Futures Industry Association Joins MarketsWiki Sponsors
We are very pleased to announce that the Futures Industry Association has agreed to sponsor MarketsWiki as a Contributor level sponsor. As a Contributor sponsor, they join The Price Group, Uhlmann Price Securities and the National Futures Association in supporting the MarketsWiki project at that level.
The FIA is a global association that is the only one representing all organizations that have an interest in the futures markets. They have over 180 corporate members, reaching thousands of industry participants. Their regular members, made up of futures commission merchants, are responsible for more than 80% of the customer business transacted on U.S. futures exchanges.
Associate members of the FIA include international exchanges, banks, legal and accounting firms, introducing brokers, commodity trading advisors, commodity pool operators and other market users, and information and equipment providers headquartered in the U.S.A. and abroad.
“We are pleased to join the growing number of institutions that are supporting the MarketsWiki.com project developed by John Lothian and his team,” said FIA President John Damgard. “The FIA has long encouraged efforts to promote better understanding of our industry, and we are hopeful that this innovative use of technology will become an important resource for everyone seeking information about markets in general and futures in particular.”
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Peregrine Charities Triathlon
BLACK HAWK COUNTY (KWWL) -- Make plans now to participate in a major family-oriented Eastern Iowa athletic event. Sponsors have high hope that the inaugural Peregrine Charities Triathlon, scheduled for Sunday, September 28, 2008, will be the largest triathlon competition ever held in Black Hawk County. This first-annual event will originate from the popular George Wyth State Park, strategically located just off Highway 218, right between Waterloo and Cedar Falls.
http://www.kwwl.com/Global/story.asp?S=8245103
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The Latest Rising Currency: Dolphin Teeth
People in the Solomon Islands are pouring their savings into an appreciating commodity: dolphin teeth. This traditional currency is gaining prominence after years of ethnic strife have undermined the South Pacific country's economy.
http://online.wsj.com/article/SB120951522912254575.html?mod=hpp_us_pageone
**** The famed Eurex Flipper surfaces again.
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“Wicked Awesome” Financial Regulation - Speech By Commissioner Bart Chilton Of The Commodity Futures Trading Commission Before The National Futures Association, Boston, Massachusetts
http://www.cftc.gov/stellent/groups/public/@newsroom/documents/speechandtestimony/opachilton-12.pdf
**** Speech by CFTC Bart Chilton, AKA the Commissioner from La Mancha, Indiana.
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Viva Las Vegas
Orc Software will be exhibiting at the Options Industry Conference and will have available free copies of the TABB Group’s new report on options market making – Trying to Make Change: Market Makers and the Evolving Options Market. This independent research report provides an excellent overview of the key challenges today’s options market makers face. The report is also available for download on their website at http://www.orcsoftware.com/Solutions/Orc-Trading/Orc-Market-Making/Download.
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Lake Shore Group of Companies Inc., Ltd., Prohibited from Trading Commodity Futures, as Illinois Federal Court Puts the Brakes on Multi-Million Dollar International Fraud
Court Finds that Defendants Defrauded Pool Participants by Misappropriating More Than $11 Million of Investor Funds
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced that it obtained a default judgment order against the Lake Shore Group of Companies Inc., Ltd., 12 commodity pools operating under variations of the name Lake Shore Alternative Financial Asset Account (or Fund), and Hanford Investments Ltd. (collectively the default defendants), which permanently prohibits them from further fraudulent conduct and from trading commodity futures.
http://www.cftc.gov/newsroom/enforcementpressreleases/2008/pr5492-08.html
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MarketsWiki Recent Updates
People
George D. F. Lamborn; Todd E. Petzel; Nancy J. Krull; Olof Stenhammar; Patricia Rado; Kevin Davis; Terry L. Savage; Max C. Chapman Jr.; Nelson Low; Lionel Fretz; Gail Osten; Atsushi Saito; Scott Morris;
Companies, Organizations and Groups
Futures Industry Association; National Securities Clearing Corp.; Agricultural Trade Option Merchant; NYSE Arca; Penson GHCO; Boston Options Exchange; Tokyo Stock Exchange; Man Group plc;
Products
Russell 1000 Index; Russell 3000; NASDAQ-100 Index; Morgan Stanley Technology Index;
Miscellaneous
Background Affiliation Status Information Center;
Lead Stories
A New Wave of Vilifying Short Sellers
By JENNY ANDERSON
Short sellers are drawing fire once again, being accused of spreading rumors, persecuting companies and unsettling entire economies.
http://www.nytimes.com/2008/04/30/business/30shorts.html?ref=business
Turmoil leads to new index for US munis
By Saskia Scholtes in New York
Dealers and investors in the market for US municipal debt will next week begin trading an index of derivatives to protect investors against municipal default. The new index, from administrator and data provider Markit and called Markit MCDX, comes as the normally quiet municipal bond market has been rocked by broader financial turmoil.
