July 15, 2005

 

Lead Stories

 

NYMEX Revises Date of e-miNY Futures Contracts Migration (again)

NEW YORK, N.Y., July 14, 2005 — The New York Mercantile Exchange, Inc., today announced that it will postpone the migration of its NYMEX miNYsm crude oil and natural gas futures contracts to NYMEX ClearPort® from the CME® Globex® electronic trading platform to August 22.  The September NYMEX miNYsm crude oil and natural gas futures contracts will be listed for trading on the CME Globex platform beginning today at 3:15 PM EST. The September NYMEX miNYsm crude oil futures contract will expire on the CME Globex platform at 2:30 PM EST on August 19.  The September NYMEX miNYsm natural gas futures contract be will delisted on the CME Globex platform at 2:20 PM EST on August 19 and will be listed for trading on NYMEX ClearPort® at 7 PM EST on August 21 for the trade date August 22.   The October NYMEX miNYsm crude oil and natural gas futures contracts will also be listed for trading on NYMEX ClearPort® at 7:00 PM EST on August 21 for the trade date August 22.  Exchange President James E. Newsome said, "We have been very gratified by the unprecedented growth in volumes we have seen in the e–miNY futures contracts in recent months. We are delaying the migration of these products onto NYMEX ClearPort® to ensure that all of our customers have sufficient time to establish connectivity and to review and execute the applicable user documentation."

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050714a

 

***** This press release should have said, new launch date, same reason as last memo.

 

Update on the NYMEX miNY(sm) Energy Futures Contracts' Transition from CME® Globex® Electronic Trading Platform to NYMEX ClearPort® Trading

http://www.nymex.com/jsp/shareholder/notice_to_member.jsp?id=ntm293&archive=2005

 

Nymex Sets Record For Overall Daily Volume

http://www.exchange-handbook.co.uk/news_story.cfm?id=54015

 

**** Who has time to fill out forms and get lines in place when you are doing record volume?

 

Refco Group Ltd., LLC Responds To Sillam Press Release

NEW YORK, JULY 14, 2005 - Refco Group Ltd., LLC ("Refco") announced today with respect to statements by French lawyer Frederik-Karel Conoy on behalf of his client, Gerard Sillam, that Refco has not received any documents to corroborate the claim that Mr. Sillam has filed a criminal complaint in Paris against Refco, Thomas H. Lee Partners, L.P. and individuals.  Since 2002, Mr. Sillam has instituted numerous commercial and criminal actions against Refco entities under the French legal system, which permits private individuals to initiate criminal proceedings.  Refco has cooperated with those inquiries, none of which has resulted in any action against any Refco entity or individual.  Refco is vigorously defending these actions and believes that Mr. Sillam’s claim is without merit.  In 2004, Mr. Sillam requested and was granted dismissal of a commercial claim that he had filed in the Supreme Court of the State of New York.  To Refco’s knowledge, no action by Mr. Sillam against any Refco entity is pending in the American courts.

http://www.refco.com/nr/pr.cms.asp?id=368

 

TT and Ninja Consent Judgment

http://www.tradingtechnologies.com/news/050714_NinjaSettlement.pdf

 

 

First oil ETF to launch in London

The world’s first oil-backed exchange traded fund (EFT) is due to be listed on the London Stock Exchange at the end of the month, providing an investment vehicle that closely tracks the oil price without having to trade in the futures market or buy oil company shares.

http://news.ft.com/cms/s/9298cc22-f46b-11d9-9dd1-00000e2511c8.html

 

ISDA Releases FpML Version 4.1 Recommendation; Launches New FpML Website

NEW YORK, THURSDAY, JULY 14, 2005 – The International Swaps and Derivatives Association (ISDA) today released a Recommendation for version 4.1 of its Financial products Markup Language (FpML). FpML is the XML-based, freely licensed, e-commerce standard supporting trading of privately negotiated financial derivatives.  Version 4.1 of the standard includes enhancements most notably to the equity derivatives and credit derivatives areas by supporting basket and index trading respectively. It builds on Version 4.0, the first version of the standard to cover interest rate, FX, credit and equity derivatives. The messaging framework and validation rules have been further expanded and additions have been made in the area of pricing and risk reporting.  “Ongoing enhancement of the FpML standard is testament to the ceaseless innovation in the derivatives industry,” said Robert Pickel, Chief Executive Officer and Executive Director, ISDA. “FpML plays a central role in the industry’s focus on increased automation in the post-trade space.”   Recommendation status is the final step in the development process of a version of the standard. It reflects consensus within the FpML community and bears the FpML Standards Committee stamp of approval. The FpML Standards Committee considers the ideas and technology specified by a Recommendation as appropriate for widespread deployment. Recommendation additionally means that feedback has been incorporated and users are actively implementing the version. The full text of the Recommendation is available at the FpML web site (www.fpml.org).

