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,
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.
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.
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.
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
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