Computer Monkey 003

Computer Monkey 003 · Posted: Thu May 03, 2007 7:56 am Post subject: May 2, 2007

ISSN 1935-4851

May 2, 2006

Lead Stories

NYSE loans disclosure bolsters ISE rumours

By Anuj Gangahar in New York, Ivar Simensen in Frankfurt and Norma Cohen in London

The NYSE Euronext quietly lined up $3bn in loan finance in the weeks before Deutsche Brse put the final touches on its deal to clinch the International Stock Exchange in a bid worth $2.8bn. The loans were disclosed in a regulatory filing in early April that makes clear they were to support a line of commercial paper and for general corporate purposes. Nevertheless, the finance has raised speculation that NYSE might still become a counter bidder for the ISE, an exchange with whom its name has been linked in the past.

http://www.ft.com/cms/s/2fb9e25a-f822-11db-baa1-000b5df10621.html  (Related)

**** I thought DB paid up for ISE so they hopefully would not have to put up with this type of challenge and they could put to rest the stigma of being an exchange that cant close the big deal. I think they paid enough to get that done. I have to believe NYSE still likes their chances of continuing to organically growing their options business. I have to believe NYSE anticipated this deal, especially since this is the 3rd time DB has tried to buy ISE.

Shares of NYSE Euronext fall on ISE bid concerns

By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- Paris-listed shares of NYSE Euronext were rattled on Wednesday by fears the exchange may attempt to launch a rival bid for the International Securities Exchange, which already has agreed to be bought by the Deutsche Boerse.

http://www.marketwatch.com/news/story/nyse-euronext-shares-fall-ise/story.aspx?guid=%7B76848F92-003C-4B93-AC16-AA06BAA7A09A%7D  (Related)

JeM investing in realty, commodity mart: Report

In what may be seen as worst fears of National Security Advisor M K Narayanan coming true, a US report on terrorism has said pro-Pakistan Jaish-e-Mohammed was investing in commodity market and real estate to raise funds for its terrorist activities. A report "Country Terrorism Report" prepared by the US State Department said the JeM, led by Maulana Masood Azhar, who was released by India in exchange for hijacked passengers in 1999, had withdrawn funds from bank accounts in anticipation of asset seizures by the Pakistan government. The funds were invested "in legal business such as commodity market, real estate and production of consumer goods," the report said.

http://www.outlookindia.com/pti_news.asp?id=469594  (Related)

**** Investing in commodity markets has replaced high risk ventures like diamond and drug smuggling?

Time's Ripe for a CBOE Deal

By Laurie Kulikowski

An industrywide dealmaking frenzy could give the Chicago Board Options Exchange some more options.

http://www.thestreet.com/_tscrss/newsanalysis/businessinsurance/10354144.html  (Related)

Little discontent over deal at CBOT meeting

http://www.chicagobusiness.com/cgi-bin/news.pl?id=24818  (Related)

**** I found it ironic that the exchange that launched the exchange traded options business (CBOT) was not represented down at the Options Industry Conference in San Antonio last week. The CME did send 1 person, as did Deutsche-Boerse. NYSE-ARCA was the host of the event and there in force, including some from the futures side. Last week in San Antonio, NYSE executive Jerry Putnam said NYSE was working on filing to create a U.S. futures exchange and they would start by listing Euronext.liffe equity indices here in the U.S. He also said they had not determined what to do about U.S. futures clearing, but I thought his comments seemed to indicate they were inclined to build their own clearing house.

ISE-Eurex see top transatlantic derivatives market

NEW YORK, May 1 (Reuters) - Combining the International Securities Exchange Inc. (ISE.N: Quote, Profile, Research and Eurex, the futures and options exchange operated by Deutsche Boerse AG (DB1Gn.DE: Quote, Profile, Research and SWX Swiss Exchange, will create the largest transatlantic derivatives marketplace with synergies from cross-selling and efficiencies, company executives said on Tuesday.

http://www.reuters.com/article/mergersNews/idUSN0121773720070501  (Related)

Deutsche Boerse Exec Defends ISE Price

By JOE BEL BRUNO 05.01.07, 1:33 PM ET

Accused of paying too much to acquire U.S. options market International Securities Exchange Holdings Corp., an executive of Germany's Deutsche Boerse AG said on Tuesday the $2.8 billion price tag was worth it. Andreas Preuss, chief executive of the Eurex derivatives exchanged - owned jointly by Deutsche Boerse and Switzerland's SWX exchange - said he didn't think the price for ISE was excessive. The deal values ISE shares at $67.50, a 50 percent premium from before the acquisition was announced.

http://www.forbes.com/feeds/ap/2007/05/01/ap3672791.html  (Related)

**** This is a strategic acquisition with long term benefits to Eurex. It takes guts to pull off a deal like this and even more to be able to pay up to buy a great company like ISE in the middle of a great bull market for derivative exchanges.

