G’day All,
Good luck to ELX.
I’ve had a few questions on dark pools etc. So this week I’ve just put in some of the stories I’ve come across. I hope this helps.
Clearing: I remain a big fan of context and suitability.
The rant bit:
International policy formation: I don’t like the cost of compliance aspect of this. I do fully agree with Angela Knight (BBA), early and positive engagement with European (relevant regulators) is essential. The G20, BIS, CPSS-IOSCO already knock out plenty of good stuff. What we need is to first comply with what we have, then identify the shortfalls (and the context of them – national jurisdiction etc.), then revise, respond and develop new policies. What’s the point of more regulation if we’re not using the tools we already have at our disposal? Where regulatory repair is identified, lets repair. I am in favour of international standards and alignment – after all, that is the nature of Financial services, but lets focus on product areas: e.g. Clearing, OTC clearing, settlement, short selling, stock lending, exchange order types. Etc, etc. Each of these areas need an international response complemented by local experience and expertise. The international unit will always get it’s content / credibility from the operating divisions / day to day front line.
What is this rant about?...we don’t need an FSA (or substitute any regulatory jurisdiction) International Policy Unit…what we need is representation of the correct department (with the “coal face” experience / content) at the international policy setting table (G20, CPSS, BIS etc.)
…for 34 pounds and 55 pence you can buy this 176 page report:
http://www.hm-treasury.gov.uk/d/reforming_financial_markets080709.pdf
Reforming financial markets
Presented to Parliament by The Chancellor of the Exchequer
by Command of Her Majesty
July 2009
(I’m wary of the winds of political change).
…and as for Robbie Deans (current wallaby coach). Most impressive. Undoubtedly a man that wants to invest in his players and see them perform, for the betterment of themselves. Personally, I’m still nervous about the power of the wallabies (player stock) and their ability to dictate the game plan. But I think we have a better chance with Robbie at the helm than any of the current “home grown” talent. Our gain, certainly in my mind, is NZs loss. Man to Man: Deans, Henry? Yeah, we all know the answer.
(…after writing this I notice Henry as a formidable track record: the All Blacks have won 57 out of 66 Tests….also defended the Bledisloe Cup in five successive seasons, won the Tri Nations four times, achieved a clean-sweep of the British and Irish Lions in 2005, and won two Grand Slams in 2005 and 2008. They have lost only once in Europe and just twice in New Zealand, in 2008 to South Africa and last month to France in Dunedin.)
…NZ retaliation:
Why are Aussies so good at batting in cricket?It's the only game they could master wearing handcuffs.
And finally, I really respect the 45 pearls of wisdom attributed to Regina Brett (it was just a forwarded email, I’ve done no checking).
A junk item worth a read.
Have a great week-end all.
School hols here.
S
http://clearingandsettlement.blogspot.com/
Infrastructure
03/07/2009 16:30:00
NYSE RESORTS TO OPEN OUTCRY AFTER COMPUTER MALFUNCTIONS
The New York Stock Exchange resurrected the dying art of open outcry at the close of play Thursday after a series of computer snags interrupted trading and forced the Exchange to extend the closing by 15 minutes.
More on this story: http://www.finextra.com/fullstory.asp?id=20224
LONDON STOCK EXCHANGE INTRODUCES NEW ORDER BOOK PRICING
http://www.finextra.com/fullpr.asp?id=28414
LSE AXES JOBS; CONSIDERS SCRAPPING TRADELECT The London Stock Exchange is cutting around 120 jobs and considering dumping its TradElect platform, as new chief Xavier Rolet looks to restructure the business and fend off competition from a slew of smaller but nimble competitors.
Full story: http://www.finextra.com/fullstory.asp?id=20194
Chi-X claimed to be sole MTF to hit 'break even' criteria Chi-X Europe is the only firm among the new breed of multi-lateral trading facilities that is “close” to being able to break even, according to a new report on the effects of the Mifid reforms that ushered in the new entrants.