http://www.isda.org/press/fpmlpress071405.html

 

NYSE win for bond investors

The New York Stock Exchange has welcomed a move to let members trade a broader range of debt securities on its electronic platform, saying it would be "a big win" for bond investors.Expanding its fixed-income business could boost NYSE growth as it prepares to merge with the Archipelago exchange and become a public company. The move "supports our commitment to diversify our marketplace as a

http://news.yahoo.com/news?tmpl=story&u=/ft/20050714/bs_ft/fto071420051811293032

 

Deutsche Boerse mulls U.S. options

Eurex US exit unlikely say analysts

LONDON (MarketWatch) - German Stock Exchange operator Deutsche Boerse is considering the future of its Chicago-based futures operation Eurex US, according to a report out Friday.  Eurex US is 80% owned by U.S. Exchange Holdings Inc., with the rest held by various financial institutions. U.S. Exchange Holdings is ultimately equally owned by the Swiss stock exchange, SWX Swiss Exchange, and Deutsche Boerse.

The platform trades the Russell 1000 and Russell 2000 Index futures, as well as U.S. Treasury notes and bond futures.  German daily Die Welt said one option would be for Deutsche Boerse (DE:581005: news, chart, profile) to pull out of Eurex US, AFX News reported.

http://www.marketwatch.com/news/story.asp?guid=%7B99C4BDC9-E48B-4BF6-A154-F41A6943B7F6%7D&siteid=google

 

Eurex owners demand clarity on U.S. strategy-paper

FRANKFURT, July 14 (Reuters) - The co-owners of European derivatives exchange Eurex want a clear U.S. strategy and a plan for a possible exit from the market should it not be successful, German's Die Welt newspaper reported on Thursday.  "At the next supervisory board meeting in August, Eurex Chief Executive Rudolf Ferscha must present a clear concept of how we can continue in the United States," the newspaper quoted a source close to the owners as saying.

http://today.reuters.com/news/newsArticleSearch.aspx?storyID=206042+14-Jul-2005+RTRS&srch=eurex

 

Eurex owners demand clear US plan

Plan sought would include possible exit strategy from U.S. market

(Reuters) — The co-owners of European derivatives exchange Eurex want a clear U.S. strategy and a plan for a possible exit from the market should it not be successful, German's Die Welt newspaper reported on Thursday.

http://chicagobusiness.com/cgi-bin/news.pl?id=17113

 

Financial Wiz Charles Merrill Amy Reeves

The old ways didn't cut it with Charles Merrill.

Merrill (1885-1956) is best known for giving his name to the investment house Merrill Lynch & Co. Along the way, he also helped make Safeway Stores one of the flagship grocery chains in the U.S.

http://news.yahoo.com/news?tmpl=story&u=/ibd/20050714/bs_ibd_ibd/2005714lands

 

Big Board to appeal Archipelago document ruling

NEW YORK (MarketWatch) - The New York Stock Exchange is planning to appeal a judge's order that it turn over documents to a member challenging the Big Board's acquisition of Archipelago Holdings, a spokesman said Thursday.

http://www.marketwatch.com/enf/rss.asp?guid=%7BEC8AE6AA-BFF0-4A48-BF29-C8586CBD3A1C%7D&dist=rss&siteid=mktw

 

BSE makes tech move: Exchange shifts to more e-trading

The curtain may soon come down on the Boston Stock Exchange trading floor under plans being drawn up by Exchange management, the Herald has learned.  Acting Chairman and CEO Michael Curran is putting the finishing touches on plans to start moving the exchange toward electronic trading.  Up to 40 traders currently work on the floor of the exchange on Franklin Street. They now face an uncertain future.

http://business.bostonherald.com/businessNews/view.bg?articleid=93902

 

***** This is just so much BS.  We all face an uncertain future and always have.  There are no guarantees in this life.

 

Boston Options Exchange Has Second Busiest Day Ever

http://www.exchange-handbook.co.uk/news_story.cfm?id=54004

 

INTERVIEW - Indian commodity exchange expects volumes to zoom

NEW DELHI (Reuters) - A leading Indian commodity bourse, the Multi Commodity Exchange Ltd., expects volumes to double by March with growth in bullion and crude oil trade.

