July 18, 2005

 

Lead Stories

 

Wider probe into US exchanges

By David Wighton and John Dizard in New York and Stephanie Kirchgaessner in Washington

US antitrust authorities are conducting a broader-than-expected examination of the mergers proposed by the New York Stock Exchange and Nasdaq, raising the possibility that they could be delayed or even derailed.  People close to the investigations say that the Department of Justice antitrust division is taking a rigorous look at the deals and has asked for information on unexpected issues.  The NYSE's proposed merger with electronic rival Archipelago, and Nasdaq's planned acquisition of Instinet's electronic trading network, would increase the already high percentage of trading in their listed stocks that the NYSE and Nasdaq have. DoJ officials are said to be concerned that the competition might not be strong enough to offset the dangers of creating a duopoly.

http://news.ft.com/cms/s/f1519296-f6fd-11d9-aeff-00000e2511c8.html

 

Deutsche Boerse up on hopes for new Eurex US plan

FRANKFURT, July 15 (Reuters) - Shares in German exchange operator Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research) rose as much as 1.5 percent on Friday on speculation the Eurex derivatives market, in which it owns a stake, might rethink its strategy for the U.S. market.  Die Welt newspaper reported that Eurex, which Boerse owns together with SWX Swiss Exchange, wants a clear U.S. strategy and a plan for a possible exit from there if it is not successful.  "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 daily quoted a source close to the owners as saying.

http://today.reuters.com/investing/financeArticle.aspx?type=hotStocksNews&storyID=URI:urn:newsml:reuters.com:20050715:MTFH21770_2005-07-15_14-32-56_L15226784:1

 

TT, Refco request November 2006 trial

http://www.futuresindustry.org/tools/linktrack.asp?lid=9705

 

Refco Group Ltd., LLC Reports First Quarter Results

Refco Group Ltd., LLC today reported total revenues for its quarter ended May 31, 2005 of $1,312.0 million, an increase of $654.6 million, or 99.6%, and $171.2 million, or 15.0%, compared to the quarters ended May 31, 2004 and February 28, 2005, respectively. The quarter ended May 31, 2005 was the third full quarter to reflect the increase in expenses resulting from the acquisition of a controlling interest in Refco by Thomas H. Lee Partners, L.P. in a series of related transactions completed on August 5, 2004 (the “Transactions”). Specifically, interest expense and amortization on intangible assets increased significantly as a result of the Company’s recapitalization on August 5, 2004. Consequently, net income for the quarter ended May 31, 2005 was $42.6 million, which represented a decrease of $16.7 million compared to the quarter ended May 31, 2004. While the Company does not believe a comparison of the results for the quarter ended May 31, 2005 and May 31, 2004 is meaningful because of these increased expenses, both of the quarters ended May 31, 2005 and February 28, 2005 included the effect of the Transactions for the entire period. Net income for the quarter ended May 31, 2005 increased $6.9 million, or 19.2%, compared to the quarter ended February 28, 2005.

http://www.refco.com/nr/pr.cms.asp?id=370

 

Decline in revenue from bond trading hurts Citigroup

Citigroup, the biggest U.S. financial services company, said on Monday that its second-quarter profit rose to $5.07 billion, falling short of analyst estimates, as revenue from fixed-income trading and underwriting fell.

http://www.iht.com/articles/2005/07/18/business/citi.php

 

Charles Schwab net climbs 65%

NEW YORK (MarketWatch) - Financial-services firm Charles Schwab said Monday that second-quarter net income rose 65% as profit generated from rising assets and advisory services more than made up for falling trading revenue.

http://www.marketwatch.com/enf/rss.asp?guid=%7B4E1FB98F-3A42-49BE-9C50-A90310B2F8A0%7D&dist=rss&siteid=mktw

 

Amex Announces 2005 Mid-Year Results

http://www.amex.com/atamex/news/press/sn_MidYear_071805.htm

 

