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******Here is an example of my Industry Newsletter. Note the commentary
below about the NYMEX and CME talks.
Lead Stories
CBOT to Reopen Open Outcry and Electronic Trading ...
http://www.cbot.com/cbot/www/cont_detail/0,1493,11+24+109+4312,00.html
Chicago Mercantile Exchange Inc. To Resume Normal Trade In Most Products On
Thursday, Sept. 13 (09/12/01)
Chicago Mercantile Exchange Inc. (CME) announced that floor trading of its
interest rate, foreign exchange and commodity markets and its Nikkei 225
equity index futures and options contracts will resume at their normal times
tomorrow, Sept. 13.
http://www.cme.com/news/shownews.cfm?NewsItem=00043D1F-B6D7-1B9F-A13880EDBEF
B0911
NYSE says to hold 3 p.m. news conference at Bear Stearns (Reuters
Securities)
...EDT (1900 GMT) at the headquarters of Bear Stearns at 245 Park
Avenue...
http://biz.yahoo.com/rf/010912/n12289187_1.html
Kansas City Board of Trade will be open for wheat trading on Thursday
http://www.kcbt.com/091201a.htm
CBOE Business and Trading Hours Update
CBOE offices will be open for business, with increased security, on
Thursday, Sept. 13. All members and employees must display security badges.
A decision as to when trading will open at CBOE will be made later this
afternoon. Please continue to check the CBOE website at www.cboe.com or
call the CBOE Hotline at 1- 800- 380- 7118 for updates.
http://www.cboe.com/AboutCBOE/ExchangeUpdate1.asp
Futures Industry asks no electronic night trade (Reuters Securities)
The Futures Industry Association has recommended that electronic a/c/e
trading at the Chicago Board of Trade and GLOBEX2 trading at the Chicago
Mercantile Exchange stay shut Wednesday night and that pit trading reopen
with a normal session on Thursday, FIA's president said on Wednesday.
http://biz.yahoo.com/rf/010912/n12343509_1.html
Deutsche Boerse says US trade to stay shut Thursday (Reuters Securities)
Deutsche Boerse said on Wednesday that trading in U.S. stocks at the
Frankfurt Stock Exchange and in futures and options on the Dow Jones Global
Titans index at Eurex will remain closed on Thursday.
http://biz.yahoo.com/rf/010912/l1258853_2.html
BOURSE DE MONTRÉAL INC. : ALL MARKETS WILL BE OPENED TOMORROW - September
12th, 2001
http://www.me.org/cgi-bin/webcomm-2.0?site=bdm&lng=en&idx=2&ref=2168
SEC's Pitt Expects Markets Open Thursday (Reuters)
U.S. Securities and Exchange Commission Chairman Harvey Pitt, the nation's
top market regulator, expects U.S. financial markets to reopen for business
on Thursday, an SEC spokesman said on Wednesday.
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/fin
ancial_sec_pitt_dc_5.html
Nasdaq says to resume trading "soon as possible" (Reuters Securities)
Nasdaq, the No. 2 U.S. stock market, said it expects trading to resume ``as
soon as possible'' and may make an announcement later on Wednesday.
http://biz.yahoo.com/rf/010912/wat024699_1.html
NYMEX Mulling Trade Resumption Via ACCESS (Reuters)
The New York Mercantile Exchange (NYMEX) said Wednesday it is weighing the
possibility of resuming trade through its electronic ACCESS trading system
in the aftermath of the World Trade Center plane attacks on Tuesday.
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/att
ack_nymex_dc_1.html
NYBOT Says Employees, Members Safe (Reuters)
The New York Board of Trade (NYBOT), whose exchange was buried under tons of
rubble Tuesday in the plane attacks that destroyed the World Trade Center
(WTC), said all its employees and members were safe.
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/att
acks_nybot_dc_1.html
Toronto Stock Exchange shows bond with New York (Reuters Securities)
The Toronto Stock Exchange, displaying the bond Canada's biggest bourse has
with its New York counterpart, said it will remain closed on Wednesday after
the devastating attacks on the United States using hijacked airliners as
guided missiles caused U.S. financial markets to shutter their doors.
http://biz.yahoo.com/rf/010912/n12417010_1.html
Cantor Fitzgerald to Offer Counseling, Crisis-intervention Services - Wed
4:18 pm
Cantor Fitzgerald, L.P. today said it is offering counseling and support
services throughout the rest of the week for the employees, families and
friends of Cantor Fitzgerald, eSpeed and TradeSpark.
http://biz.yahoo.com/bw/010912/122172_1.html
Exchange News
The Clearing Corporation will run a normal processing schedule today,
Wednesday, September 12 with the exception of the following:
- there will be no delivery processing
- there will be no mid-day variation
- there will be no option exercise or assignment processing
Trade reconciliations and report distributions through INFOPAC will remain
the same as a normal trading day. The final reconciliation will be run at
7:00 p.m.
Updated positions from today's processing will be marked-to-market using
Tuesday's settlement price and subject to original margin,
both of which will be paid and collected tomorrow morning at 6:40 a.m. Firms
are also requested to submit Open Interest files prior to 5:30 a.m. tomorrow
reflecting updated positions from today's processing.
