Lead Stories
Trading Technologies sues futures firm Peregrine
Peregrine's chairman, Russell Wasendorf Sr., told Reuters the firm's legal team was "looking at courses of action" regarding the suit.
Nymex nears approval from
The New York Mercantile Exchange said it is at an "advanced stage" in its application to obtain regulatory approval from the Financial Services Authority to set up an open outcry oil futures exchange in
http://news.yahoo.com/news?tmpl=story&u=/ft/20050720/bs_ft/fto072020051634433639
CBOT Holdings Second Quarter 2005 Revenue Up 18 Percent
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+29497,00.html
CBOT 2Q income up 10 pct, cites record trading
SFE Announces the Launch of the SFE Listed Property Trust Futures Contract
Sydney Australia: June 20, 2005. Sydney Futures Exchange formally announced today the launch of the SFE Listed Property Trust Futures contract with trading scheduled to start tomorrow the 21st of June 2005 at 9.50am. The contract is based on the Dow Jones Australia LPT Index, will be cash settled and two quarterly expiries will be available at all times. “Participants of the Listed Property Trust market have been requesting SFE to list a futures contract on this sector for some time,” said Mr Peter Hiom, General Manager, Exchange Business Development. “This prompted us to carry out a significant amount of research to ensure we provided the market with a product that exactly matched their requirements.” The contract and Index design are based on the results of extensive market research carried out by independent consultant, Atchinson Consulting and implemented by Dow Jones Indexes. This work has delivered a consistent and transparent methodology to the index and settlement process ensuring only those stocks that truly represent the major Listed Property Trusts in Australia are included in the index and the resulting futures contract.
http://www.sfe.com.au/index.html?content/news/mediareleases/2005/mr_20050620_01.htm
REFCO Overseas Limited to Acquire
REFCO Overseas Ltd., a leading provider of execution and clearing services for exchange-traded derivatives and part of one of the world's largest independent derivative brokers, announced today that it has entered into an agreement to acquire specialist equity derivative brokers, Greenwich Europe Limited and Greenwich SA Ltd
http://biz.yahoo.com/prnews/050721/nyth017.html?.v=16
Amex suffers new hurt
Dealing a blow to the struggling American Stock Exchange, Barclays Global Investors said Wednesday it will move the primary listing for 81 of its exchange-traded funds, called iShares, from the Amex to the New York Stock Exchange and the all-electronic...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/07/21/BUGT6DR1J01.DTL&feed=rss.business
Amex loses out to NYSE on ETFs
The American Stock Exchange, the third-largest in the
http://news.yahoo.com/news?tmpl=story&u=/ft/20050720/bs_ft/fto072020051734273662
http://www.chicagotribune.com/business/chi-0507210120jul21,1,2492354.story?coll=chi-business-hed
FIA
Visit the
http://www.futuresindustry.org/dceandsh-2574.asp
Grasso suggests deal possible, then says no
Richard Grasso, the New York Stock Exchange chairman forced out in a controversy over his giant pay package, opened the door Wednesday to settling a dispute with New York Attorney General Eliot Spitzer, comments made in an interview with CNBC indicated.
Grasso says he may be open to deal
Richard Grasso, who was forced out as chairman of the New York Stock Exchange in September 2003 in a controversy over a pay package worth $193 million, has indicated that he may be open to settling a dispute with the New York State attorney general, Eliot Spitzer.
http://www.iht.com/articles/2005/07/21/business/grasso.php
SPITZER TOOK 25G FROM WRIST-SLAP FIRM'S MAN
ALBANY — A giant insurer investigated by state Attorney General Eliot Spitzer got what was widely viewed as a slap on the wrist just days after Spitzer pocketed a $25,000 campaign donation from a high-ranking former employee, The Post has learned.
CBOT Reparat Sonitem
Operational Risk - Reducing Staff Numbers Professionally and Cost Effectively
As organizations cut costs by restructuring, downsizing, or outsourcing a major challenge that they will face is dealing with the associated people issues in such a way as to make appropriate, timely, and defensible decisions.
http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-21-11189.html
Operational Risk - Financially Sophisticated Board Members Aren't Necessarily Good for the Company
Boards of directors were heavily blamed by many for not nipping the Enron, WorldCom and other corporate scandals in the bud.
http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-21-11186.html
Environmental Trading News
Team responsible for
http://news.yahoo.com/news?tmpl=story&u=/cpress/20050720/ca_pr_on_na/kyoto_resignations_1
'High noon' for EU's environment policies
A general policy debate on future environmental policies promises to turn into a clash between 'competitiveness-first' commissioners and Environment Commissioner Dimas.
http://www.euractiv.com/Article?tcmuri=tcm:29-142732-16&type=News
Exchange & ECN News
Board Bulletin, July 2005
The Board of Directors of the Chicago Board of Trade at its regular meeting held Tuesday, July 19, 2005, took the following actions summarized in the attached document.
