Untitled Document

July 26, 2005

Lead Stories

OneChicago Volume Breaks 1 Million Open Interest Milestone

OneChicago broke the one million contract open interest level for the first time as of yesterday’s close of trade. Open interest stood at 1,017,617 contracts this morning on volume yesterday of 45,953 security futures contracts. OneChicago is the first exchange started since the passage of the Commodity Futures Modernization Act of 2000 to break the 1 million contract open interest mark. OneChicago saw its first trade in OneChicago Select Indices yesterday as 500 contracts traded. This is a new custom designed narrow based index contract created by a OneChicago customer. OneChicago has now set 12 daily open interest records during the month of July.

CME profits skyrocket on record volumes

By Jeremy Grant in Chicago

The Chicago Mercantile Exchange on Tuesday underscored the increasing importance of futures trading to banks, hedge funds...

http://news.ft.com/cms/s/c47befb8-fdd4-11d9-a289-00000e2511c8.html

Chicago Merc 2Q Profit Soars 44 Percent

Chicago Mercantile Exchange Holdings Inc., which operates the nation's largest futures exchange, on Tuesday reported second-quarter profit soared 44 percent from last year but failed to meet Wall Street projections.

http://biz.yahoo.com/ap/050726/earns_chicago_merc.html?.v=1

Chicago Mercantile Exchange Holdings Inc. Reports Record Revenues and a 44 Percent Increase in Net Income for Second-Quarter 2005; Diluted Earnings Per Share Rose 42 Percent to $2.36

Declares Quarterly Dividend of 46 Cents Per Share

http://www.cme.com/about/press/cn/05-992Q05Financials14489.html

Hitting Up the Merc

As I write this in the pre-market, I'm wondering what sort of day we will see in the trading of Chicago Mercantile Exchange Holdings (NYSE: CME). Growth is still torrid, yes, but the company slightly missed the earnings estimate, and revenue per contract continued to slide.

http://www.fool.com/News/mft/2005/mft05072606.htm

Merc widens lead as most valuable financial market

The Chicago Mercantile Exchange widened its lead over Deutsche Boerse as the world's most valuable financial market after the exchange's shares surged on speculation it will buy the Chicago Board of Trade.

Shares of the Merc, the nation's largest futures exchange, were valued at $10.5 billion at the end of last week, according to data compiled by Bloomberg. The stock closed Monday at $297.00, down $6.31 on the New York Stock Exchange. Deutsche Boerse, Europe's leading stock exchange by number of transactions, had a value of $9.4 billion at the end of last week.

http://www.chicagotribune.com/business/chi-0507260123jul26,1,7276495.story?coll=chi-business-hed

China to develop more forex derivatives-paper

SHANGHAI, July 26 (Reuters) - China aims to develop its foreign exchange market by introducing new financial products, central bank governor Zhou Xiaochuan said on Tuesday, after Beijing revalued its currency by 2.1 percent last week.

http://asia.news.yahoo.com/050725/3/24jjq.html

Currency Markets Draw Speculation, Fraud

Day Traders Find New Outlet In Foreign-Exchange Wagers; 'A Lot of George Soros Wannabes'

http://online.wsj.com/article/0,,SB112233048975295402,00.html?mod=home_whats_news_us

*** Online WSJ subscription required.

Scammers Operating on Periphery Of CFTC's Domain Lure Little Guy With Fantastic Promises of Profits

By PETER A. MCKAY

Of the $35,000 that civil engineer Richard Croy lost investing with the currency-trading firm First Lexington Group LLC, he parted with the biggest chunk of that money -- $20,000 -- in a March 2003 wire transfer.

http://online.wsj.com/search#SB112233850336095645

*** Online WSJ subscription required.

Former Names of Wall Street Get New Lives

http://online.wsj.com/article/0,,SB112233502306495533,00.html?mod=home_whats_news_us

*** Online WSJ subscription required.

Merger costs trim Archipelago Q2 earnings

NYSE merger expenses total US$8.4 million

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29786&IdSection=15&cat=15

Archipelago Announces Second Quarter 2005 Results

http://investor.archipelago.com/phoenix.zhtml?c=140290&p=irol-newsArticle&ID=734453&highlight=

ISE Initiates Trading In ISE 50, 100 Indexes

http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=734376&highlight=

Gov't slaps 3-month ban on broker for low-margin forex trading

_ The Kanto Local Finance Bureau said Tuesday it has ordered Westminster, a broker for foreign exchange trading with low margin requirements, to suspend operations for three months, marking the first such order under the revised financial futures law that came into effect July 1.