LCH.Clearnet faces a clutch of challenges
By Jeremy Grant
This year should be one of celebration for LCH.Clearnet, Europe's largest provider of the invisible - and decidedly unglamorous - clearing services that are essential to stock and derivatives trading.
Short's story
A short-seller's book argues that companies - and the SEC - are stifling the bearers of bad news.
By Bethany McLean, editor-at-large
Fortune Magazine) -- "This is indeed a concern and we will tackle it." That was SEC chairman Christopher Cox's handwritten note to a senator worried that companies were retaliating against analysts who produced research critical of them.
Bear Stearns bailout called a huge blunder
Former top Fed staffer Reinhart says it ranks with 1970s inflation bungle
Fed needs tough chief in Paul Volcker mould
What got us into our financial pickle? Most academics are prisoners of the Efficient Market Hypothesis that assumes man acts rationally and efficiently in economic matters in ways that can be caught in elegant mathematical models. Ben Bernanke, chairman of the Federal Reserve, shares this view completely, and Alan Greenspan, his predecessor, when it suits him. In such a convenient world, there can be no bubbles and no crashes. ...
http://news.yahoo.com/s/ft/20080429/bs_ft/fto042920081601541458;_ylt=Au8uey75M6Yb6PpnaXUJIS.yBhIF
NYSE Euronext Engages in Fight Against Three of the Biggest Threats to Global Health, Security and Stability
http://www.nyse.com/press/1209465528661.html
On London: This time it's different
"This time it's different". Four words guaranteed to strike fear into the hearts of stock market professionals. They were used to justify the ludicrous valuations placed on internet companies at the height of the dot.com boom in 2000 and are now being used to explain the bull market run in mining and oil stocks. "This time" commodity prices, and by extension mining stocks, will remain high because we are in the grip of a "super cycle", where supply will fail to keep up with growing appetite from China and India.
http://news.yahoo.com/s/ft/20080425/bs_ft/fto042520081031200767;_ylt=Ak.oqDdOfwkMzbHwRORxZ.T2ULEF
GlobeOp claims OTC processing breakthrough
by Kris Devasabai
The financial services firm GlobeOp is live with the first automated buy-side payment matching link to the Depository Trust & Clearing Corporation's (DTCC) payment reconciliation service for OTC credit default swaps (CDS).
http://icfamagazine.com/public/showPage.html?page=icfa_display_news&tempPageId=791880
Now, a Commodities Conundrum
The global financial system these days is beginning to look like a giant Whac-a-Mole game -- when we think we've knocked down one speculative bubble, another one just like it pops up.
http://www.washingtonpost.com/wp-dyn/content/article/2008/04/29/AR2008042902880.html
Future(s) perfect only if the spot market is present
NEW DELHI: Distrust of futures markets is not unique to the Indian political class. Even as the Abhijit Sen committee set up to examine the impact of futures trading on spot commodity prices struggles to come to a consensus after more than 14 months on the job, the US is struggling with precisely the same kind of questions. In the past three months, the prices of wheat, corn, soyabeans, rice, and oats have hit historic highs, raising not only the cost of food, but also the amount of money farmers and warehouses have to tie up to participate in the futures market. Trading in some grain became so chaotic that the Minneapolis grain exchange was forced to shut down for several days.
India agri-commodity futures volume seen rebounding
By Rajendra Jadhav & Sourav Mishra
MUMBAI, April 30 (Reuters) - Volumes in Indian agri-commodity futures, which saw thin trade in March and April, are likely to rebound after a panel found no connection between futures trade and a rise in spot price, analysts said.
http://in.reuters.com/article/domesticNews/idINBOM28828620080430
Environmental Trading News
Europe's Carbon-Trading Pioneers
The cap-and-trade-emissions market has spawned a host of innovators who act as brokers and deal in carbon dioxide futures and derivatives
http://www.businessweek.com/globalbiz/content/apr2008/gb20080428_384849.htm?campaign_id=rss_daily
Food Firms Profit as Demand Soars
Agriculture companies are reaping huge profits from high food prices, which are causing a food crisis experts say is the worst in three decades.
http://online.wsj.com/article/SB120949327146453423.html?mod=hpp_us_pageone
'Biofuels frenzy' fuels global food crisis: experts
WASHINGTON (AFP) - A "biofuels frenzy" and other misguided policies have led to the global food crisis in which prices have soared and rice consumption has outpaced production, threatening a billion people with malnutrition, experts have stated.