ISE's Shares Scorching Hot

By Tom Taulli

Despite failed attempts to purchase the Euronext NV and the London Stock Exchange, Deutsche Boerse hasn't given up on its acquisitional ambitions. Yesterday, the German exchange made an eye-popping offer of $2.8 billion for International Securities Exchange Holdings (NYSE: ISE). It's a clear sign the exchange doesn't want to lose again.

http://www.fool.com/investing/high-growth/2007/05/01/ises-shares-scorching-hot.aspx  (Related)

Treasury to Stop Issuing 3-Year Note

http://online.wsj.com/article/SB117811106765189503.html?mod=home_whats_news_us  (Related)

**** At least it was not the 10-Year.

NYSE Doesn't See Competitive Position Changed By ISE Deal

By Gaston F. Ceron

NEW YORK (Dow Jones)--John Thain, chief executive of the New York Stock Exchange's parent, NYSE Euronext (NYX), said he doesn't see his company's competitive position altered by the deal involving International Securities Exchange Holdings Inc. (ISE).

http://online.wsj.com/article/BT-CO-20070502-705949.html?mod=hps_us_m  (Related)

MCX ties up with farmers body to remove myths about futures trading

HYDERABAD, MAY 1: In a significant move, the Multi-Commodity Exchange (MCX) has joined hands with Federation of Farmers Association (FFA) to dispel myths among the farmers about futures trading resulting in increase in foodgrain prices. In fact, this form of trading would help in averting crisis arising out of crop shortages and crop failures.

http://www.financialexpress.com/fe_full_story.php?content_id=162896  (Related)

A sticky situation to tackle

The industry is battling several threats... and losing ground. Stretch marks are showing on the rubber industry across the globe. For, futures trading, hoarding and erratic market behaviour threaten the industry. The February-April period is normally an off season for rubber production in Kerala, the state accounting for 92 per cent of the commoditys production in India. But low production does not always mean a rise in rubber prices.

http://www.business-standard.com/common/storypage.php?autono=283065&leftnm=0&subLeft=0&chkFlg=  (Related)

ICE Appoints Scott A. Hill Chief Financial Officer; Richard V. Spencer Named ICE Vice Chairman

IntercontinentalExchange , the leading electronic energy marketplace and soft commodity exchange, today announced the appointment of Scott A. Hill as Senior Vice President, Chief Financial Officer of ICE.

http://biz.yahoo.com/prnews/070502/clw060.html?.v=85  (Related)

OIC Announces Continued Growth of Options Trading as April Volume Increases Nearly 30 Percent

http://www.888options.com/press/archive/2007/may_1.jsp  (Related)

OIC introduces the new Covered Calls Podcast series. Topics include basics and terminology as well as a conceptual overview of the covered call strategy.

http://www.888options.com/seminars/podcasts.jsp  (Related)

SGX may start search for new CEO from Sept 2008

SGX Chairman JY Pillay gave the comment at the sideline of an extraordinary meeting on Wednesday. He says the search for a new CEO will start in September 2008, a year before Mr Hsieh's contract expires.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/273772/1/.html  (Related)

Cap likely on comex stake

The department of consumer affairs is planning to put a ceiling on the stake that a single domestic investor can hold in a commodity exchange. The guidelines for domestic investors are being worked on even as the norms for foreign direct investment in commodity exchanges are being given finishing touches.

http://www.rediff.com/money/2007/may/02comex.htm  (Related)

Environmental Trading News

Experts target rice as climate culprit

By MICHAEL CASEY, AP Environmental Writer

BANGKOK, Thailand - As delegates to a climate conference here debate how to reduce greenhouse gases, one of the problems and a possible solution lies in the rice fields that cover much of Thailand, the rest of Asia and beyond. Methane emissions from flooded rice paddies contribute to global warming just as coal-fired power plants, automobile exhausts and other sources do with the carbon dioxide they spew into the atmosphere.

http://news.yahoo.com/s/ap/20070501/ap_on_re_as/climate_change_rice  (Related)

Ocean Tomo and Ecosphere Technologies to Sell Clean Technology Portfolio at Upcoming Live Auctions

CHICAGO----Ocean Tomo Auctions, LLC - the auctions arm of Ocean Tomo, LLC, the leading Intellectual Capital Merchant Banc firm - today announced that it will assist Ecosphere Technologies, Inc. , a provider of clean air and water technology solutions, in monetizing their portfolio of patented technologies through its upcoming auctions, beginning with the IP Investment Summit and Live Auction in ...

http://biz.yahoo.com/bw/070501/20070501006257.html?.v=1  (Related)

Thirsty world captures investor attention

The need to feed up to 2 billion more people by 2025, booming industrialization in developing countries like China, and a warming climate seen threatening the world's most precious natural resource has investors serious about water.

http://www.reuters.com/article/reutersEdge/idUSN3045559020070502?src=050207_0728_INVESTING_comment_n_analysis  (Related)

The first refugees of global warming

Bangladesh watches in horror as much of the nation gives way to sea

http://www.chicagotribune.com/news/nationworld/chi-0705010817may02,1,7033000.story?coll=chi-news-hed&ctrack=1&cset=true  (Related)

NZ Should Act Quickly On Carbon Trading Market

The New Zealand Business Council for Sustainable Development says a New Zealand Stock Exchange company (NZX) working group report proposing the country launch a carbon market, with influence across Asia and the Pacific, has to be welcomed.

http://www.scoop.co.nz/stories/PO0705/S00031.htm  (Related)

Global carbon market tripled in 2006, World Bank says

COLOGNE: The global carbon market tripled last year to $30 billion from $11 billion in 2005, the World Bank's carbon finance unit said Wednesday. Carbon markets put a price on carbon, and so are seen as a possible key weapon against climate change, motivating people and businesses to think harder about their greenhouse gas emissions.

http://www.iht.com/articles/2007/05/02/business/carbon.php  (Related)

