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Saturday, March 13, 2010

the U.S. Securities and Exchange Commission
may require options brokers to compile and
publish data on how efficiently customer orders
are executed, a top official has says.
The SEC is considering a proposal to extend the so-called
execution quality rules in place for stock brokerages to the
options market, says Elizabeth King, SEC associate director
of market regulation, in a news release. King says extending
the rule would give brokers more information to help them
meet their obligations to their clients.
The SEC is also considering whether to reduce the
options market’s present trading increments of five cents or
10 cents, depending on the contract price, to one cent.
King says penny quotes would narrow bid-ask spreads.
Penny-increment trading was introduced in the stock markets
more than four years ago and has helped reduce payment for
order flow, the SEC says.
Payment for order flow
occurs when brokerages are
paid by trading specialists or
exchanges to steer orders
their way. The practice raises
questions about brokers’
duty to get the best price for
clients, say critics of the current
system.
But traders also say
options markets generate so
much data that penny price
points could present a capacity
problem for electronic
systems.
BioMedReports.Com, the news portal which covers Wall Street's biomedical sector and delivers financial and investment intelligence to a community of highly informed investors has Healthcare stock news and updates to its calendar database of Clinical Trials and upcoming FDA approvals & decisions.

A complete list of all headlines and biomedical stock developments can be found on BioMedReports.Com

On 01/05/10, Bristol-Myers Squibb Company (NYSE:BMY) will announce results for the fourth quarter and full year of 2009 on Thursday, January 28. During a 10:30 a.m. (ET) conference call on January 28, company executives will review financial information and will address inquiries from investors and analysts.

On 01/05/10, deCODE genetics, Inc. (Nasdaq:DCGN) announced it has received notice from the Nasdaq Stock Market the company's common stock will be suspended from the Nasdaq Stock Market as of the open of business on January 6, 2010 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove deCODE's common stock from listing on Nasdaq.

On 01/05/10, Graymark Healthcare, Inc. (Nasdaq:GRMH) announced the addition of Steven L. List to its Board of Directors.

Biotech investors interested in seeing more details about these stories and accessing the complete database of clinical trials and upcoming FDA decisions can access that information here:

http://biomedreports.com/fda-calendar/fda-calendar.html

Disclosure: No positions.

About BiomedReports.Com

BioMedReports.com is a news portal covering the biomedical news and financial sector. It features its own blog, discussion forum, stock research reports, news feeds, videos, press release capability, stock commentaries, and other unique content - including FDA and Clinical Trial Calendars plus a database that includes about 1,000 stocks and exchange-traded funds from the healthcare sector which are organized into various new healthcare stock indexes.

For more biomedical sector and investment news, go to www.BioMedReports.com

Certain sections of this report contain forward-looking statements that are based on our reporters´ expectations, estimates, projections and assumptions. Words such as "expects" "anticipates" "plans" "believes" "scheduled" "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of revenues, earnings, segment performance, cash flows, contract awards, FDA announcements, trial and drug approvals, and company stability. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors including but not limited to the status or outcome of legal and/or regulatory proceedings.

All forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the company´s behalf are qualified by the cautionary statements in this section. BioMedReports.Com does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.

Indeed, given the roller-coaster nature of results in IPL-1 and IPL-2, the 2010 tournament sees no clear favourites as yet, though just going by the personnel in their ranks, Delhi Daredevils and Chennai Super Kings will be the punters’ tip, at least early on.

Among the other teams to watch will be the Deccan Chargers, though how they will cope with the weight of expectations after their stunning performance last year remains to be seen, and the Mumbai Indians, who have so far flattered to deceive despite having a stellar array of talent led by the great Sachin Tendulkar. Royal Challengers Bangalore followed the example of the Chargers and picked themselves off the floor under Anil Kumble’s stewardship and made some big names eat crow en route to the finals in South Africa, while the irrepressible Shane Warne can never be written off after leading rank outsiders Rajasthan Royals to the very peak in IPL-1. Many of the eight franchises have used the last few months to reshape squads and management, and it promises to be quite a ride.

Also, given the fact that this is the third time the event is being played, tactics will be still further evolved, as will be the batsmanship, and hopefully, the bowling as well. In the shorter forms of the game, the bowlers are the ones that get it in the neck and in the shortest format, there is just nowhere to hide. Quite obviously, the return to the lower and slower Indian pitches after IPL-2’s dalliance with the faster tracks in South Africa will mean a change in approach and possibly bigger scores than we have seen in previous T20 tournaments across the globe, which means bowling coaches will have a bigger role to play in getting their wards to check marauding batsmen.

Not the least among them will be the Chargers’ leader, the swashbuckling Adam Gilchrist, who led from the front in South Africa to see the Hyderabad-based team rebound from a slow start to mow down fancied opponents all the way to the final in Johannesburg. In yet another way, IPL-3 will also be a challenge to the tournament itself, a test to see if the thrill of the first two tournaments is still around, and whether it can still generate the buzz IPL-1 in particular did. T20 cricket is no longer just the glamorous new baby, It has arrived and claimed a place alongside Test and 50-overs cricket — evident from the speed with which the ICC put together a T20 World Championship of its own — in the hearts of those that follow the willow sport.

