News: EMCF, tom, LSE, BATS, ASX, HKEx, CDS Asia

G’day All,

A very merry Xmas to you and yours. May you all be captivated by festive cheer.
(and how nice to see market volumes recovering).

LSE meets its self imposed year end timeframe to announce a deal with T.
BATS tweaks its pricing for the new year.
Some changes to Nasdaq in Dubai.
ASX comes out fighting on market reform and HKEx recites the incumbent playbook.

Congratulations to EMCF. What a year!
Nov saw it take the mantle as no1 European Equity CCP…and today a new platform joins the fold. Welcome TOM and all the best.
There are still plenty of market niches out there to be explored in a Pan-European capital market.

Transaction taxes just appal me as political short-sightedness.
But no rants today, just good-will.

What are roos doing in Germany?

See you on the beach (or maybe not in you’re in Europe),


S
http://clearingandsettlement.blogspot.com/


You can't wait for inspiration. You have to go after it with a club."
--Jack London,
writer




Platforms

LSE Will Own 60% of Turquoise in Merger With Baikal (Update2)
By Nandini Sukumar
Dec. 21 (Bloomberg) -- London Stock Exchange Group Plc agreed to merge its Baikal dark pool unit with Turquoise in a deal that will give LSE 60 percent of the new pan-European trading venture.
http://www.bloomberg.com/apps/news?pid=20601102&sid=a5GhG_3WCQBI

FINANCIAL TIMES: Turquoise Deal Exposes Rivals’ Weakness
By Jeremy Grant
12/22/09
One down, six to go. With the London Stock Exchange set to absorb Turquoise, the share trading platform, the UK bourse can worry a little less about competitors snapping at its heels.
The nine banks that created Turquoise in 2006 as a way of forcing the LSE to lower its fees are now part of a joint venture with the exchange that will compete with the remaining six “multilateral trading facilities” left in Europe.
They are Chi-X Europe, BATS Europe, Nasdaq OMX Europe, NYSE Arca Europe, Hungary-based Quote MTF and Equiduct, controlled by Citadel Securities of Chicago. Collectively they still account for more than 30 per cent of trading in the FTSE 100. But with share trading volumes still well below pre-crisis levels, and only Chi-X scraping a profit in October there are doubts over how long the markets can support the remaining six platforms.
That is especially true now that the market has a clearer idea of what an MTF is worth. The numbers involved in the Turquoise deal show that the answer is “not much”.
*** see clearing below – AMCF appointed to TOM.

BATS Exchange To Launch Us Primary Listings Market - Third-Largest Us Equities Exchange To Enter Primary Listings Markets To Better Meet Needs Of Public Companies
BATS Exchange, a leading and innovative U.S. securities exchange, today announced plans to launch a listings market by summer of 2010.
http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=87537

BATS Europe Announces New Pricing for 2010
Fast-Growing MTF to Rebate 0.18 Basis Points for Adding Liquidity and Charge 0.28 Basis Points for Removing Liquidity
LONDON & KANSAS CITY, Mo.--(BUSINESS WIRE)--BATS Europe, an innovative, wholly-owned subsidiary of BATS Global Markets, today announced a new pan-European fee schedule for trading equities, ETFs and ETCs on its integrated book, effective 4th January 2010.
http://finance.yahoo.com/news/BATS-Europe-Announces-New-bw-523150948.html?x=0&.v=1

NYSE Volume Beats Record Set at Peak of Credit Crisis
By Tom Steinert-Threlkeld
The New York Stock Exchange said trading volume on Friday hit a new high, beating the record on the last day of the week in 2008 when the credit crisis hit its crescendo.
Regular session trading volume hit 3.2 billion shares, the exchange said on its Web journal.
The previous record for a regular session was 3.0 billion shares, reached on Friday, September 19 last year.

Nasdaq OMX sells Dubai stake to DFM
Dubai Financial Market (DFM), the exchange subsidiary of government-owned holding company Borse Dubai, has agreed a deal to purchase Nasdaq OMX's stake in Nasdaq Dubai.
http://www.thetradenews.com/trading-venues/exchanges/4036

ASX calls on regulators to close dark pool loopholes
The Australian Securities Exchange (ASX) has today released its submission to the Treasury consultation on Reforms to the supervision of Australia's financial markets.
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31583
see also:
http://www.asx.com.au/about/pdf/mr_221209_asx_submission_treasury_consultation.pdf



HKEx Chairman Ronald Arculli's Speech - Roles and Challenges of Stock Exchanges
Good afternoon distinguished ladies and gentlemen. It is a pleasure to be spending this lunchtime with you. The past two years have been a roller-coaster ride for many in the financial markets. Few would have foreseen the .... Read More Here


Clearing

EMCF is appointed as the CCP for The Order Machine (TOM).
http://www.euromcf.nl/editor/uploads/20091218%20persbericht%20tom%20uk%20emcf.pdf
*** also interesting in the cotext of Jeremy Grant story above - Turquoise Deal Exposes Rivals’ Weakness


New CDS system to help volumes,liquidity in Asia-ISDA
By Umesh Desai
HONG KONG, Dec 21 (Reuters) - Credit default swaps in Asia will now follow a standardised trading format designed to facilitate centralised clearing, improve transparency and in the long-run raise transaction volumes, a trade body said on Monday.
http://in.reuters.com/article/domesticNews/idINTOE5BK09420091221



Industry

Dutch market maker selects Chi-Tech's high-frequency trading technology
http://www.thetradenews.com/trading-execution/algorithmic-trading/4035

Dutch have a simple answer to energy crisis working together
While tens of thousands of politicians and activists gathered hopefully in Copenhagen last Friday, a minor success was scored by eight men in wellingtons, standing on a barge beside the Afsluitdijk the dyke that stops the North Sea from flooding the Netherlands.
http://www.enn.com/energy/article/40845

ICAP PAYS $25 MILLION SEC PENALTY TO COVER FAKE TRADING CHARGES Interdealer broker Icap is to pay $25 million in settlement to the US Securities and Exchange Commission over charges that it displayed fake trades on its screens to encourage customer dealing.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20899
*** a naughty tweet?

