News 100319: Gaga, Chi-X H, Chi-X CFD, new specs for T, CESR, Asian pools, buddy

Lady Gaga, visits Sydney!...and I got to take my daughter…who was at times, shall we say experiencing moments to ‘toe curling’ embarrassment.

I didn’t let that hamper me for a heartbeat.

Hirander of Chi-X pops up, with ultra low latency, at Algo Technologies. All the best H.

Chi-X gets the jump on CFDs….it’s a process not an event folks!

Turquoise gets new specs…I wonder if they’ll help in the dark. (Sorry, Dad joke).

Interesting update from CESR on MiFID.

I liked the Asian trading “landing page” a useful quick site to all the home pages for Asian liquidity pools (I have not checked it for completeness).

Mr Liddell in the letters page of the FT. I fully agree that clearing is multi currency and unrestrained by jurisdiction. Yes, there is a point where 1 CCP is pragmatic. (lets say NZ for example) but at a certain point, the wallet size is large enough to allow for competition. Lets face it. It’s been a critical catalyst for reform in Europe. I’m not clear on the point of Rogers letter. Is he saying LCH should be granted a monopoly…or DTCC should not be granted a monopoly…or that one CCP is best? The link to the Gensler paper is under policy.

Some ICAP news of note.

…and now, into the water, excellent Sydney Harbour race day snaps here:

http://www.oceanswims.com/nsw90/100314.html

Glistening Dave (pics) Paul E (words) do a great job.

Results here for the Sydney Harbour swim.

http://www.oceanswims.com/results90/sydneyharbourres102oall.html

I came 177/523 or 23^rd in my category.

Best of all, I swam around blissfully in Sydney Harbour.

No swim this w/end. The options are either travel 400K’s north, or do a 1K swim at Balmoral.

(Phah, if it takes longer to get to the swim, than to do the swim, why bother?)

…and the final round of the 6 Nations:

Wales, Ireland and France all win at home.

Congratulations to France as this years 6 nations champions.

Buddy is doing great.

He’s now big enough to reach up to the kitchen counter and somehow grab a tray of lamb chops.

He loves ‘em….and although he shows no sign of conscience he clearly knows when in the wrong…run.

Buddies a good runner.

The purpose of all war is peace.

St Augustine.

Insight, plus hindsight, equals foresight.

Russell Murphy.

Have a great week-end all.

S

http://clearingandsettlement.blogspot.com/

The electric lady sends the audience ... gaga

Lady Gaga's spectacular Sydney show is a scintillating mash-up of art, cabaret and shameless, fun pop

http://www.smh.com.au/entertainment/music/the-electric-lady-sends-the-audience--gaga-20100317-qfvw.html

Platforms

Hirander Misra Starts Algorithmic Technology Firm After Chi-X

Misra will be the chief executive officer of London- based Algo Technologies Ltd., which offers market data and trading services

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8xi6YQPjIhw

15/03/2010 10:39:00

MISRA TO HEAD NEW ALGO TRADING TECHNOLOGY FIRM

Hirander Misra, former chief operating officer of Chi-X Europe has resurfaced as CEO and founding director of new firm Algo Technologies.

More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21183

LCH.Clearnet to start handling CFD contracts
By Jeremy Grant
LCH.Clearnet, the European clearing house, on Wednesday said it would launch the first clearing of European equity contracts for difference (CFDs), in conjunction with Chi-X Europe, the share trading facility.
http://jlne.ws/cA9A26

LCH.Clearnet and Chi-X join launch CFD clearing service
Tim Cave
LCH.Clearnet, the Anglo-French clearing house, has revealed plans to launch the first clearing service for contracts for differences trades, as part of a joint initiative with alternative trading platform Chi-X Europe to reduce risk in over the counter derivatives .
http://jlne.ws/9piiBb

TURQUOISE MILLENNIUM RELEASES TECHNICAL SPECS

http://www.finextra.com/news/announcement.aspx?pressreleaseid=32856

CBOE FILES FOR IPO

http://www.finextra.com/news/announcement.aspx?pressreleaseid=32759

DIRECT EDGE GETS SEC APPROVAL FOR STOCK EXCHANGE STATUS

http://www.finextra.com/news/announcement.aspx?pressreleaseid=32769

The Fin Services Blog (Chris Skinner)

