Court will wait to rule on CBOT rights

(Reuters) - CME Group Inc., the world's largest futures exchange, was created with the merger of CBOT Holdings Inc. and Chicago Mercantile Exchange Holdings Inc. in July. The CBOE is the largest U.S. options market.




The exercise rights allow full members of the Chicago Board of Trade to trade options on CBOE without owning CBOE membership.


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Court will wait to rule on CBOT exercise rights

(Reuters) - CME Group Inc., the world's largest futures exchange, was
created with the merger of CBOT Holdings Inc. and Chicago
Mercantile Exchange Holdings Inc. in July. The CBOE is the
largest U.S. options market.




The exercise rights allow full members of the Chicago Board
of Trade to trade options on CBOE without owning CBOE
membership.


Read more at Reuters.com Government Filings News

European Bonds Rally, Pushing Benchmark Yield to Its Lowest in Two Months

(Bloomberg) -- European government bonds rallied,
pushing 10-year yields to the lowest in more than two months, as
stocks slumped and the risk of holding corporate debt soared.

Benchmark bunds rose for a third day on rising concern about
loan defaults and as investors balked at funding takeovers.
Traders also scaled back bets that the European Central Bank will
push interest rates higher as a report showed business confidence
in Germany weakened for a second month.


Read more at Bloomberg Bonds News

UPDATE 1-Nuveen 2nd-qtr net up 5 pct, below expectations

(Reuters) - Nuveen, which runs the Symphony brand hedge fund products
and NWQ and Tradewinds brand value-style equities products
among others, said net flows in the quarter were $1.9 billion.




This was mainly attributable to $1.4 billion in
institutional flows, $0.6 billion in mutual fund flows and $1.3
billion outflows in retail accounts, it said.


Read more at Reuters.com Market News

S.Africa government to sell shares in MTN to black investors

(Reuters) - A fund controlled by the South African government will sell about 11.7 million shares in mobile phone operator MTN to black investors for 931 million rand, the fund and MTN said on Monday.

The National Empowerment Fund, an arm of the Department of Trade and Industry that aims to redress the economic imbalances of apartheid, will sell the shares to black individuals and investment groups for 79.61 rand each -- a 20 percent discount to the 99.51 rand 30-day average on July 20.


Read more at Reuters Africa

JGB futures hit six-week high tracking Treasuries

(Reuters) - September 10-year futures rose as much as 0.29 point to
132.37 , the highest since early June.




Traders said expectations remained for the Bank of Japan to
raise interest rates to a 12-year high of 0.75 percent from the
current 0.5 percent as early as next month, limiting gains in
JGBs.


Read more at Reuters.com Bonds News

EU's Mandelson says WTO draft cuts too deep

(Reuters) - New draft texts on agriculture and industry are a step forward in world trade talks but the range of tariff and subsidy cuts they propose are too tough, European Union Trade Commissioner Peter Mandelson said.

In an interview with Spain's el Economista newspaper on Saturday, Mandelson said the lower end of the proposed range of cuts would not really help the World Trade Organisation reach a free trade agreement.


Read more at Reuters Africa

Dollar Rebounds From Record Low Versus Euro as Consumer Prices Increase

(Bloomberg) -- The dollar rose from a record low
against the euro and the weakest in 26 years versus the pound as
a government report showed U.S. consumer prices rose last month
by more than analysts forecast, while housing starts increased.

Traders bought dollars as the report may feed speculation
the Federal Reserve will refrain from reducing its 5.25 percent
benchmark interest rate this year. The dollar slumped earlier as
losses on Bear Stearns Cos. hedge funds dimmed the allure of
U.S. assets.


Read more at Bloomberg Currencies News

Chicago CME Group opens for business after merger

(Reuters) - The CME Group -- created by the marriage of
cross-town rivals the Chicago Mercantile Exchange and the
Chicago Board of Trade -- greeted its first official day with
the ceremonial ringing of the opening bell for the Chicago
grains markets.




"The CME Group will solidify the great city of Chicago as
the risk-management capital of the world for many years to
come," Terrence Duffy, CME Group executive chairman, told
hundreds of grain traders at the world's largest grain exchange
just before ringing the opening bell for trading.


Read more at Reuters.com Mergers News

Yen May Extend Declines Versus Dollar, Euro Before Announcement on Rates

(Bloomberg) -- The yen may fall versus the dollar
and euro for a second day as the Bank of Japan is expected to
keep its benchmark interest rate at 0.5 percent, the lowest
among major economies.

Traders may continue to borrow in yen to fund so-called
carry trade investments in higher-yielding assets. Japan's
consumers were the most pessimistic in more than two years last
month, a Cabinet Office report showed yesterday.


Read more at Bloomberg Currencies News

Lawmaker may seek to curtail Fed consumer powers

(Reuters) - Rep. Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the Fed did not use its authority to curtail loans offered to borrowers with damaged credit during the recent housing boom and needs to set tougher lending standards or face losing some of its authority.




"The Fed has the authority under the Federal Trade Act to spell out consumer protection rules generally and they have not done that," Frank said, after a speech to the National Alliance to End Homelessness.


