Chi-East announces partnership with LCH for non-displayed trading.
Chi-X Europe continues building the network effect. IG Group connects to Chi-X Europe. Even after 2 years there is still far to go.
Chi-X Europe continues building the network effect. IG Group connects to Chi-X Europe. Even after 2 years there is still far to go.
Competition in the Canadian market continues to open up (fragment). On the blog site I've also included some surreal video clip supposedly from TSE. I can only assume it is a viral type of thing. Hardly an exchange worthy message...but then again, it is Canadian so who knows what those crazy Canooks are up to.
DB spends big on new platform.
LSE adds bonds (as a humble retail investor I always found bonds, other than Gilt auctions, inaccessible due to size, so I like this).
The policy proposal that infrastructures should lose their mutual aspect leaves me dumbfound.
It just shows how far politics can disconnect from the reality of industry.
I’d like to rant a bit on this topic but I just don’t know where to begin.
CDS. Funny. Conflicting viewpoints on market. Must be a timing difference.
Regulatory policy again.
On short selling I absolutely agree with Zimmerhansl. Regulation for regulations sake loses its meaning.
With One.Tel. No doubt, the company was a poor one that left millions outstanding to creditors. There are no angels in this mix, but there is something wrong about having to spend 15mill to defend yourself.
Busy week for JPM. Cazanove and ANZ!
More details on Fortis.
And finally… the ocean swimming season kicked off here in NSW last week-end.
On a day where temperatures got over 40C it was a good day to be swimming.
I’d never been to the Dawn Fraser pool (a tidal pool in the harbour) nor swum around cockatoo island so this was all new.
I tested the water in the Dawny and was surprised to see a jelly fish, geeze those things get about.
As for the water temp. lovely, circa 24 C. Given this is in the harbour I was surprised how warm it was.
The water is much choppier to the East of the harbour bridge but there are still strong currents running here as you round the island.
This was a great journey swim, in a clockwise direction, with great views of a historic part of Sydney.
We set off from Balmain, swim across to the island, round it, then back to “Dawny’s”
There is a great write up / report here.
http://www.oceanswims.com/nsw90/09112122.html
You can see the island here:
http://maps.google.com.au/maps?f=q&source=s_q&hl=en&geocode=&q=cockatoo+island+sydney&sll=-25.335448,135.745076&sspn=53.947846,59.677734&ie=UTF8&hq=&hnear=Cockatoo+Island,+New+South+Wales&t=h&z=14
I was glad I did the swim rather than watch the rugby.
What muppets. Aust lost to Scotland, first time in 27yrs.
Well, so much for dreams of a grand slam…it’s now called the grand sham.
If they follow their lose one, win one form I feel sorry for Wales.
I now throwing the baby out with the bath water. I’d rather see Wales win and play with passion than watch these wallabies win on the basis of I don’t know what. I feel sorry for Deans and Robinson, but as a unit, this is not a professional side.
Perhaps we can learn from the English:
However beautiful the strategy, you should occasionally look at the results."
--Winston Churchill, British prime minister
Have a great week all.
S
http://clearingandsettlement.blogspot.com/
Platforms
Chi-East, a joint venture between trading venue operator Chi-X Global and the Singapore Exchange , has appointed LCH.Clearnet as the central clearing facility for its pan-Asian, non-displayed trading platform, scheduled to launch in mid-2010.
Read story
http://www.thetradenews.com/trading-venues/dark-pools/3897
TradeTech Asia 2009 Highlights
TradeTech Asia 2009 came to a close in Singapore on November 19. The 2 day cash equities powwow featured many prominent minds of the electronic trading industry. Panels, roundtables and presentations covered a wide range of topics including... Read More Here
Spread better IG Group connects to Chi-X EuropeSign of increasing importance of alternative trading platforms to investorshttp://www.ft.com/cms/s/0/4cc93b9a-d2d9-11de-af63-00144feabdc0.html
MTFS CAPTURE 54% OF EUROPE’S DARK MARKET A trio of alternative trading systems has seized more than half of Europe’s “dark” equities market from broker-run rivals in just six months.
http://mail.efnmail.co.uk/r/155027663/MjU3MzA2OjIzMjYz/
*** Chi-X, T and Bats.
Trader plans electronic OTC platform for convertible bondsConstantinos Antoniades, formerly a bond trader at Goldman Sachs, is poised to launch Vega-Chi, the first electronic over-the-counter platform for convertible bonds in Europe. Vega-Chi will list 165 of the 180 convertible-bond issues in Europe and will soon add Asian convertibles. The platform is another attempt at getting into Europe's fragmented market, which is dominated by banks. "Currently, the convertible-bond market is extremely fragmented and very inefficient, and what we want to create is a kind of centralised system where investors can access liquidity better and can trade better prices than are available in the OTC market," Antoniades said. Financial Times (tiered subscription model) (20 Nov.)
