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
No comments:
Post a Comment