BATS CLAIMS LAND GRAB SUCCESS
http://www.finextra.com/fullpr.asp?id=28409
BATS PLANS US OPTIONS EXCHANGE
Bats Global Markets says it plans to launch a US equity options exchange in the first quarter of next year.
Full story: http://www.finextra.com/fullstory.asp?id=20235
Nordic MTF claims 8% of Swedish equity market
07/07/2009 14:30:00
VIENNA STOCK EXCHANGE TO MIGRATE DERIVATIVES TO EUREX SYSTEM
The Vienna Stock Exchange has outlined plans to ditch its current OMex system for derivatives trading and migrate over to the platform of Deutsche Boerse unit Eurex.
More on this story: http://www.finextra.com/fullstory.asp?id=20232
Trading duo combat market fragmentation Two European trading groups have taken steps to offer their customers better access to the rising number of equity markets in the region, as buyside firms and their brokers risk missing out on the best prices in an increasingly fragmented trading environment.
*** ignore the story / actors. The point here is 2 and ½ years after Chi-X launch, almost 2yrs post MiFID, the network effect / distributed model is still taken effect. This is the same as last weeks TT/ELX story. Distribution takes time (and typically driven by customer demand – but it is such a “chicken & egg” game).
09/07/2009 11:12:00
ELX FUTURES OFFERS FREE TRADES DURING JULY
ELX Futures, which is set to launch tomorrow, says it will not charge for trades in July as it looks to strike an early blow in the battle to take market share from the dominant CME Group.
More on this story: http://www.finextra.com/fullstory.asp?id=20239
*** good luck ELX!
Dark Pools
(based on some questions on this last week)
*** when will dark pools become the victim’s of their own success…i.e. required to provide more transparency due to materiality?
How the ‘hidden equity market’ operatesQ) What is a dark pool?A) A dark pool is an electronic equity system that differs from an exchange order book by hiding attributes of an order, such as the price or the identity of the broker.Q) Who provides these systems?A) Agency brokers ITG and Liquidnet were the first to launch in Europe, but in the past two years every investment bank worthy of the name has been building and marketing its European dark pool. More recently US brokers, such as Instinet, Liquidnet and Nyfix, and Europe’s stock exchanges have got in on the act with NYSE Euronext launching its Smartpool in March and the London Stock Exchange opening its Baikal system last week.Q) Why are they important?A) Buyside dealers and sellside traders have long complained the exchange order book, the standard mechanism for European share trading, gives up to the market at large vital information about an order. This is less of an issue for normal-sized orders, but this transparency can be problematic when a trader is looking to execute a large block of shares or an order in an illiquid stock because rivals can see what is happening and trade against, or “front-run”, the order, which can prove costly.Q) What is the downside?A) Regulators are suspicious of dark pools for the very reason traders like them – their opacity. European regulatory body the Committee of European Securities Regulators has been peering into the dark this year while the UK’s Financial Services Authority clamped down on some dark pools earlier this year, forcing them to change how they generated prices.The emergence of numerous dark pools has also confused traders because there is no way of knowing which pools have liquidity in a certain stock. Trading firms have to “sweep” each dark pool separately, which can waste time, a problem some firms are looking to tackle by “aggregating” dark liquidity on behalf of their customers.
DARK POOLS BRACED FOR UNCHARTED WATERS Dark pools are not the “new black” anymore – they have been in Europe for more than a decade – but last week these esoteric trading systems emerged as the new battleground for European exchanges and their ambitious rivals.
http://mail.efnmail.co.uk/r/97814999/MjU3MzA2OjIxNzY2/
EUROPEAN DARK POOL TRADING VOLUMES SURGE The value of shares traded in dark pools soared in the second quarter even as volumes in other equity markets stagnated, according to new data. The figures help illustrate why companies are rushing to launch anonymous trading systems despite concerns that they harm market transparency.
http://mail.efnmail.co.uk/r/97814985/MjU3MzA2OjIxNzY2/
Order types that briefly display unfilled marketable orders to a trading venue's members before routing them elsewhere can benefit the buy-side, but there are also potential dangers inherent in their use, industry experts suggest.