Credits help offset a rise in raw emissions

RESTRICTIONS on land clearing, drought slowing farming activity and an increase in forest plantations have helped to keep Australia's net greenhouse gas emissions under control in 2005. But raw emissions from power stations and transport continue to grow rapidly, prompting warnings from environmentalists that the targets for the period of 2008 to 2012, under the Kyoto Protocol, may still be exceeded. In 2005, net greenhouse emissions were the same as the previous year at 102 per cent of 1990 levels, or 559 million tonnes of gas.

http://theaustralian.news.com.au/story/0,20867,21662611-30417,00.html?from=public_rss  (Related)

Emissions trading on agenda as premiers and territorial leaders meet

Brainstorming climate change initiatives is the focus of discussion Tuesday as provincial and territorial leaders gather in Toronto. Media reports say the one-day meeting may not result in a strategy on an emissions trading system among provinces and territories as hoped, but leaders insisted they would move ahead with their own initiatives regardless.

http://www.cbc.ca/canada/montreal/story/2007/05/01/premiersmeet.html?ref=rss  (Related)

Bubble warning for green energy investments

Powered by fears that oil is running out, initial public offerings in the alternative energy sector tripled last year to $4.1 billion from 2005, with most capital finding its way into solar and biofuel start-ups.

http://www.iht.com/articles/2007/05/01/news/clean.php  (Related)

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.

Click here to subscribe: jimkharouf-request@johnlothiannewsletter.com  (Related)  ?subject=subscribe

Exchange & ECN News

CBOT Holdings Conducts 2007 Annual Meeting; Directors Re-Appoint Carey

CBOT Holdings, Inc., following its annual meeting of stockholders, today announced that Charles P. Carey was re-elected as a director and reappointed to serve a third two-year term as Chairman of the Board.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1036+47663,00.html  (Related)

CBOT Annual Meeting Presentation

http://ccbn.10kwizard.com/cgi/convert/rtf/CBOTHOLDINGSINC425.rtf?rtf=1&repo=tenk&ipage=4896183&num=-3&rtf=3&xml=1&dn=2&dn=3  (Related)

[The following is the text of a speech given by Bernard W. Dan, President and Chief Executive Officer of CBOT Holdings, Inc. at CBOT Holdings 2007 Annual Meeting of Stockholders]

http://ccbn.10kwizard.com/cgi/convert/rtf/CBOTHOLDINGSINC425.rtf?rtf=1&repo=tenk&ipage=4896188&num=-3&rtf=3&xml=1&dn=2&dn=3  (Related)

**** Good speech by Mr. Dan. He helps make a good case for positioning the exchange for the marketplace of the 21st century.

MGEX Posts Record April, Sees Upswing In Membership Interest

http://www.mgex.com/documents/MGEXAprilResults5-1-07.pdf  (Related)

CBOT April 2007 Fed Funds Futures Settle @ 94-750

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+19856,00.html  (Related)

CBOT Trader Newsletter: May 1, 2007

New Two-Year algorithm effective trade date May 7

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1027+47653,00.html  (Related)

Carvill Hurricane Index Seasonal Futures and Options on Futures

http://www.cme.com/clearing/clr/npadv/Npadv0712.html  (Related)

October 2008 Live Cattle Contract Listing Delayed

http://www.cme.com/clearing/clr/clradv/Chadv07105.html  (Related)

NYMEX Holdings, Inc. Reports Record First Quarter Results; Declares Quarterly Dividend

http://www.nymex.com/press_releas.aspx?id=pr20070501a  (Related)

NYMEX to Change Margins for Natural Gas Basis amd Index Swap Futures Contracts

http://www.nymex.com/press_releas.aspx?id=pr20070501b  (Related)

NYMEX to Change Margins for Cocoa Futures Contract

http://www.nymex.com/press_releas.aspx?id=pr20070501c  (Related)

NYMEX to Change Margins for RBOB Gasoline, Related Futures Contracts

http://www.nymex.com/press_releas.aspx?id=pr20070501d  (Related)

NYMEX ClearPort Clearing GUI Upgrade

http://www.nymex.com/notice_to_member.aspx?id=ntm233&archive=2007  (Related)

NYMEX to Host "Energy and Metals Day"

http://www.nymex.com/notice_to_member.aspx?id=ntm232&archive=2007  (Related)

ICE Futures ADV Rises 63%; NYBOT ADV Grows 16%,

http://www.nybot.com/news/pressReleases/files/ICEReportsMonthlyVolumeforApril2007.pdf  (Related)

KCBT April Volume 65 Percent Higher Than March

April also brings new membership sales record

http://www.kcbot.com/news_2.asp?id=479&home=1  (Related)

Instruments in Cash Market CCP - Amendments

http://www.eurexchange.com/download/documents/circulars/cfni0452007e.pdf  (Related)

CBOE VOLUME INCREASES 35% OVER YEAR AGO; AVERAGE DAILY VOLUME 3.4 MILLION CONTRACTS

http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=cboe_cfe_cbsx_20070501.doc  (Related)

BOX Rolls Out 74 New Classes

On Monday April 30, 2007, BOX completed the first phase of its expansion program by rolling out 74 new classes, to reach a total of 914 classes currently traded on the Exchange. In addition, during coming weeks, BOX will launch the second phase of its expansion progam and add approximately 400 additional classes for trading (subject to regulatory approval).

http://www.bostonoptions.com/  (Related)

PHLX to Begin Trading Fifteen New Options on Wednesday, May 2

http://www.phlx.com/news/pr2007/07pr050107.htm  (Related)