Macquarie nears deal on Sal. Oppenheim unit
http://www.smh.com.au/business/macquarie-nears-deal-on-sal-oppenheim-unit-20091222-law7.html

In Brit fit, Goldman sees Spain
Goldman Sachs is so angry over a steep bonus surcharge being levied in London that it is vowing to move more than 1,000 highly paid employees to Spain. Under new rules, Goldman would have to pay a 50-percent tax on any employee bonuses over..
http://www.nypost.com/p/news/business/in_brit_fit_goldman_sees_spain_1STAXV7K6fseow6fxNO7eL

Timothy Geithner
By Daniel Gross
The Treasury secretary was largely responsible for directing the federal government's response to the financial crisis. He's still got his work cut out for him.
http://www.newsweek.com/id/227740?from=rss

Potential and Unintended Consequences of the Financial Transaction Tax
The FTT may create natural incentives for financial services companies to move overseas, just as their ...
http://advancedtrading.com/regulations/showArticle.jhtml;jsessionid=T555LQIJANH5JQE1GHPSKH4ATMY32JVN?articleID=222002855&_requestid=506153


Dark Pools, Derivatives and HFT Top Buy Side's Regulatory Agenda
Buy-side traders oppose regulations that hinder high-frequency trading and reduce liquidity in dark pools, ...
http://advancedtrading.com/showArticle.jhtml?articleID=222002715&cid=nl_at_daily

REUTERS: System Woes Keep European Brokers Behind the Curve
By Jane Baird
12/18/09
Europe's fragmenting stock markets could cost investors profits unless brokers smarten up systems that currently fail to find the best price in 15-20 percent of trades.
http://www.forbes.com/feeds/reuters/2009/12/18/2009-12-18T153747Z_01_LDE5BF0ID_RTRIDST_0_BROKERAGE-SOR-ANALYSIS.html


WFE FOCUS Newsletter December 2009 issue
http://www.world-exchanges.org/files/focus/pdf/Focus%201209.pdf

In November 2009, the WFE total domestic market capitalization increased by an average of 3.8% as compared to previous month, and 46% same month last year. However, the share turnover value during the period of Jan-Nov 2009 decreased by 16% as compared to the same period in 2008 despite an 25% increase in the Asia-Pacific region.

Will regulators act to achieve more consistent transaction reporting by equity trading venues in 2010? Given the glacial progress in Europe since 2007, they may have no choice.
http://www.thetradenews.com/trading-execution/regulation/4029





 Poll results
On Monday, SIFMA Global SmartBrief readers were asked a series of questions related to the UK government's tax on bankers' bonuses. Details of their answers are below.
• What effects do you expect this tax to have on the compensation of your employees outside the UK?
Somewhat negative 45.16%

No effects 25.81%

Extremely negative 14.52%

Somewhat positive 4.84%

Not applicable 3.23%

Extremely positive 3.23%

No opinion 3.23%

• Do you view the system of financial and fiscal regulation in the UK to be reliable, stable and fair?
No 68.12%

Yes 26.09%

No opinion 5.80%

• What impact do you expect the tax by itself to have on the UK as a financial centre?
Extremely negative 51.46%

Somewhat negative 35.92%

No impact 8.74%

Somewhat positive 2.91%

Extremely positive 0.97%

No opinion 0.00%

• What will the implementation of this tax be on the possibility that you will expand or start UK operations?
Much less likely 61.76%

Somewhat less likely 16.18%

Not applicable 13.24%

No difference 7.35%

Somewhat more likely 1.47%

Much more likely 0.00%





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 (Mob): +61 (0)418 117 627
 scott.riley@au.fortisclearing.com

Chi-X, LSE, Citadel, ASX, EMCF Ireland & IO

Chi-X welcomes Silberstein.

Looks like LSE goes on a charm offensive with the press. Interesting implications in switching Turquoise to Millennium. LSE also likes the look of the grass on the other side of the fence i.e. into derivatives. Maybe so, but in my view this does nothing to address the underlying issues in its equity business.

Nice piece on Equiduct and Citadel.

Pats certainly going after, and appears to be winning, in the “frontier” markets.

ASX details its risk appetite for new market operators. (i.e. pay me 450K for a trade feed)

EMCF into Ireland in the new year. Surely not just to be there before Paddies day?

And a welcome paper from EMCF on interoperability. Doing the subject more justice than a one liner.

Morgan Stanley claims of a 1Byn clearing OTC market (wallet size) give us a feel for where the attentions in the industry are focussed.

The Lynch amendment is ridiculous. I’m staggered. But it does prove, never under-estimate the lobbying power of the vested interest of the incumbent.

Swift gets lean. I’ve not read much on this. I thought it would attract more coverage.

So, farewell the cheque. Odd how two stories report the cheque 300 and 350 yrs old respectively. What does that tell you? Don’t believe everything (hardly anything these days in my view) you read in the press.

If I had the energy I’d have a rant. S&P withdraw credit rating info from retail investors. That’s helpful. The intent should be more transparency. Instead, we get its too hard, let’s just exclude that segment. I’m not blaming S&P for the cost of compliance. I’m blaming the nanny state.

No swim reports. B’days last w/end…and this week-end might chase a swim up the coast (we’ll see, it’s about an hour away).

http://www.cookshillsurfclub.com.au/SiteFiles/cookshillsurfclubcomau/B2B_EventInfo2009.pdf

Have a great week-end all…and for those breaking up for the new year…have a very Merry X-mas,

(Sorry for the delay in posting this, as emailed last week)

If I have seen farther than others, it is because I have stood on the shoulders of giants."