Is it me or has CESR just screwed dark pools? (UPDATED)

http://thefinanser.co.uk/fsclub/2010/03/is-it-me-or-has-cesr-just-screwed-dark-pools.html

See also:

Waivers from Pre-trade Transparency Obligations under the Markets in Financial Instruments Directive (MiFID)

http://www.cesr.eu/popup2.php?id=5754

Alternative Trading Venues in Asia: A Primer

Electronic Communication Networks (ECN), Darkpools, Alternative Trading Systems (ATS), Multi-lateral trading facilities (MTF), crossing networks we've all heard about them and Asia's electronic trading industry is no ... Read More Here

I especially liked this “landing page” with respective links:

http://www.asiaetrading.com/ats-dp-pts/

Clearing

Localised clearing house won't protect taxpayers
From Mr Roger Liddell.
Sir, Your article 'Fannie and Freddie play key role in OTC reform' (March 15) is both inaccurate and misleading. The assertion that we would need a US clearing house to clear US denominated assets is simply incorrect.
http://jlne.ws/dq3UAi

*** This is an interesting letter, but I’m not sure where it is going. Yes, clearing is multi currency and should not be restricted to a single jurisdiction. I assume Roger is arguing for a single CCP, but is that a US or European one?

SGX Enhances Derivatives Clearing Fund Structure

Singapore Exchange (â€oeSGXâ€�) announced March 8 changes to the structure of the SGX-Derivatives Clearing (DC) Clearing Fund and the SGX-DC Clearing Rules which will take effect from 10 May 2010. This follows an... Read More Here

Getting a Grip on Bilaterally Cleared Trade

The National Securities Clearing Corp. will soon launch a service called the Obligation Warehouse, which will offer its broker-dealer participants an automated way of reducing operating costs – and risk – with trades involving equities, corporate bonds, municipal bonds and unit investment trusts.

*** NSCC introduces obligation warehouse

ICAP TO COMPLETE ACQUISITION OF TRIOPTIMA

http://www.finextra.com/news/announcement.aspx?pressreleaseid=32867

*** 1) ICAP plc (IAP.L), the world's premier interdealer broker and supplier of posttrade services, announced today that it has received final regulatory approval and will complete the acquisition of the remaining 61.78% of stock in TriOptima on 24 March 2010.

*** 2) "Demand for improvements in market infrastructure have continued to provide major opportunities for ICAP and post trade and risk services have become an increasingly important part of our activities over the last few years" said Mark Yallop, ICAP Group COO "in the first half of this financial year 19% of ICAP's profit* came from post-trade and information services and we expect that proportion to continue to grow."

*** 3) ICAP has also appointed Ian Chicken as Director for Market Connectivity, a new role thole that will place strategic focus on ICAP's various straight through processing activities. Mr Chicken will report to Mark Beeston.

Policy

NYSE EURONEXT AND BLOOMBERG PROMOTE OPEN STANDARD FOR SECURITIES CODES Nyse Euronext is to join with Bloomberg in promoting the market data vendor's open source securities identifier initiative.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21198

Remarks of Chairman Gary Gensler, OTC Derivatives Reform, Chatham House, London, March 18, 2010
http://jlne.ws/cSq1vh

Fragmentation Post-MiFID Breeds Market Abuse

The fragmentation of trading and market data subsequent to the implementation of the Markets in Financial Instruments Directive (MiFID) has substantially increased the potential for market abuses, according to a new advisory group established to study the issue.

*** Ummm, Brian, I have to say, this is a bit far fetched…“Ultimately this will become a macroeconomic issue if investors lose confidence and say they are not going to participate.” Your implying I’m not going to buy shares because I’m getting best execution? (or I might be a millisecond off best execution?). Nah. Don’t agree.

People

INSTINET EUROPE COO TRIANCE NAMED PENSON FINANCIAL SERVICES CHIEF

http://www.finextra.com/news/announcement.aspx?pressreleaseid=32776

'Mate, am I dead?' Two years after asking doctors that question Huxley is aiming to play Tests again

http://www.smh.com.au/rugby-union/union-news/mate-am-i-dead-two-years-after-asking-doctors-that-question-huxley-is-aiming-to-play-tests-again-20100316-qcpk.html

''I asked the doctor: 'Mate, am I dead?' And he said: 'Not necessarily.' I went: 'OK, I can work with that.' ''

''Then it became more about the lessons I had learned in rugby, like you can make a mistake on the field, but then it's what do you do about it.