Amex Lists Eksportfinans ASA's 11% Enhanced Yield Securities Linked to the Claymore YieldStream 20

http://www.amex.com/atamex/news/press/sn_EKF_050107.htm  (Related)

Advent of Last Trading Day for Options

http://www.ose.or.jp/e/news/0705/070502a.html  (Related)

April Volume on WCE Up 18% From a Year Ago

http://www.wce.ca/NewsNotices.aspx?first=newsreleases&Id=457  (Related)

Horsager Trading Company Registers as Liquidity Provider on WCE

http://www.wce.ca/NewsNotices.aspx?first=newsreleases&Id=458  (Related)

Nidera Handelscompagnie B.V. - New Participant

http://www.wce.ca/WebContent.aspx?Web_Content_Id=562  (Related)

Third General and Entry Standard Conference Starts in Frankfurt

Germanys largest and most successful small and mid-cap conference/ Over 500 participants expected to attend the event

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/April_2007/pm_news_esgs_020507.htm  (Related)

Record trading at OMX Nordic Exchange

http://www.omxgroup.com/omxcorp/presscenter/pressreleases/Observer_Article/?id=2007050222480&company=0  (Related)

Handelsbanken extends its membership of the Nordic Exchange

http://www.omxgroup.com/omxcorp/presscenter/pressreleases/Observer_Article/?id=2007050222230&company=0  (Related)

Opening View: Futures Higher on Euronext Speculation

Rumors Swirling that NYSE Euronext Could Make a Play for the International Securities Exchange (ISE)

http://www.schaeffersresearch.com/commentary/observations.aspx?ID=19006&c=obsfeed  (Related)

ICE quarterly profit nearly triples, appoints CFO

NEW YORK, May 2 (Reuters) - IntercontinentalExchange Inc. (ICE.N: Quote, Profile, Research said on Wednesday that its first-quarter profit nearly tripled as its results for the first time included newly acquired soft commodities exchange New York Board Of Trade.

http://www.reuters.com/article/bankingfinancial-SP/idUSN0224033220070502  (Related)

Chicago futures marts hit by steady Fed ideas

BUTTE, Montana, May 1 (Reuters) - Chicago's two big futures exchanges posted rare declines in trading volume in April, hurt by lower volatility in key interest rate markets.

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-05-01T191953Z_01_N01281358_RTRIDST_0_CBOT-VOLUME-UPDATE-1.XML  (Related)

ARGENTINE SECURITIES EXCHANGE BETS ON ELECTRONIC TRADING

Buenos Aires - April 2007. Mercado de Valores de Mendoza (Mendoza Securities Exchange) signed a 10-year contract with Primary Trading Solutions for the provision and operation of a new FIX based trading platform.

http://www.bobsguide.com/guide/news/19059.html  (Related)

ICE 1Q Net Nearly Triples Amid Strong Volumes

By Jesse Thomas

IntercontinentalExchange Inc. (ICE) said Wednesday that first-quarter net income nearly tripled, spurred largely by strong volume growth.

http://online.wsj.com/article/BT-CO-20070502-707644.html?mod=hps_us_my_companies  (Related)

ICE Still Hot

By Laurie Kulikowski

The IntercontinentalExchange's (ICE - Cramer's Take - Stockpickr - Rating) profits nearly tripled in the first quarter, fueled by an acquisition expanding its product offering beyond the world of energy futures and commodities. The Atlanta-based ICE made $55.6 million, or 80 cents a share, compared with $19.7 million, or 33 cents a share, a year earlier. Revenue rose 152% to $126.6 million.

http://www.thestreet.com/_yahoo/newsanalysis/wallstreet/10354323.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA  (Related)

NYSE, Nasdaq locked in battle over ticker symbols

http://us.rd.yahoo.com/finance/external/cnnm/SIG=11u7i9t57/  (Related)  *http://money.cnn.com/2007/05/01/markets/ticker_war/index.htm?source=yahoo_quote

Intercontinental Exchange Profit Almost Triples

By Matthew Leising

May 2 (Bloomberg) -- Intercontinental Exchange Inc., one of two competing bidders for the Chicago Board of Trade, said first-quarter profit almost tripled on record energy trading. Profit rose to $55.6 million, or 80 cents a share, from $19.7 million, or 33 cents, in the year-earlier period, Atlanta-based Intercontinental said in a statement. Revenue more than doubled to $126.8 million from $50.3 million.

~Bloomberg

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/2007/dig050107.txt  (Related)

CFTC Charges Illinois Resident Anthony A. Demasi and His Company, Tsunami Capital, LLC, with Fraud; Federal Court Order Freezes Defendants' Assets and Prevents Destruction of Books and Records

http://www.cftc.gov/opa/enf07/opa5328-07.htm  (Related)

NASD Amends Rules 1012 and 1013 to Require Applicants for Membership to Submit Applications Using Online Form NMA; Implementation Date: May 7, 2007; Compliance Date: May 31, 2007

http://www.nasd.com/RulesRegulation/NoticestoMembers/2007NoticestoMembers/NASDW_019051  (Related)

Watchdog acts on energy indices

By Jeremy Grant in Washington

US federal regulators yesterday took the rare step of using legal action to force McGraw-Hill, the publisher, to reveal key trading data gathered from energy traders to compile widely used pricing indices. The action highlights an emerging concern that energy indices compiled by specialist energy publications may be vulnerable to traders intent on manipulating prices.

http://www.ft.com/cms/s/c67adfac-f780-11db-86b0-000b5df10621.html  (Related)

