Eris looks set to reform the Interest Rate Swap markets.
I like the look of Arca collars.
An excellent comment on John Plenders remarks from the Lothian newsletter editor.
On consolidated tape I think data standards are the way to go. Commercially these can be aggregated and resold…and with transparency you’ll know how much ‘market data share’ you’re buying (and with fragmentation people will be ‘less inclined’ to pay through the nose).
Since Aug ’09 FSA has fined 5 banks 7 million quid on transaction reporting breaches. 5 banks / 7 million. It just does not sound right or read right. It is too much and disproportionate in my view. It reads more like a political agenda then any empathy of the use and value with post trade data. If regulators really cared about post trade data…why start with a rampage? Good data starts with good standards, education, communication etc.
Sorry to see Mark Renshaw out of the Tour de France.
Kiwis to beat the Sth effricans again this w/end.
Have a great w/end all.
Chi-X Europe posts another record quarter
Chi-X Europe sets second quarter record by value and volume of shares traded - Hails EMCF clearing fees reduction
Chi-X Europe Says Volumes Almost Doubled in Second Quarter
By Nandini Sukumar
July 12 (Bloomberg) -- Chi-X Europe Ltd. reported second- quarter volumes rose to a record as the region's biggest alternative trading system continued to take business from traditional exchanges.
We have been consistently profitable for the last six months,” Alasdair Haynes, chief executive officer of Chi-X Europe, said
Dark pool volume growth unsustainable – MTFs
*** nice pictcha of Jerry Avenell.
ABN AMRO TAKES 25% STAKE IN DUTCH MTF THE ORDER MACHINE ABN Amro has taken a 25% stake in retail-oriented MTF The Order Machine (TOM).
LONDON STOCK EXCHANGE OFFERS POST-TRADE MARKET DATA AND VOLUME DISCOUNTS FOR RETAIL INVESTORS
LSE Q1 PERFORMANCE RESILIENT IN MIXED TRADING
BLOOMBERG: LSE Hires Emirdag as Head of Professional Business Development
By Nandini Sukumar
London Stock Exchange Group Plc hired Pinar Emirdag, a former Turquoise board member, as head of professional business development as Europe’s oldest independent bourse seeks to lure back customers from new rivals.
NYSE Euronext London to compete with LSE
Like its other cash markets, NYSE Euronext London will initially use LCH.Clearnet for central counterparty services before moving to purpose built clearing houses by 2012.
NYSE EURONEXT AND WARSAW STOCK EXCHANGE OUTLINE PARTNERSHIP DETAILS
Market makers take tough line on their own business
Eris Exchange: CHICAGO TO TAKE ON WALL STREET WITH NEW EXCHANGE FOR INTEREST RATE SWAPS - FT
Five Chicago dealers have teamed up with the Chicago Mercantile Exchange to launch a new interest rate swaps trading platform in anticipation of financial reform measures designed to push over-the-counter derivatives trading to exchange-based systems.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21606
*** The five firms backing the Chicago exchange in the initiative are Getco, DRW Trading, Infinium Capital Management, Chicago Trading Company and Nico Trading, says the FT.
Chicago trading firms reportedly will launch a derivatives exchange
Five of the largest trading firms in Chicago plan to target over-the-counter interest-rate derivatives by creating an exchange, sources said. The firms aim to capitalize on regulatory reform that would push derivatives trades toward an electronic platform that offers clearing. The Wall Street Journal (7/13)
NYSE ARCA TO INTRODUCE NEW COLLAR TO SAFEGUARD MARKET ORDERS
DEUTSCHE BÖRSE SYSTEMS SHIFTS TRADING ENGINES TO EQUNIX DATA CENTRE
CFTC POSITS NEW DISASTER RECOVERY RULES AS REGULATORS PROBE 'ALGO PRICE PIRATES'
The US Commodity Futures Trading Commission (CFTC) has proposed new rules that would require exchanges and clearing houses to establish disaster recovery procedures in the event of a market-wide disruption.
FOA GIVES QUALIFIED WELCOME TO EU DERIVATIVES AND MARKET INFRASTRUCTURE REVIEW
Times change in transition management: early dominator closes shop
Michael Bailey | 13 July 2010 |00:00 AM
…the Australian market was infatuated with the broker-dealer model of the big investment banks, now dominated by Citi, Goldman Sachs JBWere and UBS.
Tackling antisocial financial behaviour
By John Plender
First, Lord Turner, head of the UK's Financial Services Authority, put the cat among the pigeons by questioning the social utility of much financial innovation. Then Paul Volcker declared that the only financial innovation that had impressed him over the past 20 years was the automated teller machine. Yet, despite these reservations the world remains remarkably tolerant of anti-social behaviour in the markets and in the wider business environment.
**** Dear Mr. Plender: High-frequency trading is not a form of front-running. Front-running is a crime. There is no crime in making a market, whether by computer injected orders or reading a pit broker's facial expression. Some traders who have invested in an exchange membership, or today invest in computer technology, have always had an advantage in information about orders. Sometimes it is reading the body language of the broker. Sometimes it is the long line of exchange floor runners trying to get to the buy-broker. Electronic trading helps level the playing field. A trader's objective is to find some advantage, whether it is wearing high-healed shoes to stand taller on the trading floor, sporting a brightly colored jacket to attract other traders' attention or investing millions of dollars in computer systems.
Idea of a consolidated tape for market data raises concerns
Market participants are divided on whether the European Commission's review of the Markets in Financial Instruments Directive should include measures that would establish a consolidated tape for market data. MiFID caused market fragmentation, and European officials are striving to resolve the issue. Risk.net/Risk magazine (13 Jul.)
FSA reinforces transaction reporting guidelines
UK regulator, the Financial Services Authority (FSA), has reinforced its transaction reporting guidelines, following a raft of recent fines issued to some of Europe’s largest banks.
Since August 2009, the FSA has issued fines to five banks - Barclays, Commerzbank, Credit Suisse, Getco and Instinet - totalling over £7 million ($10.7 million) for having inadequate reporting arrangements.
LORD LEVENE VENTURE EYES LLOYDS ONLINE UNIT INTELLIGENT FINANCE The new high street bank being set up by City grandees Lord Levene and Sir David Walker is eyeing up the acquisition of Lloyds' online unit Intelligent Finance, according to press reports.
HALF OF CONSUMERS THINK CASH WILL BE OBSOLETE IN 20 YEARS - SURVEY With Brits increasingly turning to cards, cash could be obsolete by 2030, according to 52% of users of discount Web site MyVoucherCodes.
Compare countries' house-price data over time
Baltic dries up
10 fascinating facts you didn't know about Apple
The more we have the less we own."
German theologian, philosopher and mystic
Fear paralyzes; curiosity empowers. Be more interested than afraid."
American educational psychologist
8th Floor | 50 Bridge Street | Sydney | Australia | 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627