The food crisis is a chance to reform global agriculture
Rapid policy changes are needed. We must choose between fragmenting markets further and integrating them, between helping the poor and letting even more starve, writes Martin Wolf.
http://www.ft.com/cms/s/2e5b2f36-1608-11dd-880a-0000779fd2ac.html
B.C. to implement revenue-neutral carbon tax
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?subject=subscribe
Exchange & ECN News
Steel futures contracts: Who's doing what
April 30 - The London Metal Exchange's steel futures contracts started open outcry trading on the floor of the Exchange on Monday, aiming to set a benchmark price for the $800 billion steel industry.
http://sg.news.yahoo.com/rtrs/20080430/tbs-steel-exchanges-7318940.html
NYSE, Nasdaq Urged to Cut Price Divergence
http://online.wsj.com/article/SB120952585981955461.html?mod=hps_us_my_companies
CBOE: Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2 thereto, Regarding Penny Price Improvement (Release No. 34-57716; File No. SR-CBOE-2007-39)
http://www.sec.gov/rules/sro/cboe/2008/34-57716.pdf
Performance Bond Requirements - Effective Wednesday, April 30, 2008
http://www.cme.com/clearing/rmspan/pbadv/Chadv0888.html
CME Group Appoints Nelson Low as Director, Commodity Products, Asia
http://cmegroup.mediaroom.com/#
Scottish & Newcastle PLC: Final Settlement Prices
http://www.eurexchange.com/download/documents/circulars/cf0962008e.pdf
Price Limit Update:
The May 2008 spring wheat futures contract will have no price limits starting Monday, April 28. The price limit for all other spring wheat futures contracts for the trading day of April 30 (beginning the evening of April 29) will remain at $0.60.
NYSE-listed Anheuser-Busch Cross-Lists On NYSE Euronext’s European Market Company’s stock – Symbol “BUD” – to List and Commence Trading in Paris.
http://www.nyse.com/press/1209336770933.html
Wombat and Gissing Software Bring Low Latency Market Data to the Desktop with Wombat RealtimeXL™
http://www.nyse.com/press/1209465528993.html
Advent of Last Trading Day for Options
http://www.ose.or.jp/e/news/0804/080430a.html
HKFE Announces Margin Rates For Adjusted Hong Kong & China Gas Futures Contracts
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74238
Bolsas y Mercados Españoles: Net Profit To March Totals 55.4 Million Euros, A Quarterly Record
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74234
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/2008/dig042908.htm
CFTC Seeks Rehearing in CFTC v. Ross Erskine, et al., in the U.S. Court of Appeals for the Sixth Circuit
http://www.cftc.gov/stellent/groups/public/documents/legalpleading/ogcerskinepetition022208.pdf
CFTC Charges Hedge Fund Operator Robert J. Sucarato, d/b/a/ New York Financial Company, With Fraud; New Jersey Federal Court Freezes Fund’s Assets
http://www.cftc.gov/newsroom/enforcementpressreleases/2008/pr5491-08.html
A case of Chicken Cox
Commentary: The SEC's chairman is obstructing credit-crisis reforms
'Futures trading is not responsible for inflation'
The Indian government on Tuesday released the report from a Committee that studied the impact of futures trading on agricultural commodity prices. The Committee under chairmanship of Prof. Abhijit Sen, Member, Planning Commission was appointed on 2nd March, 2007.
http://www.rediff.com/money/2008/apr/30futures1.htm
Sports Arbitrage - don't gamble on this ‘get rich quick’ scheme!
We are urging consumers to remain vigilant after a new form of ‘get rich quick’ scheme came to light.
ASIC launches updated training register
We have launched a new updated training register to improve the way individuals in the financial services industry can search and obtain information about approved courses and course providers.