Read story
New Turquoise service to link six broker dark pools
CA Cheuvreux, Citadel Securities, Citi, Deutsche Bank, Bank of America Merrill Lynch, and Nomura.
29/06/2009 10:47:00
DARK POOL PRICING SET TO TUMBLE AS BATS EUROPE ENTERS FRAY
Bats Europe is to enter the increasingly crowded dark pool market in August with an aggressively priced system that will reward participants that add order volume whilst charging to remove liquidity in the dark.
More on this story: http://www.finextra.com/fullstory.asp?id=20197
Dark Pools Struggling to Survive in Europe
July 8, 2009 - Exchanges’ shares of overall trading in Europe has dropped 5 percentage points in the two years since the arrival of the European Union’s Markets in Financial Instruments Directive. But dark pools of investment capital have only captured a scant 0.5 percent of trading, according to a report from Celent, a Boston-based financial research and consulting firm.
http://www.securitiesindustry.com/news/-23653-1.html
BIDS Trading Answers Your Dark Pool QuestionsThe number of dark pools continues to grow, but according to a recent Greenwich Associates survey, many institutional investors do not have a clear understanding of what differentiates each pool. To make your dark pool selection easier, BIDS Trading provides answers to 10 key questions that an institution should ask when evaluating a dark pool.
Clearing
Corporates incensed by US clearing plans If banks provide the fuel for modern economies, then corporates are its engines. Without them, we would earn and consume nothing, trade would evaporate, savings would be wiped out, banks would fail and tax receipts would plunge.
Central Clearinghouse-Standard is Nice, Suitable is BetterNot all bilateral derivatives contracts are suited for central clearing and/or electronic trading.
(Tabb report)
EC calls for 'substantial' growth in OTC derivatives clearing The European Commission today published its long-awaited report aimed at shaking up the over-the-counter derivatives market. The report advocates that clearing "grow substantially to cover large parts of OTC derivatives”, but stopped short of calling for trades to be forced onto exchanges. Financial News summarises the main points.
*** The EC web site and link to report is below:
On 3 July 2009 the Commission adopted a Communication on ensuring efficient, safe and sound derivatives markets. The Communication looks at the role played by derivatives in the financial crisis and at the benefits and risks of derivatives markets, and assesses how risks can be reduced. It is accompanied by a Staff Working Paper, which contains an overview of (i) derivatives markets, (ii) OTC derivative market segments, and (iii) an assessment of the effectiveness of current measures to reduce risks, notably as regards CDS.
http://ec.europa.eu/internal_market/financial-markets/derivatives/index_en.htm
http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/communication_en.pdf
Derivatives Markets – Frequently Asked Questions
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/314&format=HTML&aged=0&language=EN&guiLanguage=en
*** I also liked this general introduction
Eurex and ICE clearing race amid Liffe postponement Eurex Clearing and the IntercontinentalExchange have become the front-runners in the race to create central clearing for a vital part of the over-the-counter derivatives markets in Europe, after rival NYSE Liffe said it had put its project “under review”. (Financial Times)
NYSE's Liffe Puts Credit-Default Clearing Project Under Review
2009-07-01 16:46:51.128 GMT
By Nandini Sukumar July 1 (Bloomberg)
Nordic clearing house drives Nasdaq OMX changes
By Jeremy Grant and Martin Dickson
Nasdaq OMX plans to expand its Nordic clearing business into the rest of Europe as the transatlantic exchange group seeks to take advantage of the increasing appetite for clearing amid the re-regulation of the financial sector.
