Untitled Document

July 25, 2005

Lead Stories

Free Market, Cleaner Air

By Marianne Lavelle

The Chicago Climate Exchange may be an experiment, but don't suggest to its creator, economist Richard Sandor, that it is a humble one. CCX, as it is known, attempts nothing less than using market forces to slow global warming. Sandor bristles at some environmentalists' doubts about the voluntary program, begun in 2003, for polluters to cut emissions of greenhouse gases such as carbon dioxide. "Our goals are not modest," he says, noting that some purportedly stringent Capitol Hill proposals would not force companies into commitments as ambitious as the ones they've already made to join his market-based solution. CCX's legally binding reductions, he says, are "a major environmental achievement."

http://www.usnews.com/usnews/biztech/articles/050801/1sandor.htm?track=rss

London at risk from full-scale campaign

London's role as one of the centres of the world financial services industry could be threatened if there is a protracted bombing campaign, some economists and business experts have warned. Peter Spencer, economic adviser to the Ernst & Young Item club, an economic forecasting group, said there was a “real danger” that non-UK financial services businesses could be put off from investing in London should the recent bombing incidents turn into a concerted campaign.

http://news.ft.com/cms/s/dd6ad58a-fc84-11d9-8386-00000e2511c8.html

Philly and Fran: The action is inside the BOX

Look out Philly and look out San Fran.

Boston's new Options Exchange is coming up hard on the heels of its venerable regional rivals and last month grabbed more than 6 percent of trading in U.S. equity options for the first time. That's still behind Philly's 10.6 percent and San Francisco's Pacific Exchange, with 9.7 percent. But there's one difference. As recently as January of last year, Boston had nothing. The exchange, which calls itself the BOX, hadn't been launched. Back then, Philly had 15 percent of the market and San Francisco 10 percent.

http://business.bostonherald.com/businessNews/view.bg?articleid=95129

Trading Technologies Launches Live Trading of CBOE Futures Exchange Products on X_TRADER(R)

Trading Technologies and CBOE Futures Exchange, LLC today announced CFE products are now trading on TT's X_TRADER platform. All X_TRADER users have the ability to trade futures on all 19 CFE products, including futures on the CBOE Volatility Index® , futures in the Russell 1000® and Russell 2000® indexes, as well as the twelve recently launched CBOE PowerPacks sector indexes.

http://biz.yahoo.com/prnews/050725/cgm049.html?.v=15

Archipelago amends PCX offer

Exchange had originally offered to pay 80% in cash, 20% in stock

(Reuters) — Archipelago Holdings and PCX Holdings Inc., parent of the Pacific Exchange, on Friday said they have agreed to amend terms of Archipelago's acquisition of PCX Holdings and its subsidiaries.

http://chicagobusiness.com/cgi-bin/news.pl?id=17215

Archipelago, PCXH revise merger agreement

All cash deal should speed up closing

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29771&IdSection=16&cat=16

Archipelago Holdings and the Pacific Exchange Amend Deal Terms

http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=733910&highlight=

Van Kampen fund taps into IPO temptation

http://www.suntimes.com/output/roeder/cst-fin-curious24x.html

Goldman gave pledge on NYSE merger

By James Doran, Wall Street Correspondent

GOLDMAN SACHS vowed to vote in favour of the merger between the New York Stock Exchange and Archipelago, the electronic trading firm, and promised to vote against any alternative takeover while the investment bank was acting as an adviser to both sides in the $6.2 billion (£3.5 billion) deal.

http://business.timesonline.co.uk/article/0%2C%2C9063-1704971%2C00.html

Bush acts to smooth way for Cox to chair SEC

Christopher Cox, the Republican congressman chosen by President George W. Bush to be next chairman of the Securities and Exchange Commission, (pictured) could face a smooth confirmation of his appointment by the Senate this week, after the White House took steps to temper potential Democratic opposition.

http://news.ft.com/cms/s/fb65bd4a-fc8c-11d9-8386-00000e2511c8.html

Public Citizen Releases Report Analyzing Cox’s Voting Record and Sponsored Legislation

WASHINGTON, D.C. – U.S. Rep. Christopher Cox (R-Calif.), who has been nominated to chair the Securities and Exchange Commission (SEC), is a defender of corporate interests whose legislative record indicates he would not protect investors if he were confirmed.

http://www.citizen.org/pressroom/release.cfm?ID=1997

Regulator tipped to put limits on LSE bidders

By Martin Waller

THE Competition Commission is to give its provisional findings on the twin bids for the London Stock Exchange this week amid signs that the regulator may be planning to impose strict conditions on the two bidders.

