Sunday, November 29, 2009

AMCF News: LSE outage, NASDAQ, US policy, S&P, cheques, Wedding Cake Island


LSE results and outage take the headlines. I see no shame in asking to make markets better. Allowing the free flow of liquidity is exactly what nature intended. Using the auction process to dupe smart order routing into locking liquidity might work once, but the cats is now out of the bag. Technology will adapt.
Nasdaq developments in OTC clearing and looks like EACH is growing beyond its initial name. More ACH.
Some laughable US policy being espoused.
And S&P…can you really take them seriously?

Farewell the cheque…but then again.

Working With Idiots Can Kill You!
http://bigmacky.wordpress.com/2007/08/29/working-with-idiots-can-kill-you/
*** an excellent article on TCA. Must say, “Global Cooling Is An Ecological Disaster —On Pluto!” is also of concern.

Another great swim this w/end. The wedding Cake Island swim. Out from Coogee beach and around the island.
“The bottom around Wedding Cake is littered with rounded boulders on the inside, and with forests of weed and rock shelfs on the ocean side. There's a lot of sea life down there”
More here.
http://www.oceanswims.com/nsw90/coogee09.html

Results already in at:
http://www.oceanswims.com/results90/coogeeres092.html
A time of 45:15 or 69/147 in age and 393/851 in the mens.


You can see the island here:
http://maps.google.com.au/maps?f=d&source=s_d&saddr=coogee+surf+life+saving+club&daddr=-33.927605,151.261353&geocode=FUJg-v0d9QIECSG01VQJHmHacA%3B&hl=en&mra=dme&mrcr=0&mrsp=1&sz=16&dirflg=w&sll=-33.923848,151.260259&sspn=0.012464,0.01457&ie=UTF8&t=h&z=16

Dawny results in:
http://www.oceanswims.com/results90/dawnyres09long.html
No. 139 a solid boofheads 44mins.

And as for those Wallabies. May the best team win. I’ll not be upset if Wales win, but I’ll support the Wallabies so there is someone to ridicule in the pubs!

Now…cricket..there’s a game.

Great w/end all,

S
http://clearingandsettlement.blogspot.com/

If a cluttered desk is the sign of a cluttered mind, what is the significance of a clean desk?"
--
Dr. Laurence J. Peter, Canadian educator


Platforms

Chi-X Europe Said Likely to Name Alasdair Haynes as New CEOBy Nandini SukumarNov. 23 (Bloomberg) -- Alasdair Haynes may be named chief executive officer of Chi-X Europe Ltd., the region's biggest alternative trading system, according to three people familiar with the situation.
http://www.bloomberg.com/apps/news?pid=20601102&sid=atLtwQaDZxjQ

FT TRADING ROOM: Interview Transcript – Mark Howarth and Hirander MisraBy Jeremy Grant11/23/09Transcript of interview with Mark Howarth, interim chief executive of Chi-X Europe, and Hirander Misra, chief operating officer, with Jeremy Grant, Editor, FT Trading Room.FT: I think a lot of people would be surprised to know that you almost have 25 per cent of the FTSE 100, two and a half years after launch. Put that together with the share that you have on continental Europe and you are, give or take, fourth largest trading platform in Europe. Is that where you expected to be?....

Majority of Europe's dark-equities market shifts to MTFsIn the month through Thursday, Chi-X Europe, BATS Europe and Turquoise dealt with a combined 54% of trades in Europe's market of dark equities. The multilateral trading facilities started operating dark pools in May. Liquidnet Europe, Nyfix Euro Millennium and ITG Posit controlled 98% of the market then. Since then, the three established dark pools have seen their market share dwindle to 39%, according to Thomson Reuters. The Wall Street Journal/Financial News (22 Nov.)

London Stock Exchange says profits plungeLONDON (AFP) The London Stock Exchange announced on Wednesday that six-month net profits nosedived by almost 40 percent, as a result of depressed markets and increasing competition.
http://news.yahoo.com/s/afp/20091125/bs_afp/britainmarketsstockscompanyearningslse_20091125094526

26/11/2009 12:27:00
GREMLINS STRIKE AGAIN AT LSE AS SHARE PRICE PLUMMETS OVER DUBAI FEARS
The London Stock Exchange is once again grappling with technical problems on a day when its shares have taken a hammering on fears that Borse Dubai may be forced to dump its 20% stake in the UK market.
More on this story:
http://www.finextra.com/news/fullstory.aspx?newsitemid=20798
*** Xavier Rolet, CEO of the London Stock Exchange, said: "We regret the inconvenience that today's disruption to trading has caused for our clients. Having resolved the immediate issue, we are working hard to ensure this doesn't happen again ahead of switching to MillenniumIT's trading platform next year."