*** Geeze, everyone wants Chi in their name now.
Deutsche Börse spends big on new trading platform Deutsche Börse is throwing significant resources behind a bold plan to move all of its US and European markets onto a single high-speed trading platform. The move mirrors its biggest rivals, which are simplifying their technology in the battle to lure speed-sensitive traders.
LONDON STOCK EXCHANGE TO LAUNCH RETAIL BONDS PLATFORM The London Stock Exchange is to launch a new order-driven trading service for private investors in the bond markets.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20762
NASDAQ OMX and the Nordic Securities Dealers Associations Update Timetable for Migration to New Trading PlatformSTOCKHOLM, Sweden, Nov 16, 2009 (GlobeNewswire via COMTEX News Network) -- NASDAQ OMX, the Danish Securities Dealers Association, the Federation of Finnish Financial Services and the Swedish Securities Dealers Association, have together agreed on an updated timetable for the migration to a new trading platform on the NASDAQ OMX exchanges in Copenhagen, Helsinki, Iceland, Riga, Stockholm, Tallinn and Vilnius.http://ir.nasdaq.com/releasedetail.cfm?ReleaseID=424295
**** Based on the updated timetable, the new trading platform, INET, will be introduced on February 8, 2010
Technology Drives Trading CostsTrading costs spiked during the volatile year that was, but experts see calmer — and cheaper — waters surfacing, according to Elkins/McSherry's 13th annual transaction cost survey. Fast-paced technological change remains the driving force in equity trading.
*** US centric
THE TRADE NEWS: BlocSec Scraps Minimum Size RequirementsBy Staff11/16/09BlocSec, a pan-Asian non-displayed trading system owned by agency brokerage CLSA Asia-Pacific markets, is to remove its minimum order size requirements in a bid to attract greater liquidity to its platform.
US FUTURES MARKETS IN CROSSHAIRS OF ALGO REVOLUTION - TABB The US futures markets is set to be the next battleground for high frequency traders, as rapid uptake of algorithmic strategies leads to a surge in the proportion of volume traded on an automated basis, according to Tabb Group.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20748
*** and ELX will be well positioned to cater for this shift.
REUTERS: Turquoise Owners Might Hold onto Stake, According to COOBy Tyler Sitte and Daisy Ku11/17/09The chief operating officer of Turquoise said its founding members may keep a strategic stake in the multilateral trading platform should it be sold."As I understand it, the member banks want to keep a strategic stake, suggesting that they would stay committed to continuing to provide liquidity," COO Adrian Farnham.
Clearing
Debate on derivatives, clearinghouses continuesDerivatives have been the focus of regulatory debate lately, but they remain a useful tool, said Nobel economist Myron Scholes. Banning them would be a "Luddite response that takes financial markets back decades," Scholes said. Regulators think trading derivatives through clearinghouses would make them safer, but doing so would hurt banks' profit and make certain corporate hedging prohibitively expensive. The Economist (11/12)
ICE chief sees tenfold rise in CDS tradesThe market for credit default swaps is likely to grow tenfold and overtake the larger interest rate swap market, as asset managers realise the benefits of the instruments in curbing risk, according to the head of US derivatives market IntercontinentalExchange.http://www.efinancialnews.com/homepage/content/1055748538
CDS market has become a shadow of its former self Broker GFI’s monthly credit derivatives report used to create a stir in the market. The report, which charts trading patterns in the most active sectors and single-name credits in the global credit default swap market, contained some diverting information this month.
UK regulators could gain authority to tear up bankers' contractsThe government of UK Prime Minister Gordon Brown will outline plans for reining in bankers' compensation deemed as encouraging excessive risk-taking. The Financial Services Authority would be given "powers if necessary to tear up contracts that would result in payments being made that would cause instability", said Chancellor Alistair Darling. The legislation would not apply to 2009 bonuses, however. Bloomberg (15 Nov.) , The Wall Street Journal (16 Nov.) , The Times (London) (16 Nov.)