''It became that mentality. The tumour quickly became irrelevant for me because it had happened and you can't change it. You just have to get on doing what you can. In a rugby sense that would be the next tackle, the next run, the next kick or whatever.

''In the sense of this illness, it was: 'OK, let's go and see the doctor and see what they say.' And really it was a pretty easy process. All I had to do was turn up. They were the superstars.''

Scott Riley

Business Development

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

News 100312: T dilution, SEC on equity markets

Movement in the MTF space: Turquoise dilution allows some gusesstimate valuations.
Nice paper from SEC on equity market structure. (Wow, there is no shortage of information for us to digest).
I agree with MS, US pendulum has swung too far on dark pools.
…followed by a nice article on the dark.

This week has been a busy one, simply unable to cover the material.

A lovely swim this week-end after a break last week:
Into the harbour: http://www.sydneyharbourswim.com/2kswim.html

6 Nations: Eire, Eng and France are this weeks winners.

Have a great w/end all.

It is our attitude at the beginning of a difficult task which, more than anything else, will affect its successful outcome."
--William James,
American philosopher


Platforms

08/03/2010 10:23:00
LSE SELLS NINE PER CENT STAKE IN TURQUOISE
The London Stock Exchange (LSE) has sold nine per cent of its 60% stake in the merged Turquoise and Baikal businesses to Barclays, JP Morgan Cazenove and Nomura, with each bank paying £1 million for a three per cent stake.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21159
Interesting. Lets say Chi-X at 16% is 5 times, T at 2.8%
(http://thefinanser.co.uk/fsclub/2010/03/monthly-mifid-mtf-monitor-february-2010.html)
3% of T is 1 myn, 100% of T = 33.3myn, 100% of Chi-X = 150 myn.

10/03/2010 10:59:00
TURQUOISE CONFIRMS MANAGEMENT LINE UP
The new management team at Turquoise has been confirmed, with CEO David Lester joined by Baikal head of technology Mark Ryland.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21171


Chi-X exec warns exchange operators about challenges in Asia
Tal Cohen, CEO at Chi-X Americas, said Asia does not have an overarching "regulatory catalyst", which presents challenges for exchange operators interested in setting up shop in the region. "The struggles we face in Asia ... is that most of these exchanges are vertically integrated. They own the client facility. They are very tied in to the regulator. In some cases, they are the regulator," Cohen said. "So it very much reminds some people across the room here, probably, of what the United States looked like 10 years ago, maybe even longer than that." Securities Industry News (05 Mar.)


SECURITIES AND EXCHANGE COMMISSION
17 CFR PART 242
[Release No. 34-61358; File No. S7-02-10]
RIN 3235-AK47
Concept Release on Equity Market Structure
AGENCY: Securities and Exchange Commission.
ACTION: Concept release; request for comments.
SUMMARY: The Securities and Exchange Commission (“Commission”) is conducting a broad review of the current equity market structure. The review includes an evaluation of equity market structure performance in recent years and an assessment of whether market structure rules have kept pace with, among other things, changes in trading technology and practices.
http://www.sec.gov/rules/concept/2010/34-61358.pdf
*** this is a nice paper.

Morgan Stanley Says SEC Dark Pool Proposal “Too Granular”
Morgan Stanley says in a comment letter to the Securities and Exchange Commission that its proposal to regulate dark pools is too “granular” and that instead a more fundamental approach is needed.
http://www.securitiesindustry.com/news/-24855-1.html?ET=securitiesindustry:e1865:171544a:&st=email

TSE's Arrowhead System Lowers Trading Costs
Tokyo's new Arrowhead trading platform has cut trading costs by more than a third, according to a report released this week by New York-based investment technology provider Investment Technology Group.