OSFI to be lax on equity investment limits in new accounting standards

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?id=39086&IdSection=8&cat=8&BImageCI=1  (Related)

CFTC demands Platts data

The US Commodity Futures Trading Commission (CFTC) has filed an application in Columbia District Court, seeking to enforce a subpoena for energy-related documents it served on publishing group McGraw-Hill. Part of an ongoing investigation into energy price-fixing by traders, the watchdog has demanded access to data supplied to Platts, a subsidiary of the McGraw-Hill Group.

http://db.riskwaters.com/public/showPage.html?page=445061  (Related)

ISDA Comments on UNCITRAL Draft Legislative Guide on Secured Transactions

http://www.isda.org/speeches/pdf/UNCITRAL-WG6-ISDA-Comments01May07.pdf  (Related)

Lawsuit Vs NASD Gets Document Discovery Deadline

NEW YORK -(Dow Jones)- A lawsuit challenging the pending consolidation of the National Association of Securities Dealers and New York Stock Exchange Regulation continues to chug along, with a magistrate judge on Monday establishing a document discovery deadline of Thursday.

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070501%5cACQDJON200705011426DOWJONESDJONLINE000510.htm&  (Related)

Commodity Futures Trader Pleads Guilty to Fraud and Embezzlement Charges

ATLANTA, May 1 /PRNewswire-USNewswire/ -- Anthony M. Ramunno, Jr., a.k.a "Mick Ramunno," 46, of Alpharetta, Ga., pleaded guilty today in federal district court to charges of wire and mail fraud related to a scheme to defraud investors in his commodity pool and to steal their invested capital, U.S. Attorney David E. Nahmias announced today. Ramunno was indicted on these charges by a federal grand jury on Feb. 20, 2007.

http://news.yahoo.com/s/usnw/20070501/pl_usnw/commodity_futures_trader_pleads_guilty_to_fraud_and_embezzlement_charges  (Related)

Investments - Indexes - Managed Futures - Managed Funds

New research shows that ordinary savers and pensioners bear brunt of 3bn share tax

http://www.londonstockexchange.com/en-gb/about/Newsroom/pressreleases/2007/stampduty.htm  (Related)

First Index Fund with Double Leverage Launched on DJ EURO STOXX 50

New product listed in Xetra Funds-segment

http://deutsche-boerse.com/dbag/dispatch/en/listcontent/gdb_navigation/press/10_Latest_Press_Releases/Content_Files/13_press/May_2007/pm_news_funds_020507.htm  (Related)

Finding profits in catering to the not-so-rich

By Tom Petruno

As basic investment advice, it's pretty hard to argue with "follow the money." As the rich have gotten richer worldwide, so have many companies that cater to them, including investment manager Goldman, Sachs & Co., luxury-goods marketer Coach Inc. and sports car-maker Porsche.

http://www.chicagotribune.com/business/chi-0705010565may02,0,3535216.story?coll=chi-business-hed  (Related)

Charities benefit from capital gains exemption for donated securities

Donors should give securities that have experienced greatest capital gain per share

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=39096&IdSection=3&cat=3  (Related)

RBC announces next series of Commodity Booster Notes

Five-year notes linke to basket of commodities

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?id=39060&IdSection=146&cat=146&BImageCI=1  (Related)

Refco trustee hits former PlusFunds CEO

Move over. It's getting crowded under the bus!

All other things being equal, Gabriel Bousbib should recently have cashed a very nice check, the finally out-of-escrow last fruits of a largely successful three-year-plus tenure as chief executive officer of PlusFunds Group Inc. Instead, hell be deposed in a Manhattan conference room this morning, trying to avoid joining the list of those Sugrued* by the Refco debacle and the subsequent rapid makeover of PlusFunds into MinusFunds.

http://nakedshorts.typepad.com/nakedshorts/2007/05/refco_trustee_h.html  (Related)

ABN Chief Draws Ire of Big Investor

http://online.wsj.com/article/SB117801133011788004.html?mod=home_whats_news_us  (Related)

Hedge Funds Flower Through April Showers

Despite some impressive gains in April, hedge funds spirits were dampened by superior performance by the Dow Jones Industrial Average and the S&P500.

http://www.dailyii.com/article.asp?PositionID=2597&ArticleID=1331091  (Related)

S&P Releases First-Quarter 2007 Index Versus Active Fund Scorecard For Canada - Majority Of Indices Continue To Outpace Actively Managed Funds

http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=66725  (Related)

ABN Amro battle gets personal

The battle for control of ABN Amro turned personal on Tuesday as Rijkman Groenink, chief executive, pressed for more details from the consortium planning to break up the Dutch bank while The Children's Investment Fund, the activist hedge fund, called for his immediate dismissal.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20070502&ID=6825946  (Related)

Market Risk - Hedge Fund Industry Assets Grew 26% in 2006

The Hennessee Hedge Fund Advisory Group yesterday released the results of the 13th Annual Hennessee Hedge Fund Manager Survey, the industrys oldest hedge fund manager survey. The survey results indicate that the hedge fund industry grew 26% from $1.223 trillion to $1.535 trillion in 2006.

http://www.garp.com/resources/newsfeed.asp?Category=6&MyFile=2007-05-02-14633.html  (Related)

Market Risk - April Credit Derivatives Report Finds Financial Services, Banks Active in US, Asia