SEC Adopts Regulations to Implement Sudan Accountability and Divestment Act of 2007
http://www.sec.gov/news/press/2008/2008-67.htm
Recommendations Ready for Commission Action to Facilitate U.S. Investors' Exercise of Rights in Overseas Mergers and Acquisitions
http://www.sec.gov/news/press/2008/2008-66.htm
FINRA: Notice of Filing of Proposed Rule Change Relating to Amending NASD Rule 2220 (Options Communications with the Public) (Release No. 34-57720; File No. SR-FINRA-2008-013)
http://www.sec.gov/rules/sro/finra/2008/34-57720.pdf
FSA publishes Market Watch 26
http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/036.shtml
FSA publishes an RDR Interim Report and feedback on the review of personal investment firms’ prudential requirements
http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/035.shtml
Treasury eyes stronger powers for Fed
Call for access to detailed data on risks
http://www.ft.com/cms/s/51d699e4-1623-11dd-880a-0000779fd2ac.html
Investments - Indexes - Managed Futures - Managed Funds
Barclays Wealth launches investment product linked to commodities
http://www.banking-business-review.com/article_news.asp?guid=7A88BBFD-D1F6-4E97-A1B5-DB4C5DEC5EAA
Stock Funds Gave Up $10 Bil In March
Investors' taste for stock funds didn't last long as they withdrew money in March after coming back the month before.
http://news.yahoo.com/s/ibd/20080429/bs_ibd_ibd/20080429funds;_ylt=Ard8DOBOch_BvketdINXQKGyBhIF
Americans unload prized belongings to make ends meet
NEW YORK - The for-sale listings on the online hub Craigslist come with plaintive notices, like the one from the teenager in Georgia who said her mother lost her job and pleaded, "Please buy anything you can to help out."
Investors see recession, Wall Street depression
BEVERLY HILLS, California (Reuters) - The U.S. economy may be in a funk, but that's nothing compared with the pall hanging over Wall Street.
EU bails out German bank for $7.8 billion
BRUSSELS, Belgium - The European Union has approved a $7.8 billion bailout for Germany's regional WestLB bank, which was rattled by it's exposure bad U.S. debt.
http://news.yahoo.com/s/ap/20080430/ap_on_bi_ge/eu_germany_bank;_ylt=ApyE9X71.plEjEB7iu_8vWxu24cA
Insight: No bubbles, just fundamentals
Some argue that there is a bubble in commodity markets because prices remain strong even as US economic conditions worsen and credit markets tighten.
http://news.yahoo.com/s/ft/20080428/bs_ft/fto042820081131221168;_ylt=AjAwwA.QDpC9rWk47GAx5Hj2ULEF
Bear Raids - A New Article By Alexander Guembel Of Saïd Business School And Itay Goldstein Of Wharton Has Developed New Insights On How Bear Raid Manipulation Of Stocks And Its Impact On The Organisation
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74236
Gore investment body closes $683m fund -
http://www.ft.com/cms/s/f78fbec2-161b-11dd-880a-0000779fd2ac.html
Ex-Man Broker OTC Head Preps Threadneedle Hedge Fund
Threadneedle has added MF Global executive David Donora to set up a commodities hedge fund.
http://www.finalternatives.com/node/4224
Reports
Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm
USDA Today
http://www.nass.usda.gov/Publications/index.asp
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
CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx
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
China News
Stock-lending and financing may come before the stock index futures, easing the funding pressure in the market
This reporter has learned that financing Rongquan business from mid-2006 has already began, various provisions have been supporting all the latest But with the end of 2006, the Commission called for the suspension of a number of illegal financing Rongquan business, financial financing Certificates business has yet to be formally metres.
Chinese Text - http://qizhi.hexun.com/2008-04-30/105658374.html
English Translation - http://translate.google.com/translate?u=http%3A%2F%2Fqizhi.hexun.com%2F2008-04-30%2F105658374.html&langpair=zh%7Cen&hl=en&ie=UTF8
Liu Jipeng: GEM to be introduced in October, then comes the launching of stock index futures
"China's capital market the biggest risk from the policy risks, policy makers understand the concept played a key role." China University of Political Science Economic Research Center, Professor Liu Jipeng, in China Life Insurance Shenzhen Branch of the "country TING large auditorium, "said the supervisor of education is the most urgency of the matter.