NASDAQ OMX Baltic Creates A Single Marketplace - A New Trading Venue For Shares Listed On Three Existing ExchangesNASDAQ OMX Baltic, part of the NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), today announced its intention to create a new single marketplace to trade shares listed on the regulated markets NASDAQ OMX Tallinn, NASDAQ OMX Riga and NASDAQ OMX Vilnius. The Euro will be the trading and settlement currency for the marketplace scheduled to launch in the first half of 2010, subject to member readiness and necessary approval from local authorities.
http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86836NASDAQ OMX Acquires Shares In Baltic Exchanges - Move To Improve Ability To Develop More Liquid Baltic Capital MarketsNASDAQ OMX Nordic, part of The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), has agreed with Swedbank and SEB to acquire their minority stakes in the NASDAQ OMX Tallinn exchange. At the same time, other local minority shareholders have also sold their stakes in NASDAQ OMX Tallinn to NASDAQ OMX, bringing NASDAQ OMX's ownership in NASDAQ OMX Tallinn to 93 percent. In connection with this deal, SEB has also sold its 1.2 percent stake in NASDAQ OMX Vilnius to NASDAQ OMX. NASDAQ OMX's goal is to reach 100 percent ownership in all NASDAQ OMX's Baltic entities in the near future. Terms of the transaction were not disclosed. http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86838


Treasury battle: ELX takes on NYSE CHRISTINE BIRKNERTwo rival exchanges in the Treasury futures space could be set for a battle on the regulation front. On Oct. 13, NYSE Euronext and the Depository Trust & Clearing Corporation (DTCC) finalized their formal agreement to create a joint venture, New York Portfolio Clearing (NYPC), to clear interest rate products traded on NYSE Liffe U.S. NYPC would margin cash and derivatives markets in a single pot, rather than through existing cross-margining agreements. ELX, which launched trading of U.S. Treasury futures in July, sent a letter to the SEC on Oct. 28 objecting to NYSE's filing of draft amendments to approve the venture. ELX says that filing the venture in a draft manner was an attempt to keep ELX or other exchanges from having a public opportunity to submit any objections to the SEC. ELX's main objection is that the venture is anti-competitive.
http://www.futuresmag.com/Issues/2009/December-2009/Pages/ELX-takes-on-NYSE.aspx

innerExchange releases inExFlexinnerExchange has announced the release of inExFlex, version 3.0 of its exchange platform solution, a FIX native trading infrastructure for the OTC markets The company states that the technology move from the traditional exchange model to new business agile exchanges and marketplaces is underway, and innerExchange will support the move. New electronic exchanges and internet driven marketplaces can bring huge advantages for distribution, flexibility and lower cost. inExFlex, operates a trading p..
http://www.automatedtrader.net/news/exchange-news/24596/innerexchange-releases-inexflex

ASX futures fail to trade Australian securities exchange operator ASX's plans to take a lead in the renewable energy market stalled yesterday when a new futures contract failed to trade after listing for the first time.
http://www.stuff.co.nz/business/market-data/3094970/ASX-futures-fail-to-trade

Turkish bourse to use Aleri for trading surveillance




Clearing


Burgundy appoints second CCP
Thu, 2009-11-19 16:58
Burgundy, a multilateral trading facility specialising in Nordic stocks, has chosen Swiss clearing house SIX x-clear as its second provider of central counterparty (CCP) clearing.
SIX x-clear will join pan-European clearing house European Multilateral Clearing Facility (EMCF), which has cleared trades on Burgundy since the platform launched its CCP service on 9 October. Burgundy expects to add SIX x-clear to the service in the second quarter of 2010, pending final agreement between the relevant parties and approval of interoperability agreements by the relevant European regulators.
http://www.thetradenews.com/asset-classes/equities/3907

Nasdaq OMX (Clearing)
OTC Derivatives System Debuts with Razor Edge on Competition
http://www.windowsfs.com/capital-markets/otc-derivatives-system-debuts-with-razor-edge-on-competition

also:
http://www.idcg.com/idcg/press.html
http://www.idcg.com/pdfs/idcg/IDCG%20Educational%20Brochure.pdf
http://www.efinancialnews.com/homepage/content/1055665918/