More Disgruntled Tech Investors May File Claims

Brokerages may face a last-minute flurry of complaints from disgruntled tech investors seeking to beat New York's six-year statue of limitations.

http://www.institutionalinvestor.com/default.asp?page=1&SID=525423&ISS=17383&type=13

 

All that glitters is demat

MUMBAI, JULY 17: The doors have finally opened for retail investors to consider gold as an investment tool. Though some areas of concern like high holding charges are left unanswered, the recent steps to allow carry-over facility through depositories will prompt more investors to look at gold trading.

http://www.indianexpress.com/full_story.php?content_id=74621

 

UBS Securities, Bloomberg Tradebook granted exemptions

Institutional investors can trade futures and options through electronic order-routing system

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29688&IdSection=8&cat=8

 

Trichet says international agreement needed on any hedge fund regulation

BRUSSELS (AFX) - European Central Bank president Jean-Claude Trichet reiterated that international agreement is needed before regulations are imposed on the hedge fund industry.

http://www.iii.co.uk/news/?type=afxnews&articleid=5354640&subject=economic&action=article

 

Dueling over derivatives

When a debt downgrade at GM took a bite out of several hedge funds last month, part of the blame fell on their participation in the credit derivatives market, a world of high finance that most investors know little or nothing about and that many simply don't understand. Ignorance, however, may not be bliss.

http://www.usnews.com/usnews/biztech/articles/050725/25credit.htm?track=rss

 

FSA bows to criticism on transparency

The Financial Services Authority is set to bow to criticism from the financial industry by accepting the need for greater transparency in the way it pursues those it suspects of breaking its rules.

http://news.ft.com/cms/s/60bdf618-f728-11d9-aeff-00000e2511c8.html

 

FSA divisions face overhaul

The Financial Services Authority is tomorrow expected to propose a thorough overhaul of its enforcement regime. The conclusions of the review of the way the regulator investigates and prosecutes breaches of its rules will be subjected to close scrutiny in the City.

http://www.guardian.co.uk/business/story/0,3604,1530573,00.html

 

Brokerage Fees to Fall by 10%

The government has decided to reduce commission fees levied on brokers and futures companies by 10 percent to help boost stock market activities, according to the Ministry of Finance and Economy (MOFE) Friday.  It also said that commissions on state bonds and commodity futures trading will be cut by 20 percent.

http://times.hankooki.com/lpage/biz/200507/kt2005071520011911890.htm

 

CBOT Reparat Sonitem

 

LETTERS TO THE EDITOR: Creating an invincible international finance fortress 

Financial Times, Jul 18, 2005

By Patrick Arbor

Sir, On June 29, following reports of an offer by the Chicago Mercantile Exchange to purchase the Chicago Board of Trade... The CBOT has enjoyed a glorious 157-year history. We should maximise the future of this great institution and justly reward the members who have helped make it so strong by merging with the CME and creating an invincible fortress of international finance.

http://news.ft.com/cms/s/0b697e8a-f728-11d9-aeff-00000e2511c8.html

 

**** Let me interpret this for you.  We should create a monopoly (invincible fortress), block competition (maximize the future), stifle innovation (reward members) and soak our customers so we can generate un-Godly profits to propel our stock to unimaginable heights.  For the record, the CBOT is no longer a member organization.  Blind greed is never attractive or smart.