MCX Chief Executive Anjani Sinha also said in an interview on Friday a new instrument would help drive growth of gold futures trade in India, the world's largest consumer of the yellow metal.

http://in.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-07-15T144643Z_01_NOOTR_RTRJONC_0_India-209387-1.xml

 

Corn futures at 1-year high

http://www.chicagotribune.com/business/chi-0507150095jul15,1,1177050.story?coll=chi-business-hed

 

Corn prices grow, but drought is killing Illinois crops

Corn prices rose to the highest level in about a year Thursday, and soybeans gained, on concern that unusually hot, dry weather will linger in the Midwest through the end of July, compounding a monthlong deterioration of crops.

http://www.suntimes.com/output/business/cst-fin-crop15.html

 

CBOT Reparat Sonitem

 

Want to make a killing on CME? Consider a bet on exchange, itself

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050715/REDGE15/TPBusiness/MoneyMarkets

 

Environmental Trading News

 

Energy Hedge Fund Center Now Tracking Over 400 Energy Hedge Funds - Fund of Funds Interest Accelerates

The Energy Hedge Fund Center (www.energyhedgefunds.com) reports that it is now tracking more than 400 energy and environmental hedge funds and more than 360 managers in its directory of energy hedge funds. Fund of Funds interest in the energy and natural resources areas continues to grow with new funds of funds in formation as investors seek exposure to the hot energy industry. [PRWEB Jul 15,

http://www.prweb.com/releases/2005/7/prwebxml261374.php

 

Exchange & ECN News

 

Q&A: Chicago exchange CIO says IT helps keep up with rivals

But power and cooling remain big issues for the data center  

JULY 14, 2005 (COMPUTERWORLD) - Over the past five years, Chicago Mercantile Exchange Holdings Inc. (CME) has gone from electronically trading 137,550 futures contracts a day to trading almost 3.15 million contracts per day. During that time, the exchange also went public -- years ahead of rival New York Stock Exchange Inc., which recently announced plans for an initial public stock offering.  Jim Krause, CIO for the CME, spoke recently with Computerworld about what it takes to stay ahead of the IT systems game and how market consolidation will affect future technology deployments.

http://www.computerworld.com/databasetopics/data/datacenter/story/0%2C10801%2C103211%2C00.html

 

CBOT Strike Price Notice July 15, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29356,00.html

 

E-CBOT Dow Jones Strike Price Notice July 15, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29357,00.html

 

NYBOT Announces New Margin Requirements

http://www.nybot.com/releases/pressRelease.asp?releaseID=900

 

IPE BRENT FUTURES SET SECOND CONSECUTIVE DAILY VOLUME RECORD

http://www.theipe.com/news/default.asp?sp=article&id=2125

 

Howard W. Lutnick, Chairman and CEO of Cantor Fitzgerald L.P. and eSpeed, Inc. [ESPD] & H. Aaron Parekh, Director of The Cesar Augusto Murillo Memorial Fund to Ring The NASDAQ Stock Market Opening Bell

(MARKET WIRE)--Jul 15, 2005 -- Howard W. Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. and eSpeed, Inc. (NasdaqNM:ESPD - News) & H. Aaron Parekh, Director of The Cesar Augusto Murillo Memorial Fund will preside over the opening bell.

http://biz.yahoo.com/iw/050715/090886.html

 

 

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/dig071405.txt

 

Weekly Advisory

http://www.cftc.gov/opa/adv05/opawa29-05.htm

 

Former broker sanctioned for not paying IDA fines

Settlement agreement says broker acted contrary to public interest

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29676&IdSection=8&cat=8

 

Regulator to review Quebec P&C brokerage sector

AMF will seek public consultation on distribution, consumer issues

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29675&IdSection=8&cat=8

 

White Rock mutual fund salesperson committed fraud in stealing clients’ money

http://www.bcsc.bc.ca/release.asp?id=2647

 

Lawyers Differ On NASD Discovery Arb Pilot's Impact

Lawyers have mixed views on whether the NASD's planned discovery arbitration pilot program will be effective in solving discovery disputes. Under the terms of the voluntary program, to be launched later this year, a fourth arbitrator will be appointed to handle pre-arbitration discovery matters.

