…At the going down of the sun,
And in the morning,
We will remember them.
My grandfather rests here in Caserta, Italy (I think from memory plot 6D). Prior to the Italian armistice of Sep ’43 (where the Italians re-entered the war on the allied side) the Italians ran a PoW camp here in Caserta (some called it a concentration camp). My grandfather, one of the “Rats of Tobruk”, died from injuries sustained on night patrol behind enemy lines in Lybia. He was taken PoW in Easter 1941 during the Siege of Tobtuk, shipped off by the Italians to Caserta, where he died on 27th May 41 at the ripe old age of 33.
*** brings the “rats” to life.
*** where he rests today.
…and to the news.
Lots of activity down under. ASIC release their guidance on Aussie C&S and the media picks up on the implications for Chi-X, especially in the context of the Ministerial approval in principle.
LSE can’t help twiddling with fees..must be like wearing itchy trousers..hard to get comfortable with competition.
A nice piece on where and how much capital LCH.CN is holding.
Some interesting board changes at DTCC too.
..and the IMF proposes a nice FAT tax. I doubt it will fly. If anything it’ll be a RAT (Regulatory Arbitrage Tax).
No blog last week while I was travelling to Cape Town for a wedding. (this weeks piccie on the blog spot).
Heartfelt congratulations to Robin and Joyce.
If you ever want a heart lifting experience – ya can’t beat a great wedding.
Thanks guys….and welcome to my new blog readers.
Have a great weekend all.
And OMG, go the Reds! 16-13 over the Stormers? Yep, it’s true.
Chi-X’s new hit on ASX monopoly.
The Government announcement on Chi-X's conditional approval to operate a market in Australia is good news for existing AFSL's and AFSSDA. As you may or may not be aware, AFSSDA also aspires to obtain and operate a market license in the future, which our members will own a portion of.
LSE BID FOR HIGH-FREQUENCY TRADERS MOCKED BY BATS
The London Stock Exchange's decision to change its tariff structure in a bid to win back high-frequency traders just months after scrapping an earlier scheme has been ridiculed by rival outfit Bats Europe.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21315
JOHANNESBURG STOCK EXCHANGE PLANS DARK POOL
CANADIAN ATS ALPHA FILES FOR EXCHANGE STATUS
ASIC releases guidance on regulation of clearing and settlement facilities
In a recent committee discussion in the Lords, Roger Liddell spoke about the levels of risk LCH manage, and the financial assets they hold to protect against the default of a member. Of interest were the amounts of margin and capital available, both when Lehman defaulted, and now.
The Depository Trust & Clearing Corp. Thursday said it named five new board members and, for the first time, three of them come from companies which are not members of its clearing and settlement organization.
*** Interesting. This includes Christopher Concannon. (Concannon joined Nasdaq in its purchase of Instinet, where he was president of its clearing unit.)
DTCC ELECTS BOARD MEMBERS
*** This also includes bios.
Singapore to offer clearing on OTC derivatives
By Kevin Brown in Kuala Lumpur
The Singapore Exchange, Asia's second largest listed bourse, announced plans on Wednesday to change its rules to allow an expansion of its central clearing operation to include over-the-counter (OTC) financial derivatives. The exchange, which already has a substantial OTC clearing business, said it would initially offer interest rate swaps and Asian foreign exchange forward contracts, settled in US dollars.
TRADEWEB COMPLETES ELECTRONIC LINKS TO CLEARING HOUSES FOR OTC DERIVATIVES TRADES
The IMF has urged the global introduction of 'clean up' taxes on financial firms.
§ The IMF report in full (or rather the “confidential” summary of the G20 April 2010 meeting):
§ FSA leaders say objectives create a conflict of interest
UK Financial Services Authority officials requested that changes be made to the agency's legal framework, saying its role as a financial regulator conflicts with its objectives to promote London as a global financial hub. "When you start saying that the role of a regulator is to help, as it were, the competitiveness of a location or of the nationally registered firms, that can in a subtle way create a conflict of interest and it would probably be better if we didn't have that objective," said Adair Turner, chairman of the FSA. Financial News Online (U.K.) (subscription required) (06 Apr.)
*** I think this is a pity. Yes, the conflict is apparent, but the FSA / regulators universally expect all firms to have procedures to address conflicts of interest. To step away from this conflict is akin to absolving themselves of any responsibility. To me it reads too much of we want an open mandate for “business prevention” rather than we’ll take a pragmatic view on financial markets i.e. “if not, why not”.
Market Access Proposal: Great in Concept but not in Practice
Broker-dealers and other market players give a thumbs-up for the Securities and Exchange Commission’s efforts to tighten controls on unfiltered sponsored or “naked” access to exchanges and other market centers.
UBS CONNECTS TO CHI-TECH MARKETPRIZM
EQUINIX OPENS AMSTERDAM DATA CENTRE
JAMES HORWILL 1:43pm | Last weekend's Super 14 results showed how difficult it is to win away from home in this competition. Not a single team had a win on the road.
Service record states (information supplied by the Red Cross):
During Easter Harrison, Luck, Mayman and Symons were out on patrol. They struck bother. Harrison was wounded and Mayman and Luck went back to help him. Symons joined them. Just afterwards, when they observed the enemy moving around from the rear, Harrison pleaded with the others to leave him so that they could get back. Symons Mayman and Luck were nursing Harrison when the enemy came up to them and took the lot. The men are in my company and I heard the story of their capture almost as soon as it happened.
Mayman survived to be released from prison by the allies in 1943 but his company was bombed by friendly fire when they were marching out and was badly injured.
*** My grandfather was Eric Harrison.
Don’t be afraid to take a big step if one is indicated. You can’t cross a chasm in two small jumps.
- David Lloyd George
If you think education is expensive – try ignorance.
- Derek Bok
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