http://www.ft.com/cms/s/0/91d61086-6b33-11de-861d-00144feabdc0.html
SIX X-CLEAR INTRODUCES CLEARING OF SWISS FRANC BONDS
http://www.finextra.com/fullpr.asp?id=28452
*** Now this strikes me as a good idea. Post GFC with our markets awash with bonds, clearing makes good sense.
ECB builds user base for trade-settlement hub National settlement houses from 15 eurozone nations will sign nonbinding pacts to use Target 2 Securities, the European Central Bank's proposed settlements system, following its launch in 2013, said Gertrude Tumpel-Gugerell, a member of the ECB's executive board. (The Wall Street Journal)
ECB expects Bank of England to join settlement projectGertrude Tumpel-Gugerell, an executive board member of the European Central Bank, said the Bank of England will likely participate in the ECB's stock and bond settlement project. She said the move would further reduce costs for investors. Tumpel-Gugerell also said numerous national settlement houses are planning to use the ECB settlement system, Target 2 Securities, when it launches in four years. The Guardian (London)/Reuters (06 Jul.) , The Wall Street Journal (07 Jul.)
BANK OF NEW YORK MELLON TAKES STAKE IN CLEARING COUNTERPARTY IDCG The Bank of New York Mellon has taken a minority stake in Nasdaq OMX majority-owned subsidiary International Derivatives Clearing Group (IDCG).
Full story: http://www.finextra.com/fullstory.asp?id=20207
The market practice document can be downloaded at www.swift.com. (expanded url below)
http://www.swift.com/about_swift/press_room/press_releases/press_releases_archive/Trade2Clear_Market_Practice_Specifications_v1.0.pdf
EUROCLEAR CEO PIERRE FRANCOTTE QUITS
http://www.finextra.com/fullpr.asp?id=28349
Regulation
FSA forges international unit The UK Financial Services Authority has forged a new division to press its influence on international policy formation, in a move that may help to allay fears the domestic authorities are not being heard in the debate on global regulation.
*** I don’t like the cost of compliance aspect of this. I do fully agree with Angelia, early and positive engagement with European (relevant regulators) is essential. The G20, BIS, CPSS-IOSCO already knock out plenty of good stuff. What we need is to first comply with what we have, then identify the shortfalls (and the context of them – national jurisdiction etc.), then revise, respond and develop new policies. What’s the point of more regulation if we’re not using the tools we already have at our disposal? Where regulatory repair is identified, lets repair. I am in favour of international standards and alignment – after all, that is the nature of Financial services, but lets focus on product areas: eg. Clearing, OTC clearing, settlement, short selling, stock lending, exchange order types. Etc, etc. Each of these areas need an international response complemented by local experience and expertise. The international unit will always get it’s content / credibility from the operating divisions / day to day front line.
GFC
Sweden’s central bank unexpectedly cut its main interest rate in half, to 0.25%, on July 2nd. The Riksbank also reduced its deposit rate to -0.25% to encourage lending, a highly unusual move which means that banks will, in effect, pay the central bank 0.25% on overnight deposits.
Conservatives blast Darling's overhaul of financial regulationThe City was cool on UK Chancellor Alistair Darling's proposal for overhauling the financial regulatory framework, while Conservatives said they would reverse the main measures should the party come into power during the next election. The proposal's biggest surprise was the suggestion that banks pre-finance a scheme to compensate customers of a collapsed bank. One banker said such a move would be "a massive failure of policymaking". Financial Times (tiered subscription model) (08 Jul.) , The Wall Street Journal (09 Jul.)
Dispensable diplomacy
Alan KohlerThis year's G8 meeting is less consequential than ever – the member countries now have little or no economic credibility after two decades of irresponsible banking and fiscal policies.9 Jul 2009 7:25 AM read more
http://www.businessspectator.com.au/bs.nsf/Article/Dispensable-diplomacy-pd20090709-TRSKJ?OpenDocument&src=kgb
*** Agree, G8 not what is was. G20 is a better representative forum.
Brokers
*** and a busy week for Nomura!
CITI TO DITCH LAVAX IN FAVOUR OF TRADINGSCREEN EMS Citi is to switch from its inhouse LavaX execution management system (EMS) to a third party platform supplied by TradingScreen.