 

We Were Soldiers Once, and Broke

By BEN STEIN

Published: July 17, 2005

AS should be clear to anyone who reads these columns, I am fascinated by finance. I have been since I was a lad. Finance distributes risk. The smart, aggressive, tireless men and women in it allocate capital. In many ways, this efficient allocation of capital - sometimes more efficient than others - explains why capitalism so thoroughly trounces socialism and communism.  Typical Military PayFinance guys take risks that would terrify most of us. They carry immense burdens of fear and retribution on their shoulders. It is a wonder to me that the managers of hedge funds and the people who trade derivatives can even sleep at night. I know I wouldn't be able to catch one wink.  Still, when I read the daily news I am often struck by something that has nothing to do with the finance classes I took at Columbia or Yale, but in a way has everything to do with them.  Maybe I can summarize the dissonance in this little example: In the financial section of the newspaper or the business magazine, there is an article about a man, Philip J. Purcell, who has just left a huge financial services company after his performance was deemed subpar, and he's taking home a $113.7 million severance package.  Then there's an article about the fellow who is replacing him, and about how he was offered something like $25 million a year. A fellow on the job just three months, whose main quality was apparently loyalty to the subpar-performing manager, is getting $32 million.  And in a publication called Trader magazine, there's an article about the top hedge fund and commodities fund managers, and they are getting $250 million to $500 million a year each, personally.

http://www.nytimes.com/2005/07/17/business/yourmoney/17every.html

 

**** Not about the CBOT, but it is about finance, free markets, greed and values.  It is an important read, especially relative to the lead story from the FT and the Arbor Letter to the Editor in the FT.

 

Environmental Trading News

 

Point-Nonpoint Source Water Quality Trading: a Case Study in the Minnesota River Basin1

ABSTRACT: Contrary to the general trend of only a few actual trades occurring within point-nonpoint source water quality trading programs in the United States, two trading projects in the Minnesota River Basin, created under the provisions of National Pollutant Discharge Elimination System (NPDES) permits, have generated five major trades and numerous smaller ones.

http://www.rednova.com/news/display/?id=176657&source=r_science

 

Ski group takes no chances on climate change

By Jeremy Grant

Pat O'Donnell is a man used to taking no chances.

A lifelong climber and outdoorsman, he was part of the team that made the first American attempt on Annapurna in the Himalayas, one of the 14 highest peaks in the world. He has also hiked the 250-mile John Muir Trail, in California's Sierra Nevada mountain range, without a sleeping bag or tent.  On each trip, preparation was essential. Now, as chief executive of Aspen Skiing Company, one of the largest in the US, he is taking no chances with climate change.

http://news.ft.com/cms/s/d87b43ec-f596-11d9-8ffc-00000e2511c8.html

 

Exchange & ECN News

 

Merc lobbyist son of senator

The Chicago Mercantile Exchange is employing the son of Sen. Saxby Chambliss (R-Ga.) to lobby members of his father's congressional committee and other lawmakers on legislation that may increase trading at the exchange. Clarence Saxby "Bo" Chambliss Jr. is one of two staff lobbyists at the Merc charged with "providing information on issues that impact our industry to decision-makers in Washington," Merc spokesman David Prosperi said Friday.  Saxby Chambliss heads the Senate Agriculture Committee, which jointly oversees the Commodity Futures Trading Commission and must this year pass legislation reauthorizing the futures regulator through 2011. The CFTC's current authority expires Sept. 30. The panel may vote as early as this month on a bill to reauthorize the CFTC, said a committee spokesman.

http://www.chicagotribune.com/business/chi-0507160008jul16%2C1%2C6948815.story?coll=chi-business-hed

 

MTSNext Launches EuroMTS Covered Bond Indices

MTSNext today announces the launch of the EuroMTS Covered Bond Indices (EMTXc), the first real-time indices for euro-denominated covered bonds from European Union issuers. 

http://www.bobsguide.com/guide/news/10139.html

 

CBOT Ethanol Contracts Experience Successful Delivery Cycles

The CBOT today announced that it has successfully completed the first two scheduled delivery periods for the Exchange's new Ethanol futures contracts, demonstrating the efficiency of the physical delivery settlement process.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29373,00.html

 

CBOT Dow Jones Strike Price Notice July 18, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29379,00.html

 

CBOT Strike Price Notice July 18, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29377,00.html

 

E-CBOT Dow Jones Strike Price Notice July 18, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29378,00.html

 

Agricultural Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29380,00.html

 