Clearing
Newedge Joins International Derivaties Clearinghouse
Multi-asset brokerage services provider Newedge USA has finalized its membership with the International Derivatives Clearinghouse, a derivatives clearing organization regulated by the CFTC.
http://www.securitiesindustry.com/news/-24857-1.html?ET=securitiesindustry:e1865:171544a:&st=email


Misc
Commonwealth Bank 2013 Vision
http://www.youtube.com/watch?v=vQX6lVwIkoc&feature=player_embedded

ANZ close to clearing final hurdle for RBS buy
http://www.smh.com.au/business/anz-close-to-clearing-final-hurdle-for-rbs-buy-20100310-pyn2.html


Chile Earthquake Moved Entire City 10 Feet to the West

Read More http://www.wired.com/wiredscience/2010/03/chile-earthquake-moved-entire-city-10-feet-to-the-west/#ixzz0hf1vs2Xm


Stories


FTSE GLOBAL MARKETS: A Clearer Outlook?
By Richard Hemming and Ruth Hughes Liley
March 2010

It is an accepted truth that changes within the industry over the past decade have made trading venues such as dark pools inevitable. Clear directional trends were provided by the removal of the monopoly of stock exchanges for trading securities and the substantial increase in use of computer technology to trade smaller and smaller lines of stock in literally milliseconds (a.k.a. high frequency trading).

News 100305: Chi-X HM, TM, EMSR Monitor Feb, NYSE, CCP ownership, Buddy wins!

Source: Thomson Reuters Equity Market Share Reporter


Mifid monitor gets pride of place. Congratulations to Chi-X.
Sincere best wishes to Hirander as he leaves Chi-X for ventures new. H’s focus on execution ensured Chi-X always had first mover advantage…by 6months I’d say.
NYSE stripping out business units just reinforces in my view equities trading is commodities and they are trying to capture CME style ratings for the derivatives business.

To be honest, I haven’t read all the articles this last week. My position on CCP governance remains unchanged. Users, either direct or indirect should own them. User ownership of a piece of infrastructure that you use everyday is not a conflict.

Some momentous news: Buddy WON at puppy training!
My 11yr old lead him with the sensational line up of tricks: Sit, Shake, Drop, Crawl.
Each command marked with a treat.
The competition was fierce. 3 little black dogs, so small and excitable it was hard to tell the difference if they were sitting or jumping. The other contender Odie, well, let’s just say Odie dances to his own tune…puppy training wasn’t really his thing (although he did like treats).
So, Buddy is a winner! No ribbons I’m afraid, just a munchable soft toy.

John Eales, a modern day rugby legend, surprised and enlightened me with his understanding of fashion (I fully agree):
“The fashion I hate the most is seeing boys wear their pants halfway down their butts; it never worked for the plumber and it doesn't work for the kids either. The fashion started modestly and used to expose only the brand of their undies and I sort of get that. If you pay more for your undies than you did for your shirt, you want people to know what you are wearing. Now, they are about one inch and a thin layer of cotton from exposing everything.
I never understood how this fashion began until recently. The theory purports it as a legacy of either the prison system, where no belts were allowed, or as a result of hand-me-downs from your big brother in the poorer neighbourhoods in the US. So if you wore pants that sat low on your glutteals it reinforced that you had either done porridge or that your big brother was real big and the lower the pants the greater the street cred. In either instance potential rivals left you alone as your reputation, real or imagined, preceded itself.”
JOHN EALES
http://www.smh.com.au/rugby-union/union-news/aussies-dress-for-success-20100301-pcva.html

A week-end off swimming.
More important things to do, like Happy Birthday…Mr Mackay!

Hope to get to see some rugby.
Ireland to win at home against Wales, Scotland fall to the travelling English marauders, Italy to lose at home or away against anyone apart from Scotland.

Have a great w/end all, I better get on with mine!