Regional
SGX raps banks on 'dark pools'By Sundeep Tucker and Kevin Brown in SingaporeTension between exchanges and banks over the role of "dark pools" in the markets looks set to spread to Asia after SGX, the Singapore exchange, criticised the banks' dark pools as "opaque" systems that prevented investors from seeing prices.http://www.ft.com/cms/s/0/6e86a2f2-d24f-11de-a0f0-00144feabdc0.html
*** the distinction between exchange and bank operated dark pools.
SHANGHAI STOCK EXCHANGE SWITCHES TO NEW TRADING SYSTEM
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31016
Policy
NYSE, LCH.Clearnet Urge U.S. to Drop Clearing Ownership LimitsBy Matthew LeisingNov. 19 (Bloomberg) -- NYSE Euronext and four other firms are asking Congress to drop a proposal that would bar clearing and trading systems in the private derivatives market offered by companies that are more than 20 percent bank owned. Congress shouldn't adopt rigid ownership caps, the companies, which also include Tradeweb LLC, LCH.Clearnet Ltd., FXall and Bats Global Markets Inc., said in a Nov. 16 letter sent to Representatives Barney Frank and Spencer Bachus. Frank, chairman of the Financial Services Committee, plans to include the proposal when his bill to overhaul the $605 trillion market reaches the House floor.http://www.bloomberg.com/apps/news?pid=20601110&sid=a_pF4X829rK8
Short Selling in Aust.
Australia remains one of the less hospitable places for short selling and securities lending. One of the key requirements placed on traders is that short sales must be disclosed when the order is placed and the exchange releases daily statistics on short sales. I always wonder what this type of information is meant to convey. I maintain that information without context is meaningless. Lets look at the Aussie data….
http://www.stocklendingtoday.com/my_weblog/2009/11/ive-mentioned-before-the-dramatic-levelling-of-the-playing-field-in-prime-brokerage-new-entrants-new-alliances-and-produ.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SecuritiesLendingTradersNetwork+%28Stock+Lending+Today%29
*** I totally agree with Roy… Rules meant to protect investors that can’t actually be used by them represent unnecessary regulatory interference.
One.Tel
I’m far from knowing the in and outs and rights and wrongs of this…however it does look like if you have 15 million dollars and 5 years …you can defend your “innocence” (it almost justifies obscene pay for directors). Two other directors, without these resources, settled out of court (with substantial bans) in 2004. Somewhere, there is an injustice.
http://www.smh.com.au/business/onetel-shock-asic-loses-case-against-jodee-rich-20091118-iljc.html
http://www.asic.gov.au/asic/asic.nsf/byheadline/09-229MR+ASIC+proceedings+against+Rich+and+Silbermann+dismissed?openDocument
JPMorgan seals 1bn takeover of Cazenove.The London stockbroker that counts the Queen as a customer has been taken over by JPMorgan in a 1bn deal that will deliver a windfall to staff.http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6604248/JPMorgan-seals-1bn-takeover-of-Cazenove.html
J.P. Morgan buys $99bn ANZ custody services
J.P. Morgan's Worldwide Securities Services division has bought ANZ's Custodian Services business - a move that boosts J.P. Morgan's assets under custody by a cool $99 billion and gives it a substantial foothold in the local sub-custody sector.
Read more »
ABN Amro, Fortis Bank Bailout Rises to $45 Billion on Merger Preparations The Netherlands plans to invest an additional 3 billion euros ($4.5 billion) of cash in ABN Amro Holding NV's Dutch unit and Fortis Bank Nederland NV as the government merges the two bailed out lenders.http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPIB7xQhsGFQ
http://www.minfin.nl/english/News/Newsreleases/2009/11/Government_clears_the_way_for_integration_of_ABN_AMRO_and_Fortis_Bank_Nederland
*** the official line from finance minister.
Icap's clear skiesBy Emiko TerazonoAfter dropping plans to buy clearing house LCH.Clearnet, Icap, founded and headed by Tory treasurer Michael Spencer , has quietly made two appointments highlighting how the interdealer broker is focusing its attention on the unglamorous post-trade side of the over-the-counter derivatives business. It comes as regulators are pushing for greater use of processes such as clearing.http://www.ft.com/cms/s/0/952c3414-d3e2-11de-8caf-00144feabdc0.html
S.I.N. Alert: Tradeweb Takes on Icap in Inter-Dealer Agency Bond Trading
By Shane Kite
Tradeweb launched inter-dealer electronic trading in federal agency debt Thursday on Dealerweb, with the goal of taking the bulk of the market from Icap, the world’s largest inter-dealer broker, said an executive at a fixed income services provider with knowledge of the initiative.