http://www.compliancereporter.com/default.asp?page=1&SID=525140&ISS=17694

 

Managed Futures - Managed Funds

 

Former HF manager jailed for tax fraud

July-15-2005 - A former California hedge fund manager convicted of tax evasion has been sentenced to prison and ordered to pay a six-figure fine

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-15-08-59-09p1.htm

 

European Commission reports on asset management

July-14-2005 - The European Commission sees a need for wide ranging reflection on the future of the European Union framework for investment funds, including hedge funds

http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-14-16-41-01p1.htm

 

EC spurns calls for curbs on hedge funds

The European commission yesterday ruled out legislation to control the growing power of hedge funds, turning its back on the clamour in some countries for tougher regulation of the sector.

http://www.guardian.co.uk/business/story/0,3604,1528973,00.html

 

STOXX Ltd. Replaces Royal Dutch Petroleum And Shell Transportation & Trading In Its European Indexes

http://www.exchange-handbook.co.uk/news_story.cfm?id=54011

 

Component Changes Made To Dow Jones Country Titans, Dow Jones Sector Titans, Dow Jones Islamic Market And Dow Jones Global Titans Indexes

http://www.exchange-handbook.co.uk/news_story.cfm?id=54009

 

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

 

Weather derivatives experts leave Swiss Re

New York • July 14, 2005 • Weather risk veterans Mark Tawney and Bill Windle left global reinsurer Swiss Re last week, and rumours abound as to their next move. Weather trader Bill MacLauchlan also departed on July 7, for personal reasons. Swiss Re could not comment on their future plans.

http://db.riskwaters.com/public/showPage.html?page=287282

 

Empire Financial Announces Rollout of Values Based Screening Tools in Association With Promise Keepers

Empire Financial Holding Company , a financial brokerage services firm serving retail and institutional clients, is pleased to announce today that its wholly owned subsidiary, Empire Financial Group in conjunction Faith Financial Planners, Inc. entered into an agreement with Promise Keepers to offer the Christian men's organization's constituents a discount brokerage services platform that

http://biz.yahoo.com/prnews/050715/laf011.html?.v=18

 

Energy Risk - $100 a Barrel, What Are the Odds?

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-15-11162.html

 

Too fast, too soft... investor beware

The Treasury yield curve may flatten or invert by the end of the year. What's an investor to do?

NEW YORK (CNN/Money) - A flattening yield curve sends a message to investors: Get defensive.

http://money.cnn.com/2005/07/14/markets/bondcenter/yields_investors/index.htm?section=money_latest

 

Morgan Stanley's Schaefer to Leave Brokerage Unit (Update2)

July 15 (Bloomberg) -- Morgan Stanley, the world's biggest securities firm, said brokerage chief John Schaefer will resign, the second top executive to leave since the board replaced former Chairman and Chief Executive Officer Philip Purcell with John Mack last month.

http://www.bloomberg.com/apps/news?pid=10000087&sid=aiA.XtBQK01E

 

A Hole in Knight Ridder's Story By Tim Beyers

As expected, media conglomerate Knight Ridder (NYSE: KRI - News) reported disappointing results for the second quarter of 2005 this morning. The publisher of the San Jose Mercury News, Kansas City Star, and 29 other daily newspapers fell way short of Street revenue estimates and barely managed to exceed revised earnings targets.  That's because the company is in the same boat as its competitors: Circulation is down, costs are up, and even marginal gains in advertising can't make up the difference. During the latest quarter, Knight Ridder's circulation revenue was down 4.2% and total operating costs were up 2.1%, including a 9.7% jump in the per-ton cost of newsprint. Total advertising revenue, meanwhile, was higher by just less than 1%, led by a 1.6% gain from classified ads.  t's no secret that readers are relying more and more on the Web and television for news and a whole lot less on newspapers.

http://news.yahoo.com/news?tmpl=story&u=/fool/20050714/bs_fool_fool/112137181828

 

Program Finalized for FIA’s Conference in Beijing

Don’t miss this opportunity to get a complete update on the rapidly growing futures and options markets in Asia. Top industry and regulatory officials will speak at the FIA’s first-ever Asia-wide conference just four weeks from now in Beijing. The three-day program, which will kick off on Aug. 9, will cover the development of futures markets in China, the products and business strategies of exchanges across the region, issues related to cross-border access to Asian markets, and risk management and clearing issues. In addition, exchanges, investment banks, technology providers and other industry organizations will showcase their products and services at the conference exposition.

http://www.futuresindustry.org/fiaasiad-2560.asp

 

Events – Chicago

 

MID-YEAR COMMODITIES OUTLOOK

Leading Experts To Provide Insight at July 19 Chicago Press Event

 

Investors are focusing more than ever on commodities as an asset class - as of June 30, 2005, commodity prices are up 6.44% for the year according to the Dow Jones AIG Commodity Index.

