July 22, 2005

 

Lead Stories

 

A merger of Chicago's exchanges would cripple free-market forces driving US futures industry – Letter to the FT

By John J Lothian

Sir, Patrick Arbor wrote about the advantages and rewards for a potential merger of the Chicago Board of Trade and the Chicago Mercantile Exchange (Letters, July 18). He argued that combining the exchanges would create an "invincible international finance fortress". I would suggest that Mr Arbor's invincible fortress is code language for monopoly and its creation would cripple the free-market forces that propelled the US futures industry to its current success.

http://news.ft.com/cms/s/7fa6babe-fa4e-11d9-b092-00000e2511c8,ft_acl=_extelapp_ftalert_ftarc_ftcol_ftfre_ftindsum_ftprem_ftspecial_ftsurvey_ftworldsub_ftym_ftymarc_ic_nbe_poapp_printedn_psapp_reg_worldpress,s01=2.html

 

**** The Financial Times printed my letter to the editor at the top of their letters page today.

 

Draft S-4 Registration Statement (Draft Proxy Statement) on NYSE-ARCHIPELAGO Proposed Merger Filed with Securities and Exchange Commission

http://www.nyse.com/press/1121942026197.html

 

****The following individuals are expected to serve as directors of the NYSE Group upon the completion of the mergers:

 

Marshall N. Carter (Chairman)

John A. Thain ( Chief Executive Officer)

Herbert M. Allison, Jr.

Ellyn L. Brown

William E. Ford

Shirley Ann Jackson

James S. McDonald

James J. McNulty

Alice M. Rivlin

Robert B. Shapiro

Karl M. von der Heyden

Dennis Weatherstone

Edgar S. Woolard, Jr.

 

Archipelago Files a Current Report on Form 8-K with Respect to the Amended Terms of the NYSE Transaction

http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=733629&highlight=

 

NYSE, Archipeligo joint proxy lays out merger plans

Final price of the deal yet to be revealed

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29758&IdSection=15&cat=15

 

Brush With Disaster Alters a Career

LONDON, July 21 - A natural disaster persuaded Margaret Cole, the new top market enforcer in Britain, to drop corporate law after two decades of practice.

Fleeing the island of Phuket, Thailand, as the Indian Ocean tsunami hit last December, she recalled that she was moved by the "complete randomness" of the disaster. "I asked myself, When are you going to do something useful?" she said in a interview.  The soul-searching led her to accept the job of director of enforcement for the London market regulator, the Financial Services Authority, taking a pay cut of about 80 percent in the process. She joined the agency this month - at a time when it is sharpening its teeth, issuing larger fines and conducting more aggressive investigations, according to investors and executives here.

http://www.nytimes.com/2005/07/22/business/worldbusiness/22city.html

 

Sydney Futures Exchange and Securities Institute jointly develop targeted derivatives education program

Sydney Australia: July 22, 2005. Sydney Futures Exchange (SFE) in conjunction with leading industry educator Securities Institute Education (SIE) has developed a comprehensive education program deigned for the novice through to the experienced trader.  With a focus on the futures and options market, course content covers market fundamentals through to advanced trader skills. The courses will enable traders to attain ASIC PS146 compliance to provide advice in derivatives. Students can choose a path of study to suit their individual needs with courses available in a variety of study modes from free online courses via the SFE website (www.sfe.com.au/sfeeducation) to Advanced and Expert workshops or distance education courses through the Securities Institute.  The SFE website will also feature a futures and options trading simulator, providing students with a virtual $25,000 to create their own portfolio of futures contracts. The simulator allows students to test their trading skills with live market prices in a risk-free environment.

http://www.sfe.com.au/content/news/mediareleases/2005/mr_20050722_01.htm

 

Single stock futures market is world class

Johannesburg - Within just three years South Africa's single stock futures market has become the fourth-largest market of its kind worldwide, according to Allan Thomson, the JSE's director of equities and derivatives trading.

http://www.businessreport.co.za/index.php?fSectionId=&fArticleId=2635376

 

JSE Challenge raises funds for charity

The JSE's annual Single Stock Futures Challenge has raised 75,547 rand this year, compared to 37,000 rand in 2004, it has been announced.  Traders from Rand Merchant Bank, Standard Bank, Nedcor and Investec raised the money, which is to be donated to Nurturing Orphans of Aids for Humanity  (Noah).  It is the second year the Challenge has been held.  Allan Thompson, director of Financial Derivatives at the JSE said single stock futures are "one of the successes if the South African market," and have increased from 4% of Safex turnover in 2002 to 73%.