Dealerweb is an inter-dealer electronic trading platform operated by Hilliard Farber & Co., a boutique inter-dealer brokerage specializing in mortgage-backed securities (MBS) and owned by Tradeweb.
Tradeweb purchased Hilliard a year ago as a means of entering the inter-dealer business enabled through Hilliard’s existing dealer clients. Hilliard was primarily a voice broker and Tradeweb provided Hilliard’s dealer-customers with an alternative: electronic, inter-dealer trading.
http://instinet.com/includes/index.jsp?thePage=/AboutInstinet/profiles/40thdocumentary.html
*** A 40yr snap shot of Instinet.
WFE Oct 2009 figures
http://www.world-exchanges.org/files/focus/pdf/focus%201109.pdf
EUROPEAN COMMISSION ACCUSES S&P OF MONOPOLY ABUSE OVER ISIN FEES The European Commission has accused Standard & Poor's of unfair pricing of fees charged for stock data codes and abusing its dominant position as the sole-appointed National Numbering Agency (NNA) for US International Securities Identification Numbers (Isins).
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20768
Female Hedge Fund Managers Outperform Male Counterparts From January 2000 through May 31, 2009, women who ran hedge funds delivered nearly double the investment performance of their male counterparts, according to Chicago-based Hedge Fund Research.
"Thor" Movie Update: Warriors Three Cast Who's playing Fandral, Hogun and Volstagg? Find out now!
When Thor makes his big screen debut on May 20, 2011
O'Driscoll late show ends Wallabies' grand slam dream
The Wallabies' grand slam dream is over…
Oh well, I guess a draw does not a grand slam make.
Scott Riley
Business Development
[Please note my new email address: scott.riley@au.fortisclearing.com]
Fortis Global Clearing
8th Floor 50 Bridge Street Sydney Australia 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627
* scott.riley@au.fortisclearing.com
LSE adds bonds (as a humble retail investor I always found bonds, other than Gilt auctions, inaccessible due to size, so I like this).
The policy proposal that infrastructures should lose their mutual aspect leaves me dumbfound.
It just shows how far politics can disconnect from the reality of industry.
I’d like to rant a bit on this topic but I just don’t know where to begin.
CDS. Funny. Conflicting viewpoints on market. Must be a timing difference.
Regulatory policy again.
On short selling I absolutely agree with Zimmerhansl. Regulation for regulations sake loses its meaning.
With One.Tel. No doubt, the company was a poor one that left millions outstanding to creditors. There are no angels in this mix, but there is something wrong about having to spend 15mill to defend yourself.
Busy week for JPM. Cazanove and ANZ!
More details on Fortis.
And finally… the ocean swimming season kicked off here in NSW last week-end.
On a day where temperatures got over 40C it was a good day to be swimming.
I’d never been to the Dawn Fraser pool (a tidal pool in the harbour) nor swum around cockatoo island so this was all new.
I tested the water in the Dawny and was surprised to see a jelly fish, geeze those things get about.
As for the water temp. lovely, circa 24 C. Given this is in the harbour I was surprised how warm it was.
The water is much choppier to the East of the harbour bridge but there are still strong currents running here as you round the island.
This was a great journey swim, in a clockwise direction, with great views of a historic part of Sydney.
We set off from Balmain, swim across to the island, round it, then back to “Dawny’s”
There is a great write up / report here.
http://www.oceanswims.com/nsw90/09112122.html
You can see the island here:
http://maps.google.com.au/maps?f=q&source=s_q&hl=en&geocode=&q=cockatoo+island+sydney&sll=-25.335448,135.745076&sspn=53.947846,59.677734&ie=UTF8&hq=&hnear=Cockatoo+Island,+New+South+Wales&t=h&z=14
I was glad I did the swim rather than watch the rugby.