--Isaac Newton,
English physicist and mathematician

S

http://clearingandsettlement.blogspot.com/

Platforms

CHI-X GLOBAL NAMES STEVEN SILBERSTEIN CIO

http://www.finextra.com/news/announcement.aspx?pressreleaseid=31518

LSE Said to Near Deal to Own 60% of Turquoise in Baikal Merger
By Nandini Sukumar
Dec. 15 (Bloomberg) -- London Stock Exchange Group Plc is close to agreeing to a combination of its Baikal dark pool unit with rival Turquoise in a deal which would leave LSE with 60 percent of the new company, according to people familiar with the situation. The agreement between Europe's oldest independent bourse and the shareholders of Turquoise, a trading system set up by the exchange's customers as an alternative to LSE, may be signed by the end of the year, said the three people, who declined to be identified as the talks have
http://www.bloomberg.co.uk/apps/news?pid=20601102&sid=aspPEbPnzpzA

*** Turquoise, which at present runs on Cinnober Financial Technology, will move to MillenniumIT.

London Stock Exchange CEO Xavier Rolet Fights Back

Xavier Rolet inherited a crumbling empire, but the new CEO of the London Stock Exchange Group is waging a tireless campaign to return the 208-year-old institution to greatness. Rolet is fighting to retain the exchange's market share in equity trading.

http://www.iimagazine.com/

RIVALS UP THE ANTE IN DARK POOL STAKES
Rival dark pool providers Barclays Capital and NYSE Euronext have raised the stakes in the escalating battle among Europe’s anonymous trading platforms by making strategic moves to bolster their respective businesses.

http://mail.efnmail.co.uk/r/164393791/MjU3MzA2OjIzNDk3/

Eurex and LSE to launch equity options trading
Competition in UK equity options trading is set to erupt with plans by two European bourses to launch contracts rivalling those listed by NYSE Liffe, the region's dominant player.
http://www.ft.com/cms/s/539c20ee-e9c3-11de-9f1f-00144feab49a,s01=1.html

BATS Exchange plans IPO market to rival giant bourses
BATS Exchange, which has taken away market share in US equities trading from the New York Stock Exchange and Nasdaq, now intends to challenge the giant bourses’ dominance in the flotation arena with plans to unveil a listings market by the summer of 2010. (Financial Times)

Hong Kong Bourse Isn't Considering Exchange-backed Dark Pool
By Weiyi Lim
Dec. 11 (Bloomberg) -- The Hong Kong stock exchange is not considering the establishment of its own dark pool trading system, said Eric Yip, the exchange's head of the cash market department.
http://www.bloomberg.com/apps/news?pid=20601089&sid=aBcI7sGNvxPs

Although NYSE Arca Europe was late to the party and still lags other displayed multilateral trading facilities in terms of market share, direct comparison with its peers hides the full story, argues Virginie Saade, the venue's head.

Read the interview

14/12/2009 12:08:00

PATSYSTEMS SETS COURSE FOR A PROSPEROUS NEW YEAR WITH $6 MILLION TURKDEX DEAL

Screen dealing vendor Patsystems has won a $6 million contract to provide exchange, trading and risk management technology to the Turkish Derivatives Exchange (TurkDex).

More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20867

SECURITIES INDUSTRY NEWS: Citadel Tries to Make a Market in Berlin
By Michael Dumiak
12/14/09
Citadel Securities, the market-making unit of Chicago's Citadel Investment Group, took a majority stake this July in the European trading platform Equiduct-a system built and operated under the aegis of the Berlin Börse.
http://www.securitiesindustry.com/reports/21_22/-24396-1.html

http://www.asx.com.au/professionals/pdf/trade_acceptance_service_market_operator_letter.pdf

Clearing

EMCF position paper on interoperability

To download the paper, please click here.

EMCF will be able to start CCP services for Irish equities as of 22 January 2010.

http://www.emcf.com

Exchanges May Earn $1 Billion Clearing OTC, Morgan Stanley Says
By Matthew Leising
Dec. 16 (Bloomberg) -- Exchanges worldwide could earn $1 billion from clearing over-the-counter derivatives within three years, according to Morgan Stanley. U.S. and European regulators are reshaping the $605 trillion market for interest-rate, currency and credit-default swaps to improve market structure and lessen systemic risk after the bankruptcy of Lehman Brothers Holdings Inc. last year froze trading and exposed problems in how the private transactions were executed. The OTC market is about 10 times as large as exchange-traded derivatives such as interest-rate or commodity futures.

ICE Clear Europe Launches Single-Name CDS Clearing; Nomura and BNP Paribas Join as CDS Clearing Members
LONDON, Dec 14, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- IntercontinentalExchange(R) (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that ICE Clear Europe has launched clearing services for single-name credit default swap (CDS) contracts after receiving regulatory approval in the U.K. The first tranche of single name CDS references companies in the European utility sector. ICE also announced that BNP Paribas and Nomura have been approved as CDS clearing members of ICE Clear Europe and are actively clearing as of this week. ICE Clear Europe now has 13 CDS clearing members.
http://bit.ly/4Fi2kw

CME Group begins clearing credit derivatives
* Launch coincides with dealer promise to offer clearing
* ICE is CDS clearing front-runner so far
NEW YORK, Dec 15 (Reuters) - CME Group Inc (CME.O) began clearing U.S.-based credit derivatives on Tuesday, a spokesman said, aiming to capitalize on a government push to safeguard a market blamed for exacerbating the financial crisis.
http://www.reuters.com/article/idUSN1523822420091215

ICE TRUST GETS GREEN LIGHT FOR SINGLE-NAME CDS CLEARING

http://www.finextra.com/news/announcement.aspx?pressreleaseid=31525

OTC Clearing Plan That Locks Up Banks' Stakes Is Ridiculous'
By Matthew Leising
Dec. 11 (Bloomberg) -- An amendment to limit stakes in clearing and execution services for private derivatives may create new challenges to the industry by effectively locking up ownership structures by banks, according to company executives.
http://news.businessweek.com/article.asp?documentKey=1376-KUHU460UQVI9-4

11/12/2009 15:35:00

US HOUSE BACKS REFORMS TO CLEARING HOUSE OWNERSHIP RULES

US lawmakers have approved a bill that will place a 20% limit on collective bank ownership of derivatives clearing houses, despite fierce opposition from financial industry participants.