Scott
http://clearingandsettlement.blogspot.com/




Platforms

Chi-X Europe COO Misra Resigns to 'Pursue Other Interests'
By Nandini Sukumar
Feb. 23 (Bloomberg) -- Hirander Misra, chief operating officer of Chi-X Europe Ltd., the region's biggest alternative stock-trading system, has quit the firm to "pursue other interests."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8eGie.aINdI

Chi-X Europe maintains #1 spot in February
In our second month of monitoring the MTF performances in European Equities trading in partnership with Thomson Reuters Equity Market Share Reporter (EMSR) - for last month's figures and charts, click here - we find that Chi-X continues its success, whilst LSE win this month's battle with Xetra for second place.
http://thefinanser.co.uk/fsclub/2010/03/monthly-mifid-mtf-monitor-february-2010.html


UBS analysts offer bearish estimate of LSE's market share
The London Stock Exchange, which has seen its market share deteriorate as multilateral trading facilities emerge, could see its share of trading in FTSE stocks drop to 40%, although management eventually "should be able to offset this", UBS analysts said. "Short term, competitive pressure from the MTFs is likely to continue exerting downward pressure on LSE's trading revenues, which represent 22% of total revenues [in the full year 2010]," said UBS analysts Arnaud Giblat, Carolyn Dorrett and Ignacio Sanz. Financial Times (tiered subscription model) (02 Mar.)


NYSE Euronext will unveil revamped financial disclosures
NYSE Euronext, owner of the New York Stock Exchange, plans to provide information on three business segments -- technology, derivatives, and stock trading and listings -- in its revenue reports. The change could encourage investors to give its derivatives-trading division a higher value, which might boost the company's shares. "The new segments will make it abundantly clear that we are a diversified exchange," CEO Duncan Niederauer said. "We hope the added transparency will give investors the tools they need to properly assess our performance and the value of each of these businesses." Bloomberg (3/2)
*** As stated before. This is just a sign the equities business is now commoditised and a hope to replicate / capture some of the CME multiples out of derivatives. ELX still has work to do.

TURQUOISE EXTENDS TQ LENS TO UK STOCKS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32501

CINNOBER UPGRADES TRADEXPRESS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32561
**** Hmmmm. why would LSE (Turquoise) be upgrading TradExpress if they were so confident that Millennium could do the job.


Average trading order size falls by half
By Jeremy Grant
FT Trading Room
The average size of share orders on the world's exchanges has halved in the past five years, highlighting the inroads that automated and "highfrequency" trading have made on global markets.
http://jlne.ws/dshiHS

FRANKFURT STOCK EXCHANGE TO ELIMINATE THE FLOOR AND GO ALL ELECTRONIC The Frankfurt Stock Exchange is set to end floor trading by 2012 and go exclusively electronic with the Deutsche Börse Xetra platform.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21139
*** electronic trading…sensational idea set to take the world by storm!

DEUTSCHE BÖRSE SYSTEMS TAPS OPEN SOURCE FOR REAL-TIME RISK Deutsche Börse's IT unit is working with open source vendor Red Hat as it bids to enable real-time transaction risk management for financial services clients.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21150


Hollywood Stock Exchange set to launch
Targets April 20 to begin listing b.o. projections for live trading
Hollywood Stock Exchange is tentatively set to launch as a real-money commodity exchange April 20. A spokesman said the exchange is "on track" to begin listing films' boxoffice projections for live trading from that date. HSX filed with the U.S. Commodity Futures Trading Commission for approval as an active trading site in November 2008 and recently entered the final phase of regulatory review.
http://jlne.ws/dhnuAz

Direct Edge Plans to Turn Stock Markets Into Exchanges in May
By Nina Mehta
Feb. 23 (Bloomberg) -- Direct Edge Holdings LLC expects to receive approval "imminently" from the Securities and Exchange Commission to convert its two U.S. stock markets into exchanges, according to Chief Executive Officer William O'Brien.
http://jlne.ws/cbwWEt

Deutsche Boerse XIM exchange seen facing hard road
* Aims for 20-30 members by end-March
* Starting with 96 stocks, plans to add UK, Swiss names
* Offers variable-only trading, clearing costs
By Jane Baird
LONDON, Feb 26 (Reuters) - Deutsche Boerse (DB1Gn.DE) faces a tough battle in its attempt to win back market share from upstart rivals with its new low-cost, pan-European exchange, bankers and industry experts say.
http://jlne.ws/amiFiQ


TECH INVESTMENT ESSENTIAL AS EUROPEAN MARKET FRAGMENTATION CONTINUES - CA CHEUVREUX http://www.finextra.com/news/announcement.aspx?pressreleaseid=32390

HKEX PLANS $700M DATA CENTRE
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32388