The front-runner continues to be Euronext — the Paris-based operator of four continental exchanges and Liffe, the London futures exchange.

http://business.timesonline.co.uk/article/0,,9063-1707250,00.html

London Stock Exchange suitors face tough restrictions - report

LONDON (AFX) - Britain's Competition Competition is likely to clear the way for Euronext NV to bid for the London Stock Exchange PLC when it publishes provisional findings of its inquiry into takeover bids for the London market this week, the Financial Mail reported, citing "informed sources".

http://www.iii.co.uk/news/?type=afxnews&articleid=5360699&subject=companies&action=article

'NYSE-Archipelago value much higher'

NEW YORK: The current combined market value of New York Stock Exchange and Archipelago Holdings Inc is significantly higher than what their individual financial advisers have calculated, according to a Bear Stearns analyst's review of details of the merger revealed this week in a regulatory filing.

http://economictimes.indiatimes.com/articleshow/1180632.cms

LSE suitor faces curbs

THE bidding war for the London Stock Exchange may flare up again this week when the Competition Commission lays down terms for Continental rivals Euronext and Deutsche Borse to take over the company.

Informed sources say the commission, which will publish its decision within days, will clear the way for Paris-based Euronext - but it will impose tough restrictions on its trading practices as a condition of any deal.

http://www.thisismoney.co.uk/news/article.html?in_article_id=402485&in_page_id=2

Regulator Seeks to Fill Gaps in Securities Law

In the wake of scandals, the NASD's Mary Schapiro and her colleagues there have launched initiatives to protect investors.

The Hunt brothers' attempt to corner the silver market was just being discovered in 1980 when Mary Schapiro was graduating from law school. The scandal changed her life.

http://www.latimes.com/business/investing/la-fi-perfin24jul24,1,1309876.column?coll=la-headlines-business-invest&ctrack=1&cset=true

C-COM to begin futures trading on iron scrap in October

The Central Japan Commodity Exchange said Monday it will list iron scrap for the first time in the world and begin futures trading on it Oct. 11.

http://asia.news.yahoo.com/050725/kyodo/d8bidcng1.html

Australia futures trading halted by technical trouble

SYDNEY, July 25 (Reuters) - The Sydney Futures Exchange on Monday said trading on its markets had been halted due to technical difficulties.

http://asia.news.yahoo.com/050724/3/24hax.html

Glitch halts futures exchange

A TECHNICAL bug halted trade on the Sydney Futures Exchange (SFE) for more than three hours. An SFE spokesman said corruption in one of the exchange's databases had put SYCOM - the market's electronic exchange platform - offline for three and half hours.

http://australianit.news.com.au/articles/0,7204,16041527%5e15306%5e%5enbv%5e15306,00.html

Mixed prospects for China commodities market

The positive revaluation of the yuan by 2.1 per cent against the US currency on Thursday augurs well for the commodities market as it will strengthen the Dragon's power to eat, analysts and traders said on Friday.

http://www.business-standard.com/smartinvestor/storypage.php?leftnm=lmnu6&leftindx=6&lselect=10&chklogin=N&autono=195377

TFEX suits Thai investors

The "gambling" nature of Thai investors bodes well for the new Thailand Futures Exchange, according to Kampanart Lohachareonvanich, the president of the Association of Securities Companies.

"For TFEX, if an investor knows how to roll the dice and bet either high or low, then they can participate," he said.

http://www.bangkokpost.com/Business/25Jul2005_biz16.php

Turnover on commodity futures exchanges zoom

MUMBAI, JULY 24: The commodities trading in the country is growing by leaps and bounds. The total turnover on the various commodity exchanges (Comexes) combined has averaged nearly Rs 5,300 crore a day in the first fortnight of July.

http://www.financialexpress.com/fe_full_story.php?content_id=97331

Goldman kept in NYSE deal despite conflict concerns

NEW YORK (MarketWatch) -- On Jan. 5, Goldman Sachs Group investment banker David Schwimmer contacted New York Stock Exchange Chief Executive John Thain and Chief Financial Officer Amy Butte about a merger with his firm's client, Archipelago Holdings.

http://www.marketwatch.com/enf/rss.asp?guid=%7B5B04610B-2219-4200-97C4-600F9C97B625%7D&dist=rss&siteid=mktw

CBOT Reparat Sonitem

CBOT Combination (Membership and Stock) Prices

Check the latest bid, offer, and last sale prices for combinations of the various series of Class B memberships in the Chicago Board of Trade (CBOT) and restricted Class A Common Stock of CBOT Holdings. For more information on CBOT memberships, please refer to http://www.cbot.com.

