G’day All,
Yikies, I can’t believe the week has gone. (Sorry, I sent this Friday 25th, just forgot to post to blogspot)
Sibos. (Swift International Banking Operations Seminar)
The McKinsey view: Be in Asia or be irrelevant.
Nice but I think the missing aspect of this (and a lot of the week) is context and materiality.
Asia is certainly full of potential – on materiality todays wallet size and tomorrows potential are different things.
And in context – one of the best questions for me on the week was when are we going to have a common character set (Chinese, Japanese, Korean, Western).
In Europe we get so caught up on single currency, single economic zone, MiFID, common(ish) political objectives, and by and large one commercial language we kinda over look Asia still has no interoperability on language – let alone currency.
Will have to do more on Sibos next week.
The Sydney dust storm was hard to capture.
http://theaustralian.newspaperdirect.com/epaper/viewer.aspx
Visibility was literally this bad and the dust made everything look orange. I woke to an orange sun rise and it just stayed that way. Weird.
'Best job in the world' is no holiday
TIM RICHARDS Writing about your every move while on the road can be a double-edged sword, as the "best job in the world" winner Ben Southall has quickly discovered.
http://www.smh.com.au/digital-life/mobiles/best-job-in-the-world-is-no-holiday-20090915-font.html
http://www.islandreefjob.com.au/
I still feel “dark pools” get a bad rap just because of their name. More education required. But come on, an order type called “Hide to Comply” is hardly helpful to the public perception of the debate.
For those that follow Market Infrastructure, and the CPSS-IOSCO recommendations I found the RBA paper a good read. Happy to comment on this if you have questions. For those covering operational risk I recommend Section 6 from page 49.
Yippee Lloyds. Good to see securitisation re-opening.
Interchange fees. Normally I’d ignore this, but the fines in Hungary resonate with the local authorities here not trusting self regulation. Gouging springs to mind.
Canary Wharf 4.3 byn claim is just ridiculous. If Lehman was paying rents like that no wonder they went under, thing is, it’s unbelievable. Yet again it smacks of insolvency practitioners lining their own pockets at the expense of creditors.
Our poor little Koalas. L
Luckily I was travelling so I didn’t see the last wallaby game. What a relief!
Great w/end all,
(sorry have to be brief on news this week)
S
Platforms
CHI-X EUROPE AND LIQUIDNET SUPERNATURAL TO INTERCONNECT
http://www.finextra.com/fullpr.asp?id=29815
FFASTFILL EXTENDS MIDDLE OFFICE SERVICES TO JAPAN EXCHANGES
http://www.finextra.com/fullpr.asp?id=29797
New Hide to Comply Order Type Added to Citi's LavaFlow ECN
http://advancedtrading.com/crossingnetworks/showArticle.jhtml;jsessionid=SKMACLMJGDRSHQE1GHRSKH4ATMY32JVN?articleID=220100519&_requestid=407824
LSE UPDATES ON STAFF CUTS AND IT AHEAD OF HALF YEAR RESULTS
http://www.finextra.com/fullpr.asp?id=29904
LSE to use "partnerships and acquisitions" to expandLondon Stock Exchange CEO Xavier Rolet said the exchange will expand its business through "partnerships and acquisitions". Rolet said he is striving to lower clearing costs as part of a way to reduce overall costs of dealing in FTSE shares on the exchange. Financial Times (tiered subscription model) (24 Sep.)
JASDAQ STARTS USING OSAKA SECURITIES EXCHANGE PLATFORM
http://www.finextra.com/fullpr.asp?id=29894
Controversy rages regarding dark pools despite innovationDark pools are continuously coming up with innovative, eye-catching ideas, but they have failed to shake the controversy surrounding their existence. The Federation of European Securities Exchanges claimed in a letter to the Committee of European Securities Regulators that dark pools run by banks are "unregulated venues" that operate with "full opacity". Banks said the federation is simply exploiting concerns highlighted by the crisis to persuade authorities to require stock trades to be routed through regulated exchanges. Financial Times (tiered subscription model) (24 Sep.)
Clearing
CME AND CITADEL DITCH CDS TRADING PLATFORM PLAN TO FOCUS ON CLEARING CME Group and Citadel have abandoned plans to launch a credit default swaps (CDS) trading platform and will instead focus on offering clearing services for the $27 trillion market.
Full story: http://www.finextra.com/fullstory.asp?id=20518
GLOBAL ASSOCIATION OF CENTRAL COUNTERPARTIES ELECTS EXECUTIVE COMMITTEE
http://www.finextra.com/fullpr.asp?id=29908
http://www.ccp12.org/
· Clearing house alert on up to 15 brokerages
http://www.rba.gov.au/PaymentsSystem/StdClearingSettlement/Pdf/2008-09-report-clrg-settlment-facilities.pdf
Policy
EU'S MIFID REVIEW TO LOOK AT DARK POOLS
The migration of share trading from regulated platforms to dark pools is to be examined by the European Commission as part of a wider review of the Markets in Financial Instruments Directive (MiFID).