More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20865

House set to vote on financial-revamp legislation
The House is poised today to approve a sweeping overhaul of financial regulation, but many questions remain. An amendment that would limit banks from owning more than 20% of a clearinghouse was approved, despite opposition from the industry. "We have worked very hard with members of Congress to ensure that stronger oversight of these markets leads to a reduction in systemic risk," said Cory Strupp, managing director at SIFMA. "This amendment is simply a special interest giveaway that benefits a few at the expense of the entire market." The Hill (12/10) , Reuters (12/10) , The Bond Buyer (free content) (12/11) , The Washington Post (12/11)

BAHRAIN FINANCIAL EXCHANGE SETS UP CLEARING AND DEPOSITORY CORPORATION

http://www.finextra.com/news/announcement.aspx?pressreleaseid=31448

IIAC Selects TMX Group's CDCC to Develop a Central Counterparty Facility for the Fixed Income Market
December 15, 2009 (TORONTO) - TMX Group welcomes the news that the Investment Industry Association of Canada (IIAC) has chosen the Canadian Derivatives Clearing Corporation (CDCC) to develop the infrastructure for central-counterparty services to the Canadian fixed income market.
http://www.tmx.com/en/news_events/news_releases/12-15-2009_TMXGroup-IIAC-CDCC.html

Industry

STREET MOVES: Newedge Installs Fay As Americas Head
By Jacob Bunge
Paris-based brokerage firm Newedge appointed John Fay to serve as head of the Americas region, the company announced Wednesday. Fay, previously co-chief executive and co-president of institutional brokerage firm Instinet, will work out of Newedge's New York office and also sit on its executive committee, reporting to CEO Patrice Blanc and Nicolas Breteau, global head of sales.
http://bit.ly/6LeVUy

Nomura to Acquire Advisory Firm Tricorn Partners (Update1)
By Ambereen Choudhury
Dec. 16 (Bloomberg) -- Nomura Holdings Inc. agreed to buy Tricorn Partners LLP, a London-based advisory firm, to expand its corporate finance team in the U.K.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aLylZ9hhJlCM

SWIFT's Restructuring in North America Includes Layoffs

*** lean@swift

UK BANKS VOTE TO BOUNCE CHEQUES BY 2018

The UK's major banks have voted to stop clearing cheques by 31 October 2018, bringing to an end the 350 year old payment method.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20884

Britain bounces checks after 300 years
By Elizabeth Fullerton
LONDON (Reuters Life!) After more than three centuries, the humble check could become a historic relic if British banks, as expected, vote to phase it out in favor of more modern payment methods. The board of the UK Payments Council, the body for setting payment strategy in Britain, was meeting on Wednesday to discuss whether to set a date of 2018 for winding up the check clearing system. The board is largely made up of Britain's leading banks.
http://news.yahoo.com/s/nm/20091216/lf_nm_life/us_britain_cheques

YANNIC WEBER TO REPLACE KEVIN MILNE AS XTRAKTER CEO

http://www.finextra.com/news/announcement.aspx?pressreleaseid=31539

From 1 January 2010, Standard & Poor’s credit ratings will no longer be available to Australian retail investors. When accessing credit ratings information on our website, you will be asked to complete a declaration to indicate whether you meet the criteria for a wholesale investor; as defined under the Australian Corporations Act (2001). Once you have identified yourself as a wholesale investor, you will be able to access credit ratings information on our website. If you are unable to declare you are a wholesale investor, your access to credit ratings information will be disabled.

(www.standardandpoors.com.au)

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

FN09, pirates, tax, HK, ASIC, Lynch, IO, EMCF, Nomura MTF, Bondi to Bronte

Congratulations to Hirander & Chi-X, for his spot in ‘Top of the class of 2009’ in Financial News rising stars.

Congratulations also to EMCF. Largest European equity CCP in November. Who would have thought that in 2006?
Some nice feedback on Pirates business model from an Old Buccaneer.
BATS joins the call for European market protocol. Rightly so too.
As the UK seeks to impose Tobin taxes the Japanese waive them for foreigners.
LSE right to champion the cause to abolish stamp duty. Nasdaq out at LSE, TMX sola in. And LSE in derivs.
NYX distances itself from equities.
TSE ouch.
SGX / SMX / MAS / CDYS – this too short (selling)
HK in / on the dark.
Liked this, even Buffett having a pop at Nasdaq. Everyones beating up on cross subsidy.

Aussie treasury consults on transfer of supervision from ASX to ASIC. In my view it is unquestionably the right thing to have ASIC as a central market supervisor. The process should be commoditised. Interesting how we get there. Throws up some questions:
Eg:
A. The “compensation for loss of powers” argument needs more clarification. Is this compensation cost included in the “establishment” fee. (I assume not, as ASX would end up contributing to its own compensation). Will this compensation be a one off cost worn by ASIC and not passed back to new market operators. The consultation paper appears to be silent on ASX compensation.
B. It is assumed the new market operators will pass on / pass through both the fixed and variable components of ASIC levies. Given these costs are already included in the ASX business model does this mean ASX will not pass through additional charges? (In fact a small cost reduction would be anticipated due to the now mutualised nature of the market supervision component – whilst market operations will remain the same).
C. Do the ASIC levies, albeit passed through to participants, represent a material barrier to entry (and hence efficiency of the domestic capital markets). My guesstimate is that these levies will be circa $27myn per year.
D. How will the mechanics of the establishment fee work. At what point is the service considered “established”. Is the establishment fee static or vary depending on time of application (who has gone before) and incremental costs at that time.

I wanted to have a rant about lynching Lynch for his suggested ownership reform. Now EU’s Wright is in on the game I’m relaxed.
CME comes to the CDS clearing game.
LCH sneaks in Irish.
Concentration risk back on the radar…. A Centralized Derivatives Clearing House Will Create Invisible and Deadly Global Risk…this sounds more sinister than 2012. Scary, No?
I’m pleased to see a bit more than a one liner on IO: http://www.euromcf.nl/?ID=28

I nice piccie on who’s who in the US: http://web.me.com/hodgsonb/Blog/The_OTC_Space/Entries/2009/11/23_US_Legislative_Landscape.html

And for those MTF watchers, Nomura to reclassify as an MTF. This is the first I’m aware of. I find it surprising how often theis question is asked in Asia.

Ahhhh, and for you Northern Hemisphere souls…

Bondi to Bronte. A wonderful swim. What ocean swimming is all about. Schools of fish, deep blue waters, the silence of the ocean (apart from flapping arms) and the sun rays dancing as they probe the deep. Lovely. Also marked with some strong currents (favourable), choppy seas and an almighty kick in the solar plexus from some pesky breaststroker just as I was coming through the final set of waves onto the beach. I tell ya, it felt like a ninja death punch and had me virtually retching as I crossed the line. Typical, a lovely day out and some wombat poleaxes ya.