Full story: http://www.finextra.com/fullstory.asp?id=20208
Netherlands to inject €2.5 billion into ABN AmroReuters (26 Jun.)
Nomura to Launch Prime Brokerage to Take On RivalsNomura Holdings plans to launch a global prime brokerage business by September as the financial crisis ...
Nomura strikes deal to acquire NikkoCiti Trust Nomura has struck a deal to purchase Citigroup’s Japanese trust banking arm for ¥19bn (€140.3m). (The Wall Street Journal)
Nomura-owned Lehman captures third spot in LSE broking market share Nomura, the new owner of Lehman Brothers’ European equities trading business, on Monday said that its newly created European equities unit was now the London Stock Exchange’s third-largest broker, behind Credit Suisse and top-ranked Merrill Lynch. (Financial Times)
REUTERS: Nomura Eyes Australia Equity LicenseBy Junko Fujita and Emi Emoto7/8/09Nomura Holdings Inc is applying for an equity license with the Australian Stock Exchange and is seeking a partner in China, a top executive said, as Japan's largest brokerage looks to expand its Asia-Pacific operations.
FINANCIAL TIMES: Nomura Shifts to the Square Mile By Daniel Thomas and Patrick Jenkins 7/6/09Nomura is in exclusive talks to move its UK business, including teams acquired from Lehman Brothers , into an office development in the City of London.In the largest office deal in the square mile since 2005, the Japanese investment bank is to move its 4,000 UK employees into Watermark Place, an office being built on the Thames. In what will be a blow to Canary Wharf, where Lehman was based, Nomura has decided to move back to the City because it sees the area as better for clients and staff.For Nomura’s Japanese management, a shift to the Square Mile is symbolically important. Kenichi Watanabe, chief executive, is keen to brand the bank as a traditional City institution.The 525,000 sq ft glass and steel building can house 5,000 people, giving Nomura room for expansion. The bank has been ramping up recruitment in the UK after the Lehman acquisition last year more than doubled staff numbers.Nomura has grown from 1,500 employees in London last September to more than 4,000. The bank has added 400 employees since January.The building, owned by Oxford Properties, the property arm of an Ontario pension fund, and UBS, was chosen for its three large trading floors and an outdoor roof terrace overlooking the Thames.Knight Frank and CB Richard Ellis are advising the owners.Nomura is said to have struck good terms on the deal given the slump in the City office market. The bank is said to have agreed several years without rent as part of a 20-year lease.The decision will provide a boost to the moribund City property market, where rents have fallen more than a third since the peak in 2007 and vacancies have risen.Nomura acquired Lehman Brothers’ European operations last autumn and quickly brought together many of the two groups’ bankers at Lehman’s old Canary Wharf HQ.But critics, including bank insiders, say Lehmanites have yet to identify themselves as Nomura bankers, in spite of “swear boxes”, fining bankers £5 a time for using the Lehman name in meetings.Nomura declined to comment ahead of an announcement due this month. Nomura is also expected today to announce that it has been granted a licence to operate in Saudi Arabia, the first Asian bank to have received approval.
Asia
MARKIT ACQUIRES TZ1 ENVIRONMENTAL REGISTRY FROM NZX Financial information group Markit has acquired the TZ1 environmental registry from the New Zealand Stock Exchange (NZX) in an all-share transaction valued at $37.1 million.
Full story: http://www.finextra.com/fullstory.asp?id=20214
*** All share deal makes sense. NZX gets exposure to Markit (good growth story and ambition of energy) and Markit extends energy product.