Financial Options Expiration

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29381,00.html

 

Week 10 Average Pricing System Final Testing Cycles

http://www.cme.com/clearing/clr/clradv/14357.html

 

New York City Hero Visits the NYSE

Roberto Mills, who assisted in rescue efforts after a building collapse on July 14, rings The Closing BellSM on July 18, 2005.

http://www.nyse.com/events/1121423641154.html

 

ISE To List Second Round Of Sector Indexes

http://www.exchange-handbook.co.uk/news_story.cfm?id=54020

 

Boston Options Exchange Begins Publishing Execution Quality Statistics

http://www.exchange-handbook.co.uk/news_story.cfm?id=54019

 

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/dig071505.txt

 

Rankin found guilty of tipping off friend

Former DS investment banker not guilty of insider trading

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29685&IdSection=14&cat=14

 

Former Savoy Capital officer accused of market manipulation

ASC alleges Anderson used trades to boost fund value

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29683&IdSection=8&cat=8

 

Royal Bank may face US mis-selling inquiry

ROYAL Bank of Scotland could face an investigation by the US Securities & Exchange Commission over claims that it mis-sold products to American pensioners, according to transatlantic sources.

http://www.theherald.co.uk/43172.shtml

 

FSA sows seeds of a scandal

One of the best things that Labour has done for British investors is to force insurers to chop the charges on personal pensions.

http://observer.guardian.co.uk/cash/story/0,6903,1529970,00.html

 

SEC split over funds rule 

Divisions have surfaced at the Securities and Exchange Commission for the first time since the departure of William...

http://news.ft.com/cms/s/8e2b62ac-f728-11d9-aeff-00000e2511c8.html

 

Bullard: SEC Should Sue Directors For Stale Prices

The Securities and Exchange Commission's Enforcement Division should find egregious examples of directors having ignored the staleness of funds' prices and sue them individually, according investor activist Mercer Bullard.

http://www.institutionalinvestor.com/default.asp?page=1&SID=525602&ISS=17383&type=14

 

Moving the wrong way

The recommendation by a committee of the Forward Markets Commission (FMC) to make physical delivery compulsory for outstanding positions on the expiry of a commodity futures contract has raised a controversy and with good reason.  The validity of some of its other recommendations, notably the ban on evening trading, can also be disputed. The mandatory delivery, though proposed to be introduced in a phased manner, may lead to some unsavoury repercussions. 

http://www.business-standard.com/common/storypage.php?storyflag=y&leftnm=lmnu5&leftindx=5&lselect=1&chklogin=N&autono=194797

 

Managed Futures - Managed Funds

 

Hedge fund chief is UK’s top-paid businesswoman

THE high-risk, high-octane and hard-living reputation of hedge-fund managers means the lucrative sector is often considered the last bastion of male dominance in global markets.

But tucked away in Canary Wharf, far from the Mayfair stamping ground of most of London’s star managers, Elena Ambrosiadou, founder of Ikos Partners, has built one of the most successful hedge funds in the world — and become Britain’s best-paid businesswoman.

http://www.timesonline.co.uk/article/0%2C%2C2095-1697036%2C00.html

 

UBS sets up hedge fund advisory group

LONDON (Reuters) - UBS has appointed Warren Woo, the bank's global head of financial sponsors based in the United States, to head a new advisory group aimed at hedge funds, a UBS spokeswoman said on Monday.  The Swiss-owned investment bank told Reuters in April it was re-directing staff into this area to take advantage of hedge funds' increasing involvement in merger deals.  The new team, which will have six staff in total and be known as Alternative Capital Group, is a joint venture between UBS's equity and investment banking departments and will provide corporate finance coverage for hedge funds.

http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-07-18T105518Z_01_NOA839300_RTRUKOC_0_UBS-HEDGE-FUNDS.xml

 