http://www.sundaytimes.co.za/zones/sundaytimesNEW/business/business1121852605.aspx

 

Photo Gallery: Global Heat Wave Wreaks Havoc

http://www.msnbc.msn.com/id/8647272/

 

NYSE trading costs to soar after merger

By James Doran, Wall Street Correspondent

NEW York Stock Exchange traders face paying a high price just to do their jobs while the cost of buying and selling shares on the Big Board is set to soar under terms of business proposed in the $6 billion with Archipelago, an electronic trading firm. 

http://business.timesonline.co.uk/article/0%2C%2C13129-1703705%2C00.html

 

NYSE's Thain did not negotiate Goldman hire

NEW YORK, July 21 (Reuters) - The chief executive of the New York Stock Exchange, John Thain, recused himself from negotiating the hiring of Goldman Sachs as advisor on the exchange's deal to merge with Archipelago Holdings (AX.A: Quote, Profile, Research), because he had previously worked for the investment bank, regulatory filings said on Thursday.  The revelation that Thain played no role in Goldman's hiring contradicts some of the earlier criticism Thain faced that he may have put himself in a potential position of "conflict of interest" by allowing the NYSE to use Goldman.

http://today.reuters.com/investing/financeArticle.aspx?type=mergersNews&storyID=2005-07-21T223900Z_01_N21574370_RTRIDST_0_FINANCIAL-NYSE-ARCHIPELAGO-GOLDMAN.XML

 

Financial Services Trade Associations Oppose CFTC Reauthorization Bill

http://www.sia.com/press/2005_press_releases/04518131.html

 

Ag Committee Approves CFTC Bill (07/22/05 08:25)

OMAHA (DTN) -- The Senate Agriculture Committee Wednesday approved a bill to reauthorize the Commodity Futures Trading Commission through 2010, but Sen. Kent Conrad, D-N.D., said he is worried the bill does not go far enough in protecting rural Americans from telephone sales calls pushing fraudulent financial products.

http://www.hpj.com/dtnnewstable.cfm?type=story&sid=14789

 

Trading Technologies sues Peregrine Financial

By Kate Ryan

 A futures industry brawl intensified yesterday as Trading Technologies International Inc. (TT) filed its latest patent-infringement lawsuit, this time against Chicago-based retail futures broker Peregrine Financial Group Inc.  Chicago’s TT is a provider of futures trading systems that capture as much as half of all electronic volume at the top four futures exchanges daily, according to the company. TT and its CEO, Harris Brumfield, have filed a raft of lawsuits against futures brokers, alleging that they use copycat systems that infringe on two patents that TT obtained last year.

http://chicagobusiness.com/cgi-bin/news.pl?id=17178&bt=kate+ryan&searchType=all

 

**** Good story with lots of interesting quotes from Crain’s Kate Ryan.

 

NYSE files $6.2B IPO in Archipelago merger

NEW YORK (MarketWatch) - The New York Stock Exchange late Thursday filed to raise up to $6.2 billion in an initial public offering as part of its reverse merger with Archipelago.

http://www.marketwatch.com/enf/rss.asp?guid=%7BC0AEB042-F71A-4806-9748-8DDA571F8CFC%7D&dist=rss&siteid=mktw

 

NYSE Workers to Get Stock in Merged Firm

NEW YORK, July 21 -- New York Stock Exchange employees will receive a combined $50 million in restricted stock when the NYSE takes over electronic trading firm Archipelago Holdings Inc. and becomes a public company, exchange chief executive John A. Thain said Thursday.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/21/AR2005072102383.html?nav=rss_business

 

***** Refreshing to see an exchange looking towards the future and not the past.

 

Bush nominates Campos, Nazareth to SEC

WASHINGTON (MarketWatch) - President Bush nominated Roel Campos and Annette Nazareth to the Securities and Exchange Commission Friday, the White House announced.  Campos is currently a Democratic SEC commissioner, while Nazareth, the SEC's chief of market regulation, would succeed outgoing Democrat Harvey Goldschmid.  The nominations of Campos and Nazareth follow Bush's selection of Rep. Christopher Cox., R-Calif., to head the commission, and the Senate Banking Committee has scheduled Tuesday to hold hearings on Bush's nominees.