Credit default swaps for the financial services sector saw the most active trading in the US, led by SLM Corp, Countrywide Home Loans and CIT Group, according to GFI, an inter-dealer broker for credit derivatives. The auto manufacturing and banking sectors rounded out the list, led by Ford Motor Corp and Washington Mutual respectively. http://www.garp.com/resources/newsfeed.asp?Category=6&MyFile=2007-05-02-14632.html  (Related)

Operational Risk - Top Financial Services Performers not Necessarily Top Innovators

Among financial services companies, top financial performers are not necessarily the top innovators, journalists said in a new survey. According to the survey, Goldman Sachs is the clear leader in expected financial performance.

http://www.garp.com/resources/newsfeed.asp?Category=6&MyFile=2007-05-02-14629.html  (Related)

Goodwin Applies Stock-Analyst Past for Martin Currie Hedge Fund

By Andrei Postelnicu

May 2 (Bloomberg) -- Duncan Goodwin's bets for and against oil producers helped his hedge fund outperform most rivals and its own benchmark. He drew on his past as the U.K.'s top stock analyst to profit from falling stock prices at Exxon Mobil Corp., the world's largest publicly listed oil company, and Royal Dutch Shell Plc, Europe's biggest. He bought BP Plc, Europe's No. 2 oil company, and Valero Energy Corp., the largest U.S. refiner.

http://quote.bloomberg.com/apps/news?pid=20601109&sid=aZjMBOvK.khQ  (Related)

National Bank of Canada and BNP Paribas join forces in hedge fund managed accounts

National Bank of Canada and BNP Paribas announced on Wednesday that they have formed a joint venture offering hedge fund managed accounts, a vehicle of choice for retail and institutional investors who wish to invest in hedge funds while controlling operational and market risks.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?id=39108&IdSection=149&cat=149&BImageCI=1  (Related)

WisdomTree Investments Distinguished for Innovative Indexing Methodology

NEW YORK----WisdomTree Investments, Inc. announced the company has been recognized with 'Most Innovative ETF Index Provider' at the 3rd Annual ETF Global Awards Conference. The Global ETF AWARDS provides an opportunity for industry professionals worldwide to be recognized for their contributions to the growth of the ETF marketplace.

http://biz.yahoo.com/bw/070501/20070501006354.html?.v=1  (Related)

Citi launches FX index listed on Deutsche Borse

LONDON, May 2 (Reuters) - Citigroup said on Wednesday it had launched an exchange-traded currency index which aims to replicate trends and moves of major currencies in the foreign exchange market.

http://asia.news.yahoo.com/070502/3/317ze.html  (Related)

Race to profit from currency markets By Peter Garnham

Investment banks have been rushing to establish the definitive index to act as a benchmark for investing in currency markets. That was in turn prompted by the drive to attract a broader range of investors to currencies. Increasing participation by hedge funds has already fuelled an explosion in FX volumes. The most recent triennial survey by the Bank for International Settlements estimated daily volumes on the FX market were $1,900bn in April 2004. Analysts expect volumes to have reached $3,000bn by the time the BIS publishes its next survey this year.

http://news.yahoo.com/s/ft/20070501/bs_ft/fto050120071517234317;_ylt=AmrDKM_gsbXMa9zFAIL_3dT2ULEF  (Related)

Scourge of the boardrooms By Sundeep Tucker

Only the bravest chief executives dare confront Mark Anson, their cerebral counterpart at Hermes, the UK-based activist fund manager. The US-born Mr Anson, 48, holds degrees in economics, chemistry and law, a PhD in finance and is a licensed attorney, chartered financial analyst and certified internal auditor.

http://news.yahoo.com/s/ft/20070502/bs_ft/fto050220070924394439;_ylt=AnD3c8oa0mkISwDTCSu6VtD2ULEF  (Related)

Reports

Briefing.com Economic Calendar

http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm  (Related)

USDA Today

http://www.nass.usda.gov/Publications/index.asp  (Related)

Event Calendar

The CBOT Event Calendar provides a list of current US and global events for the upcoming year.

http://www.cbot.com/cbot/calendar/month  (Related)

Economic Release Calendar

The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.

http://www.cme.com/files/economicreleasecalendar.pdf  (Related)

Miscellaneous News

Murdoch's Dow deal may up Asia clout, but not China

http://www.reuters.com/article/ousiv/idUSHO23576820070502  (Related)

Citigroup to buy Bisys for $1.45 bln

NEW YORK (Reuters) - Citigroup Inc. (C.N: Quote, Profile, Research said on Wednesday it agreed to buy Bisys Group Inc. (BSG.N: Quote, Profile, Research for $1.45 billion, and then sell two of the financial services processor's units to private equity firm J.C. Flowers & Co.

http://www.reuters.com/article/ousiv/idUSN0229157620070502  (Related)

Murdoch move for Dow Jones rejected

The fate of Dow Jones and its flagship Wall Street Journal newspaper were thrown into question after the Bancroft family, the companys controlling shareholder, rebuffed an unsolicited $5bn bid from Rupert Murdochs News Corp. -

http://www.ft.com/cms/s/2db34070-f7f8-11db-baa1-000b5df10621.html  (Related)

Murdoch's Wall St. dream

Thanks to an unsolicited $5 billion bid, The Wall Street Journal, the nation's gray-flannel ticker tracker, could become a corporate cousin to Bart Simpson, the New York Post and Bill O'Reilly.

http://www.chicagotribune.com/business/columnists/chi-0705010758may02,0,7629793.column?coll=chi-business-hed  (Related)