Markit makes second push into carbon trading Markit, the London-based financial data group, has made its second push into carbon trading in two months, as it looks to expand its footprint in a market that analysts expect to grow 20-fold to $2 trillion (€1.4 trillion) by 2020.
TOKYO FINANCIAL EXCHANGE GETS RECOGNISED MARKET OPERATOR STATUS IN SINGAPORE
http://www.finextra.com/fullpr.asp?id=28436
Insiders raise concerns about derivatives clearing in AsiaExecutives at Euroclear Bank and the International Swaps and Derivatives Association are raising questions about efforts to clear over-the-counter derivatives in the Asian-Pacific region. "Japan may arguably have the economies of scale, but elsewhere it's quite a fragmented market," said Keith Noyes, regional director of the ISDA. "The question is, could one jurisdiction set up a central counterparty clearinghouse other jurisdictions would be happy to use given different currency business days and some of the political rivalries in the region?" Bloomberg (07 Jul.)
AsiaEtrading.com July 7, 2009
The Japan Securities Depository Center (JASDEC) announced June 30 that their Pre-Settlement Matching System (PSMS) was now connected to..…
http://www.asiaetrading.com/blog/japan-pushing-true-stp/
JON FAINE:
All right, Senator Sherry,… the six key economists in Australia, an open letter to you and your boss, the Treasurer, saying that the banking sector in Australia needs to be reviewed, that the big banks have now increased their market share and are in a way taking advantage of the current economic situation, to entrench their position, and their dominance in the Australian banking and financial marketplace. A response from the Government?
NICK SHERRY:
…
JON FAINE:
But four Australian banks are now amongst the 10 biggest banks in the world, which is, you'd have to agree, really weird, given the size of our economy, and they now are - well, their strength is out of proportion to the Australian economy, and indeed punching above their weight around the world, and that creates problems for us.
NICK SHERRY:
...
JON FAINE:
Or to put together….because the Australian taxpayers gave them an underwriting guarantee, and they are profiting from our underwriting of their situation.
NICK SHERRY:
...
JON FAINE:
So will you or won't you look at the banks, very quickly?
NICK SHERRY:
Well, we don't plan any systemic review of the banks...
Transcript 006 - Calls for banking inquiry - Interview with Jon Faine, ABC 774 Melbourne
http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2009/006.htm&pageID=004&min=njsa&Year=&DocType=
*** and that is another lost opportunity for Australia.
Summary
(Source: JPM)
· Liquidity fragmentation in Europe last week was up 0.3% to 24.0% (a new high), driven by the UK.
· Ireland (70.9%), UK (35.9%), France (29.9%), Netherlands (28.7%) and Germany (25.7%) were the most fragmented markets in percentage terms.
· UK ($2.7bn), France ($1.3bn), Germany ($1.0bn), Switzerland ($0.4bn) and Italy ($0.3bn) were the most fragmented in terms of Displayed Liquidity traded away from the primary market.
· Chi-X achieved average daily turnover (ADT) of $4.2bn, equivalent to 15.7% of flow in Chi-X names. HSBC ($114m, 22.7%), BP ($113m, 27.9%) and Sanofi-Aventis ($94m, 20.3%) had the highest ADT.
· ADT on the Turquoise Displayed Order Book was $1.1bn. Market share in Turquoise names was 4.1%. Nestle ($34m, 10.5%), Barclays ($28m, 7.3%) and HSBC ($24m, 4.8%) had the highest ADT.
· BATS achieved ADT of $1.0bn. Market share in BATS names was 4.0% (a new high). Sanofi-Aventis ($29m, 6.2%), BP ($28m, 7.0%) and HSBC ($26m, 5.1%) had the highest ADT.
· Nasdaq OMX achieved ADT of $156.56m.
· 16 stocks traded more than 20% ADV on Dark venues.