Full story: http://www.finextra.com/fullstory.asp?id=20519
Nice list of failed US banks (94 in 2009 to date)
http://www.fdic.gov/bank/individual/failed/banklist.html
HUNGARY FINES VISA, MASTERCARD AND BANKS OVER INTERCHANGE FEES Visa, MasterCard and seven of the biggest banks in Hungary have been fined a total of $10.42 million by the country's competition authority for running an interchange fee cartel.
Full story: http://www.finextra.com/fullstory.asp?id=20535
At its meeting on 21 August, the Payments System Board considered whether the conditions have been met for the removal of interchange regulation. The Board was not yet satisfied that such conditions have been met.
http://www.rba.gov.au/MediaReleases/2009/mr-09-18.html
Lloyds' deal helps reopen securitisation marketsLloyds Banking Group sold £4 billion worth of mortgage-backed bonds to institutional investors, the first substantial mortgage-securitisation deal since the market dried up with the credit crunch. The deal, which included more than 513,000 prime UK residential home loans, was twice oversubscribed. HBOS wrote the mortgages before it merged with Lloyds TSB. The Independent (London) (24 Sep.) , Telegraph (London) (23 Sep.)
Participants
BNP PARIBAS PRIME BROKERAGE UNIT SELLS COLOCATION BUSINESS TO OPTIONS IT BNP Paribas' prime brokerage division has sold its hedge fund outsource technology business to vendor Options IT. Financial terms of the deal were not disclosed.
Full story: http://www.finextra.com/fullstory.asp?id=20521
Investment Technology Group In Asia08/09/09 12:36 from Asia Etrading BlogInvestment Technology Group (ITG) reported that during the second quarter of 2009 which was released July 30 that they had realigned its organizational structure from three distinct businesses to four. The International Operation was split..
FIDELITY INVESTMENTS LAUNCHES CANADIAN CLEARING UNIT
http://www.finextra.com/fullpr.asp?id=29911
ANZ snaps up rest of ING
Danny John 10:29AM Banking group will buy the remainder of its wealth management joint venture with ING for $1.8 billion.
Canary Wharf files $4.3bn claim against Lehman for unpaid charges Canary Wharf Group has lodged a $4.3bn (€2.9bn) claim with PricewaterhouseCoopers (PwC), the UK administrators of Lehman Brothers, for unpaid rent and other charges linked to the bankrupt firm’s London headquarters. (The Independent)
AIDS-like retrovirus threatens Australia's koalas with extinctionUp to 50 percent of the koalas are also infected with chlamydiosis, made all the more deadly by the retrovirus, which can compromise the animals' immune systems
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
Yikies, I can’t believe the week has gone. (Sorry, I sent this Friday 25th, just forgot to post to blogspot)
Sibos. (Swift International Banking Operations Seminar)
The McKinsey view: Be in Asia or be irrelevant.
Nice but I think the missing aspect of this (and a lot of the week) is context and materiality.
Asia is certainly full of potential – on materiality todays wallet size and tomorrows potential are different things.
And in context – one of the best questions for me on the week was when are we going to have a common character set (Chinese, Japanese, Korean, Western).
In Europe we get so caught up on single currency, single economic zone, MiFID, common(ish) political objectives, and by and large one commercial language we kinda over look Asia still has no interoperability on language – let alone currency.
Will have to do more on Sibos next week.
The Sydney dust storm was hard to capture.
http://theaustralian.newspaperdirect.com/epaper/viewer.aspx
Visibility was literally this bad and the dust made everything look orange. I woke to an orange sun rise and it just stayed that way. Weird.
'Best job in the world' is no holiday
TIM RICHARDS Writing about your every move while on the road can be a double-edged sword, as the "best job in the world" winner Ben Southall has quickly discovered.
http://www.smh.com.au/digital-life/mobiles/best-job-in-the-world-is-no-holiday-20090915-font.html
http://www.islandreefjob.com.au/
I still feel “dark pools” get a bad rap just because of their name. More education required. But come on, an order type called “Hide to Comply” is hardly helpful to the public perception of the debate.
For those that follow Market Infrastructure, and the CPSS-IOSCO recommendations I found the RBA paper a good read. Happy to comment on this if you have questions. For those covering operational risk I recommend Section 6 from page 49.
Yippee Lloyds. Good to see securitisation re-opening.
Interchange fees. Normally I’d ignore this, but the fines in Hungary resonate with the local authorities here not trusting self regulation. Gouging springs to mind.
Canary Wharf 4.3 byn claim is just ridiculous. If Lehman was paying rents like that no wonder they went under, thing is, it’s unbelievable. Yet again it smacks of insolvency practitioners lining their own pockets at the expense of creditors.
Our poor little Koalas. L
Luckily I was travelling so I didn’t see the last wallaby game. What a relief!