Prices as of July 25, 11:28 AM (CDT)
Class	Bid	Ask	Last Sale	Date
B-1 (Full) With ERP With Stock	2,050,000	2,500,000	2,225,000	7/25/2005
B-1 (Full) Without ERP With Stock	0	0	NA	6/20/2005
B-2 (Associate) With Stock	700,000	840,000	760,000	7/25/2005
B-3 (GIM) With Stock	277,000	410,000	360,000	7/5/2005
B-4 (IDEM) With Stock	71,000	79,000	61,001	6/30/2005
B-5 (COM) With Stock	175,000	185,000	161,001	6/30/2005

http://www.williamblair.com/pages/ist_cbot_grid.asp

Environmental Trading News

ECX crosses 17 million tons in three successful months of trading

The first million of CO2 tons was reached within four weeks. The second month saw 4 millions tons traded. And with 12.5 million tons done in the third month, the growth has been no less than exponential.

http://www.europeanclimateexchange.com/pages/page273.php

Wal-Mart hopes 'green' store brings greenbacks

MCKINNEY, Texas (Reuters) - The 120-foot (36.5-meter) wind turbine in the Wal-Mart parking lot is the first clue that this won't be your typical superstore shopping experience. Then there are the photovoltaic solar panels, which look like a band of blue tiles running the length of the store front, and the vaulted glass-ceiling entryways made up of thin, clear solar panels encased in glass. Welcome to Wal-Mart Stores Inc.'s experimental environmentally friendly store in this northern suburb of Dallas, where the world's biggest -- and notoriously cost-conscious -- retailer is trying to determine whether being green can also be profitable.

http://news.reuters.com/newsArticle.jhtml;jsessionid=CCDANBYVYGV5YCRBAELCFFA?type=reutersEdge&storyID=9165686

Humans Trading Short-Term Food For Long-Term Environmental Losses

http://www.physorg.com/news5406.html

EU emissions trade to dampen aviation demand-study

Passenger demand for air transport will grow at a "slightly slower rate" if aviation is included in the European Union's emissions trading scheme, a document by the EU executive Commission showed on Monday.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050725/sc_nm/airlines_eu_environment_dc_1

Water permit auction may have broad implications

A water permit belonging to a bankrupt paper mill is scheduled to go on the auction block, setting what Georgia officials and environmental advocates call a dangerous precedent: selling water to the highest bidder.

http://www.macon.com/mld/macon/news/local/12208841.htm

On the Road to Green Money

Startup TerraPass, which was born in a Wharton B-school course, is growing speedily by letting drivers buy and retire pollution credits

http://www.businessweek.com/smallbiz/content/jul2005/sb20050722_122962.htm

Exchange & ECN News

CBOT Strike Price Notice July 25, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29528,00.html

Expanded Pilot Program for MCC in All Ag Options to Begin Aug. 1

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29529,00.html

CFTC Releases Rule Enforcement Review of the OneChicago

Washington, D.C. – The Commodity Futures Trading Commission (Commission) has notified OneChicago of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight (Division). The Division assessed OneChicago’s compliance with the Commission’s core principles that relate to an exchange’s market surveillance, audit trail, trade practice surveillance, disciplinary, and dispute resolution programs. OneChicago has delegated its compliance and surveillance responsibilities to the Chicago Mercantile Exchange (CME), which performs market and trade practice surveillance on behalf of OneChicago. The target period for the Division’s review was August 1, 2003 to December 31, 2004. The Division found that CME has adequate programs and systems in place to monitor OneChicago’s markets. With respect to market surveillance, CME routinely monitors prices, volume, open interest, and market news to augment analyses of market activity and contract expirations. In addition, exchange of futures for physicals transactions are routinely reviewed for compliance with the Exchange’s requirements.

http://www.cftc.gov/opa/press05/opa5100-05.htm

Financial Management Update to CFTC Regulation 1.25 Changes

http://www.cme.com/clearing/clr/clradv/14464.html

FTSEurofirst index series a growing success

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

New Equity Option Classes

http://www.m-x.ca/f_comm_press_en/014-05_en.pdf

Keefe, Bruyette & Woods Launches Regional Banking Index & Mortgage Finance Index on the Philadelphia Stock Exchange

Keefe, Bruyette & Woods, Inc. , the leading investment-banking and brokerage firm specializing in the financial services sector, today launched two new indexes measuring the U.S. regional banking and mortgage finance sectors.