http://asia.news.yahoo.com/050726/kyodo/d8bj3h980.html

It's curtains for coffee futures exchange — Shareholders approve winding up of operations by July 31

THE Coffee Futures Exchange Of India (COFEI) is being wound up as all efforts to revive the exchange seem to have failed. Shareholders of COFEI, which has been inactive for over two years now, approved a resolution at Monday's AGM seeking closure of operations.

http://www.thehindubusinessline.com/2005/07/26/stories/2005072603141200.htm

Archipelago chief cleared in lawsuit; merger cuts profit

http://www.chicagotribune.com/business/chi-0507260132jul26,1,7342031.story?coll=chi-business-hed

Archipelago head wins appeal in county court

A Chicago court on Monday ruled in favor of Gerald Putnam, CEO of electronic exchange Archipelago Holdings, in a case brought against him by a former business partner in 1999.

http://www.suntimes.com/output/business/cst-fin-arch26.html

Singapore Exchange Q4 profit seen down on derivatives

SINGAPORE, July 26 (Reuters) - Singapore Exchange Ltd. (SGX) , Southeast Asia's largest bourse, is expected to post a 15 percent dip in quarterly earnings on Thursday, mainly due to a drop in derivatives trading volumes.

http://asia.news.yahoo.com/050726/3/24k67.html

CBOT Reparat Sonitem

BLACKSTONE GROUP: Firm raises billions for takeover fund

http://www.chicagotribune.com/business/chi-0507260113jul26,1,6817742.story?coll=chi-business-hed

CBOT seat sets record

http://www.chicagotribune.com/business/chi-0507260120jul26,1,6096844.story?coll=chi-business-hed

Full CBOT seat sells for record $2.2 million

A full Chicago Board of Trade membership with stock sold Monday for a record high price of $2.225 million. The previous peak was established July 1 when a full seat with CBOT stock sold for $2.075 million.

http://www.dailyherald.com/business/businessstory.asp?id=77077

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 26, 10:23 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	750,000	840,000	760,000	7/25/2005
B-3 (GIM) With Stock	277,000	405,500	360,000	7/5/2005
B-4 (IDEM) With Stock	74,000	79,000	75,000	7/25/2005
B-5 (COM) With Stock	169,000	225,000	185,000	7/25/2005

Environmental Trading News

HK, Guangdong Emissions Trading Plan Gathers Momentum

HONG KONG (Dow Jones)--Asia's first cross-border emissions trading program, between Hong Kong and the Chinese province of Guangdong, is moving toward a launch as early as next year.

http://asia.news.yahoo.com/050726/5/24kof.html

Demand for ethanol revs up in Kansas

Proponents of ethanol are crowing that since Kansas passed a law ending a requirement that ethanol gasoline pumps be marked, retail orders have soared.

http://www.kansascity.com/mld/kansascity/news/local/12225655.htm

NCGA Hails Energy Conference for Setting Renewable Fuels Standard at 7.5 Billion Gallons

The National Corn Growers Association President Leon Corzine today called the House-Senate energy conference committee inclusion of a 7.5-billion-gallon Renewable Fuels Standard in its final report the most significant step yet in securing the use of domestically produced fuels such as ethanol and biodiesel

http://biz.yahoo.com/prnews/050726/cgtu052.html?.v=17

Exchange & ECN News

Notice Reaffirming Position Limits in Treasury Futures

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29555,00.html

CBOT Trader Newsletter: July 25, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+29535,00.html

CBOT Strike Price Notice July 26, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29557,00.html

CBOT Trading Position Change Meal July 15, 2005

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29556,00.html

Week 11 Average Pricing System Testing Cycles

http://www.cme.com/clearing/clr/clradv/14488.html

NYSE Seat Sells for $2,600,000

http://www.nyse.com/press/1122288099637.html

BOX Begins Trading in 25 New Names

BOX expanded its market coverage with the introduction of twenty-five newly listed BOX options classes. Currently BOX lists 466 options classes, with plans of reaching 500 classes by the end of summer

http://www.bostonoptions.com/pdf/ListedClasses.pdf

PHLX to Begin Trading One New Option on July 27

http://www.phlx.com/news/pr2005/05pr072605.htm

Amex Lists Morgan Stanley Strategic Total Return Securities Exchangeable for a cash Amount Based on the CBOE Dow Jones Industrial Average Buy Write Index

http://www.amex.com/atamex/news/press/sn_DBZ_072505.htm

OneChicago To List Futures On Liberty Media Corp. (L1C) July 26

http://www.onechicago.com/

Pacific Exchange To Trade Five New Options

http://www.pacificex.com/news/press/press-2005/press_05_five_7.html

Clearstream Extends Daytime Processing and Increases Interoperability

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/pm_news_clearstream_260705.htm