Smoking Out Suitors for Dow Jones

News Corp. has laid down an aggressive offer for the news organization, but rival bidders could pony up more

http://www.businessweek.com/bwdaily/dnflash/content/may2007/db20070502_172359.htm?chan=top+news_top+news+index_top+story  (Related)

The Dow Showdown

Some of the biggest names in mergers and acquisitions have joined the battle.

http://dealbook.blogs.nytimes.com/category/dow-jones-sale/  (Related)

Rupert Murdoch Offers $5 Billion Bid for Dow Jones

http://www.nytimes.com/2007/05/02/business/media/02dow.html  (Related)

$5B BID FOR WSJ

BANCROFTS WEIGH NEWS CORP.'S DOW JONES OFFER

By PETER LAURIA and ZACHERY KOUWE

May 2, 2007 -- Success for the $5 billion takeover bid News Corp. has made for Dow Jones hinges on whether the offer will entice the controlling Bancroft family to seriously weigh the offer.

http://www.nypost.com/seven/05022007/business/5b_bid_for_wsj_business_peter_lauria_and_zachery_kouwe.htm  (Related)

Questions over peak in Dow options trades

Trading in options on Dow Jones shares soared the day before Tuesday's public revelation of News Corp's bid for the publisher of The Wall Street Journal, raising the question of whether some traders could have had earlier knowledge of the offer.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20070502&ID=6829246  (Related)

Citigroup agreed to acquire financial-services outsourcing company Bisys for $1.47 billion, as the New York company expands its hedge- and mutual-funds services and private-equity operations.

http://online.wsj.com/article/SB117810638020589427.html?mod=home_whats_news_us  (Related)

NYFIX Millennium Matches More Than 85 Million Shares

NEW YORK, May 2, 2007 NYFIX Millennium LLC, a subsidiary of NYFIX, Inc., today achieved a single-day record when more than 80,000,000 shares matched in its Millennium alternative trading system (ATS). Trades were matched in over 2,000 individual symbols. Included in the Millennium volume figures are conditional orders that are executed against pass-through orders and other conditional orders, and third market trades crossed by clients and reported by NYFIX Millennium to Nasdaq.

http://www.nyfix.com  (Related)

Townsend Analytics Goes Live with Expanded Connection to ISE

Townsend Analytics , a leading provider of multi-broker, multi-asset, multi-currency, and multi-route electronic trading solutions for the global capital markets, today announced the successful expansion and activation of its direct market access connection with the ISE Stock Exchange.

http://biz.yahoo.com/prnews/070502/aqw019.html?.v=15  (Related)

Robert J. O'Brien, Sr. Inducted into Futures Hall of Fame

CHICAGO----R.J. O'Brien and Associates, Inc. , the nation's largest independent futures brokerage, announced today that Robert J. O'Brien, Sr., founder and chairman emeritus, was inducted into the Futures Industry Association Futures Hall of Fame.

http://biz.yahoo.com/bw/070502/20070502005878.html?.v=1  (Related)

Judge frees underwriters from Refco class-action

NEW YORK, May 1 (Reuters) - A federal judge has removed three bond underwriters and an ex-chief financial officer of Refco Inc. from a class-action suit over the collapse of the futures broker, court documents showed on Tuesday.

http://asia.news.yahoo.com/070502/3/316y0.html  (Related)

Merrill, Credit Agricole bring credit derivatives to FX

Merrill Lynch and Credit Agricole will on Wednesday bring the complex technology behind credit derivatives to the foreign exchange market, further stretching these products from their original debt-focused form.

http://news.yahoo.com/s/ft/20070501/bs_ft/fto050120071747064356  (Related)

Cargill breaks record on Second Harvest donation

UNITED STATES: Cargill gives record ground beef donation to Americas Second Harvest; low-income families receive high-protein meals. Cargill Meat Solutions, Wichita, Kansas, donated 94,520 pounds of ground beef to Americas Second Harvest, the Nations Food Bank Network. The donation, the largest ground beef donation in Second Harvests 26-year history, allowed member food banks to produce high-protein meals for the men, women, children and elderly citizens they serve each day, states a news release.

http://www.meatnews.com/index.cfm?fuseaction=Article&artNum=14852  (Related)

Capital Markets Consulting coordinates Bridging the Technology Gap, a Multi-Asset Class training seminar on June 12th & 13th in New York.

CHICAGO, April 25th, 2007 Capital Markets Consulting and Financial Markets World have collaborated on a Multi Asset Class Investment training seminar. Don Mendelson, Vice President of Technology, and John Barun, Chief Executive Officer of Capital Markets Consulting will lead the seminar titled, Bridging the Technology Gap on June 12th & 13th in New York City. Capital Markets Consulting has been organizing an agenda that will cover a range of topics. The 2 day seminar is suited for beginners looking to explore multi-asset class trading as well as industry professionals that have experience in this financial industry sector.

www.CMCplace.com  (Related)

JP Morgan chooses City over Canary Wharf

JP Morgan has decided to erect a giant European headquarters in the City of London in a move which will be seen as a victory of the Square Mile over Canary Wharf.

http://news.yahoo.com/s/ft/20070502/bs_ft/fto050220071141404462  (Related)

Observations - Statistics - Commentary

Options Exchange Market Share

April 2007 Equity Options Marketshare:

