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Special Report
**** Here is a special report from my daily newsletter.
CHICAGO SINGLE-STOCK FUTURES JOINT VENTURE SELECTS NAME;
Appoints Peter F. Borish as Senior Managing Director of Business Development
CHICAGO, November 14, 2001 – OneChicago, LLC will be the name of
the recently formed joint venture of the Chicago Board Options Exchange®
(CBOE®), Chicago Mercantile Exchange Inc. (CME) and Chicago Board of Trade
(CBOT®), the joint venture’s Chairman and Chief Executive Officer William J.
Rainer announced today. The exchange was established to trade single-stock
futures and narrow-based stock indexes.
Rainer also announced the appointment of Peter F. Borish as
Senior Managing Director of Business Development for OneChicago.
Borish is the founder and chairman of Computer Trading
Corporation (CTC), formed in 1995 to manage assets in the futures markets.
>From 1986 to 1994, Borish was Director of Research at Tudor Investment
Corporation. From 1982 to 1985, Borish was at the Federal Reserve Bank of
New York.
“Peter has been an innovator in the futures markets for many
years and brings with him a deep understanding and knowledge of markets,”
Rainer said. “His experience and relationships will be invaluable in our
efforts to make OneChicago the premier marketplace for single-stock futures.”
“I am thrilled to be part of this team. Each of the joint
venture partners has a long history of successful leadership in their
respective industries,” said Borish. “Under the direction of Bill Rainer,
this endeavor should revolutionize both the futures and securities markets.”
Mr. Borish has an extensive history of advocacy on behalf of the
futures industry. He serves on the Board of Directors of the Futures
Industry Association and is a Trustee of The Institute for Financial Markets.
Additionally, he was a member of the Presidential Task Force on Market
Mechanisms (the “Brady Commission”). He is also a founding member of the
Board of Directors of the Robin Hood Foundation. Mr. Borish holds an M.A. in
Public Policy and a B.A. in economics from the University of Michigan.
********
CME OPEN INTEREST IN EURODOLLAR OPTIONS SURPASSES 10 MILLION MARK AS
ELECTRONICALLY TRADED FOREIGN EXCHANGE FUTURES REACH NEW VOLUME HIGH
Exchangewide Open Interest Continues To Rise
CHICAGO, Nov. 14, 2001 — For the first time yesterday, Nov. 13, open interest
in options on Eurodollar futures traded on Chicago Mercantile Exchange Inc.
(CME) surpassed the 10 million mark with 10,007,606 positions. Also
yesterday, electronic
trading volume in foreign exchange futures at Chicago Mercantile Exchange
Inc. (CME) set a new record of 34,959 contracts, representing a notional
value of approximately $6.6 billion.
Included in the foreign exchange volume record, electronically traded Swiss
franc futures volume set a record with 6,442 contracts, up from the previous
record of 5,037 on June 12. The previous overall foreign exchange record was
33,508 contracts set on Oct. 29. CME foreign exchange futures are traded
virtually around the clock on GLOBEX®2, the CME’s electronic trading platform.
In addition, CME has posted 11 consecutive days of record open interest
exchangewide beginning on Oct. 30 with 15,985,674 positions and reaching a
new all-time high yesterday of 17,313,269 positions. Also on Nov. 13,
E-mini S&P 500 futures set an open interest record with 225,806 positions,
topping the previous record set on Nov. 9 with 220,699 positions. The
previous record in Eurodollar options was 9,993,610 positions set on Nov. 6.
Open interest is the number of futures and options contracts outstanding at
the close of trading each day.
Chicago Mercantile Exchange Inc. (www.cme.com) is an international
marketplace that brings together buyers and sellers on its trading floors
and GLOBEX®2 around-the-clock electronic trading system. CME offers futures
contracts and options on futures primarily in four product areas: interest
rates, stock indexes, foreign exchange and commodities. The exchange moves
about $1.5 billion per day in settlement payments and manages $28.4 billion
in collateral deposits.
John's Comments
Well, we finally have the name for the Joint Venture between the CME, CBOE
and CBOT. OneChicago.com was created on October 5, 2001 according to a
whois search on network solutions.
(http://www.netsol.com/cgi-bin/whois/whois?STRING=onechicago.com&SearchType=
do&STRING2.x=12&STRING2.y=1). That was a pretty good secret. I tried to do
a search for the name, but I think I gave up before October 5.
Patrick Young of erivatives.com had suggested ChicagoUnited, but then that
does sound like an airplane call and the URL was already taken.
Congratulations to OneChicago, LLC and here is to hoping you make a lot of
news soon so I can report about it here. And, here is hoping OneChicago LLC
gets the OneChicago.com web site up and running soon.
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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