What muppets. Aust lost to Scotland, first time in 27yrs.
Well, so much for dreams of a grand slam…it’s now called the grand sham.
If they follow their lose one, win one form I feel sorry for Wales.
I now throwing the baby out with the bath water. I’d rather see Wales win and play with passion than watch these wallabies win on the basis of I don’t know what. I feel sorry for Deans and Robinson, but as a unit, this is not a professional side.
Perhaps we can learn from the English:
However beautiful the strategy, you should occasionally look at the results."
--Winston Churchill, British prime minister
Have a great week all.
S
http://clearingandsettlement.blogspot.com/
Platforms
Chi-East, a joint venture between trading venue operator Chi-X Global and the Singapore Exchange , has appointed LCH.Clearnet as the central clearing facility for its pan-Asian, non-displayed trading platform, scheduled to launch in mid-2010.
Read story
http://www.thetradenews.com/trading-venues/dark-pools/3897
TradeTech Asia 2009 Highlights
TradeTech Asia 2009 came to a close in Singapore on November 19. The 2 day cash equities powwow featured many prominent minds of the electronic trading industry. Panels, roundtables and presentations covered a wide range of topics including... Read More Here
Spread better IG Group connects to Chi-X EuropeSign of increasing importance of alternative trading platforms to investorshttp://www.ft.com/cms/s/0/4cc93b9a-d2d9-11de-af63-00144feabdc0.html
MTFS CAPTURE 54% OF EUROPE’S DARK MARKET A trio of alternative trading systems has seized more than half of Europe’s “dark” equities market from broker-run rivals in just six months.
http://mail.efnmail.co.uk/r/155027663/MjU3MzA2OjIzMjYz/
*** Chi-X, T and Bats.
Trader plans electronic OTC platform for convertible bondsConstantinos Antoniades, formerly a bond trader at Goldman Sachs, is poised to launch Vega-Chi, the first electronic over-the-counter platform for convertible bonds in Europe. Vega-Chi will list 165 of the 180 convertible-bond issues in Europe and will soon add Asian convertibles. The platform is another attempt at getting into Europe's fragmented market, which is dominated by banks. "Currently, the convertible-bond market is extremely fragmented and very inefficient, and what we want to create is a kind of centralised system where investors can access liquidity better and can trade better prices than are available in the OTC market," Antoniades said. Financial Times (tiered subscription model) (20 Nov.)
*** Geeze, everyone wants Chi in their name now.
Deutsche Börse spends big on new trading platform Deutsche Börse is throwing significant resources behind a bold plan to move all of its US and European markets onto a single high-speed trading platform. The move mirrors its biggest rivals, which are simplifying their technology in the battle to lure speed-sensitive traders.
LONDON STOCK EXCHANGE TO LAUNCH RETAIL BONDS PLATFORM The London Stock Exchange is to launch a new order-driven trading service for private investors in the bond markets.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20762
NASDAQ OMX and the Nordic Securities Dealers Associations Update Timetable for Migration to New Trading PlatformSTOCKHOLM, Sweden, Nov 16, 2009 (GlobeNewswire via COMTEX News Network) -- NASDAQ OMX, the Danish Securities Dealers Association, the Federation of Finnish Financial Services and the Swedish Securities Dealers Association, have together agreed on an updated timetable for the migration to a new trading platform on the NASDAQ OMX exchanges in Copenhagen, Helsinki, Iceland, Riga, Stockholm, Tallinn and Vilnius.http://ir.nasdaq.com/releasedetail.cfm?ReleaseID=424295
**** Based on the updated timetable, the new trading platform, INET, will be introduced on February 8, 2010
Technology Drives Trading CostsTrading costs spiked during the volatile year that was, but experts see calmer — and cheaper — waters surfacing, according to Elkins/McSherry's 13th annual transaction cost survey. Fast-paced technological change remains the driving force in equity trading.
*** US centric
THE TRADE NEWS: BlocSec Scraps Minimum Size RequirementsBy Staff11/16/09BlocSec, a pan-Asian non-displayed trading system owned by agency brokerage CLSA Asia-Pacific markets, is to remove its minimum order size requirements in a bid to attract greater liquidity to its platform.
