Monday, August 16, 2010
News 100806: Chi-X mkt share, EMCF annual report, ICE would be nice for the C2S.
Congratulations to Chi-X Europe. More positive market share stats.
EMCF Annual report is out.
Story on ICE’s Sprecher.
DBourse keeps it real with realistic post trade pricing.
Initial Dodd Frank remarks.
THE GEOGRAPHY OF A RECESSION http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html
*** Yet again, a picture is worth a 1,000 words.
Shame to see the wobblies lose last w/end. It was not so much their loss, but the manner of it. I’m still pro Robbie Deans as coach…I just hope he has enough time to mould this team. This week-end sees the return of the City to Surf. A 14K fun run. As the worlds largest fun run this is a great event to just take part in….and I don’t expect I’ll be celebrating the rugby on Sat night.
with 80,000 runners it takes a good 10 minutes just to cross the start line let alone start running.
Have a great w/end all.
MONTHLY MIFID MTF MONITOR: JULY 2010
*** More positive stats for Chi-X Europe
TRADINGSCREEN PLANS CORPORATE BONDS TRADING PLATFORM
SHOULD TOKYO MOVE WITH THE TIMES?
With PTSs continuing to provide little competition to the Tokyo Stock Exchange, Hilary Persent, director, execution sales at IND-X Securities, doubts the need to reform trading hours in Tokyo.
According to data provider Thomson Reuters’ Equity Market Share Reporter, the market share of the TSE has not dipped below 93.7% of the Japanese market by turnover since June 2009. The proposals put forward in the TSE’s discussion paper are fourfold:
abolishing or reducing the lunch recess that currently runs from 11.00 until 12.30;
introducing night-hour trading for the cash equities market;
extending the evening session hours for the derivatives market; or
opening the morning auction session earlier than the current starting time of 09.00.
EMCF Annual Report 2009 is available for download
ICE's Sprecher works to transform the CDS market
Jeffrey C. Sprecher, CEO of the IntercontinentalExchange, has moved fast and decisively to take a commanding role in developing the market of credit default swaps. Sprecher said he gained an edge over competitors by acting fast to sign deals with 10 of the world's biggest banks within weeks of the government's rescue of American International Group, which was near collapse because of its CDS exposure. Bloomberg Businessweek (7/29)
Today, the power of speculators in the CDS market troubles executives such as Bill Zollars, chairman and CEO of Overland Park (Kan.)-based YRC Worldwide (YRCW), the largest U.S. trucking company. His company nearly fell into bankruptcy in December as Goldman Sachs and others sold credit default swaps that would profit from the company's demise. Zollars says he was shocked to learn that his company "was worth more dead than alive" to certain bondholders who had purchased those swaps on YRC. "It was a strange situation where people are making money if they force the company into bankruptcy and 35,000 jobs disappear. That doesn't sound like the American way," Zollars said. What's more, he says, the lack of transparency on CDS made it difficult to find out who was betting against the company so he could appeal to them for help in a restructuring. The Teamsters, which represents YRC workers, learned of Goldman's involvement from anonymous tips and e-mails of computer screen shots showing Goldman traders dealing in the YRC swaps. The Teamsters pressured Goldman to stop, and the bank agreed to help YRC restructure outside of bankruptcy, according to Zollars and union officials. (A spokesman for Goldman declined to comment.)
*** More about Sprecher than the CDS market. The story runs as- ICE's Jeffrey Sprecher: The Sultan of Swaps
DEUTSCHE BÖRSE UNVEILS POST-TRADE TRANSPARENCY PRODUCT FOR EQUITIES http://www.finextra.com/news/announcement.aspx?pressreleaseid=35101
The monthly fee is 15 euros for professional investors and 1 euro for private investors.
New Central Counterparty (CCP) In Emissions Trading: greenmarket Gains Swiss Clearing House SIX X-Clear AG As Partner
Press Release Bayerische Boerse AG, operator of CO2 carbon certificates trading platform greenmarket, has won SIX x-clear AG as a key partner for its post-trade processes. The clearing house of the Swiss SIX Group, SIX x-clear AG will act as a central counterparty with responsibility for all clearing and settlement on the greenmarket exchange with effect from the fourth quarter of 2010. Under the new partnership, carbon certificate trading will be faster and more secure.
WOODBINE OPINION VIEWS ON THE DODD-FRANK LAW
In our view, the Dodd-Frank law has a good chance of meaningfully impacting the financial markets by enhancing oversight, reducing systemic risk, and improving consumer protection. We discuss the first two points and highlight potential forthcoming market changes below. http://www.woodbineassociates.com/uploads/Woodbine_Opinion_-_Dodd-Frank_Now_Law_-_July_28_2010.pdf
It was by no accident that he had he best insurance rating. JD Boatwood
I feel as a horse must feel when the beautiful cup is given to the jockey Edgar Degas
Tact is the knack of making a point without making an enemy. WGP
Nothing will ever be attempted if all possible objections must first be overcome. Dr Samuel Johnson
There is really no such thing as bad weather, only different kinds of good weather.\ John Ruskin
RUGBY WALLABY WIPEOUT: BOB DWYER ANALYSIS
DEANS IS UP AGAINST A LEGACY HE HELPED CREATE
*** and why I continue to have faith in Deans as the Wallaby coach.
[Caps / Age / Years in national program]
1st XV average [34.0 / 25.1 / 3.3]
Matchday 22 ave [25.0 / 24.5 / 2.4]
1st XV average [46.7 / 28.1 / 5.5]
Matchday 22 ave [34.9 / 26.8 / 4.3]
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