http://www.marketwatch.com/news/story.asp?guid=%7B6362EC9A%2DA43E%2D4CB5%2DB0F3%2D0955FB86C19B%7D&dist=rss&siteid=mktw

 

Cash-in eased for NYSE seat holders

Some still complain that deal is unfair

NEW YORK -- The New York Stock Exchange will make it easier for its seat holders to cash in their shares in the Big Board once it acquires Archipelago Holdings Inc. and becomes a public company, according to a draft proxy statement filed with the Securities and Exchange Commission Thursday.

http://www.chicagotribune.com/business/chi-0507220085jul22%2C1%2C7407566.story?coll=chi-business-hed

 

South Korean financial watchdog penalizes foreign banks over derivatives

SEOUL (AP) - South Korea's financial industry watchdog said Friday it penalized the Seoul offices of Germany's Deutsche Bank, BNP Paribas of France and Britain's Barclay's Capital over inadequately advising state-run companies over the risks involved in derivatives trading.

http://www.moneysense.ca/news/shownews.jsp?content=b07229A&ns=headline_news

 

Roberts' record on free press issues

Licensing of journalists

Taucher v. Brown-Hruska, 396 F.3d 1168 (D.C. Cir. 2005)

In a case decided earlier this year, Judge Roberts overturned an award of attorney fees to newsletter publishers who had successfully challenged an attempt by the Commodity Futures Trading Commission to require that the publishers be licensed as commodities traders.

http://www.rcfp.org/news/documents/20050721-robertsrec.html

 

CBOT Reparat Sonitem

 

The Flip Side: Merger Between CME, CBOT May Not Be Perfect Match

CHICAGO – What’s the real benefit of combining the Chicago Mercantile Exchange with the Chicago Board of Trade? Asks adjunct Northwestern professor James Carlini, what’s really in this proposed merger for the Merc considering the beans of the future of are going to the screens?

http://www.eprarie.com/news/viewnews.asp?newsletterID=11906

 

Click here for Carlini’s full biography.

http://www.eprairie.com/aboutcolumnists.asp#jim

 

**** Wow, how wrong can one man be?

 

Environmental Trading News

 

Healthy start for exchange

Big players fire up volumes at the European Climate Exchange

http://www.europeanclimateexchange.com/pages/page270.php

 

Critics Fault DOE Greenhouse Gas Registry Reforms As Ineffective

EnergyWashington Week, 20 July 2005 - Environmentalists and energy industry groups are criticizing proposed changes to DOE's voluntary greenhouse gas (GHG) registry, arguing that intended improvements would not likely result in emission reductions and could jeopardize industry participation.

http://www.sustain-online.org/plugins/DocSearch/details.asp?MenuId=1&ClickMenu=&doOpen=1&type=DocDet&ObjectId=MTU5MzU

 

Exchange & ECN News

 

CBOT Strike Price Notice July 22, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29513,00.html

 

Reminder: SLEDS for CME Pit & Electronically-Traded Equities starts 07/25/05

http://www.cme.com/clearing/clr/clradv/14456.html

 

Program Trading Averaged 52.7 Percent of NYSE Volume during July 11-15

http://www.nyse.com/press/1121942024676.html

 

New York Stock Exchange Issues Monthly Short Interest Report

http://www.nyse.com/press/1121942026561.html

 

Exchange to Launch Additional Freight Futures Contracts

http://www.nymex.com/press_releas.aspx?id=pr20050721a

 

Listing of Two New Contracts: Freight Route TD9 Swap (Commodity Code TN); and Freight Route TD10D Swap (Commodity Code TO); on NYMEX ClearPort®

http://www.nymex.com/notice_to_member.aspx?id=ntm297&archive=2005

 

Two New Freight Futures Contracts - Large Trader Reporting Requirements, Expiration Position Limits, and All Month/Any One Month Position Accountability Levels

http://www.nymex.com/notice_to_member.aspx?id=ntm296&archive=2005

 

CBOE Cycle 3 January 2008 Equity LEAPS

http://www.cboe.com/publish/TTDailyNewSeries/NewLeaps_Cycle3_2008.xls

 

Trading Starts 15 Minutes Earlier on 29 July 2005 [July 22,2005]

http://www.tfx.co.jp/en/newsfile/05/20050729cpikokogyo_e.html

 

TSE requests Credit Agricole Indosuez Securities (Japan) Limited, Tokyo Branch, to submit a business improvement repot

http://www.tse.or.jp/english/news/2005/200507/050722_c.html

 