Greek bourse starts trade despite protest
ATHENS (Reuters) - Greek shares began trading on time on Tuesday, unaffected by a leftist trade union protest that sought to disrupt the session by blocking the entrance to the Hellenic Exchanges (EXCr.AT) building.
http://jlne.ws/clQx4Z

Alternative trading venues start to make inroads in Asia
Alternative trading venues, such as dark pools, are allowed in a few countries in the Asian-Pacific region, including Hong Kong, Singapore and Japan. Some countries, such as Australia, are considering opening up to such venues. Sang Lee of Aite Group said the venues have captured roughly 1% to 2% of equity markets in Asia, and he predicted a sharp increase. "I would say that we are in a waiting period," Lee said. "Some of these markets are going to push forward, and built into our assumptions is that there will be new regulations over the next couple of years that will make it possible for [alternative trading systems] to grow in Asia." Financial Times (tiered subscription model) (03 Mar.)

Nomura Sees Power Shift from West to East
Asia is witnessing a resurgence in its financial and political fortunes and will be at the forefront of an accelerated shift of global influence from west to east. This is the central finding in a major study 'The Ascent of..... Read More Here

HKEx Seeks Ties With Exchanges; Net Falls 8.3%
By Kate O'Keeffe
The Wall Street Journal (Online and Print) The Wall Street Journal - Print and Online CTGWSJ Asia Business English Copyright 2010 Dow Jones & Company, Inc. All Rights Reserved.
HONG KONG-Hong Kong Exchanges & Clearing Ltd., which runs the city's stock exchange, reported an 8.3% fall in net profit last year and said it is looking for ways to build ties with exchanges abroad even as it continues to focus on mainland China.

CFTC's Dunn: Agency Staff Still Examining CME/ELX Spat
By Doug Cameron, Of DOW JONES NEWSWIRES
CHICAGO -(Dow Jones)- A senior U.S. regulator said Tuesday an effort to force CME Group Inc. (CME) to open one of its key futures trading markets to a new competitor remains under review, though antitrust officials have not been involved.
http://jlne.ws/afjRI7

NZX Net Profit Rises 280 Pct, Boosted By Asset Sales
Wellington, March 1 NZPA - Stock exchange operator NZX nearly quadrupled net profit in 2009, and this year will launch its derivative market, representing "a fundamental turning point in the profile and prospects for the NZX Group". The company today said its net profit for the 2009 full year was $38.7 million, up from $10.2m the year before, with the result in the latest year boosted by sales of its carbon registry business and its shares in the Bond Exchange of South Africa.
http://jlne.ws/aLizB9



Clearing

CFTC, SEC eye clearinghouses governance - Gensler
By Christopher Doering
WASHINGTON (Reuters) ' Congress should give U.S. securities and futures regulators the authority to ensure clearinghouses are protected against conflicts of interest, the chairman of the Commodity Futures Trading Commission said on Monday.
http://jlne.ws/bodmZP

Clearinghouse Oversight Must Be Free Of Conflicts
By Sarah N. Lynch Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Derivatives clearinghouses shouldn't be overseen by entities that have a conflict of interest, and governance should be open to both dealer and non-dealer firms, the head of the U.S. Commodity Futures Trading Commission said Monday. CFTC Chairman Gary Gensler, in remarks to the Institute of International Bankers, spoke mainly about his push for legislation that would route all routine over-the-counter derivatives through clearinghouses, which guarantee trades, and how the clearing structure should work.
http://jlne.ws/cY1KVI


EUROCLEAR TO CUT NETTING TARIFFS; WILL SHAVE £10 MILLION PER ANNUM OFF LSE POST-TRADE COSTS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32412
*** total charges to large volume trading firms will drop to 0.9 pence per transaction compared with 2.2 pence per transaction

NASDAQ OMX EUROPE APPOINTS DAN SMITH AS POST-TRADE MANAGER
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32381

CINNOBER REPORTS TRADEXPRESS REALTIME CLEARING CONTRACT WIN
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32377

EMCF are pleased to inform you that as of Friday 19 March 2010, will be offering CCP services for two new markets. Both Czech Republic and Hungarian securities will become available for CCP clearing.