Buyout, hedge funds coping with flood of cash

NEW YORK - Top performers in the private equity industry are faced with a problem many companies wish they had — too much money.  With surging investor demand for hedge funds, buyout funds and venture capital firms, some funds are slamming the door to new investors, industry experts said at a New York conference last week.

http://www.chron.com/cs/CDA/ssistory.mpl/business/mym/3268795

 

Malaysia's First ETF Marks An Important Move Forward

KUALA LUMPUR, July 18 (Bernama) -- The listing of Malaysia's first exchange-traded fund (ETF), the ABF Malaysian Bond Index Fund today, marks another important milestone resulting from the Executive's Meeting of East Asia and Pacific (EMEAP) Central Banks' cooperation in the region, said Bank Negara Malaysia governor, Tan Sri Dr Zeti Akhtar Aziz.

http://www.bernama.com.my/bernama/v3/news_business.php?id=145562

 

IDA proposes new wealth management essentials course

Seeks comment on changes to retail proficiency requirements

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29687&IdSection=5&cat=5

 

IDA aims for a more independent board of directors

By-law amendments would increase the number of public directors

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29690&IdSection=5&cat=5

 

IDA proposes standards of conduct for retail bond market

Decides not to implement mark-up limitations

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29692&IdSection=5&cat=5

 

MFA Presents Inaugural London Symposium

http://www.mfainfo.org/images/PDF/MFAPresentsInauguralLondonSymposiumFeaturingSECComm.pdf

 

MFA Congratulates New CFTC Chairman Jeffrey

http://www.mfainfo.org/images/PDF/MFACongratulatesNewCFTCChairmanJeffrey.pdf

 

Barclays Global Says Ishares DJ Eurostoxx 50 Fund Available In Japan

TOKYO--(BUSINESS WIRE)--July 15, 2005--Barclays Global Investors (BGI), a worldwide leader in exchange traded funds (ETFs) and one of the largest global asset managers, announced today that Japan's Financial Service Agency has received notification to sell the iShares(R) DJ EuroStoxx 50 and iShares(R) Dow Jones U.S. Real Estate Fund as offshore

http://au.news.yahoo.com/050718/3/v4vo.html

 

Market Risk – Hedge Fund Index Gains in June, Convertible Arbitrageurs Bounce Back

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-18-11167.html

 

Hedge Funds After Best Fund Clients

A longtime hedge fund executive is warning fund companies that hedge funds are after their very top clients and they have a historic opportunity to better leverage their distribution capabilities.

http://www.fundaction.com/default.asp?Page=1&SID=525236&ISS=17700

 

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

 

An About-Face in Credit Markets

As Other Opportunities Dwindle, So, Too, Does the Concept of Risk

By MARK WHITEHOUSE

Staff Reporter of THE WALL STREET JOURNAL

After surviving a nerve-racking spring, bond investors have settled into summer with a new attitude toward risk: Bring it on.  Encouraged by benign U.S. economic data and facing a dearth of other opportunities, these investors have piled into the bonds of risky companies and faraway governments, pushing prices sky high and some yields to new lows. They also have been borrowing more money to make their bets -- a strategy that boosts returns but also can lead to big losses.  "People are sort of complacent about risk, and they feel that they're not going to see a massive move that will hurt them," says Greg Peters, chief U.S. credit strategist at Morgan Stanley in New York. "Surreal isn't a bad word for it."

http://online.wsj.com/public/article/0%2C%2CSB112143902595486834%2C00.html?mod=todays_free_feature

 

Equinix Expands Chicago Data Center Footprint with Acquisition of Additional Space

Equinix, Inc. , the leading provider of network-neutral data centers and Internet exchange services, today announced the acquisition of additional data center space in the Chicago market to accommodate strong growth from regional businesses, including leading companies in the financial trading exchange industry.

http://biz.yahoo.com/bw/050718/185305.html?.v=1

 

The New International Style of Management

At Dell Beijing, Andy Klump was excelling at his job—selling computer hardware and services solutions to multinationals—when the company's 360-degree performance-review process underwent a change.