NATIONAL CLEARING CENTRE JOINS EACH
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31215




Policy

Market participants are fiercely divided on whether the US Securities and Exchange Commission should follow through on its proposal to ban 'flash' orders in the US equities and options markets, according to responses submitted during the comment period, which closed on Monday.
Read story
http://www.thetradenews.com/regions/americas/3930

Dark Pools Seek Limited TransparencyDark pools provide institutional investors with a valuable venue for trading large blocks of securities. ...
http://wallstreetandtech.com/trading-technology/showArticle.jhtml?articleID=221600329&cid=nl_wallstreettech_daily



Senator Kaufman Calls for End to Sponsored AccessSenator Ted Kaufman (D-DE) has delivered a letter to SEC Chairman Mary Schapiro and four commissioners urging them to end sponsored access and "combat manipulative high frequency trading algorithms.”
*** hopeless.

Democrats push $150B stock tax on Wall StreetBy Silla BrushA House bill still being drafted aims to raise $150 billion each year to pay for new jobs. Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax
**** Ummm, even more hopeless.


PAYPAL FOUND IN BREACH OF AUSTRALIAN ANTI-MONEY LAUNDERING RULES Australian financial crime regulator Austrac has given PayPal a one-year deadline to tighten up its procedures for managing money laundering and terrorism financing risks, after finding the firm in breach of the country's AML laws.
Full story:
http://www.finextra.com/news/fullstory.aspx?newsitemid=20781
*** Not only does Austrac exist, it bites!

Many banks are still unsafeStandard & Poor's gives warning that nearly all of the world's big banks lack sufficient capital.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6638922/Most-global-banks-are-still-unsafe-warns-SandP.html
*** Amazing, one GFC and all of a sudden S&P comes out with a revelation.
[in 2008 the rating agencies had 20 organisations rated at AAA and…64,000, yep sixty four thousand structured products rated AAA.
http://clearingandsettlement.blogspot.com/2009/06/amcf-news-chi-x-jb3-elx-stakeholders-db.html]

****
Given the key role the ratings agencies played in creating the global financial crisis with their risk-modelling and rating of cancerous sub-prime mortgages that were sliced and diced into complex securitised bundles, of course, no one should take pronouncements on creditworthiness from these newly conservative agencies too seriously.
http://www.businessspectator.com.au/bs.nsf/Article/SP-NAB-ANZ-Commonwealth-Bank-CBA-banks-capital-pd20091125-Y5A7Y?OpenDocument&src=kgb
*** hear, hear!



FSA raps Nomura for inadequate derivatives valuation
http://www.thetradenews.com/asset-classes/derivatives/3925
*** I hate this “double dipping”. You self disclose (take a P/L hit) and then you get a rap on the knuckles too. Do the auditors get a fine too…or are they too hard to go after. My son lost his DS once. (nicked from the poolside on vacation – he was careless). I was upset, he was distraught. I made him save for a new one…but I didn’t lump him with a fine too.





UK BANKS SET TO VOTE ON ABOLITION OF CHEQUES The UK's major banks are set to vote next month on whether to stop clearing cheques as consumers increasingly turn to cards and electronic transfers.
Full story:
http://www.finextra.com/news/fullstory.aspx?newsitemid=20780
*** not if, but when

$9 BILLION Check That Saved Morgan Stanley: Is It The Biggest Check Ever? (PHOTO)Ever wondered what a $9 billion check looks like?
http://bit.ly/4UtrV1
*** but then again, cheques do come in handy in a tight spot.


Advertisement In A Long Island Shop: Guitar, for sale. Cheap. No strings attached.On a bulletin board: Success Is Relative. The more The Success, The more The Relatives.You Know Your kids Have Grown Up When: Your Daughter Begins To Put On Lipstick.. Or when your Son starts To wipe It Off.Sign In A Bar: ‘Those Of You Who Are Drinking To Forget, Please do Pay In Advance.’Sign In Driving School: If Your Wife Wants To Learn To Drive, Don’t Stand In Her Way.Behind Every Great Man, There Is A Surprised Woman.The Reason Men Lie Is Because Women Ask too Many Questions.Getting Caught Is The Mother Of Invention.Laugh And The World Laughs With You, Snore And You sleep Alone.The Surest Sign That Intelligent Life Exists Elsewhere In The UniverseIs The Fact That It Has Never Tried To Contact Us



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

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