US FUTURES MARKETS IN CROSSHAIRS OF ALGO REVOLUTION - TABB The US futures markets is set to be the next battleground for high frequency traders, as rapid uptake of algorithmic strategies leads to a surge in the proportion of volume traded on an automated basis, according to Tabb Group.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20748
*** and ELX will be well positioned to cater for this shift.
REUTERS: Turquoise Owners Might Hold onto Stake, According to COOBy Tyler Sitte and Daisy Ku11/17/09The chief operating officer of Turquoise said its founding members may keep a strategic stake in the multilateral trading platform should it be sold."As I understand it, the member banks want to keep a strategic stake, suggesting that they would stay committed to continuing to provide liquidity," COO Adrian Farnham.
Clearing
Debate on derivatives, clearinghouses continuesDerivatives have been the focus of regulatory debate lately, but they remain a useful tool, said Nobel economist Myron Scholes. Banning them would be a "Luddite response that takes financial markets back decades," Scholes said. Regulators think trading derivatives through clearinghouses would make them safer, but doing so would hurt banks' profit and make certain corporate hedging prohibitively expensive. The Economist (11/12)
ICE chief sees tenfold rise in CDS tradesThe market for credit default swaps is likely to grow tenfold and overtake the larger interest rate swap market, as asset managers realise the benefits of the instruments in curbing risk, according to the head of US derivatives market IntercontinentalExchange.http://www.efinancialnews.com/homepage/content/1055748538
CDS market has become a shadow of its former self Broker GFI’s monthly credit derivatives report used to create a stir in the market. The report, which charts trading patterns in the most active sectors and single-name credits in the global credit default swap market, contained some diverting information this month.
UK regulators could gain authority to tear up bankers' contractsThe government of UK Prime Minister Gordon Brown will outline plans for reining in bankers' compensation deemed as encouraging excessive risk-taking. The Financial Services Authority would be given "powers if necessary to tear up contracts that would result in payments being made that would cause instability", said Chancellor Alistair Darling. The legislation would not apply to 2009 bonuses, however. Bloomberg (15 Nov.) , The Wall Street Journal (16 Nov.) , The Times (London) (16 Nov.)
Regional
SGX raps banks on 'dark pools'By Sundeep Tucker and Kevin Brown in SingaporeTension between exchanges and banks over the role of "dark pools" in the markets looks set to spread to Asia after SGX, the Singapore exchange, criticised the banks' dark pools as "opaque" systems that prevented investors from seeing prices.http://www.ft.com/cms/s/0/6e86a2f2-d24f-11de-a0f0-00144feabdc0.html
*** the distinction between exchange and bank operated dark pools.
SHANGHAI STOCK EXCHANGE SWITCHES TO NEW TRADING SYSTEM
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31016
Policy
NYSE, LCH.Clearnet Urge U.S. to Drop Clearing Ownership LimitsBy Matthew LeisingNov. 19 (Bloomberg) -- NYSE Euronext and four other firms are asking Congress to drop a proposal that would bar clearing and trading systems in the private derivatives market offered by companies that are more than 20 percent bank owned. Congress shouldn't adopt rigid ownership caps, the companies, which also include Tradeweb LLC, LCH.Clearnet Ltd., FXall and Bats Global Markets Inc., said in a Nov. 16 letter sent to Representatives Barney Frank and Spencer Bachus. Frank, chairman of the Financial Services Committee, plans to include the proposal when his bill to overhaul the $605 trillion market reaches the House floor.http://www.bloomberg.com/apps/news?pid=20601110&sid=a_pF4X829rK8
Short Selling in Aust.
Australia remains one of the less hospitable places for short selling and securities lending. One of the key requirements placed on traders is that short sales must be disclosed when the order is placed and the exchange releases daily statistics on short sales. I always wonder what this type of information is meant to convey. I maintain that information without context is meaningless. Lets look at the Aussie data….
http://www.stocklendingtoday.com/my_weblog/2009/11/ive-mentioned-before-the-dramatic-levelling-of-the-playing-field-in-prime-brokerage-new-entrants-new-alliances-and-produ.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SecuritiesLendingTradersNetwork+%28Stock+Lending+Today%29
*** I totally agree with Roy… Rules meant to protect investors that can’t actually be used by them represent unnecessary regulatory interference.