http://biz.yahoo.com/bw/050725/255521.html?.v=1

CME Joins With Fifth Third Bank to Offer Cash Collateral Management Program

CME Cash with Interest Program Helps Meet Futures Commission Merchants' Initial Margin Requirements Using Cash as Collateral

http://biz.yahoo.com/prnews/050725/cgm029.html?.v=16

Boston Options Exchange Begins Trading In 25 New Names

http://www.exchange-handbook.co.uk/news_story.cfm?id=54144

NYSE Seat Sells For $2,600,000

http://www.exchange-handbook.co.uk/news_story.cfm?id=54143

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/dig072205.txt

Regulators Release Discussion Paper on Market Structure Developments and Trade-Through Obligations [CSA]

http://www.bcsc.bc.ca/release.asp?id=2657

SEC replacements announced

Bush nominates Campos and Nazareth

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29772&IdSection=9&cat=9

IDA imposes permanent ban

Edmonton broker fined $50,000 for failing to assist investigation

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29764&IdSection=8&cat=8

NASD DR Seeks to Tighten Definition of 'Public Arbitrator'

NASD Dispute Resolution announced today it has filed a new rule proposal with the Securities and Exchange Commission to further tighten the definition of who can serve as a public arbitrator in its Dispute Resolution forum.

http://biz.yahoo.com/prnews/050725/dcm021.html?.v=18

Managed Futures - Managed Funds

Why Hedge Funds Hunt for Animals, Search the Stars

As Firms Proliferate, Finding The Right Name Is Tough; 'Clade' Beats 'Catalyte'

When Alan Ware started his hedge fund, he found plenty of investors, a comfortable office in midtown Manhattan and a strategy to make money. But a big problem remained: "All the Greek gods were taken."

So were many animals, mountain ranges, rivers, roads -- even solar systems. He and his partners slogged through maps, the Internet, Latin words and suggestions from friends before finding a suitable name for their firm, which oversees about $100 million. "It was harder than naming my children," says the father of two. They settled on Pike Place Capital Management, after a prominent farmers' market in Seattle, the city where Mr. Ware was born.

http://online.wsj.com/article/0,,SB112224227303394315,00.html?mod=home%5Fpage%5Fone%5Fus

**** Online WSJ subscription required.

Operations Risk - Criminal Inquiry Begins on Collapse of Hedge Fund

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-25-11208.html

Hedge Fund Barometer Reveals Renewed Interest In Previously Unpopular Sectors, by Carla Johnson, Investors Offshore.com

TARA Capital, the European hedge fund advisory firm, has released the results of its Summer 2005 Hedge Fund Strategy Barometer (HFSB),which, according to the CEO and founder of TARA Capital, John Lowry, are in stark contrast to the Spring 2005 HFSB.

http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20584

Barclay Group Launches BTOP FX Index

First Currency Index with Daily Online Rates of Return

Fairfield, Iowa, July 25, 2005 -- The Barclay Group announced today the BTOP FX Index—the first currency traders index offering daily net rates of return of the largest currency managers. Barclay is the world’s leading provider of hedge fund and managed futures data. The Barclay Group updates the BTOP FX Index daily, posting the previous day’s return on its website by 10:30 AM Central Time (http://www.barclaygrp.com). Daily returns since the beginning of 2005 can also be downloaded in Excel format.

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

Cargill Employees Support Habitat for Humanity

http://www.cargill.com/news/news_releases/050722_habitatca.htm#TopOfPage

Eileen Murray to Join Morgan Stanley as Head of Global Operations and Technology

http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=430

The Futures Market

THE first of a regular information series on the markets.

http://www.heraldsun.news.com.au/common/story_page/0,5478,16016774%255E664,00.html

Hurricane futures stir up a storm

By DENISE KALETTE/The Associated Press

MIAMI — Three University of Miami professors are setting up a futures market that would enable people to bet on where a hurricane will strike. Miami associate professors and economists David Letson, left, and David Kelly pose Tuesday, July 19, at the University of Miami in Coral Gables, Fla. The two along with assistant professor of meteorology David Nolan (not shown) have founded an electronic hurricane futures market. (AP) The professors — two of them economists, the third a meteorologist — are hoping the collective wisdom of the marketplace will prove more accurate than weather forecasters and help homeowners decide with more certainty whether to evacuate. The project is called the Miami Hurricane Event Market, or MAHEM.

http://www.journalstar.com/articles/2005/07/24/business/doc42e16067e4966237107370.txt