Chinese Text - http://www.cfachina.org/media/content.php?id=25799
English Translation - http://translate.google.com/translate?u=http%3A%2F%2Fwww.cfachina.org%2Fmedia%2Fcontent.php%3Fid%3D25799&langpair=zh%7Cen&hl=en&ie=UTF8
DCE Organises Three Industry Conferences This Year
"DCE will deepen the industrial service and organise several industry conferences this year to further improve the integration of the futures market and the industry as well as to promote the utilization of futures market for the industry" said the director of DCE Industry Expanding Department in an interview after attending the 4th International Forum for the Development of China Petroleum and Chemical Industry.
Shenzhen Stock Exchange: Restrictions Set For Top Management Of Listed SMEs
The Shenzhen Stock Exchange (SZSE) and China Securities Depositary and Clearing Corp. Shenzhen Branch yesterday jointly issued the Notice on Further Regulating Stock Trading by Directors, Supervisors and Top Management of Companies Listed on the SME Board.
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74218
Frontier Markets
Emerging Markets Lead 40% Currency Trading Jump, Euromoney Says
April 30 (Bloomberg) -- Emerging markets led a 40 percent gain in currency trading to $175 trillion last year as banks relied on foreign exchange for earnings during a global credit- market crisis, according to a Euromoney survey.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aUVXdsCODvOE
Miscellaneous News
All about India's derivatives markets
Everyone talks about derivatives these days. Derivative products have been around for a long time. Do you know derivatives first came about in Japanese rice markets? Yes, as early as the 1650s, dealings resembling present day derivative market transactions were seen in rice markets in Osaka, Japan.
The first leap towards an organized derivatives market came in 1848, when the Chicago Board of Trade, the largest derivative exchange in the world, was established.
http://www.rediff.com/money/2008/apr/29deriv.htm
Chris Armstrong to Retire from TD AMERITRADE in March 2009
OMAHA, Neb.--(BUSINESS WIRE)--TD AMERITRADE Holding Corporation (NASDAQ: AMTD - News) today announced that Chris Armstrong, head of the Company’s product strategy and marketing efforts, has decided to retire at the end of his employment contract, which expires in March 2009. This announcement provides the Company with ample time to search for his replacement and facilitate a smooth transition.
http://biz.yahoo.com/bw/080428/20080428006596.html?.v=1
Citibank to launch brokerage, holding co. in S.Korea
SEOUL (Reuters) - Citibank plans to set up a retail-based brokerage unit and a financial holding company in South Korea by 2009 to balance growth between banking and non-banking operations, Citibank Korea's CEO said on Wednesday.
http://news.yahoo.com/s/nm/20080430/bs_nm/citibank_korea_dc;_ylt=Aj_2n.jJztJNCbAxU_ALv2.573QA
WSJ editor's resignation process flawed: committee
NEW YORK (Reuters) - A committee to protect editorial integrity at The Wall Street Journal said on Tuesday it will be more active in the search of a new managing editor for the paper after being blindsided by the resignation of Marcus Brauchli.
http://news.yahoo.com/s/nm/20080429/bs_nm/wallstreetjournal_dc;_ylt=AgBsFwRFUOCpCOxYPI5upuq573QA
Credit Agricole and Banco Popolare announce the signing of an agreement for the Italian joint venture between Agos and Ducato
Van der Moolen utilizes Orc Software’s Algorithmic Trading Solution
Tullett Prebon's chief operating officer resigns
Tony Verrier, the global chief operating officer at Tullett Prebon, has left the interdealer broker as it is prepares to compete against at least two new dealer-led initiatives.
http://www.financialnews-us.com/?page=ushome&contentid=2450516893
RBI backs govt proposal on rupee-dollar futures
Though the RBI group made a strong case for currency futures; the existing OTC market may not be replaced
http://www.livemint.com/2008/04/29235340/RBI-backs-govt-proposal-on-rup.html
Shortages Threaten Farmers’ Key Tool: Fertilizer
By KEITH BRADSHER and ANDREW MARTIN
Shrinking grain stocks, population growth and an increasing appetite for meat have collided with a shortage of fertilizer.
http://www.nytimes.com/2008/04/30/business/worldbusiness/30fertilizer.html?ref=business
Citigroup to Sell $3 Billion in Stock
By ERIC DASH
Citigroup Inc., the banking giant, said that it planned to sell $3 billion of common stock to bolster its capital levels.
http://www.nytimes.com/2008/04/30/business/30citi.html?ref=business
Wall Street Systems Buys Aleri Banking Unit
April 30, 2008 - Wall Street Systems has agreed to buy the wholesale banking software division of event processing technology vendor Aleri.
http://www.securitiesindustry.com/news/22331-1.html