TSE requests SBI Securities Co., Ltd. to submit a business improvement report 

http://www.tse.or.jp/english/news/2005/200507/050722_b.html

 

TSE imposes a penalty on Maruhachi Securities Co., Ltd. 

http://www.tse.or.jp/english/news/2005/200507/050722_a.html

 

PHLX to Begin Trading Two New Options on July 22

http://www.phlx.com/news/pr2005/05pr072105.htm

 

Amex to Trade Options on Three Securities Options 

http://www.amex.com/atamex/news/press/sn_optns_3_on_July_22_072105.htm

 

Amex to Trade Options on Seven Securities Options 

http://www.amex.com/atamex/news/press/sn_optns_7_on_July_22_072105.htm

 

Amex Reports Decrease in Short Interest

http://www.amex.com/atamex/news/press/sn_shortInterest_072105.htm

 

Disciplinary Penalty on Transaction Participant

Today, OSE imposed discipline on Maruhachi Securities Co.,Ltd ("the Firm") based on the provision of Article 42(1)(viii) of the Regulations for Transaction Participants as follows.

http://www.ose.or.jp/e/news/0507/050722a.html

 

CBOT profit up 10% for quarter

The Chicago Board of Trade said Thursday that second-quarter profit rose 10 percent on higher fees and record trading, as Eurex AG withdrew from the $168 billion-a-day market for Treasury contracts. The Board of Trade said net income rose to $18.2 million from $16.5 million in the second quarter of 2004. Sales increased 18 percent, to $120.6 million.

http://www.chicagotribune.com/business/chi-0507220101jul22%2C1%2C2688963.story?coll=chi-business-hed

 

Introduction Of Proximedia On Euronext

http://www.exchange-handbook.co.uk/news_story.cfm?id=54111

 

Instinet Group Announces Second Quarter 2005 Earnings

http://www.exchange-handbook.co.uk/news_story.cfm?id=54109

 

 

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/dig072105.txt

 

CFTC and State of California Charge San Francisco Foreign Currency Firm National Investment Consultants, Inc. and Other Companies and Individuals With Fraud

http://www.cftc.gov/opa/enf05/opa5099-05.htm

 

California Department of Corporations and U.S. Commodity Futures Trading Commission Charge San Francisco Foreign Currency Firms and Three Account Executives with Fraud

http://biz.yahoo.com/bw/050721/215927.html?.v=1

 

CFTC Weekly Advisory

http://www.cftc.gov/opa/adv05/opawa30-05.htm

 

New Conference

Face-to-Face:  A New Forum to Discuss Regulatory and Industry Hot Topics

http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=5&ssSourceNodeId=5

 

Martha Peterson, Counselor to Former Chairman Donaldson, to Leave the Commission

http://www.sec.gov/news/press/2005-104.htm

 

B.C. man banned from securities markets

French lost investors’ money through unregistered online trading

The British Columbia Securities Commission has banned a B.C. man from securities markets for 15 years after he lost $2.3 million of investors’ money through unregistered trading.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29762&IdSection=8&cat=8

 

MFDA hits Ontario fund salesman with $3.5 million fine

Rep failed to account for client funds

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29744&IdSection=8&cat=8

 

SEC liberalizes the capital raising process

On June 29, 2005, the Securities and Exchange Commission adopted extensive amendments to its rules governing public securities offerings under the Securities Act of 1933. The SEC has created several categories of public companies, but not all public companies will be able to take advantage of the new rules.

http://www.mddailyrecord.com/pub/5_321_friday/saturdaycolumns

 

Former SEC Chairman Arthur Levitt Calls for Tighter Regulations

"Those in the business community that have been calling for a rollback [on compliance requirements] are being shortsighted," said former Securities and Exchange Commission (SEC) Chairman Arthur Levitt at the State of Regulatory Compliance Roundtable held Tuesday at the Holeman Lounge, National Press Club in Washington, D.C. "Reform is a process," he added.

http://www.financetech.com/news/showArticle.jhtml?articleID=166401543

 

Senate Mulls SEC Confirmation Hearings

Senate lawmakers indicated they could hold confirmation hearings as early as next week for nominees to the Securities and Exchange Commission. The Senate Banking Committee said it has planned hearings for July 26 on pending SEC nominees -- just prior to the Senate's August recess.

http://www.webcpa.com/article.cfm?articleid=13928

 

