August 1, 2005
Lead Stories
NYSE's bell tolls for its trading floor
Electronic deals to replace humans; firms already cutting
By Aaron Elstein
The New York Stock Exchange trading floor, for decades the symbol of capitalism and of
http://newyorkbusiness.com/article.cms?articleId=23422
Big Board's Bond Trading Ramp-UP May Flop
The New York Stock Exchange is on the verge of getting approval to trade corporate bonds of non-exchange listed companies--an exemption that will herald the Big Board's relaunch of its automated bond trading system this year.
http://www.institutionalinvestor.com/default.asp?page=1&SID=551589&ISS=18622&type=23
NYSE chief: Hybrid trading system's the way to go
Having weathered a tumultuous period that ended with a shake-up of top management, the
http://www.usatoday.com/money/companies/management/2005-07-31-insana-nyse-usat_x.htm
JUDGE RIPS THAIN
July 29, 2005 -- New York Stock Exchange Chief Executive John Thain has some serious conflicts of interest in the eyes of a New York State Supreme Court judge.
http://www.nypost.com/business/50543.htm
**** NY Post subscription required.
Loophole allows currency schemes to flourish
Tighter rules urged to tame `Wild West'
By Greg Burns, Tribune senior correspondent. Tribune staff reporter Ray Gibson contributed to this story
When federal agents armed with search warrants descended on the
http://www.chicagotribune.com/business/chi-0507310021jul31%2C1%2C3213252.story?coll=chi-business-hed
World Sugar Futures Contract Sets New Open Interest High At NYBOT
http://www.nybot.com/releases/pressRelease.asp?releaseID=901
Refco Group Ltd., LLC Launches Refco Private Client Group
Wholly-Owned Subsidiary, Formerly Lind-Waldock, Offers Premier Futures Trading Services to Individual Investors
NEW YORK, Aug. 1 /PRNewswire/ -- Refco Group Ltd., LLC (REFCO), a leading provider of execution and clearing services for exchange-traded derivatives and one of the world's largest independent derivative brokers, announced today that is has officially launched Refco Private Client Group (www.refcoprivateclient.com). The Refco Private Client Group, formerly known as Lind-Waldock, provides quality futures trading services to individual investors. The management team of Lind-Waldock will continue in their current roles at the Refco Private Client Group.
http://biz.yahoo.com/prnews/050801/nym013.html?.v=16
**** When I went to work in the brokerage business for First American Discount back in 1985, the big players in the burgeoning discount futures brokerage field were Lind-Waldock, First American and Jack Carl. They have all been absorbed by larger firms and now all the names have disappeared, as well as many, many other luminary brokerage firm names. Such is the fate of brokerage firms. Goodbye Lind-Waldock.
Nymex ponders future as suitors line up
The New York Mercantile Exchange's board meeting on Wednesday will be anything but regular this month as the 24 members discuss the 133-year-old institution's future ownership and strategic direction.
http://news.ft.com/cms/s/1a970f48-0200-11da-9481-00000e2511c8.html
Nymex Europe Floors It
Waters takes an inside look at the new Nymex Europe trading floor in the City.
http://db.riskwaters.com/public/showPage.html?page=287680
NYBOT - Tornado
A tornado struck the Port of Antwerp in Belgium Friday evening, July 29, damaging the 3 Ways Complex. Two NYBOT-licensed warehouses were affected by the tornado: Molenbergnatie 3 Way 6-7 and Wilmarsdonk 3 Way 9. NYBOT has appointed a surveyor to assess the damages to the buildings and cargo areas. Cargo owners are now being notified of the situation by the warehouse owners.
Please check the NYBOT website for further updates on this situation.
July 2005 - Euronext key indicators
Over 14 million cash transactions completed in July, up 40.5% year-on-year
12 IPOs on Euronext’s markets
Euronext.liffe volumes up 22% year-on-year, 7% year-to-date
Record trading in Euronext.liffe STIR products in July
http://www.euronext.com/news/press_releases/0,4159,1732_8275,00.html
http://news.yahoo.com/news?tmpl=story&u=/cpress/20050729/ca_pr_on_bu/montreal_exchange_1
CME Reports Average Daily Volume of 3.7 Million Contracts in July
CHICAGO, Aug. 1 /PRNewswire-FirstCall/ -- CME, the largest
http://www.cattlenetwork.com/content.asp?contentid=6939
CME says July volumes rose 15%
(Reuters)—Chicago Mercantile Exchange, the largest
http://chicagobusiness.com/cgi-bin/news.pl?id=17312
Merger with Deutsche Börse AG or
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29844&IdSection=15&cat=15
Competition in stock exchange mergers: Bids for LSE must be conditional on divestment of clearing
The Competition Commission consultation follows its investigation of two bids for the LSE that do not exist - the German exchange withdrew its offer in May. But there remains pressure for consolidation between
http://news.ft.com/cms/s/767e6630-0228-11da-9481-00000e2511c8.html
Competition panel to clear LSE bid
But crucial divestitures of clearing and settlement units of both Euronext and Deutsche Börse are the key condition.