“The break of day — the broken day
The fall of night — the fallen night
No such thing as a single ray
Behold the undivided light...”
From Crumbs by Bachchoo

Living in London after my university days and beginning to write and sell the occasional article to newspapers and magazines, I was introduced to a sunken Sri Lankan whose name I won’t mention, for fear of libel lest he be still alive, who said I would be better off “syndicating” what I wrote. (Very much alive at the time, this patron kept a coffin with a truncated mattress in it instead of a bed in his single room). I didn’t know what “syndicate” meant but he kindly took me and three of my articles as samples to an agency called Forum World Features (FWF) in Lincoln’s Inn Fields. He introduced me to the editor who read my pieces on the spot, signed me up to contribute articles once a week and said he’d pay me £25 a go. At the time it seemed like winning the national lottery.
There was the added ego boost of receiving through the post a cyclostyled bundle of articles with mine almost always towards the top of the stapled pile and statements as to which international papers had picked the articles up for publication.
The Vietnam War was the cause celebre of the Left in Britain and I inevitably, with socialist and Marxist leanings and commitment, began to write about the campaign against America’s military presence in southeast Asia and to even argue for a Viet Cong victory. The purely descriptive articles about the campaign passed muster and were published readily, but as the tone and substance of the articles got increasingly more rhetorical, they came back with rejection slips. Soon it became clear, even when I wrote about subjects other than the anti-war movement, that my relationship with FWF was at an end.
Years later, having made something of a career in writing, the British newspapers unearthed a curious story. Forum World Features had been the creation and instrument of a United States government intelligence agency. Each issue contained subtle propaganda articles by writers of the agency and, by selling itself as an independent supplier of features, it had managed to infiltrate the editorial pages of publications all over the world. So my articles were not enthusiastically embraced as great writing or vital journalism, they were bought to provide a cover of independence and Left-sounding views for the insidious substance the US agency wanted to disseminate. My articles and those of others perhaps were used as red-herring journalism.
I suppose it was the closest I got to working for the Central Intelligence Agency (CIA).
FWF was not alone in being financed and sponsored by such an agency. Years before FWF, a very popular literary-political magazine called Encounter had become, in my college days and on campuses all over the world, compulsory reading. It was edited by Stephen Spender and Melvyn J. Lasky. My friends and I awaited and read it diligently. It was where I first encountered the work of Harold Pinter, John Wain, V.S. Naipaul and very many others. It was crisply edited and designed and I doubt if it crossed any reader’s mind that its very style and authority were being used as cover for some specially targeted articles and opinions which the CIA wanted disseminated. If there were such articles, they seemed to be part of the political mix of information and not in any sense blatantly propagandist.
It emerged years later that the Congress for Cultural Freedom, which owned Encounter, was an offshoot of the CIA and was launched as part of the intellectual artillery of the Cold War.
Encounter was distinctly highbrow and became a habit and a prop of intellectual pretension. The other publications that came into our house were magazines called Woman’s Own, Woman and Home and the Reader’s Digest whose demise, after all these years, was announced this week.
I don’t think any of these was owned or financed by the US or other government’s agencies. The women’s mags dealt in the main with recipes, knitting and possibly with fashion. I only remember getting the impression that British architecture seemed uniformly to be what I now know to be fifties’ lower-middle class suburban housing. The Readers’ Digest on the other hand was distinctly and proudly low brow. I read it diligently at the time, not knowing that “brows” existed, much less how to distinguish between their comparative elevations.
It seemed to contain regular attacks on the Soviet Union with articles about how children were encouraged and even paid to spy on their parents for hints of counter-revolutionary activity. I don’t think the articles achieved the object of filling me with fear and loathing for the Soviet way of life. Instead I can remember wondering which of my relatives I would denounce if the Communist system ever came to India and denouncing became lucrative.
There were regular features such as “Humour in Uniform” which I took to be a hangover from the World War II and a regular quiz called “How to Increase Your Word Power” which offered you recondite words and a choice of likely definitions. It was the first page to which I turned when the magazine, to which my aunts subscribed, came through the post.
It was around the years when Encounter was being published that I must have picked up the fact that there were distinctions to be made in the quality of literature. I don’t quite know where this incipient critical notion came from. I was certainly not taught it.
In those Reader’s Digest days or years, I read any and everything and but had no way or even need to distinguish between reading Thomas Hardy, say, and reading Earl Stanley Gardner. I was certainly aware that Jane Austen wrote in a very different style from the cowboy novels of Max brand or Luke Short, but the question of which was better prose and why never entered the discourse.
But then the change came, perhaps with the advent of more demanding magazines such as Time which took everything seriously and Encounter which was responsible for introducing, for the first time to me, through its reviews of books, the critical approach to reading.
It was only then that I began to be grateful to the Reader’s Digest for giving me a genre of publication to look down on.