ADV Could Shed Light On Hedge Fund Investment Terms

The Securities and Exchange Commission could look to the investment adviser registration Form ADV to determine what terms hedge fund managers are offering investors, said Cynthia Fornelli , securities regulation and conflicts management executive at the Bank of America

http://www.compliancereporter.com/default.asp?page=1&SID=526233&ISS=17887

RCMP launch criminal probe of Portus hedge fund

The RCMP's commercial crime unit has opened a criminal probe into hedge fund company Portus Alternative Asset Management Inc., which collapsed earlier this year.

http://www.cbc.ca/story/business/national/2005/07/21/portus-050721.html?ref=rss

 

Managed Futures - Managed Funds

 

New raw materials fund offers downside protection 

By Pratima Desai LONDON, July 20 (Reuters) - Refco Alternative Investments has launched a commodity fund that will protect investors from falling prices because it allows its managers 

http://news.reuters.com/newsArticle.jhtml?type=topNews&storyID=9124118

 

Mesirow annual revenue rose 11%

Mesirow Financial Holdings Inc. today said revenue rose 11% to a record $298 million in the year ended March 31, up from $267 million the previous year. Chicago-based Mesirow, a private financial firm with an eclectic mix of businesses, does not release net income results. The firm’s highest-grossing segment is investment management, which posted $95 million in revenue, up 48% from 2004. Mesirow said its hedge fund-of-funds did particularly well, with assets under management rising ...

http://chicagobusiness.com/cgi-bin/news.pl?id=17206&bt=kate+ryan&searchType=all

 

Hedge funds for the ($200,000) everyman

'Funds of funds' make hedge funds easier for novices, but cost more.

NEW YORK (CNN/Money) - Hedge fund strategies used to be accessible only to the ultra-wealthy, but now, anyone with an annual income of $200,000 can buy entry into a "fund of funds," an investment fund tied to hedge funds, for as little as $25,000.

http://money.cnn.com/2005/07/21/markets/funds_funds/

 

Hermes may opt for hedge funds

Hermes, the BT Group pension fund manager, is thought to be considering putting 10 per cent of the fund's £30bn of assets in "alternative" investments such as hedge funds, as it seeks to plug a gaping pension hole.

http://news.ft.com/cms/s/9acc3ff6-e83a-11d9-9786-00000e2511c8.html

 

ETFs With Brains

A new breed of exchange traded funds replaces the human fund manager with a computer.

http://www.forbes.com/investmentnewsletters/2005/07/18/etf-powershares-spy-funds-cz_ts_0721soapbox_inl.html?partner=rss

 

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

 

RENMINBI REVALUATION: Move raises key questions on central bank's future policy 

By Chris Giles,Economics Editor

China's new exchange rate regime represents a clear departure from its previous fixed peg to the US dollar. Since the... 

http://news.ft.com/cms/s/bf223f6a-fa4e-11d9-b092-00000e2511c8.html

 

COMMENT: China's revaluation shows size really matters 

By Morris Goldstein and Nicholas Lardy

Yesterday, the Chinese government acknowledged what has long been apparent - that the renminbi is undervalued and that...

http://news.ft.com/cms/s/7893f07c-fa4c-11d9-b092-00000e2511c8.html

 

Currency reform seen as question of sovereignty 

China's currency policymakers have long been torn between the need for foreign exchange flexibility to respond to global...

http://news.ft.com/cms/s/e2f8d790-fa54-11d9-b092-00000e2511c8.html

 

Rabbi Gellman: The Spiritual Side of Softball

July 20 - America owes its two most important creations to guys named Hancock. In July of 1776 in Philadelphia, John Hancock (and a few friends) invented democracy, and in November of 1887 in Chicago, George Hancock invented softball. The world-shattering discovery came after a Harvard-Yale football game when a Yalie, overcome with joy that his team had prevailed 17-8, threw a boxing glove at some Harvard men who tried to hit it back with a stick (this was the 19th-century Harvard-Yale version of a gang riot).

http://www.msnbc.msn.com/id/8647026/site/newsweek/

 

***** Another Chicago innovation?

 

Stock Trades on the Go

What's the best mobile gadget for downloading stock data and making trades? Start by looking for legible screens and speedy service

http://www.businessweek.com/technology/content/jul2005/tc20050722_4987.htm

 

Few details released on yuan revaluation

Move should cool tensions between China and U.S., economists says

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29754&IdSection=16&cat=16

 