(The Solar Plexus, also known as Conceptor Vessel 14 in Dim Mak, is the most deadly point in acupuncture. Behind it there is a large bundle of nerves. It can potentially cause cardiac arrest, but it is most useful for the crippling pain it inflicts. It is right below the the sternum, right between the bottom of the neck and the waist. The Solar Plexus is also most likely the point responsible for the "ninja death punch." )

Results available here:
http://www.multisportaustralia.com.au/RaceTecResults/Default.aspx?CId=1&RId=377&EId=1
2,180 entrants (I came 834) of which 1,611 men (673) . Avg time 37:15, fastest 22:29, mine 35:52.
My age group 282, 230 men and I came in 120th.
(If you do look at the results page, note the 40-44 have a faster average time than those useless whipper snappers (nippers I say) in 20-24, 25-29, 30-34, 35-39 etc. In fact, only the elite, u16 and u20 beat us. And as for the rest, yeah, we were faster than all the old fogies too. Long rein the boofheads – we know how to draft, to grab ankles and to swim over the top of others)

For those there is spirit you can also get your very own certificate here: http://www.brontesurfclub.com.au/B2B_Website/Images/B2B_Certificate_2009.pdf

Good write up (and piccies) here: http://www.oceanswims.blogspot.com/


“Always do what you are afraid to do."
--Ralph Waldo Emerson, American transcendentalist poet, philosopher, essayist
***Always?...Nah, this is not good advice. Self preservation is there for a reason.
Emerson dies in 1882, he went walking despite having an apparent cold and was caught in a sudden rain shower. Two days later, he was diagnosed with pneumonia. I guess he refused to be afraid of the weather.

And what about those pirates?....An insightful report from an “Old Buccaneer”
http://bit.ly/4Zt7s7

Don't be so harsh on the pirates. They are doing the same sort of innovation to allow risk-spreading that's at the heart of financial markets everywhere. And as entrepreneurs, levering in external capital without giving up one iota of control is always attractive. Not to mention providing incentives for the crew. Now if Somalia was in the EU, the pirate king would have to be interviewed by 5 elders (old farts), he would need a majority of retired pirates on the board, audit, risk and remuneration committees. His directors and highest paid employees will need to disclose their remuneration and will have to leave their bonuses in the pirate king's chest for 3 years and he can 'claw back' the bonus if the ransoms are less than expected at the time of capture. His investors would need to be registered, hold their investments in an EU credit institution, subject the investments to external valuation, and be subject to leverage caps. All trading would take place on a regulated market and trades would be cleared through a CCP. (Both platforms authorised and regulated) The captain and crew would be subject to strict anti-market abuse controls and could be sent to jail for insider trading (oooh! There's a dis-incentive?!). Short selling of shares would be banned. 7-11 per cent of the proceeds of the offering would be paid to intermediaries. I would love to see the accountants' report on the three year track record in the prospectus (as well as the 'description of business' and 'use of proceeds' sections). Shares in pirate syndicates can go down as well as up and you may not get back the sum originally invested. The pirate king's children would get law degrees and settle down to quiet jobs in regulation and compliance. One particularly clever girl would get a Ph.D in market structure, marry an Australian and live happily ever after. Just as well 'cos when Somalia joins the global fight against money laundering her old dad will be out of a job (so he'll buy a big house in London and a yacht (for old times' sake) - I assume he won't have enough points to move to Oz). Still, at least the pirates didn't cause a global financial crisis."One man's terrorist is another man's freedom fighter"the Old Buccaneer

China Executes Ex-Galaxy Securities Trader for Embezzlement, Xinhua Says A former senior trader at a Chinese securities company was executed yesterday for embezzlement and misappropriating 94.5 million yuan ($13.8 million), the official Xinhua News Agency reported, citing court documents. http://www.bloomberg.com/apps/news?pid=20601127&sid=aMOYM2mVBjv0


Parties for me this w/end.

Have a great one yourselves.

S
http://clearingandsettlement.blogspot.com/






Platforms

TOP OF THE CLASS OF 2009 This is the fifth annual list of the Financial News Rising Stars – our pick of the 100 men and women under the age of 40 who have the potential to make it to the pinnacle of their professions. The first list was selected in 2005 in a completely different market – this year’s nominees have had to prove their worth in the wake of an unprecedented global economic meltdown.
http://mail.efnmail.co.uk/r/161270306/MjU3MzA2OjIzNDE4/
*** Congratulations Chi-X and Hirander.

BATS Europe publishes MTF price formation studyPaul O'Donnell, COO, BATS Europe: "We believe there is a need for a clear market outage protocol to ensure consistency so that market participants can plan for such scenarios and that trading will remain orderly. BATS Europe has announced the publication of a white paper examining whether effective price formation can take place on Multilateral Trading Facilities (MTFs) independent of the listing market.BATS Europe based its analysis on data from outages that occurred at the Londonhttp://www.automatedtrader.net/news/exchange-news/26071/bats-europe-publishes-mtf-price-formation-study

08/12/2009 17:22:00
FOLLOWING LSE GLITCH, BATS EUROPE CALLS FOR MARKET OUTAGE PROTOCOL
In the wake of last month's technical glitch at the London Stock Exchange, Bats Europe is calling for a clear market outage protocol to help participants plan and ensure trading remains orderly.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20848

The complete white paper, titled “Listed Market Outages: A Continuity and Price Formation study”, is available at: http://www.batstrading.co.uk/resources/participant_resources/LSE_outage_whitepaper.pdf


Rolet slams stamp duty and Tobin taxes Xavier Rolet, the chief executive of the London Stock Exchange, has slammed stamp duty at a European hearing into "Tobin" taxes, warning it had a “significant dampening effect” on the UK economy and hurt savers and small companies.
*** Hear, Hear. Rolet and Furse singing from the same hymn sheet on this one.