Read more at Reuters.com Government Filings News

UPDATE 2-Starwood,Accor discuss $4 bln Dubai project -report

(Reuters) - "There's no deal at the moment, beyond that we don't
comment on rumors and speculation," said Starwood spokeswoman
KC Kavanagh.




Accor declined to comment on the report, which said the
complex would be in the new Dubai World Trade Centre
district.


Read more at Reuters.com Bonds News

CBOT, Genzyme, Macy's, Mannatech, Parametric: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes on U.S. exchanges. Stock
symbols are in parentheses after company names. Share prices are
as of 4 p.m. in New York.

CBOT Holdings Inc. (BOT US) rose $17.85, or 8.7 percent, to
$224. Chicago Mercantile Exchange Holdings Inc. (CME US) raised
its offer for the Chicago Board of Trade for a third time, to $11
billion, to fend off rival Intercontinental Exchange Inc. (ICE
US) and form the world's largest futures exchange. Chicago Merc
shares rose $19.11, or 3.4 percent, to $574.80, and
Intercontinental shares gained $4.28, or 2.8 percent, to $156.09.


Read more at Bloomberg Stocks News

CBOT, Golden Telecom, Mannatech, Raymond James, Rowan: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

CBOT Holdings Inc. (BOT US) rose $10.28, or 5 percent, to
$216.43. Chicago Mercantile Exchange Holdings Inc. (CME US)
raised its offer for the Chicago Board of Trade for a third time,
to $11 billion, to fend off rival Intercontinental Exchange Inc.
(ICE US) and form the world's largest futures exchange. Chicago
Merc shares fell $6.94 to $548.75, and Intercontinental shares
gained $3.11 to $154.92.


Read more at Bloomberg Stocks News

Coffee Falls for Fourth Straight Session in New York on Rising Stockpiles

(Bloomberg) -- Coffee futures fell for the fourth
straight session in New York as warehouse supplies rose and
Brazil, the world's largest producer, received favorable weather
for its crop.

Stockpiles in warehouses monitored by the New York Board of
Trade rose to 4.19 million bags as of July 4, a gain of 9,600
from the day before. There were 4.17 million bags stored at the
exchange's delivery points in New York, New Orleans, Hamburg,
Miami and Antwerp, Belgium, at the end of June.


Read more at Bloomberg Commodities News

Intercontinental Exchange May Improve $10.9 Billion Bid for Board of Trade

(Bloomberg) -- Intercontinental Exchange Inc., one of
two bidders vying for the Chicago Board of Trade, said it is
prepared to improve its $10.9 billion offer for the second-
largest U.S. futures exchange.

Intercontinental has raised its bid twice since March in an
attempt to sway shareholders to reject a $9.8 billion offer from
the Chicago Mercantile Exchange. Atlanta-based Intercontinental
has said it will pay Board of Trade members about $800,000 each
to settle a disputed ownership privilege, or so-called exercise
right, with the Chicago Board Options Exchange.


Read more at Bloomberg Energy News

Soybeans May Rise in Chicago as U.S. Farmers Cut Plantings; Corn May Gain

(Bloomberg) -- Soybeans may rise to a three-year
high on the Chicago Board of Trade after U.S. farmers planted
the fewest acres in 12 years. Corn may climb as livestock and
dairy producers snap up the cheapest supplies since April.

Twenty of 25 traders, farm advisers and merchants surveyed
June 29 recommended buying soybeans, and 14 said to buy corn.
Soybeans for November delivery rose 6.1 percent last week to
$8.8175 a bushel, the eighth gain in nine weeks. December corn
tumbled 8.1 percent to $3.5075 a bushel, capping a two-week
decline of 16 percent, the largest such drop since July 1997.


Read more at Bloomberg Commodities News

Bear Stearns Gets Kudos for Dismembering The Bear Market in Treasury Bonds

(Bloomberg) -- Treasury investors can thank Bear
Stearns Cos. for smothering the bear market.

Traders who cut their holdings of U.S. government debt just
a few weeks ago as retail sales increased and job growth
accelerated are now snapping up Treasuries. Demand is being
fueled by speculation that losses at hedge funds owning subprime
mortgage bonds such as those managed by New York-based Bear
Stearns and London-based Cambridge Place Investment Management
LLP will spread and slow the economy.


Read more at Bloomberg Currencies News

Angloplat, unions move closer in wage talks

(Reuters) - Trade unions and the world's biggest platinum producer Angloplat have moved closer together in wage talks, union officials said on Friday.

Analysts have been expecting mining strikes to break out in South Africa, the world's largest producer of gold and platinum, but Solidarity said in a statement negotiations had been positive.


Read more at Reuters Africa

Trade rules waiver needed for small firms - Sarkozy

(Reuters) - French President Nicolas Sarkozy said on Saturday that European small businesses should have the same exemption as their U.S. counterparts from global trade rules on the awarding of public contracts.

France has long pushed the European Union's executive commission to secure an exemption for small businesses from World Trade Organisation rules that government contracts should be open to all bidders. It argues that the United States and other countries have waivers to help their local companies.


Read more at Reuters Africa