Turquoise and EuroCCP Extend Clearing Service to Hungarian and Czech Securities
http://www.tradeturquoise.com/tq_press.shtml

LCH.CLEARNET NAMES JACQUES AIGRAIN CHAIRMAN
http://www.finextra.com/news/announcement.aspx?pressreleaseid=32533

Former Swiss Re chief named LCH.Clearnet chairman
LCH.Clearnet on Monday appointed Jacques Aigrain, a former chief executive of Swiss Re, as its next chairman, replacing Chris Tupker.
http://jlne.ws/bWwNtd

MAJOR DEALERS OUTLINE NEXT STEPS IN OTC CLEAN-UP The Federal Reserve Bank of New York has welcomed commitments by 14 major dealers to ramp up efforts to cut risks and improve post-trade automation and transparency in the over-the-counter derivatives markets.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21145



Policy

New Volcker text exempts market making, facilitation
The Obama administration has finalised the proposed legislative language for its controversial Volcker rule, which aims to prevent deposit-taking institutions from engaging in proprietary trading and owning or investing in private equity and hedge funds.
http://jlne.ws/a9rCR0


AFME welcomes FSA report saying hedge funds are not systemic threat
The UK Financial Services Authority released a report saying that hedge funds do not pose a significant threat to the financial system because they account for a low proportion of the equity market. Hedge funds do not "pose a potentially destabilising credit counterparty risk across the surveyed banks", the FSA said. The financial industry welcomed the findings. The FSA report "should help silence the unjustified criticism that they are a destabilising factor in the markets", AFME said. Read the FSA's report, "Assessing Possible Sources of Systemic Risk From Hedge Funds". The Guardian (London) (23 Feb.) , Bloomberg (23 Feb.) , The Wall Street Journal (23 Feb.)


CUSIP and Avox Create New Counterparty IDs
CUSIP Global Services, the numbering agency for North America, and Avox have teamed up to create a new identification code for business entities called Cabre.
Silverman: “Wall Street Does Not Know What an Order is Any More”
With the Securities and Exchange Commission beginning to look closely at practices in trading venues whose participants are kept anonymous, Andrew Silverman said Wednesday that dark pool practices such as “actionable indications of interest” are likely to wind up being treated as quotes.
New Dark Pool Rules: “The Big Issue is Attribution"
The flashpoint for dark pools in potential new rules from the Securities and Exchange Commission boils down to identifying the venue on which a transaction between an anonymous buyer and seller takes place.


29/07/09
NAB pays $99m for 80% of Goldman Sachs JBWere's wealth management unit
http://www.businessspectator.com.au/bs.nsf/Article/NAB-pays-99m-for-801-of-Goldman-Sachs-JBWeres-weal-pd20090729-UE28N?OpenDocument

MSCI TO BUY RISKMETRICS IN $1.55BN DEAL
Investment analysis and index firm MSCI has agreed a deal to acquire the rival RiskMetrics Group in a cash and stock deal worth $1.55 billion.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21136

Deutsche Bank's Marques Is Focused on Developing Smarter Algos to Access Dark Liquidity
Jose Marques is heading up algo development and DMA trading at Deutsche Bank.
http://advancedtrading.com/printableArticle.jhtml;jsessionid=1EPNN0DIH3MZZQE1GHOSKHWATMY32JVN?articleID=223100578

Tora Receives Investment From Goldman Sachs
Tora Holdings, Asia's leading provider of advanced trading technology and financial services, announced february 24 that The Goldman Sachs Group, Inc. (NYSE: GS), has made a minority investment in the company.... Read More Here

Equinix Reported to Seek $170 Million For Asian Expansion
Equinix Inc., the data-center operator which hosts the electronic operations of Direct Edge and other trading venue developers, is looking to borrow $170 million to expand in Asia, according to a report published late Wednesday.

Fortis Clearing announces high speed network
Automated Trader
http://jlne.ws/cnCpTy


Tis easy enough to be pleasant, When life flows along like a song; But the man worth while is the one who will smile when everything goes dead wrong."
--Ella Wheeler Wilcox,
American writer

Be who you are and say what you feel, because those who matter don't mind, and those that mind, don't matter."
--Theodor Seuss Geisel, aka Dr. Seuss,
American author




Scott Riley
Business Development

[Please note my new email address: scott.riley@au.fortisclearing.com]

Fortis Global Clearing
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