letters” in the derivatives industry has been granted by the U.S. Patent office and I will be seeking compensation for any more “Open Letters” about the CBOT IPO or TT’s MD Trader patents.  And 2.5 cents per word is just my starting point! 

 

********   

 

Brent Crude Watch

 

IPE Brent Volume: 185,144 * record

NYMEX Brent Crude Volume: 4880

NYMEX Percent of Total Volume: 2.57%

 

********

 

Chicago Electronic Trading Scorecard for July 12, 2005

 

Percent Electronic

 

CBOT: 62.03%

CME: 70.18%

CME Eurodollars: 82.73%

CME Live Cattle: .25%

CME Currency Products: 78.26%

CBOT Soybeans: 4.09%

 

CBOT Options: 6.09%

CME Options: 5.47%

 

Volume 

 

OneChicago Volume: 38,070

Eurex US Volume: 2450

Euronext.liffe Eurodollar Volume: 7672

CBOE Futures Exchange Volume: 275

 

Market Share

 

No Metals today

 

CME Emini Russell 1000 (100X) Volume: 2732

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

NYBOT Mini Russell 1000 (50X) Volume: 501

CFE Mini Russell 1000 (100X) Volume: 40

 

CME Emini Russell 2000 Volume: 102,839

Eurex US Mini Russell 2000 Volume: 1390

CFE Mini Russell 2000 Volume: 14

 

Notes: South American Beans at the CBOT showed volume of 166 contracts for yesterday’s trade.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .80%

Liffe/CME: .67%

 

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.

 

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