One.Tel
I’m far from knowing the in and outs and rights and wrongs of this…however it does look like if you have 15 million dollars and 5 years …you can defend your “innocence” (it almost justifies obscene pay for directors). Two other directors, without these resources, settled out of court (with substantial bans) in 2004. Somewhere, there is an injustice.
http://www.smh.com.au/business/onetel-shock-asic-loses-case-against-jodee-rich-20091118-iljc.html
http://www.asic.gov.au/asic/asic.nsf/byheadline/09-229MR+ASIC+proceedings+against+Rich+and+Silbermann+dismissed?openDocument
JPMorgan seals 1bn takeover of Cazenove.The London stockbroker that counts the Queen as a customer has been taken over by JPMorgan in a 1bn deal that will deliver a windfall to staff.http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6604248/JPMorgan-seals-1bn-takeover-of-Cazenove.html
J.P. Morgan buys $99bn ANZ custody services
J.P. Morgan's Worldwide Securities Services division has bought ANZ's Custodian Services business - a move that boosts J.P. Morgan's assets under custody by a cool $99 billion and gives it a substantial foothold in the local sub-custody sector.
Read more »
ABN Amro, Fortis Bank Bailout Rises to $45 Billion on Merger Preparations The Netherlands plans to invest an additional 3 billion euros ($4.5 billion) of cash in ABN Amro Holding NV's Dutch unit and Fortis Bank Nederland NV as the government merges the two bailed out lenders.http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPIB7xQhsGFQ
http://www.minfin.nl/english/News/Newsreleases/2009/11/Government_clears_the_way_for_integration_of_ABN_AMRO_and_Fortis_Bank_Nederland
*** the official line from finance minister.
Icap's clear skiesBy Emiko TerazonoAfter dropping plans to buy clearing house LCH.Clearnet, Icap, founded and headed by Tory treasurer Michael Spencer , has quietly made two appointments highlighting how the interdealer broker is focusing its attention on the unglamorous post-trade side of the over-the-counter derivatives business. It comes as regulators are pushing for greater use of processes such as clearing.http://www.ft.com/cms/s/0/952c3414-d3e2-11de-8caf-00144feabdc0.html
S.I.N. Alert: Tradeweb Takes on Icap in Inter-Dealer Agency Bond Trading
By Shane Kite
Tradeweb launched inter-dealer electronic trading in federal agency debt Thursday on Dealerweb, with the goal of taking the bulk of the market from Icap, the world’s largest inter-dealer broker, said an executive at a fixed income services provider with knowledge of the initiative.
Dealerweb is an inter-dealer electronic trading platform operated by Hilliard Farber & Co., a boutique inter-dealer brokerage specializing in mortgage-backed securities (MBS) and owned by Tradeweb.
Tradeweb purchased Hilliard a year ago as a means of entering the inter-dealer business enabled through Hilliard’s existing dealer clients. Hilliard was primarily a voice broker and Tradeweb provided Hilliard’s dealer-customers with an alternative: electronic, inter-dealer trading.
http://instinet.com/includes/index.jsp?thePage=/AboutInstinet/profiles/40thdocumentary.html
*** A 40yr snap shot of Instinet.
WFE Oct 2009 figures
http://www.world-exchanges.org/files/focus/pdf/focus%201109.pdf
EUROPEAN COMMISSION ACCUSES S&P OF MONOPOLY ABUSE OVER ISIN FEES The European Commission has accused Standard & Poor's of unfair pricing of fees charged for stock data codes and abusing its dominant position as the sole-appointed National Numbering Agency (NNA) for US International Securities Identification Numbers (Isins).
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20768
Female Hedge Fund Managers Outperform Male Counterparts From January 2000 through May 31, 2009, women who ran hedge funds delivered nearly double the investment performance of their male counterparts, according to Chicago-based Hedge Fund Research.
"Thor" Movie Update: Warriors Three Cast Who's playing Fandral, Hogun and Volstagg? Find out now!
When Thor makes his big screen debut on May 20, 2011
O'Driscoll late show ends Wallabies' grand slam dream
The Wallabies' grand slam dream is over…
Oh well, I guess a draw does not a grand slam make.
Scott Riley
Business Development
[Please note my new email address: scott.riley@au.fortisclearing.com]
Fortis Global Clearing
8th Floor 50 Bridge Street Sydney Australia 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627
* scott.riley@au.fortisclearing.com
1 comment:
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Bathmate
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