Antitrust watchdog says takeover of
http://www.detnews.com/2005/business/0508/01/biz-263908.htm
LSE: offer £1.5bn or we'll go it alone
The continued independence of the London Stock Exchange looks the most likely outcome of the eight-month bid battle, according to executives close to both the LSE and Euronext, its Paris-based rival.
http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/07/31/cnlse31.xml
Euronext acts to clear way for LSE bid
By Martin Waller
EURONEXT, the continental exchanges operator, will start talks with the EU Competition Commission on Monday to clear the way for an agreed bid for the London Stock Exchange.
http://business.timesonline.co.uk/article/0,,9063-1714457,00.html
Opponents of 'naked' short selling picket DTCC
NEW YORK, July 29 (Reuters) - Shareholders of several small-cap companies demonstrated outside the Manhattan offices of the Depositary Trust & Clearing Corp. on Friday to complain about the practice of "naked" short selling.
http://asia.news.yahoo.com/050729/3/24tes.html
Eurex to Set Performance Targets for
July 29 (Bloomberg) -- Eurex AG's owners plan to set performance targets next week that will determine whether the world's biggest futures exchange keeps its
http://www.bloomberg.com/apps/news?pid=10000085&sid=aaUA_CGPOPZ4
As clear as mud
Yesterday's rise in the London Stock Exchange's share price gave a clear indication that the City now believes a takeover is back on the cards.
http://www.guardian.co.uk/business/story/0,3604,1539310,00.html
On
It must be pretty galling. Jürgen Schrempp announces he’ll leave DaimlerChrysler and the shares leap 10 per cent. At Deutsche Börse, the stock is up 20 per cent since Werner Seifert was ousted as chief executive two months ago.
http://news.ft.com/cms/s/598afb56-0048-11da-b57e-00000e2511c8.html
Environmental Trading News
Global Warming Making Hurricanes Stronger
Is global warming making hurricanes more ferocious? New research suggests the answer is yes. Scientists call the findings both surprising and "alarming" because they suggest global warming is influencing storms now — rather than in the distant future.
Morgan Stanley, Citadel Chase Profit in Pollution Trading
Aug. 1 (Bloomberg) -- On a Monday morning in May, six brokers, ties askew, were working the phones in the
http://quote.bloomberg.com/apps/news?pid=nifea&&sid=acc6gGKx_a5Y
Mayor Carl J. Amento was one of 45 municipal leaders from across the nation chosen to attend a summit on climate protection hosted by actor Robert Redford.
http://www.zwire.com/site/news.cfm?BRD=1345&dept_id=432724&newsid=14946375&PAG=461&rfi=9
Exchange & ECN News
BME Spanish Exchanges: In July Equity Trading Hits An All Time High Once Again
http://www.exchange-handbook.co.uk/news_story.cfm?id=54242
MEFF JULY TRADING VOLUMES UP 80% ON PREVIOUS YEAR
Volume posted in IBEX 35 Options 200% up on the year Stock Options 112% up on the year
Trading volume in MEFF Options and Futures in July was 1.9 million contracts, 80% up on the same month last year. Trading volume was particularly heavy in IBEX 35 Options, at 393,969 contracts traded - 200% up on the year. Trading in Stock Options reached 739.120 million contracts, posting a 112% year on year increase. Trading in Stock Futures was 325,542 contracts, posting a 135% year on year increase.
The volume of contracts traded on MEFF in the first seven months of the year was 21.57 million, which represents a 42% increase on the same period last year. Futures on the Ibex 35, MEFF's spearhead product, reached 2.8 million contracts , 9% up on the year. Single stock futures, at 10.3 million contracts, posted growth of 79% and Ibex 35 Options, at 2.6 million contracts, posted a 58% year on year increase.
CBOT Fed Funds July Settlement
The CBOT 30-Day Fed Fund futures contract for July 2005 will be cash settled this morning at a final settlement price of 96.737.