 

Leading commodity market experts will gather in Chicago on Tuesday, July 19 for a commodity outlook event. Professional journalists are invited to the agricultural trading floor of the Chicago Board of Trade for breakfast, a review and outlook for energy/metals/grains and other commodities, and a Q&A session. 

 

Expert speakers are:

 

Ø      Phil Flynn, Vice President, Energy and General Market Analyst, Alaron Futures and Options — “Energy Outlook”

 

Ø      Shawn McCambridge, Senior Grains Analyst, Prudential Securities Inc.— “Grains Outlook”

 

Ø      Dave Meger, Managing Director, Alaron Metals Services  — “Metals Outlook”

           

Ø      Dan Raab, Managing Director, AIG Financial Products Corp. “Commodities as an Asset Class: An Institutional Perspective”

 

The event is hosted by Dow Jones Indexes and AIG Financial Products Corp. John Prestbo, Editor of Dow Jones Indexes, will moderate the panel and Q&A session.

 

Journalists must register in advance. Please contact: Rebecca Patterson, Dow Jones Indexes, 212-597-5743, or  PR-Indexes@dowjones.com

 

WHAT:                          MID-YEAR COMMODITIES OUTLOOK BREAKFAST

 

WHERE:           Chicago Board of Trade, 141 W. Jackson Blvd at Lasalle Street, Chicago., Agricultural Trading Floor (4th floor)

(Continental breakfast will be served in the visitors center on the 5th floor)

                                   

WHEN:   Tuesday, July 19, 2005

 

TIME:   7:45 am – 9:00 am Central Time

 

MEDIA REGISTRATION:    Rebecca Patterson, 212-597-5743

PR-Indexes@dowjones.com

 

John's Comments

 

 

FOWeek Headlines   Issue 1028  18-Jul-2005

http://www.fow.com/

 

• SEC investigates brokers’ payment for order flow

• Eurex wins I-Traxx race

• Nymex looking for CEO and IPO

• Refco “unaware” of alleged $1.02b French lawsuit - UPDATE

• TT, Refco request November 2006 trial

• CBOE seats continue to rise

• Deutsche Börse nominates chairman

• OneChicago numbers on the up

• Russian bond futures start well

• CBOE and CFE launch index “powerpacks”

 

*******

 

Brent Crude Watch

 

IPE Brent Volume: 148,576

NYMEX Brent Crude Volume: 6802

NYMEX Percent of Total Volume: 4.38%

 

********

 

Chicago Electronic Trading Scorecard for July 14, 2005

 

Percent Electronic

 

CBOT: 57.56%

CME: 66/22%

CME Eurodollars: 84.84%

CME Live Cattle: .16%

CME Currency Products: 87.40%

CBOT Soybeans: 3.93%

 

CBOT Options: 3.11%

CME Options: 414%

 

Volume 

 

OneChicago Volume: 53,696

Eurex US Volume: 5013

Euronext.liffe Eurodollar Volume: 84.84%

CBOE Futures Exchange Volume: 470

 

Market Share

 

CBOT 100 oz. Gold Volume: 1546

NYMEX 100 oz. Gold Volume: 87,318

CBOT Share: 1.74%

 

CBOT 5000 oz. Silver Volume: 213

NYMEX 5000 oz. Silver Volume: 20,772

CBOT Share: 1.02%

 

CBOT Mini Gold Volume: 901

CBOT Mini Silver Volume: 641

 

CME Emini Russell 1000 (100X) Volume: 2741

Eurex US Mini Russell 1000 (100X) Volume: 743

NYBOT Mini Russell 1000 (50X) Volume: 34

CFE Mini Russell 1000 (100X) Volume: 50

 

CME Emini Russell 2000 Volume: 109,091

Eurex US Mini Russell 2000 Volume: 4125

CFE Mini Russell 2000 Volume: 4

 

Notes: The IPE did NOT set a Brent Crude volume record yesterday.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .41%

Liffe/CME: .35%

 

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.