Japan to waive corporate-bond income tax for foreignersOverseas investors pay a 15% tax on interest income earned on their Japanese corporate-bond holdings. Japan's tax panel decided to waive the tax for three years starting next year. The tax is considered a contributing factor in foreign investors' lack of interest in Japanese corporate bonds. The move follows similar initiatives by the UK, France and other countries. iMarketNews.com (06 Dec.)

LSE Starts New Trading System for EDX, Seeks Nasdaq BusinessBy Nandini SukumarDec. 7 (Bloomberg) -- London Stock Exchange Group Plc said its new trading system for the EDX London Ltd. futures market started today, as the U.K. company seeks to take on rival Nasdaq OMX Group Inc. in Nordic derivatives trading. http://www.bloomberg.com/apps/news?pid=20601102&sid=abN4XVn23qQE

EDX LONDON AND OSLO BØRS BEGIN TRADING ON TMX GROUP'S SOLA SYSTEM
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31338

Market surveillance solution from Cinnober now live in two options marketsScila Surveillance successfully launched at EDX London and Oslo BrsBoth EDX London and Oslo Brs switched to the Scila Surveillance solution for their respective derivatives markets as they commenced trading on their new, common equity derivatives trading platform on December 7. http://bit.ly/8wRChj

LSE Said to Plan FTSE 100 Derivatives, Challenging NYSE LiffeBy Nandini SukumarDec. 9 (Bloomberg) -- London Stock Exchange Group Plc, where the bulk of FTSE 100 Index stocks are traded, plans to offer futures and options based on the U.K. benchmark index in competition with NYSE Euronext's Liffe futures market, according to people familiar with the situation. http://www.bloomberg.com/apps/news?pid=20601102&sid=aUyYFlTsh6gMNYSE Euronext's Value Lies In Derivatives -CEOBy Jacob Bunge The single biggest misconception about exchange operator NYSE Euronext (NYX), Chief Executive Duncan Niederauer said Wednesday, is that it's a stock market-focused company. Never mind the Big Board or the famed trading floor at the intersection of Wall and Broad streets--futures and options are the main business of NYSE Euronext these days, and the company's valuation ought to reflect that, according to Niederauer. "Most people still think of us as largely a U.S. equities exchange, and we haven't been that since 2006," Niederauer said. "We have a much more vibrant derivatives franchise that I would say accounts for much of our market capitalization."



TSE ORDERED TO PAY MIZUHO Y10.7BN OVER 'FAT FINGER' TRADE BOTCH-UP The Tokyo Stock Exchange (TSE) has been ordered to pay Y10.7 billion (£73m) to Mizuho Securities in compensation for losses incurred following a botched trade in 2005.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20837

New entrants create dark pool splash The shake-up of Europe’s "dark" trading landscape continued as transatlantic exchange NYSE Euronext announced a tie-up with a Swiss dark pool, while Chi-X Europe overtook longstanding market leader, Liquidnet Europe, as the continent’s biggest dark pool operator.
SIX SWISS EXCHANGE TO MOVE SWISS BLOCK DARK POOL TO SMARTPOOL SIX Swiss Exchange is to move its Swiss Block dark pool service for Swiss blue chips to SmartPool, following the closure of the Nyfix Euro Millennium platform earlier this week by new owners Nyse Technologies.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20820




SMX Gets In-principle Regulatory Clearance From MAS
In a significant milestone, the Singapore Mercantile Exchange (SMX) today announced that it has received in-principle regulatory clearance from the Monetary Authority of Singapore (MAS), the central bank of Singapore and regulators.... Read More Here

SGX to add more commoditiesASIA'S second-largest listed bourse, the Singapore Exchange (SGX), will launch contracts for gold, fuel oil and coffee in the first quarter of next year, as the firm sees interest in commodities trading driving growth.http://www.asiaone.com/Business/News/My+Money/Story/A1Story20091204-183869.html

SGX to mandate short-sale reportingSingapore Exchange Limited (SGX) and the Monetary Authority of Singapore have joined forces to make the declaration of all short-selling orders compulsory in a bid to improve market transparencyhttp://www.thetradenews.com/trading-venues/exchanges/3970

Dark Pools Increase Stock Volatility, Arculli Says (Update2)By Darren BoeyDec. 9 (Bloomberg) -- Hong Kong Exchanges & Clearing Ltd. Chairman Ronald Arculli took aim at alternative trading platforms today, saying that so-called dark pools are difficult to regulate and increase share-price volatility. http://www.bloomberg.com/apps/news?pid=20601089&sid=aSR5efwI8saE

HK exchange chief warns on dark poolsBy Tom Mitchell in Hong KongThe head of Hong Kong's stock exchange has warned that the growth of dark pools, which facilitate the private trading of large blocks of shares, pose a systemic risk to the global financial system and disadvantage retail investors.http://www.ft.com/cms/s/0/9d337b38-e4e8-11de-817b-00144feab49a.html


S.I.N. ALERT: Buffett’s Business Wire Calls Nasdaq Fee Hikes Anti-Competitive
By John Hintze
Business Wire, one of the top two distributors of official news and information from public companies, recently submitted a letter to the Securities and Exchange Commission saying listing fee hikes proposed by Nasdaq OMX Group will be used to subsidize other services, including its GlobeNewswire service, with which it competes.
Business Wire contends that subsidization would be anti-competitive.
Nasdaq OMX Group has proposed revising and increases several types of fees to apply for and maintain listings on its Nasdaq exchange in the United States, including a annual fee that will levy an additional $5,000 annually on approximately 75% of its listed companies and fee increases applicable to listing ADRs that will range from $8,775 to $20,000.