Nasdaq developing service for small ETF trades

BOSTON (MarketWatch) -- The Nasdaq Stock Exchange is working on a new exchange-traded fund service that would sidestep a major stumbling block for investors who contribute small amounts: the broker commissions that can negate the low costs of ETFs.

http://www.marketwatch.com/enf/rss.asp?guid=%7B8E57DD1A-4B95-48BB-AC4F-EEBF95652E17%7D&dist=rss&siteid=mktw

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/dig072505.txt

First International Commodity Group, Inc. to be added to the list of firms disciplined for sales practice fraud

On August 8, 2005, First International Commodity Group, Inc. ("FICG") will be added to NFA's list of firms that have been disciplined by NFA or the CFTC for sales practice fraud as a result of the firm's settlement of an NFA Complaint against FICG alleging, among other allegations, sales practice fraud. Members should be aware that all former associated persons ("APs") of FICG are considered to have been employed by a disciplined firm.

http://www.nfa.futures.org/compliance/FICGI.asp

CFTC Charges Oxnard, California Resident Brett E. Lovett with Defrauding Commodity Futures Customers

CFTC Alleges Lovett Cheated Fellow Church Member; Federal Court Issues Order Freezing Defendant’s Assets

WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of an enforcement action on July 13, 2005, in the United States District Court for the Central District of California against Brett E. Lovett, individually and doing business as Northwest Asset Fund of Oxnard, California. The CFTC's action charges Lovett with fraudulently soliciting at least $175,000 from one member of his church, purportedly to trade commodity futures through an account in his own name, and with misappropriating a portion of those funds and creating false statements to conceal the fraud. (CFTC v. Brett E. Lovett, C.D. Cal, Case No. CV05-5074 GHK (MANx).)

http://www.cftc.gov/opa/enf05/opa5101-05.htm

NASD, NYSE Regulation and U.K.'s Securities & Investment Institute Agree to Create New, International Securities Qualification Exam

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

New fee paying installment plan shows successful start as over 1,600 firms sign-up

http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/083.shtml

Cox pledges vigorous enforcement

WASHINGTON, July 26 (Reuters) - Rep. Christopher Cox, the White House’s pick to chair the U.S. Securities and Exchange Commission, said on Tuesday his “top priority will be vigorous enforcement of our securities laws.”

http://news.ft.com/cms/s/4a6c9428-fde5-11d9-a289-00000e2511c8.html

Donaldson: The exit interview

''I came with a mission,'' William Donaldson said the other day, reflecting on his tenure as chairman of the U.S. Securities and Exchange Commission. In retrospect, that was the big surprise. Donaldson, who stepped down late last month after two and a half tumultuous years, was never supposed to be a man with a plan.

http://www.iht.com/articles/2005/07/26/yourmoney/web.0726mjoe.php

Senate Agriculture Committee CFTC Reauthorization Hearing

The Senate Agriculture Committee held a "mark-up" hearing on Thursday, July 21 for the legislation reauthorizing the Commodity Futures Trading Commission. The bill was redrafted late on Wednesday, July 20 to limit the scope of the more controversial provisions of the bill. In the new draft, the fraud provision was limited to forex markets, although the Senate is still considering widening the provision to all commodities. At the hearing, Senate Agriculture Chairman Saxby Chambliss indicated that the bill is a “placeholder” and that the industry, CFTC, President’s Working Group on Financial Markets and the Senate Banking Committee should continue to work on the language. The

Senate Bill | » PWG Letter | » Joint Trade Association Letter

http://www.futuresindustry.org/downloads/regulatory/CEAreauthorization.pdf

http://www.futuresindustry.org/downloads/regulatory/7-20-05-PWG.pdf

http://www.futuresindustry.org/downloads/regulatory/7-20-05-Letter.pdf

SEC considers formal action against Fidelity in gifts probe

NEW YORK, July 26 (newratings.com) - The US Securities and Exchange Commission (SEC) is considering civil action against Fidelity Investments, associated with an investigation into the receipt of gifts and gratuities from brokers.