Candy good for you? Mars to probe cocoa benefits

Monday, July 25, 2005 10:38 a.m. ET LONDON (Reuters) - Mars, the company that made its fortune satisfying chocolate cravings, unveiled plans on Monday to develop medications that use a component of cocoa to help treat diabetes, strokes and vascular disease.

http://news.lycos.com/wired/story.asp?section=Breaking&storyId=1067231

Congressional Negotiators Are Nearing Agreement on Broad Energy Measure

http://www.nytimes.com/2005/07/25/politics/25energy.html

Who's Afraid of China Inc.?

http://www.nytimes.com/2005/07/24/business/yourmoney/24oil.html

Speech - Su Ning on Actively Promoting Development of China’s Bond Market

http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-07-25-11200.html

Merrill Lynch Investment Managers Launches Structured Products Team

Merrill Lynch Investment Managers announced today that it is building out its structured product platform and dedicating a team that will leverage the firm's existing strengths to capitalize on opportunities in the burgeoning structured product market.

http://biz.yahoo.com/bw/050725/255597.html?.v=1

Deutsche Bank bans mobile phone on trading floors

LONDON (MarketWatch) -- Deutsche Bank AG (DB) this month banned all use of mobile phones from its trading rooms, making it easier to monitor traders' conversations with clients, a spokeswoman for the bank said.

http://www.marketwatch.com/tools/quotes/newsarticle.asp?guid=%7B977186B2-9812-4837-A2AC-3F3BDCE1A8E5%7D&dist=rss&siteid=mktw

Former Goldman partner to head BMA NY office

The Bond Market Association has hired a former Goldman Sachs (NYSE:GS) partner to head its New York office, the fixed-income industry group will announce on Monday. The appointment of Randolph Snook, an experienced market practitioner, to a new role at the BMA comes amid rapid change and increasing public and regulatory scrutiny of the fixed income markets.

http://news.yahoo.com/news?tmpl=story&u=/ft/20050725/bs_ft/fto072520050259004021

Don’t rush when picking a broker

With more than 100 online brokerage firms to choose from, choosing the right one can be intimidating. Some of the broker rating guides published by Barron’s, Kiplinger’s and others are helpful, but investing is a personal activity. A broker that appeals to a wealthy investor might not be appropriate for those with only a few hundred dollars to invest.The good news for investors is that intense

http://www.thestate.com/mld/thestate/12215076.htm

Scottrade: Not The Marrying Kind

The thriving Net broker is fiercely independent -- and a prize catch

http://www.businessweek.com/magazine/content/05_31/b3945072_mz020.htm?campaign_id=rss_magzn

John's Comments

FOW Latest Issue Issue 411 01-Aug-2005

• Navigating recruitment

• A difficult path

• Behind the scenes

• Bruce is back

• CBOT up for sale?

• Consulting on commodities

• Convertible bonds

• Credit derivatives

• Down on the farm

• Euro swaps

http://www.fow.com/

********

Brent Crude Watch

IPE Brent Volume: 88,692

NYMEX Brent Crude Volume: 3924

NYMEX Percent of Total Volume: 4.24%

********

Chicago Electronic Trading Scorecard for July 22, 2005

Percent Electronic

CBOT: 61.45%

CME: 75.15%

CME Eurodollars: 80.29%

CME Live Cattle: .82%

CME Currency Products: 86.67%

CBOT Soybeans: 6.08%

CBOT Options: 52.6%

CME Options: 10.13%

Volume

OneChicago Volume: 28,431

Eurex US Volume: 4815

Euronext.liffe Eurodollar Volume: 8267

CBOE Futures Exchange Volume: 254

Market Share

CBOT 100 oz. Gold Volume: 1282

NYMEX 100 oz. Gold Volume: 66,922

CBOT Share: 1.88%

CBOT 5000 oz. Silver Volume: 90

NYMEX 5000 oz. Silver Volume: 10,224

CBOT Share:

CBOT Mini Gold Volume: 462

CBOT Mini Silver Volume: 284

CME Emini Russell 1000 (100X) Volume: 2017

Eurex US Mini Russell 1000 (100X) Volume: 422

NYBOT Mini Russell 1000 (50X) Volume: 147

CFE Mini Russell 1000 (100X) Volume: 10

CME Emini Russell 2000 Volume: 95,321

Eurex US Mini Russell 2000 Volume: 3526

CFE Mini Russell 2000 Volume: 10

Notes: OneChicago set its 10^th open interest record in July on Friday. Open interest stood at 975,466 as of Friday’s close.

Liffe Eurodollar Over-Under

Liffe/Globex: 1.04%

Liffe/CME: .84%

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

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