Great w/end all,
(sorry have to be brief on news this week)
S
Platforms
CHI-X EUROPE AND LIQUIDNET SUPERNATURAL TO INTERCONNECT
http://www.finextra.com/fullpr.asp?id=29815
FFASTFILL EXTENDS MIDDLE OFFICE SERVICES TO JAPAN EXCHANGES
http://www.finextra.com/fullpr.asp?id=29797
New Hide to Comply Order Type Added to Citi's LavaFlow ECN
http://advancedtrading.com/crossingnetworks/showArticle.jhtml;jsessionid=SKMACLMJGDRSHQE1GHRSKH4ATMY32JVN?articleID=220100519&_requestid=407824
LSE UPDATES ON STAFF CUTS AND IT AHEAD OF HALF YEAR RESULTS
http://www.finextra.com/fullpr.asp?id=29904
LSE to use "partnerships and acquisitions" to expandLondon Stock Exchange CEO Xavier Rolet said the exchange will expand its business through "partnerships and acquisitions". Rolet said he is striving to lower clearing costs as part of a way to reduce overall costs of dealing in FTSE shares on the exchange. Financial Times (tiered subscription model) (24 Sep.)
JASDAQ STARTS USING OSAKA SECURITIES EXCHANGE PLATFORM
http://www.finextra.com/fullpr.asp?id=29894
Controversy rages regarding dark pools despite innovationDark pools are continuously coming up with innovative, eye-catching ideas, but they have failed to shake the controversy surrounding their existence. The Federation of European Securities Exchanges claimed in a letter to the Committee of European Securities Regulators that dark pools run by banks are "unregulated venues" that operate with "full opacity". Banks said the federation is simply exploiting concerns highlighted by the crisis to persuade authorities to require stock trades to be routed through regulated exchanges. Financial Times (tiered subscription model) (24 Sep.)
Clearing
CME AND CITADEL DITCH CDS TRADING PLATFORM PLAN TO FOCUS ON CLEARING CME Group and Citadel have abandoned plans to launch a credit default swaps (CDS) trading platform and will instead focus on offering clearing services for the $27 trillion market.
Full story: http://www.finextra.com/fullstory.asp?id=20518
GLOBAL ASSOCIATION OF CENTRAL COUNTERPARTIES ELECTS EXECUTIVE COMMITTEE
http://www.finextra.com/fullpr.asp?id=29908
http://www.ccp12.org/
· Clearing house alert on up to 15 brokerages
http://www.rba.gov.au/PaymentsSystem/StdClearingSettlement/Pdf/2008-09-report-clrg-settlment-facilities.pdf
Policy
EU'S MIFID REVIEW TO LOOK AT DARK POOLS
The migration of share trading from regulated platforms to dark pools is to be examined by the European Commission as part of a wider review of the Markets in Financial Instruments Directive (MiFID).
Full story: http://www.finextra.com/fullstory.asp?id=20519
Nice list of failed US banks (94 in 2009 to date)
http://www.fdic.gov/bank/individual/failed/banklist.html
HUNGARY FINES VISA, MASTERCARD AND BANKS OVER INTERCHANGE FEES Visa, MasterCard and seven of the biggest banks in Hungary have been fined a total of $10.42 million by the country's competition authority for running an interchange fee cartel.
Full story: http://www.finextra.com/fullstory.asp?id=20535
At its meeting on 21 August, the Payments System Board considered whether the conditions have been met for the removal of interchange regulation. The Board was not yet satisfied that such conditions have been met.
http://www.rba.gov.au/MediaReleases/2009/mr-09-18.html
Lloyds' deal helps reopen securitisation marketsLloyds Banking Group sold £4 billion worth of mortgage-backed bonds to institutional investors, the first substantial mortgage-securitisation deal since the market dried up with the credit crunch. The deal, which included more than 513,000 prime UK residential home loans, was twice oversubscribed. HBOS wrote the mortgages before it merged with Lloyds TSB. The Independent (London) (24 Sep.) , Telegraph (London) (23 Sep.)
Participants
BNP PARIBAS PRIME BROKERAGE UNIT SELLS COLOCATION BUSINESS TO OPTIONS IT BNP Paribas' prime brokerage division has sold its hedge fund outsource technology business to vendor Options IT. Financial terms of the deal were not disclosed.
Full story: http://www.finextra.com/fullstory.asp?id=20521
Investment Technology Group In Asia08/09/09 12:36 from Asia Etrading BlogInvestment Technology Group (ITG) reported that during the second quarter of 2009 which was released July 30 that they had realigned its organizational structure from three distinct businesses to four. The International Operation was split..
FIDELITY INVESTMENTS LAUNCHES CANADIAN CLEARING UNIT
http://www.finextra.com/fullpr.asp?id=29911
ANZ snaps up rest of ING
Danny John 10:29AM Banking group will buy the remainder of its wealth management joint venture with ING for $1.8 billion.
Canary Wharf files $4.3bn claim against Lehman for unpaid charges Canary Wharf Group has lodged a $4.3bn (€2.9bn) claim with PricewaterhouseCoopers (PwC), the UK administrators of Lehman Brothers, for unpaid rent and other charges linked to the bankrupt firm’s London headquarters. (The Independent)
AIDS-like retrovirus threatens Australia's koalas with extinctionUp to 50 percent of the koalas are also infected with chlamydiosis, made all the more deadly by the retrovirus, which can compromise the animals' immune systems
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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