http://www.newratings.com/analyst_news/article_936158.html

FSA chief bemoans City's IT burden

26 July 2005 The head of the UK's city regulator the Financial Services Authority (FSA) has criticised "deeply unsatisfactory" EU regulations which could force institutional investors to spend an extra 1 billion on upgrading IT equipment.

http://www.infoconomy.com/pages/news-and-gossip/group108664.adp

FSA faces tough hunt for terror cash

GENEVA (Reuters) - Financial firms appear to be cooperating fully in investigations into the London bomb attacks but the hunt for terror cash is proving difficult, the Financial Services Authority said on Monday.

http://go.reuters.co.uk/newsArticle.jhtml?type=reutersEdgeNews&storyID=802721&section=finance&src=rss/uk/featuresNews

SEC nominee Cox backs implementing options rule

Rep. Christopher Cox, the White House's choice to head the U.S. Securities and Exchange Commission, said on Tuesday that if confirmed by the Senate he would ensure implementation of a new rule that requires companies to treat stock options as a business expense.

http://news.yahoo.com/news?tmpl=story&u=/nm/20050726/pl_nm/financial_sec_stockoptions_dc_1

NASD, NYSE Create International Securities Exam

The NASD, New York Stock Exchange and the Securities & Investment Institute announced a three-way agreement to create a common qualifications test for capital markets professionals.

http://www.compliancereporter.com/default.asp?page=1&SID=537641&ISS=17887&pressbox=1

Managed Futures - Managed Funds

Lothian At Advantage During Troubled Period

"Tough times lie ahead," said Geik Drever, head of investment and pensions at the GBP2 billion Lothian Pension Fund.

http://www.institutionalinvestor.com/default.asp?page=1&SID=530657&ISS=17383&type=15

*** I just liked this headline.

Hedge fund shines in tough market

Despite a tough year for the mutual funds and hedge funds industries, Boston-based Vinik Asset Management can count itself among the winners, with gains of about 20 percent this year, according to a recent report by The Wall Street Journal.

http://money.cnn.com/rssclick/2005/07/25/funds/vinik_hedgefund/index.htm?section=money_latest

DTCC's Alternative Investment Advisory Committee Gaining Momentum - Almost Doubles in Size since April

The Depository Trust & Clearing Corporation's recently formed Alternative Investment Products Advisory Committee has grown from an original group of 15 fund and broker/dealer firms to 27 firms, including several service providers.

http://biz.yahoo.com/bw/050726/265691.html?.v=1

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

Never mind the price, gold still dazzles Asia

http://news.reuters.com/newsArticle.jhtml;jsessionid=LMDHVTR5SWF2WCRBAELCFFA?type=reutersEdge&storyID=9176244

China plays down chance of more yuan moves

http://news.reuters.com/newsArticle.jhtml;jsessionid=LMDHVTR5SWF2WCRBAELCFFA?type=reutersEdge&storyID=9180569

Tech's "Dearth of Innovation"

That's due to "near-monopolists" in many areas, says futurist Mark Anderson, whose newsletter is read by the likes of Gates and Dell

http://www.businessweek.com/technology/content/jul2005/tc20050726_3758.htm

The Yuan and You

What effect will China's currency shift have on U.S. investors? Maybe not very much at all, says S&P

China's unexpectedly sudden move to revalue its currency, the yuan, on Jan. 21, has sparked much speculation as to its ultimate effect on world markets. But what does it mean for U.S. investors? And should they make any changes in strategy? Advertisement

http://www.businessweek.com/investor/content/jul2005/pi20050726_3708_pi015.htm

Selling by insiders up sharply

Corporate profits may “soon peak”, BCA Research says

BCA Research warns that insider selling is growing, particularly in the financials. This trend suggests that U.S. equities may soon be struggling.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29791&IdSection=137&cat=137

The Goddess of Derivatives Talks

Goldman's new recruit, Cheril Lee, explains why warrants are big business in HK.

