CFTC-regulated, thinly-traded, all-electronic derivative exchange USFE puts itself for sale.

Posted on December 22, 2008 by admin

USFE&#8217-s press release:

U. S. Futures Exchange Evaluating Strategic Alternatives
Sale of Exchange Sought by Year-End

CHICAGO, December 17, 2008 – The board of directors of the U.S. Futures Exchange (USFE), over the last several weeks, has actively sought a strategic sale of its operations, with the goal of reaching a resolution by December 31, 2008.

“We are currently in the process of seeking a strategic investor who can leverage the vision of the USFE market model,” said Bernard W. Dan, chairman, USFE. “As this process moves forward, the marketplace can count on the continued professionalism of the USFE employees who have led a bold vision to pioneer new futures products.”

The board of directors of USFE is made up of 3 independent directors as well as representatives of its three principal shareholders MF Global Ltd., Man Group plc, and U.S. Exchange Holdings, Inc. USFE was formed in 2006 through a capital investment by Man Group plc.

About U.S. Futures Exchange
Chicago-based U.S. Futures Exchange offers specialized products to meet the unique market demands of retail, hedge fund and institutional customers in a fully-regulated, centrally-cleared futures and options exchange. U.S. Futures Exchange was formed in 2006, following a capital investment from Man Group. For further information, visit www.usfe.com.

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More info: Reuters

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Will the global economic recession kill the Web 2.0 (which includes HubDub)?

Posted on December 21, 2008 by admin

Jeremy Liew:

I predict that media buyers will focus on both a flight to quality and a flight to surety. This will benefit three types of startups: companies with large audiences, companies that sell direct-response advertising, and companies that offer valuable niche content.

InTrades bank is in trouble.

Posted on December 20, 2008 by admin

New York Times:

Revelation Rocks Bank in Ireland

By MATTHEW SALTMARSH
Published: December 19, 2008

A major Irish bank was shaken Friday by the revelation of 87 million euros, or $125 million, in undisclosed personal loans to the bank’s chairman — prompting his resignation as well as that of the bank’s chief executive. Sean FitzPatrick, chairman of Anglo Irish Bank, announced his resignation late Thursday after regulators discovered that he had hidden the personal loans from shareholders. The bank’s chief executive, David Drumm, also resigned. The scandal sent the shares in the bank plummeting […]

A statement Friday from the regulator, the Central Bank and Financial Services Authority of Ireland, said it became aware this year of “matters surrounding loans from Anglo Irish Bank to Sean FitzPatrick.”

“While it does not appear that anything illegal took place in relation to these loans, the financial regulator was of the view that the practices surrounding these loans were not appropriate,” the statement said.

Analysts said the scandal could affect the pace of the government’s support for the banking sector. […]

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InTrade:

Where is my money held?

Your funds are held in segregated accounts with Irelands largest banks including National Irish Bank, and Anglo Irish Bank which. Your funds are completely separate and distinct from the Exchanges own reserves.

To provide additional transparency we have introduced a unique service where an individual member can have a specific account established at our bankers within the suite of segregated accounts. Contact us for more details.

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