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29434,00.html
CBOT Strike Price Notice July 21, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29490,00.html
Agricultural Options Expiration
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29491,00.html
Financial Options Expiration
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29492,00.html
NYSE Composite Index® Sets New Closing High
http://www.nyse.com/press/1121856216496.html
IMPORTANT UPDATE INFORMATION Temporary APS Routing File
http://www.cme.com/clearing/clr/clradv/14434.html
New Values in
http://www.cme.com/clearing/clr/clradv/14437.html
ASEAN EXCHANGES COLLABORATE WITH FTSE GROUP TO CREATE REGIONAL INDEX SERIES
Weather Trading at
http://finance.lycos.com/qc/news/story.aspx?story=200507211456_PRN__CGTH038&symbols=INDUSTRY:906
Program Trading Averaged 52.7 Percent Of NYSE Volume During July 11-15
http://www.exchange-handbook.co.uk/news_story.cfm?id=54081
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/dig072005.txt
FSA increases legal spend by more than £2m
The Financial Services Authority (FSA) is to boost its legal spending by more than £2m in a bid to increase scrutiny of its enforcement regime.
http://www.legalweek.net/ViewItem.asp?id=24953
SEC Nominees May Face Review Next Week
Confirmation hearings for the three nominees to the Securities and Exchange Commission may begin as early as next week, according to Sen. Richard Shelby (R-Ala.), chairman of the Senate committee that oversees the agency.
http://www.compliancereporter.com/default.asp?page=1&SID=525895&ISS=17694&pressbox=1
IDA issues reminder on fund substitutions
Clients must be notified of switches
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29746&IdSection=8&cat=8
MFDA hits
Rep failed to account for client funds
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29744&IdSection=8&cat=8
CIBC reaches settlement with US regulators
July-21-2005 - CIBC on Wednesday said it had agreed pay $125 million to settle accusations that it had loaned money to hedge funds to help them make illegal mutual fund trades
http://www.marhedge.com/news/Cover.Hedge.asp?s=HedgeH-2005-07-21-06-12-22p1.htm
UK’s Financial Services Authority - 2005 Annual Public Meeting, Thursday 21 July 2005 - Opening Remarks By Callum Mccarthy, Chairman, Financial Services Authority
http://www.exchange-handbook.co.uk/news_story.cfm?id=54080
Managed Futures - Managed Funds
Booming Growth for Independent Investment Advisors Served by Schwab Institutional
Client assets associated with Schwab Institutional, a leading provider of custodial, operational and trading support for independent fee-based investment advisors, increased 18 percent to $365 billion between June 2004 and June 2005, while the number of individual client accounts associated with Schwab Institutional increased six percent to 1.3 million.
http://biz.yahoo.com/prnews/050721/sfth018.html?.v=18
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
Just what are credit derivatives?
Like any other financial derivative, credit derivatives provide payoff to the investor that depends upon the underlying default risk associated with any financial instrument, especially bank loans.
http://inhome.rediff.com/money/2005/jul/21guest.htm
State Street's FXConnect Named Best Multi-Bank Foreign Exchange Trading Platform for Institutional Investors
State Street Global Markets, the investment research and trading arm of State Street Corporation , announced today that its FXConnect multi-bank electronic foreign exchange trading system was named Best Multi-Bank FX Trading Platform for Institutional Investors by FXWeek magazine in its annual electronic foreign exchange awards.
http://biz.yahoo.com/bw/050721/215524.html?.v=1
John's Comments
TT Patent Lawsuits Filed
Trading Technologies has also failed lawsuits against NYFIX and GL besides the suits mentioned in the lead story for Reuters about them filing suit against Peregrine Financial Group and Trade Maven.
*******
Brent Crude Watch
IPE Brent Volume: 120,910
NYMEX Brent Crude Volume: 7673
NYMEX Percent of Total Volume: 5.97%
********
Percent Electronic
CBOT: 64.56%
CME: 68.84%
CME Eurodollars: 82.95%
CME Live Cattle: DNR
CME Currency Products: 89.56%
CBOT Soybeans: 6.48%
CBOT Options: 3.45%
CME Options: 4.63%
Volume
OneChicago Volume: 63,257
Eurex
Euronext.liffe Eurodollar Volume: 10,234
CBOE Futures Exchange Volume: 316
Market Share
CBOT 100 oz. Gold Volume: 1786
NYMEX 100 oz. Gold Volume: 52,510
CBOT Share: 3.29%
CBOT 5000 oz. Silver Volume: 264
NYMEX 5000 oz. Silver Volume: 16,091
CBOT Share: 1.61%
CBOT Mini Gold Volume: 989
CBOT Mini Silver Volume: 549
CME Emini Russell 1000 (100X) Volume: 2960
Eurex
NYBOT Mini Russell 1000 (50X) Volume: 692
CFE Mini Russell 1000 (100X) Volume: 5
CME Emini Russell 2000 Volume: 110,304
Eurex
CFE Mini Russell 2000 Volume: 59
Notes: OneChicago set its ninth open interest record in July at 888,859 contracts open. OneChicago’s new narrow based index, the OneChicago Select Index A, did not trade yesterday, its first day of being listed.
Liffe Eurodollar Over-Under
Liffe/Globex: .66%
Liffe/CME: .55%
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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