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+19856,00.html
CBOT Strike Price Notice August 1, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29675,00.html
CORPORATE EVENT Best Buy, Inc. (BBY) 3 for 2 Stock Split
http://www.cme.com/clearing/clr/clradv/14562.html
REMINDER - SLEDS & EFPs
http://www.cme.com/clearing/clr/clradv/14565.html
NYSE CEO John A. Thain Statement on Confirmations of U.S. Rep. Christopher Cox as SEC Chairman and Roel C. Campos and Annette L. Nazareth as Commissioners
http://www.nyse.com/press/1122633487624.html
NASDAQ and Townsend Analytics Announce TotalView Access for RealTick Customers
http://www.nasdaq.com/newsroom/news/pr2005/ne_section05_073.stm
OMX Exchanges Monthly Statistics July 2005
http://www.omxgroup.com/company/en/showreleases.aspx?menu=company&id=2005080120730&company=6
Oddly titled Merc lawsuit seeks to free money for charity
BY DAVID ROEDER AND STEVE PATTERSON Staff Reporters
At first glance, the title of the lawsuit is startling. The officers of the Chicago Mercantile Exchange appear to be suing the exchange and Illinois Attorney General Lisa Madigan.
A closer look reveals that the parties aren't battling at all. But there's a big issue involved -- what will happen to more than $57 million that could be donated to charities.
http://www.suntimes.com/output/business/cst-fin-merc01.html
Converters still cautious about LME futures trading
Major polymer users RPC and BPI have not entered the market.
1 August 2005 – The UK’s major plastics packaging producers seem to be adopting a cautious approach to plastics futures trading launched on the London Metal Exchange two months ago.
http://www.prw.com/main/newsdetails.asp?id=4364
CME to Support Rapid Volume Growth with New Market Data Platform for Customers and Quote Vendors
CHICAGO, Aug. 1 /PRNewswire-FirstCall/ -- To support its rapid growth in trading volume, CME, the largest futures exchange in the U.S., today announced the launch of its new market data distribution system, CME Market Data Platform (MDP), which will consolidate the exchange's existing CME Market Data Network (MDN) and CME Market Data API (MD Application Program Interface) into a single market data dissemination platform. The new platform and interface were launched the evening of Sunday, July 31 in order to coincide with the opening of trading on CME(R) Globex(R) electronic trading platform. CME MDP will combine the benefits of the two systems previously used by the exchange while delivering market data messages more efficiently, using less bandwidth and providing the scalability for future data growth for customers and market data quote vendors.
http://finance.lycos.com/qc/news/story.aspx?story=200508011452_PRN__CGM028&symbols=INDUSTRY:906
SGX looks to make retail investors forum a regular affair
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/160678/1/.html
NYMEX Lists Argus Media Energy Prices
The New York Mercantile Exchange, Inc., and Argus Media announced today that the Exchange has licensed access to Argus' worldwide energy market price assessments for use in the clearing and trading of energy commodities through NYMEX ACCESS®, its after-hours electronic trading system, and NYMEX ClearPort® its electronic trading and clearing platform.
http://biz.yahoo.com/prnews/050801/dam037.html?.v=19
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/dig072905.txt
FSA restricts Jonathan Elms following pensions review failures
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/087.shtml
FSA fines Bear Stearns for transaction reporting failures
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/086.shtml
SEC, CFTC Amend Exchange Acts
The Commodity Futures Trading Commission and the Securities and Exchange Commission adopted technical amendments to the Commodity Exchange Act and the Securities Exchange Act of 1934 providing a method for determining market capitalization and dollar value of average daily trading volume.
http://www.compliancereporter.com/default.asp?page=1&SID=537913&ISS=17887&pressbox=1
NASAA issues warning on phantom “regulators”
Fake regulators based in
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29853&IdSection=8&cat=8
RS reports progress on strategic review of trading rules
Final set of strategic principles to be unveiled this fall
Market Regulation Services Inc. (RS) has published an interim report detailing the progress of its strategic review of the trading rules.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29848&IdSection=8&cat=8
Association Calls On New Chairman To Lead On Balanced, Effective Regulation
http://www.sia.com/press/2005_press_releases/04641211.html
Joint Associations Statement on the need for Comitology in the Capital Requirements Directive (CRD)
http://www.isda.org/speeches/pdf/commentlettersonjointassociatestmt071105.pdf
SEC Rule Requires Disclosure Of Broker-Dealer Status, by Glen Shapiro,
A new Securities and Exchange Commission (SEC) rule which came into force last month requires brokerages to disclose in a "prominent" position in their documentation whether they are acting as investment advisers or merely as broker dealers.