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CME bolsters options trading
As part of its initiative for increasing the volume
of electronic trading for options on foreign
exchange, equity indexes and interest rates, the
CME has introduced the Certified Options
Partner Program. The program promotes collaboration
between the exchange and the market-making firms to provide
liquidity in new options contracts. The CME also plans
to integrate the Enhanced Options System for Eurodollar
options into the Globex electronic trading platform.
The following firms have committed to supporting the
CME electronic options enhancements: Actant, Credit
Suisse First Boston, Catus Technologies, FfastFill, GL
TRADE, NYFIX, Orc Software, Prime Analytics, RTS
Realtime Systems, Photon Trader, Random Walk
Consulting, and TradingScreen.
Only about three percent of the CME’s options volume is
done electronically, compared with 70 percent of overall
volume
Who are you guys?
That’s what the Option Industry Council (OIC) aimed to
find out in its “Profile of the Options Investor” study
released in April. The survey, conducted every five years by
the organization, covered a wide variety of aspects regarding
options traders vs. non-options traders.
The survey of 569 investors in options and stocks showed
that options traders are more likely to have an annual
income of more than $100,000 and hold more liquid assets
than non-options traders.
Not surprisingly, options traders also were more active
and held a more diverse portfolio than non-options traders.
The survey found that options traders are four times more
likely than their counterparts to make more than 50 trades
in a year. Options investors also are much more diversified
and more likely to own over-the-counter stocks, exchange
traded funds, gold, and futures, the study said.
The survey also indicated a shift in the reasons people do
not trade options. The 2005 study said “lack of knowledge”
about options was the top reason, while prior surveys
showed that traders avoided options because they thought
they were “too risky.” Options industry professionals say
this is an important shift because it indicates options trading
is gaining acceptance as an investment tool.
“I’m gratified to see lack of education is the reason people
are not investing in options, rather than saying it’s a bad
product,” says Hank Nothnegel, senior vice president at
Wachovia Securities.
Nothnagel also believes options are on their way to
becoming a mainstream product.
“I don’t think we’re very far away from being widely
accepted,” Nothnagel says.
Other retail options firm executives were not so certain,
however. Joe Sellitto, director of derivatives products at
E*Trade, says options trading at E*Trade has grown steadily.
The company has also advertised its options-trading
capabilities for the first time. Still, Sellitto says there is a
long way to go for the product.
“I don’t think it’s mainstream at all because there are so
many investors who don’t choose options and [aren’t] educated
about [them],” Sellitto says.
Retail executives say there is a tremendous amount of
information about options trading, especially via the education
efforts of the OIC. But some retail options brokers say
at the firm level, options are not considered a high priority
in terms of marketing and resources. Firms continue to promote
stock trading, ETFs, and other products, but budgets
are limited for options promotion.
The study also found the Internet is the primary source
for trading and information. According to the survey, 83
percent of all options traders trade online while only 63 percent
of non-options investors do.
CONTRIBUTORS
4 June 2005 • OPTIONS TRADER
CONTRIBUTORS
James Bittman is the author of Options for
the Stock Investor (McGraw-Hill, 1996) and
Trading Index Options (McGraw-Hill, 1998). He
teaches courses for public and institutional
investors and has presented several custom
courses throughout the U.S., Europe, South
America, and Southeast Asia. In 1980 Bittman
began his trading career as an equity options
market maker at the Chicago Board Options
Exchange. From 1983 to 1993 he was a commodity
options member of the Chicago Board of Trade where he traded
options on financial and agricultural futures.
Boris Schlossberg is a senior currency
strategist at Forex Capital Markets in New York,
the largest retail forex market maker in the
world. He is also a guest lecturer at
www.fxstreet.com, covering proper risk management,
trader psychology, and true market
structure. Schlossberg is a frequent commentator
for Reuters and Dow Jones/CBS Marketwatch
currency and bond market sections. Schlossberg
has been an independent trader since 1999, trading
a variety of instruments including, stocks, options, futures, and
currencies.
Don Fishback is president of Lexington,
Ky.-based Fishback Management & Research
Inc. (www.donfishback.com), an advisory firm
that offers services and software products for
option traders. Before starting his own company,
he was head of research at Schaeffer Investment
Research Institute.
Thomas Stridsman is a systems
researcher and designer. Formerly a technical analyst and systemstrading
expert for both Active Trader and Futures magazines,
Stridsman is the author of Trading Systems that Work (McGraw-Hill,
2000) and Trading Systems and Money Management (McGraw-Hill,
2003).
William McClean is a managing partner for EMAC Trading,
where he has implemented technology and trading strategies
while overseeing the design, development, and deployment of
trading and risk management systems. He is the principal of the
F100 Tool Company, a trading-software and consulting firm that
provides trading strategies and tools for proprietary trading companies
and hedge funds. McLean was formerly a member of the
Chicago Board Options Exchange.
Steve Lentz is executive vice president of OptionVue
Research and is the chief trader for the company’s CTA managed
futures program called the Swing 500.
Jim Graham is the product manager for OptionVue Systems
and a Registered Investment Advisor for OptionVue Research.
Jim Kharouf is a business writer and editor with more than
10 years of experience covering stocks, futures, and options worldwide.
He has written extensively on equities, indices, commodities,
currencies, and bonds in the U.S., Europe, and Asia