The CBOT has declared that an early trade checking session will take place
at 6:00 a.m. tomorrow morning.
http://www.botcc.com/
Early Trade Checking, Financials and Dow Jones - 09.12.2001
Mandatory Early Trade Checking Thursday, Sept. 13, 2001.
http://www.cbot.com/cbot/www/cont_detail/0,1493,11+24+268+4311,00.html
Regulatory News
Collapse of SEC's NY office seen hobbling probes (Reuters Securities)
The destruction of the U.S. Securities and Exchange Commission's field
office in New York City is likely to hinder, but not halt, major
investigations by America's top market regulator, former SEC officials and
lawyers said Wednesday.
http://biz.yahoo.com/rf/010912/n12239767_2.html
Miscellaneous News
Riskwaters.com Conference
On the morning of Tuesday September 11th Risk Waters was hosting its
Financial Technology Congress on the 106th floor of the World Trade Center
in New York. All
attempts by Risk Waters staff in New York and London to establish the
whereabouts of those attending the conference have so far yielded no
information. If you are
family of an attendee or have information about attendees please call +44
(0) 20 7484 9700 and ask for the Emergency Co-ordinator.
Useful numbers
Credit Suisse
U.S.-only (toll-free) 1-877-335-CSFB (2732) U.K. (world-wide) + 44
207-883-5555
Icap +1 201 557 5000, or +44 207 638 7592
Standard Chartered 44 207 280 7854
Fuji Bank 44 207 008 0000
Morgan Stanley - An employee safety hotline has been set up in the US: 888
883 4391 and a client number for investment banking enquiries: 800 761
8950 x17037
FOOL'S EYE VIEW - The Aftermath of a Tragedy
In the wake of yesterday's tragedy, the best thing to do is keep moving
forward so that yesterday's contemptible acts are shown to be futile.
http://www.fool.co.uk/news/foolseyeview/fev.htm?ref=ukfp
GLOBAL MARKETS-US markets stunned as Wall St mourns human loss (Reuters
Securities)
U.S. markets were shut on Wednesday with financial market participants
reeling from an expected staggering human death toll a day after a wave of
terror shook the nation, while European stocks and the dollar clambered
higher.
http://biz.yahoo.com/rf/010912/n12482221_2.html
Brokers urge calm to customers amid cloudy outlook (Reuters Securities)
Stock brokers at firms across the country are unsure how share prices will
react when markets eventually reopen, but on Wednesday they were urging
customers to remain calm after attacks on the World Trade Center and the
Pentagon.
http://biz.yahoo.com/rf/010912/n12288847_1.html
STREET WISE -- The Markets' Uncertain Future (Business Week)
Analysts can point to any number of forces that could continue to pound
stocks. So what should you do?
http://biz.yahoo.com/bizwk/010912/c4sdjtqlllcqkk0odwcdqg_1.html
John's Comments
There is talk the NYMEX and the CME are discussing listing 6 NYMEX contracts
on the Globex2 electronic trading platform of the CME. I could not confirm
this with any exchange personnel, but there was some test files being sent
to some back office vendors for those contracts and a conference call with
representatives of the Futures Industry Association and exchanges. The
contracts listed would include Gold, Silver, Unleaded, Heating Oil, Crude
Oil and Natural Gas. The contracts would not be fungible with NYMEX
contracts, but would offer traders the ability to spread their risk, perhaps
at reduced margin risk. I would think that some kind of future Exchange for
Physical could be executed prior to last trading day, after the NYMEX begins
trading again, to offset both sides of the open positions. That would
create a virtual fungibility. Also, the talks centered around listing only
the spot month.
I was a bit surprised by the NYMEX talks with the CME because of a story
mentioning that the NYMEX was looking at starting trading again just on
ACCESS. But the energy markets and metals are critical markets and it would
not surprise me to see pressure put on the CME and NYMEX by member firms of
both exchanges put pressure on the CME to list the contracts. The CME
Globex2 has the widest distribution of trading screens of any of the U.S.
electronic markets. Thus, listing them on Globex2 would give them the
broadest distribution to the retail and institutional market. The closed
ACCESS environment, without API connectivity like Globex2, a/c/e, Eurex and
LIFFE, would be a bottlenecked system. There would be efficiency problems
as clerks with ACCESS terminals try to enter all the orders. Thus, the best
way to quickly get a broad distribution would be Globex2.
Additionally, I am told that many of the ACCESS terminals were in offices in
the World Trade Center. And, the off-site terminals were all routed through
an AT&T communications hub in the WTC complex. Also, there is a question
whether the off-hours ACCESS electronic matching engine would be able to
handle the demands or regular hours trading. I am told there will be
further discussions between the CME and NYMEX again tonight, and then later
the FIA group will be briefed on the outcome. There will be no NYMEX
trading tomorrow, one way or another, I am told.
Regards,
John J. Lothian
The Price Futures Group, Inc.
Electronic Trading Division
Chicago Board of Trade Building
141 West Jackson Boulevard, Suite 1340A
Chicago, IL 60604
Phone: 1-800-713-0215 or 312-648-2426
Fax: 312-902-6437
Web site: www.pricegroupetd.com
E-Mail: JLothian@xxxxxxxxxxxxxx
Disclaimer: This letter is strictly the opinion of its writer, and not
necessarily those of 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.
Futures and options trading involves risk. Past results are no indication
of future performance.
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