RESERVE BANK OF NEW ZEALAND AND NZX IN TALKS ON CLEARING JV
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31288

PORTWARE CONNECTS TO CHI-X CANADA
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31395


Reforms to the Supervision of Australia’s Financial Markets - Exposure Draft and Consultation Paper
http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1673


THE federal government's recently announced plans to give ASIC control of real-time market surveillance for the Australian marketplace
But it is important that this is not seen as a "get out of jail" card for the ASX, where I have seen estimates that this decision will save them $16 million.
http://www.theaustralian.com.au/asics-antidote-for-its-poison-chalice/story-e6frg8zx-1225781834415

Enforcer Under Pressure, But There's No Easy Solution To Market Surveillance
he Australian Securities Exchange doesn't publicly state how much the supervisory unit costs to run, but the figure is in the vicinity of $30 million a year, and the budget has been rising even as ASX boss Robert Elstone cuts costs elsewhere
http://www.solution.com.au/solution-articles/2008/4/16/enforcer-under-pressure-but-theres-no-easy-solution-to-market-surveillance/

1. ASX wants compensation for loss of powers ASIC
30 Sep 2009 ... ASX wants compensation for loss of powers ... Mr Elstone noted the transfer in market supervision to ASIC ''will present a significant new ...www.smh.com.au/.../asx-wants-compensation-for-loss-of-powers-20090930-gbrx.html


FINANCIAL SERVICES STRIKE TO FORCE FINNS ONLINE Around 30,000 financial services staff in Finland are set to go on a three day strike next week, leaving virtually all bank branches closed and online, ATM and in-store services subject to disruption.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20859
*** market failure is one thing that will cause liquidity to shift.




Clearing


CME TO LAUNCH CDS CLEARING HOUSE WITH SUPPORT OF EIGHT MAJOR DEALERS After months of wrangling, The Chicago Mercantile Exchange has finally secured agreement with eight leading dealers to participate in its credit default swaps counterparty clearing initiative.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20834

FX derivatives caught up in clearing reformBy Jeremy Grant in BrusselsEuropean regulators yesterday signalled that foreign exchange derivatives might be required to be cleared in Europe under sweeping reform of the over-the-counter derivatives markets on both sides of the Atlantic.http://www.ft.com/cms/s/0/0a8e1de8-dfab-11de-98ca-00144feab49a.html

Singapore Exchange Chief Outlines Technology, Expansion PlanBy Katrina NicholasDec. 3 (Bloomberg) -- Singapore Exchange Ltd., the operator of the city-state's securities and derivatives markets, will be able to process trades faster and attract more business as it rolls out services including a new derivatives clearing engine.http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amX45vYcw62s

WARNING: A Centralized Derivatives Clearing House Will Create Invisible and Deadly Global RiskJohn CarneyThe idea of forcing over-the-counter derivatives trading out into the open has widespread support in financial and regulatory circles. Unfortunatley, the most popular mechanism for doings so would create giant systemic risks that would likely require a government bailout in the future.http://bit.ly/6wViK6


LCH.Clearnet: Rep Lynch's Clearing Proposal Will Hurt BusinessBy Sarah N. Lynch and Jacob Bunge WASHINGTON (Dow Jones)--The chief executive of London-based clearing firm LCH.Clearnet on Wednesday protested a U.S. House proposal that would limit banks' stakes in derivatives clearinghouses, warning of a serious impact to the company's U.S. customers. The proposal, pushed by Rep. Stephen Lynch (D., Mass) and backed by LCH.Clearnet rival Nasdaq OMX (NDAQ), is slated to be considered by the House Rules Committee later Wednesday. If approved, the full U.S. House will decide likely sometime later this week if the provision should be tucked into a broader measure to overhaul the financial regulatory system. Lynch's proposal represents a major threat to LCH.Clearnet, the dominant clearer in the estimated $420 trillion interest rate swap market and 83% owned by users including big banks - well above a 20% threshold suggested by Lynch. In the proposal's current form, Liddell said, "it would appear to mean that U.S. clients could not use LCH.Clearnet." Clearing Plan Won't Affect Existing Firms, Lynch Says (Update2)By Matthew LeisingDec. 8 (Bloomberg) -- A proposal to limit bank ownership in clearing and execution services for private derivatives won't affect existing companies such as LCH.Clearnet Ltd. or Tradeweb LLC, said U.S. Representative Stephen Lynch, the plan's author. http://www.bloomberg.com/apps/news?pid=20601009&sid=ars_Qris7diEThe Lynch Amendment Stirs Up Battle in Derivatives ReformBy Ivy SchmerkenA battle is brewing over the so-called Lynch Amendment that would block large bank dealers from controlling the OTC derivatives clearinghouse.The Futures Industry Association has sent a letter to Congress opposing an amendment to the House of Representatives legislation on financial reform legislation, on the grounds that it reduces competition. http://bit.ly/5RvVvw

LCH.Clearnet to clear Irish Securities for BATS EuropeDecember 9th, 2009 - LCH.Clearnet to clear Irish Securities for BATS Europehttp://www.automatedtrader.net/news/automated-trading-news/26201/lchclearnet-to-clear-irish-securities-for-bats-europe

Tradeweb Calls Lynch Amendment "Anti-Competitive"With Rep. Lynch proposing an amendment to limit bank ownership of derivatives clearinghouses, Tradeweb's CEO Lee Olesky issued a statement calling the amendment anti-competitive.

10/12/2009 15:34:00
HOWLS OF PROTEST GREET PROPOSALS TO LIMIT BANK-OWNERSHIP OF CLEARING HOUSES
A proposed amendment to the US financial reform bill that would limit bank ownership of derivatives clearing houses has been met by a wave of criticism from financial market participants.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20858


DOW JONES NEWSWIRES: TMX CEO Suggests Alpha Shareholders Should Cut Stake By Ben Dummett 12/8/09TMX Group Inc. (X.T) Chief Executive Tom Kloet suggested the dealers, mainly units of Canada's big banks, that control Alpha Trading Systems should be forced to reduce their combined controlling stake to a minority interest to protect the integrity of Canada's capital markets.
Jos Schmitt, head of Alpha, was dismissive of Kloet's concerns. "I think it's sour grapes" and a "reaction around our progress," he said.

The Changing OTC Market Place
Future demands on infrastructure for clearing
SunGard's Front Arena solution looks at the changing OTC market place.Click here to download paper >>

And…more transparency on IO.
http://www.euromcf.nl/?ID=28



Policy

FINANCIAL TIMES: EU Sets up Trio of Financial WatchdogsBy Nikki Tait 12/3/09Three new pan-European watchdogs are to oversee the financial services sector under a compromise deal struck by ministers in Brussels on Wednesday.
In the bank
Which central bank has the most employees?
http://news.economist.com/cgi-bin1/DM/y/eB4zM0bscdF0Mo0GGNL0Es

EU compromises with UK on financial regulatory frameworkEU finance ministers have come to an agreement on creating a pan-European financial-oversight system after the UK accepted concessions regarding future bank rescues. The system will be based on a risk-assessment agency and three regulatory boards for the individual sectors of banking, securities and insurance. The agreement will head to the European Parliament, where changes could be proposed. Some in Parliament already voiced concerns that the regulatory framework is not strong enough. The Guardian (London) (02 Dec.) , Bloomberg (02 Dec.) , The Wall Street Journal (03 Dec.) , The New York Times (02 Dec.)

