Monday, March 22, 2010

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:

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

Results here for the Sydney Harbour swim.

I came 177/523 or 23rd 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.


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


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

15/03/2010 10:39:00


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:

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.

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 .




The Fin Services Blog (Chris Skinner)

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

See also:

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

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:


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.

*** 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


*** 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.


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:

Remarks of Chairman Gary Gensler, OTC Derivatives Reform, Chatham House, London, March 18, 2010

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.



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

''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


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