Goldman Sachs recently hired Cheril Lee as executive director, responsible for developing the firm's warrants business in Asia ex-Japan. Known as the goddess of warrants, at 30 Lee is a bit young for deification; but the moniker fits.

http://www.financeasia.com/articles/2EA7BCB7-9027-7E17-4BF11216C697E15F.cfm

Refco files for 25 mln share IPO

WASHINGTON, July 25 (Reuters) - Derivatives broker Refco Inc. may offer to raise up to 25 million shares for between $19 and $21 a share in an initial public offering, according to a regulatory filing on Monday.

The lead underwriters for the offering are Credit Suisse First Boston, Goldman, Sachs & Co. and Banc of America Securities LLC, according to the filing with the U.S. Securities and Exchange Commission.

http://today.reuters.com/investing/financeArticle.aspx?type=newIssuesNews&storyID=URI:urn:newsml:reuters.com:20050725:MTFH71251_2005-07-25_22-05-32_N2526007:1

Associations And Corporation Of London Commission Research To Contribute To Transparency Debate In European Bond Markets

http://www.exchange-handbook.co.uk/news_story.cfm?id=54161

Reuters sees share price slump despite halting revenue slide

British media giant Reuters reported quarterly growth in underlying revenue for the first time since 2001, and said it would return 1.0 billion pounds (1.45 billion euros, 1.74 billion dollars) to shareholders over the next two years.

http://news.yahoo.com/news?tmpl=story&u=/afp/20050726/wl_uk_afp/britainmediacompany_050726122758

Reuters Unveils More Restructuring Plans

Reuters Group PLC unveiled further restructuring plans meant to drive growth in markets such as China and India on Tuesday as the news and financial-data provider said its first-half profit was cut in half due to the sale of two units, though it reported its first quarter of underlying revenue growth since 2001.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050726/ap_on_bi_ge/earns_britain_reuters_1

John's Comments

Futures Magazine Preview

Futures Magazine features in its August issue: its stock market outlook for the remainder of 2005, Eurex US' currency play, Euronext's purchase of MTS, Refco's acquisition of CIS, techniques for trading off of economic sentiment and inflation, a look at security issues and tips to defend against hackers attempting to access account information in the age of online trading. For a complete list of articles, and links to some of those listed here, go to:http://www.futuresmag.com/library/contents.html

********

John Lothian Newsletter Now Features a Blog Format

I am pleased to announce today the John Lothian Newsletter now features a Blog format. The Blog is accessible from the www.johnlothian.com web site. Participants on the Blog must register and provide a working email address. Sign up for the Blog will be free until September 1, 2005, and then only paid subscribers to the John Lothian Newsletter will be added to the Blog user list.

I will be posting the newsletter each day to the Blog. Users may create their own topics for discussion, or comment on those already created. Anyone can read the Blog, but you must be a registered user to participate in the discussion and post to the site.

I ask that the comments and discussion be civil and polite. Check it out. www.johnlothian.com.

*******

Brent Crude Watch

IPE Brent Volume: 109,639

NYMEX Brent Crude Volume: 2749

NYMEX Percent of Total Volume: 2.45%

********

Chicago Electronic Trading Scorecard for July 25, 2005

Percent Electronic

CBOT: 56.78%

CME: 69.02%

CME Eurodollars: 78.30%

CME Live Cattle: .82%

CME Currency Products: 87.06%

CBOT Soybeans: 4.67%

CBOT Options: 3.94%

CME Options: 6.60%

Volume

OneChicago Volume: 45,953

Eurex US Volume: 3544

Euronext.liffe Eurodollar Volume: 5318

CBOE Futures Exchange Volume: 316

Market Share

CBOT 100 oz. Gold Volume: 2516

NYMEX 100 oz. Gold Volume: 106,589

CBOT Share: 2.31%

CBOT 5000 oz. Silver Volume: 54

NYMEX 5000 oz. Silver Volume: 7802

CBOT Share: .69%

CBOT Mini Gold Volume: 806

CBOT Mini Silver Volume: 201

CME Emini Russell 1000 (100X) Volume: 2049

Eurex US Mini Russell 1000 (100X) Volume: 293

NYBOT Mini Russell 1000 (50X) Volume: 232

CFE Mini Russell 1000 (100X) Volume: 1

CME Emini Russell 2000 Volume: 98,911

Eurex US Mini Russell 2000 Volume: 3213

CFE Mini Russell 2000 Volume: 48

Notes: The CBOT’s Dow Jones-AIG futures traded 154 contracts yesterday.

Liffe Eurodollar Over-Under

Liffe/Globex: 1.12%

Liffe/CME: .88%

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
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