http://www.investorsoffshore.com/asp/story/storyinv.asp?storyname=20653
SEC Investigates
SEC Freezes Assets of Minister-Turned-Financier Who Built Churches Across the Country
http://abcnews.go.com/US/wireStory?id=993922&CMP=OTC-RSSFeeds0312
AG BID TO LASSO GRASSO E-MAIL
July 29, 2005 -- Prosecutors for state Attorney General Eliot Spitzer are trying to get access to an overlooked e-mail account held by former New York Stock Exchange chief Dick Grasso.
http://www.nypost.com/business/50538.htm
Moody's gets subpoenas from Spitzer
New York Attorney General Eliot Spitzer subpoenaed Moody's Corp. , which runs one of the largest credit rating agencies, for documents on how it rates reinsurers and mortgage securities, broadening his probe of Wall Street practices.
http://news.yahoo.com/news?tmpl=story&u=/nm/20050729/bs_nm/financial_moodys_earns_dc_4
Risk and Insurance : Did Spitzer Miss High Noon?
Did Spitzer Miss High Noon? Eliminating contingent commissions is a more complex directive than it seems on the surface. Many brokers and carriers are turning a deaf ear to the call for change, especially in the employee benefits arena.
http://www.riskandinsurance.com/050801_feature_6.asp
SEC's Cox May Not Relax Rules, Fines, Disappointing Business
U.S. Aug. 1 (Bloomberg) -- Christopher Cox, the newly confirmed chairman of the U.S. Securities and Exchange Commission, may not offer much regulatory relief to the businesses that backed his 16- year career in the House of Representatives.
http://www.bloomberg.com/apps/news?pid=10000103&sid=aDyd2byA2iYE
Watchdog may change insider trading criteria
August 01, 2005 ㅡ The financial watchdog's definition of "insider traders," who are not allowed to use information not available to the public when investing in stocks or futures, is likely to expand to include executives and employees of some company subsidiaries. Yoon Jeung-hyun, chairman of the Financial Supervisory Commission, said at a seminar on Jeju island on Saturday that financial regulators are planning to consider anyone with access to internal information, not just company employees, as insider traders.
http://joongangdaily.joins.com/200507/31/200507312211031609900090509052.html
Options Need New Master:
Mark Longo
(Traders Magazine, July 2005) -- Regular readers of my column know that I am not a fan of the SEC. As a market maker on the CBOE, I watched in horror as the SEC sat on its hands and allowed inefficiency to run rampant throughout the options markets. As a columnist, I have repeatedly criticized the SEC's refusal to act on payment for order flow and other crucial issues facing the industry.
http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=2304
Managed Futures - Managed Funds
Summit Partners is buying a one-third stake in $5 billion hedge fund Coast Asset Management LLC.
http://www.bizjournals.com/sanjose/stories/2005/08/01/daily4.html?from_rss=1
Hedge fund guru offers advice
MIAMI | In the last 5½ years, hedge fund manager Michael O'Higgins chalked up astounding returns one year, fabulous another, decent in two more and one down year.
http://www.myrtlebeachonline.com/mld/myrtlebeachonline/business/12268453.htm
Nuveen Investments to Acquire
Nuveen Investments , a leading provider of diversified investment management services, today announced an agreement to acquire Santa Barbara Asset Management, a highly respected investment manager with $2.8 billion of assets under management.
http://biz.yahoo.com/bw/050801/15424.html?.v=1
The rich are flocking to mutual funds
Wealthy Americans, who can afford the market's raciest investments, have taken to some of its most old fashioned mutual funds. In the last two years, people who are worth $5 million or more doubled the percentage of money they invest in mutual funds to 12 percent from 6 percent in 2003, according to a study released by Spectrem Group last week.
http://www.chron.com/cs/CDA/rssstory.mpl/business/3289040
Take Care With New Commodity Investment Products
http://www.resourceinvestor.com/pebble.asp?relid=11749
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
Recent Trends in the Exchange Landscape
http://www.rolfeandnolan.com/default.aspx.locid-0fdnew07k.htm
NetScout's nGenius Solution Supports Real-Time Performance of Time-Sensitive Trading Applications for
NetScout Systems, Inc. , a leading provider of network and application performance management solutions, today announced that the Shanghai Futures Exchange has deployed its nGenius® Performance Management System to help optimize the performance of time-sensitive trading and back-office applications, which handle more than a trillion dollars in futures contracts annually.
http://biz.yahoo.com/prnews/050801/nem007.html?.v=18
Saudi King Fahd dies; smooth handover to Abdullah
Final days to nominate innovative businesses
Wednesday is the deadline for nominations for the 2005 Chicago Innovation Awards.