Junk
Clash of the titans Google launches a direct assault on Microsoft with the promise of a new PC operating system
SCIENTIFIC AMERICAN MINDFit Body, Fit Mind? Your Workout Makes You SmarterHow can you stay sharp into old age? It is not just a matter of winning the genetic lottery. What you do can make a difference
So good luck to Chris Lee…
“If you log on to www.justgiving.com/chrislee666 you'll not only see a great photo of me (well my mum said it was great), but you can read the story that drove me away from couch potato life to utter madness, to compete in this years London Triathlon.... You'll also see that my preparation for participating in the biggest Triathlon in the world..... (in less than 4 weeks time)... is about as comprehensive as my preparation for raising charitable funds.... late ...... I'm struggling !”
All money raised goes to Futures For Kids, one that …(Chris Lee)…is a trustee of. www.futuresforkids.org.uk
Written By Regina Brett, 90 years old, of The Plain Dealer, Cleveland , Ohio
To celebrate growing older, I once wrote the 45 lessons life taught me. It is the most requested column I've ever written. My odometer rolled over to 90 in August, so here is the column once more:
1. Life isn't fair, but it's still good.
2. When in doubt, just take the next small step.
3. Life is too short to waste time hating anyone.
4. Your job won't take care of you when you are sick. Your friends and parents will. Stay in touch.
5. Pay off your credit cards every month.
6. You don't have to win every argument. Agree to disagree.
7. Cry with someone. It's more healing than crying alone.
8. It's OK to get angry with God. He can take it.
9. Save for retirement starting with your first paycheck.
10. When it comes to chocolate, resistance is futile.
11. Make peace with your past so it won't screw up the present.
12. It's OK to let your children see you cry.
13. Don't compare your life to others. You have no idea what their journey is all about.
14. If a relationship has to be a secret, you shouldn't be in it.
15. Everything can change in the blink of an eye. But don't worry; God never blinks.
16. Take a deep breath. It calms the mind.
17. Get rid of anything that isn't useful, beautiful or joyful.
18. Whatever doesn't kill you really does make you stronger.
19. It's never too late to have a happy childhood. But the second one is up to you and no one else.
20. When it comes to going after what you love in life, don't take no for an answer.
21. Burn the candles, use the nice sheets, wear the fancy lingerie. Don't save it for a special occasion. Today is special.
22. Over prepare, then go with the flow.
23. Be eccentric now. Don't wait for old age to wear purple.
24. The most important sex organ is the brain.
25. No one is in charge of your happiness but you.
26. Frame every so-called disaster with these words 'In five years, will this matter?'
27. Always choose life.
28. Forgive everyone everything.
29. What other people think of you is none of your business.
30. Time heals almost everything. Give time time.
31. However good or bad a situation is, it will change.
32. Don't take yourself so seriously. No one else does.
33. Believe in miracles.
34. God loves you because of who God is, not because of anything you did or didn't do.
35. Don't audit life. Show up and make the most of it now.
36. Growing old beats the alternative -- dying young.
37. Your children get only one childhood.
38. All that truly matters in the end is that you loved.
39. Get outside every day. Miracles are waiting everywhere.
40. If we all threw our problems in a pile and saw everyone else's, we'd grab ours back.
41. Envy is a waste of time. You already have all you need.
42. The best is yet to come.
43. No matter how you feel, get up, dress up and show up.
44. Yield.
45. Life isn't tied with a bow, but it's still a gift.
Friends are the family that we choose for ourselves.
Life is a succession of moments. To live each one is to succeed."
--Corita Kent, American muralist and printmaker
Great things are done by a series of small things brought together."
--Vincent van Gogh,Dutch post-Impressionist artist
Everybody gets so much information all day long that they lose their common sense."
--Gertrude Stein, writer, poet, feminist
Scott Riley
EMCF Business Development
European Multilateral Clearing Facility
8th Floor 50 Bridge Street Sydney Australia 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627
* scott.riley@au.fortis.com
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