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-18-11168.html

 

The Master Of Zurich

How Peter Wuffli turned around UBS -- and brought the glory days back to Swiss banking

http://www.businessweek.com/magazine/content/05_30/b3944128_mz020.htm?campaign_id=rss_magzn

 

Why counting every penny matters

http://www.suntimes.com/output/business/cst-fin-unitech18.html

 

Events – Singapore

 

Derivatives & Securities World Singapore

 

11 – 12 October 2005

Raffles City Convention Centre

 

FOW return to Singapore to host their 12th annual Asia-Pacific Derivatives & Securities Exhibition – don’t miss out on your chance to attend!

 

What’s on offer?

 

A wide-ranging programme of exciting seminar sessions covering all the hottest topics within the Asia-Pacific derivatives, securities and alternative investment markets, including:

Exchange hubs and electronic liquidity pools

Trading arcades and proprietary trading groups in Singapore

Opportunities in Asian commodity markets

Chinese financial markets – examining today’s issues and future prospects

A 2 day trade exhibition showcasing the latest in business enhancing technologies and services

The opportunity to network with the 1200+ fellow professionals in attendance

Who should attend?

 

Those who need to stay up to date on the latest developments and pressing issues facing the Asia-Pacific financial markets.

Who will be there?

 

Already confirmed as exhibitors are:

 

*BT Radianz *CFA Institute *Chicago Board of Trade *Chicago Board Options Exchange *Chicago Mercantile Exchange *CQG *Euronext.liffe *GL Trade *NumeriX *Orc Software *Patsystems *QUOD Financial – Net2S Financial Solutions *Rolfe & Nolan *Singapore Exchange Ltd *Standard & Poor’s * SunGard *Sydney Futures Exchange *The Stock Exchange of Thailand *Tokyo Financial Exchange (TFX) *Trading Technologies

 

What’s the best part?

 

Derivatives & Securities World Singapore 2005 is FREE for qualifying professionals!!

 

Register your place online now at www.fow.com/events/singapore

 

John's Comments

 

CBOT Web Site

 

Why does the CBOT web site (www.cbot.com) have a picturesque image of crops growing?  Don’t they know my backyard is burning up and all brown?  Can’t they hear the corn crying for rain?

 

*******

 

Brent Crude Watch

 

IPE Brent Volume: 93,190

NYMEX Brent Crude Volume: 3852

NYMEX Percent of Total Volume: 3.97%

 

********

 

Chicago Electronic Trading Scorecard for July 15, 2005

 

Percent Electronic

 

CBOT: 56.57%

CME: 58.91%

CME Eurodollars: 84.65%

CME Live Cattle: .04%

CME Currency Products: 89.01%

CBOT Soybeans: 7.37%

 

CBOT Options: 2.92%

CME Options: 2.06%

 

Volume 

 

OneChicago Volume:

Eurex US Volume:

Euronext.liffe Eurodollar Volume:

CBOE Futures Exchange Volume:

 

Market Share

 

CBOT 100 oz. Gold Volume:

NYMEX 100 oz. Gold Volume:

CBOT Share:

 

CBOT 5000 oz. Silver Volume:

NYMEX 5000 oz. Silver Volume:

CBOT Share:

 

CBOT Mini Gold Volume: 664

CBOT Mini Silver Volume: 254

 

CME Emini Russell 1000 (100X) Volume: 1810

Eurex US Mini Russell 1000 (100X) Volume: 330

NYBOT Mini Russell 1000 (50X) Volume: 50

CFE Mini Russell 1000 (100X) Volume: 0

 

CME Emini Russell 2000 Volume: 74,960

Eurex US Mini Russell 2000 Volume: 2209

CFE Mini Russell 2000 Volume: 20

 

Notes: Summer doldrums?

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .48%

Liffe/CME: .40%

 

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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