CBOE- 29.22%

AMEX -9.51%

PHLX - 14.51%

NYSE Arca- 11.73%

ISE- 30.24%

BOX -4.80%

April 2006 Equity Options Marketshare

CBOE-28.76%

AMEX-10.04%

PHLX- 14.01%

NYSE Arca- 9.53%

ISE- 32.02%

BOX- 5.64%

April 2007 Total Options Marketshare:

CBOE -34.76%

AMEX -9.17%

PHLX - 13.38%

NYSE Arca - 10.61%

ISE -27.73%

BOX- 4.36%

April 2006 Total Options Marketshare:

CBOE - 33.35%

AMEX- 9.65%

PHLX - 13.27%

NYSE Arca -8.77%

ISE - 29.77%

BOX -5.19%

++++++

John Lothian Newsletter Electronic Trading Scorecard

Exchange Contract or Category Result

ICE Brent Light Sweet Crude Total Volume: 226,215

ICE WTI Light Sweet Crude Total Volume: 205,128

ICE Total Light Crude (Brent + WTI) Volume: 431,343

NYMEX WTI Crude (physical) Total Volume 473,505

NYMEX Mini Light Crude WTI Oil (in 1000 bbl terms) Equivalent 9,811

NYMEX Total Light Crude Volume: 483,316

ICE Percent of Electronic WTI Trade 34.35%

ICE Percent of Total Light Crude (Brent + WTIs): 47.16%

ICE Percent of Total WTI Crude Oil 29.80%

NYMEX Mini WTI Volume (contracts) 19,621

NYMEX Globex Physical WTI Crude Volume 382,286

NYMEX Total NYMEX on CME Globex Volume 595,661

NYMEX Electronic Trading % (Globex/Globex+NYMEX Floor) 68.54%

Percentage

CBOT Percent Electronic 79.27%

CME Percent Electronic (excluding TRAKRS): 76.91%

CME Eurodollar Futures % Electronic: 86.88%

CME Eurodollar Options % Electronic 5.39%

CME Live Cattle Futures % Electronic: 3.19%

CME Lean Hog Futures % Electronic: 5.22%

CME Currency Options 20.91%

CME Currency Products % Electronic: 91.21%

CME Milk Futures (Class III) % Electronic: 27.18%

CBOT 30 Year Treasury Options 16.63%

CBOT 10 Year Note Options 17.31%

CBOT Soybeans Futures % Electronic: 59.98%

CBOT Spot Month Soybeans (July) % Electronic: 66.62%

CBOT Corn Futures % Electronic: 63.37%

CBOT Spot Month Corn (July) % Electronic: 67.59%

CBOT Ag Complex % Electronic: 52.03%

CBOT Options % Electronic: 12.46%

CME Options % Electronic: 11.08%

CBOT Wheat % Electronic 65.13%

CBOT Spot Month Wheat (July) % Electronic: 66.47%

KCBT Wheat % Electronic: 37.67%

MGEX Wheat % Electronic: 20.99%

NYBOT/ICE Coffee % Electronic 61.11%

NYBOT/ICE Cocoa % Electronic 80.81%

NYBOT/ICE Sugar % Electronic 83.21%

NYBOT/ICE Cotton % Electronic 42.69%

NYBOT/ICE Orange Juice % Electronic 19.81%

Volume

OneChicago Total Volume: 2,779

CFE CBOE Futures Exchange Total Volume: 1,430

CCFE Sulfur Financial Instrument (SFI) Futures Total Volume: 872

Market Share*

CBOT 100 oz. Gold Futures Total Volume: 29,649

NYMEX 100 oz. Gold Futures Total Volume: 72,378

NYMEX 100 oz. NYMEX/COMEX on CME Globex Gold Volume: 63,069

NYMEX 100 oz. Gold Non-Electronic Volume (Pit, etal): 9,309

NYMEX 100 oz. Gold Percent Electronic 87.14%

NYMEX Percent Pit of Total US 100 oz. Gold Volume: 9.12%

CBOT Percent of Total US 100 oz. Gold Volume: 29.06%

CBOT Share including Mini Gold in 100 oz equivalent 30.34%

CBOT Share of Total US Gold Futures in Contract Terms: 32.75%

CBOT Percent of Spot (Apr) 100 oz. Gold Volume 30.04%

CBOT 5000 oz. Silver Futures Volume: 7585

NYMEX 5000 oz. Silver Futures Volume: 27914

NYMEX 5000 oz. NYMEX/COMEX on CME Globex Silver: 23746

NYMEX 5000 oz. Silver Non-Electronic Volume (Pit, etal): 4168

NYMEX 5000 oz. Silver Percent Electronic: 85.07%

NYMEX Pit Percent of Total US 5000 oz. Silver Volume: 11.74%

CBOT Total Market Share: 21.37%

CBOT Mini Gold Total Volume: 5603

CBOT Mini Silver Total Volume: 1771

CBOT 100 oz. Gold Options Total Volume: 123

CBOT Metals Complex Total Volume: 44743

CBOT 100 Oz. Gold Open Interest: 6.83%

CBOT 100 Oz. Gold Give Up %: 6.92%

* Does not included NYMEX Mini Metals Volume

Notes: Yesterday there was no volume in Liffes Raw Sugar futures and open interest stands at 561 contracts, according to their web site.

Regards,

John J. Lothian

Publisher

John Lothian Newsletter

http://www.johnlothiannewsletter.com/  (Related)

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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Disclaimer: The John Lothian Newsletter and Environmental Markets newsletter are products of John J. Lothian & Company, Inc. The opinions expressed in the John Lothian Newsletter and Environmental Markets are strictly those of its editors. It 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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