Geithner: Entire financial system at risk at height of crisisGoldman Sachs executives, including CEO Lloyd Blankfein, said the company did not need the government's aid to survive the financial crisis. Treasury Secretary Timothy Geithner responded, saying the entire financial system was threatened at the height of the crisis. "The entire U.S. financial system and all the major firms in the country, and even small banks across the country, were at that moment at the middle of a classic run, a classic bank run," Geithner said. Goldman Sachs, JPMorgan Chase, Morgan Stanley and others have since returned the government's funds with interest. Bloomberg (12/5)

And a nice piccie from Bill Hodgson at Sapient on who’s who.
http://web.me.com/hodgsonb/Blog/The_OTC_Space/Entries/2009/11/23_US_Legislative_Landscape.html



FINANCIAL TIMES: Dark Pools Come Under Fresh ScrutinyBy Jeremy Grant 12/3/09The Federation of European Exchanges has accused banks’ “crossing networks” – a form of dark pool – of operating “with full opacity”. It has called on regulators to force them to register as “multilateral trading facilities” (MTFs) – the same legal status used by platforms such as Chi-X Europe. The banks reject FESE’s claim that bank crossing networks account for up to 40 per cent of all European share trading, arguing it is closer to 2 per cent.
*** Sordid. Why would FESE attack their biggest users?


Geithner Slams Bonuses, Says All Big Banks Could Have FailedBy Robert SchmidtDec. 4 (Bloomberg) -- Treasury Secretary Timothy Geithner criticized the record bonuses expected to be paid by big banks this year and refuted claims by Goldman Sachs Group Inc. that it would have survived without government aid. Taking aim at what he called an era of irresponsibly high bonuses, Geithner said all banks -- even those that have repaid government aid -- need to restrain the amount they pay their leaders and tie compensation to long-term goals.
Bernanke admits mistakes, says Fed should stay independenthttp://news.yahoo.com/s/afp/20091203/bs_afp/useconomyfinancepoliticsbankbernanke_20091203195528

Gensler: Big Banks Should Clear All Standard Swapshttp://bit.ly/8X3lVm

Securitisation revival is expected to help UK housing marketPartners at law firm Clifford Chance said the UK housing market is poised to take off as banks return to securitisation practices. However, the securitisation deals are more transparent and less complex than they were in the past, the lawyers said. "Functioning securitisation markets are needed to make credit cheaper," said Kevin Ingram, a partner at the law firm. The Guardian (London) (03 Dec.)


Labour opens new front in battle with the City
Gordon Brown is planning to escalate Labour's growing war with the City by threatening two more levies on banks in addition to the tax on bonuses due to be announced tomorrow by the chancellor.
http://www.guardian.co.uk/politics/2009/dec/08/pre-budget-report-tax-banks



CLARA FURSE AND KIERAN POYNTER JOIN NOMURA AS NON-EXECS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31329

FORTIS BANK GLOBAL CLEARING CHOOSES ATRIUM NETWORK TO CONNECT TO EXCHANGES
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31293

New Nomura dark pool is a firstBy Jeremy GrantNomura, the Japanese bank, plans to launch what would be the first bank-owned "dark pool" in Europe to reveal publicly what trades have been done in an attempt to "remove the mystery" from such increasingly controversial trading facilities.http://www.ft.com/cms/s/0/0d527692-e464-11de-a0ea-00144feab49a.html
Nomura reclassifies dark pool for commercial reasonshttp://www.thetradenews.com/asset-classes/equities/3979

Barclays to Open Australian Equities Business, Australian SaysBy Jacob GreberDec. 7 (Bloomberg) -- Barclays Capital plans to become a full-scale investment bank in Australia and build a domestic equities business in the first half of next year, the Australian reported. http://www.bloomberg.com/apps/news?pid=20601208&sid=aJ_OiTDUTiYk

BofA Merrill hires Asia-Pacific electronic sales headGlobal broker Bank of America Merrill Lynch has poached a director from agency broker and trading technology firm ITG to head its Asia-Pacific electronic trading sales team.http://www.thetradenews.com/regions/asia/3975

· ECB's Trichet expresses confidence in Greek governmentThe Wall Street Journal (10 Dec.)
*** I’m not…but disaster will be averted.

Bing Back After Outage (12/04/2009 -- 01:01 PM)Microsoft is investigating what happened in an effort to prevent future downtime.
*** Bing was out…and people noticed.


Summary (from JPM)
· Liquidity fragmentation in Europe last week was up 1.2% to 26.0% (a new high), driven by the UK, Germany and France.
· Ireland (64.1%), UK (45.2%), France (28.5%) and Germany (26.9%) were the most fragmented markets in percentage terms.
· UK ($4.2bn), Germany ($2.1bn) and France ($2.0bn) were the most fragmented in terms of Displayed Liquidity traded away from the primary market.
· Chi-X achieved average daily turnover (ADT) of $6.9bn, equivalent to 16.2% of flow in Chi-X names. BP ($149m, 38.3%), Rio Tinto ($137m, 31.4%) and HSBC ($126m, 29.6%) had the highest ADT.
· BATS achieved ADT of $1.8bn. Market share in BATS names was 4.6%. UniCredit ($68m, 9.9%), BHP Billiton ($57m, 14.1%) and BP ($43m, 11.0%) had the highest ADT.
· ADT on the Turquoise Displayed Order Book was $1.6bn. Market share in Turquoise names was 3.8%. Nokia ($37m, 10.9%), BASF ($36m, 9.3%) and Siemens ($32m, 4.6%) had the highest ADT.
· Nasdaq OMX achieved ADT of $587m.






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