http://www.suntimes.com/output/business/cst-fin-innovate01.html
Morgan Stanley to cut 10% of brokers
Firm plans to focus on recruiting experienced brokers
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29839&IdSection=5&cat=5
Citi, JPMorgan, Top Energy Lenders, Can't Match Goldman Traders
Aug. 1 (Bloomberg) -- Citigroup Inc. and JPMorgan Chase & Co. lend more money to more energy companies and utilities than anyone. Trouble is the No. 1 and No. 3 U.S. banks don't come close to matching the profits Morgan Stanley and Goldman Sachs Group Inc. make trading electricity, natural gas and oil.
http://quote.bloomberg.com/apps/news?pid=10000103&sid=avt5s3yyG_DE&refer=news_index
Commentary - Transforming Risk Processes to Integrate Risk Management, Compliance, and IT Processes into the Transaction Lifecycle - The Asian Experience
http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-08-01-11238.html
The Clearing Corporation and Exchange Systems Technology Announce Plan for integrated Clearing and Back Office System
http://www.clearingcorp.com/press/pressreleases/050629exchgsystech.html#P1_0
TH Lee to double money in Refco IPO
Refco Inc. ,
New Initiatives at BRASS
Nina Mehta
SunGard's BRASS trade order management system earned its stripes on the back of its OTC market-making ability. For more than a decade, it has been the leading platform for market-makers. About 70 percent of Nasdaq orders currently go through BRASS. But with the trading landscape changing and competition gearing up among sellside OMS's, BRASS has had to emphasize its strengths.
http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=2307&year=2005
Events to Attend –
Canadian Annual Derivatives Conference
Conference Program: Adding Value with Alternative Strategies
John's Comments
FOWeek Headlines Issue 1030 01-Aug-2005
• FX objection disrupts CFTC reauthorisation
• Blackstone building $12.5bn takeover fund
• McGraw Hill, CME settle S&P case
• Refco SEC listing filing values broker at up to $2.68bn
• CBoT revenue and profits up on record volumes
• CME announces record earnings
• Euronext, Atos integrate technology
•
• Refco buys
• SGX warrants reclassification counteracts falling futures http://www.fow.com/articles/foweek_article.asp?storyCode=3625
FOW Latest Issue Issue 411 01-Aug-2005
• Navigating recruitment http://www.fow.com/articles/fow_article.asp?storyCode=3613
• 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
********
CME® E-Livestock Report - July 2005
Topics in this issue include:
CME Globex. Fee Reductions for CME E-Livestock
Coming soon: Implied Spreading Functionality on CME E-Livestock
CME E-Livestock Quote Page
Learn more about CME Livestock Markets - Free Daily E-Newsletter
********
US Option Exchange’s Market share
July 2005 Equity Options Market share:
CBOE- 26.96%
AMEX -14.09%
PHLX - 10.12%
PCX- 9.09%
ISE-33.15%
BOX -6.59%
July 2004 Equity Options Market share
CBOE-25.52%
AMEX-18.45%
PHLX- 10.82%
PCX- 8.47%
ISE- 34.45%
July 2005 Total Options Market share:
CBOE -31.88%
AMEX -13.48%
PHLX - 9.63%
PCX - 8.30%
ISE -30.69%
July 2004 Total Options Market share:
CBOE - 30.45%
AMEX- 17.60%
PHLX - 10.43%
PCX -7.78%
ISE - 31.64%
BOX -2.11%
********
Brent Crude Watch
IPE Brent Volume:
NYMEX Brent Crude Volume:
NYMEX Percent of Total Volume:
********
Percent Electronic
CBOT: 65.77%
CME: 70.77%
CME Eurodollars: 80.98%
CME Live Cattle: 3.25%
CME Currency Products: 90.61%
CBOT Soybeans: 2.72%
CBOT Options: 2.02%
CME Options: 6.23%
Volume
OneChicago Volume: 9470
Eurex
Euronext.liffe Eurodollar Volume: 9392
CBOE Futures Exchange Volume: 421
Market Share
CBOT 100 oz. Gold Volume: 1265
NYMEX 100 oz. Gold Volume: 49,173
CBOT Share: 2.51%
CBOT 5000 oz. Silver Volume: 176
NYMEX 5000 oz. Silver Volume: 26,866
CBOT Share:
CBOT Mini Gold Volume: 1894
CBOT Mini Silver Volume: 430
Notes: The CME traded 1275 Live Cattle contracts on Globex on Friday.
Liffe Eurodollar Over-Under
Liffe/Globex: .89%
Liffe/CME: .72%
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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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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