Electronic Trading Newsflashes: CSFB to Distribute Algorithms via AFA's Multibroker Platform, and more

http://www.wstonline.com/showArticle.jhtml?articleID=166401535

 

Greenspan Era Taught People to Gamble

The Alan Greenspan era deserves to be remembered for forcing many millions of Americans to become gamblers.

http://www.nytimes.com/2005/07/22/business/22norris.html

 

After She Sued Merrill, It's Back to the Job

http://www.nytimes.com/2005/07/22/business/22merrill.html

 

SuperDerivatives® Appoints Tony Stokes As Manager For Interest Rate Products

http://www.exchange-handbook.co.uk/news_story.cfm?id=54100

 

SunGard 2Q Profit Slips 4 Percent

SunGard Data Systems Inc., a maker of support systems for the financial services industry, on Thursday said its second-quarter profit declined 4 percent, hampered by costs related to the planned spin-off of a business and the impending sale of the company.

http://biz.yahoo.com/ap/050721/earns_sungard_data_systems.html?.v=1

 

Horse-and-plow farming making a comeback

http://www.yahoo.com/_ylh=X3oDMTB2MXQ5MTU3BF9TAzI3MTYxNDkEdGVzdAMwBHRtcGwDaW5kZXgtaWU-/s/247965

 

***** You always wondered where the old open outcry traders went; now you know.

 

John's Comments

 

FOWeek Headlines   Issue 1029  25-Jul-2005

www.fow.com

 

• TT sues PFG, shuts down Refco screens

• LSE “considering CFD exchange”

• Liffe alters rules after FTSE fallout http://www.fow.com/articles/foweek_article.asp?storyCode=3575

• Australia’s BrokerOne on expansion path

• Interview - Paul Bethell

• Plaintiff backs off alleged $1.02bn Refco lawsuit

• SFE splashing around with water index futures

• Spiegel sells CBOE seat

• ASX warrants attacked

• Blackstone still favourite as Nymex weighs new bidder

 

******

 

Register for FIA Asia and Save!

Register for the FIA Asia Derivatives Conference by July 25th to save $200 on the registration fee.

https://www.futuresindustry.org/fiaasiao-2566.asp

 

*****

 

Brent Crude Watch

 

IPE Brent Volume: 121,435

NYMEX Brent Crude Volume: 3392

NYMEX Percent of Total Volume: 2.72%

 

********

 

Chicago Electronic Trading Scorecard for July 21, 2005

 

Percent Electronic

 

CBOT: 72.68%

CME: 74.77%

CME Eurodollars: 89.06%

CME Live Cattle: DNR

CME Currency Products: 87.95%  

CBOT Soybeans: 4.97%

 

CBOT Options: 6.51%

CME Options: 4.20%

 

Volume 

 

OneChicago Volume: 63,172

Eurex US Volume: 5789

Euronext.liffe Eurodollar Volume: 10,089

CBOE Futures Exchange Volume: 515

 

Market Share

 

CBOT 100 oz. Gold Volume: 1995

NYMEX 100 oz. Gold Volume: 88,977

CBOT Share: 2.19%

 

CBOT 5000 oz. Silver Volume: 259

NYMEX 5000 oz. Silver Volume: 20,059

CBOT Share: 1.27%

 

CBOT Mini Gold Volume: 820

CBOT Mini Silver Volume: 558

 

CME Emini Russell 1000 (100X) Volume: 3471

Eurex US Mini Russell 1000 (100X) Volume: 828

NYBOT Mini Russell 1000 (50X) Volume: 55

CFE Mini Russell 1000 (100X) Volume: 30

 

CME Emini Russell 2000 Volume: 142,218

Eurex US Mini Russell 2000 Volume: 3990

CFE Mini Russell 2000 Volume: 40

 

Notes: OneChicago keeps adding open interest records and increasing its record setting pace for the average volume per day as it traded 63,172 contracts yesterday and its open interest rose to 948,565 contracts.  Look for OneChicago to break through the 1 million contracts of open interest soon, which will cement their place as the most successful new exchange created since the passage of the Commodity Futures Modernization Act of 2000.  The CME had a record day in Currency Products and Currency Futures yesterday, spurred by the devaluing of the Yuan.  They set new Globex daily volume records in the British Pounds, Emini Euro FX, Euro FX and Japanese Yen.

 

Liffe Eurodollar Over-Under

 

Liffe/Globex: .51%

Liffe/CME: .46%

 

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.

 

Futures and options trading involve risk.  Past results are no indication of future performance.

 

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