Clearing and Settlement News: News 110114: Qld soaks it up, Europe worries about liquidity leakage, the ashes are sunk, ownership and goverance keeps coming up, dutch and Ava'lon.

G’day All from the land down under and welcome to 2011.

During the ‘break’ I had a quick look at my distribution list (and sorting of contacts / groups) and noticed some omissions. FYI I just post my emails at http://clearingandsettlement.blogspot.com/ . So for those that are interested, it’s all there.

This week-end I’ll be going on a ‘Dreamy sojourn on the Pittwater peninsula’, otherwise know as the Avalon Beach Surf Swim.

http://www.oceanswims.com/Events.asp?EventID=99

As it happens, Ocean Swimming is a booming sport in Aust. The lure of the ocean swim :

http://www.smh.com.au/executive-style/fitness/monster-wave-of-support-for-a-sport-with-deep-satisfaction-20110106-19hmy.html

As a Queenslander, I have more than a passing interest in the flood developments. I’m pleased to report none of my Brisbane family and friends have been harmed. As for material losses….that will become clearer over time as communications resume and the flood waters recede. I must that those of you who asked. It is hard to know how to communicate an event of biblical proportions.

An area bigger than Texas and California making up more than 75 percent of Queensland has been declared a disaster zone.

http://www.businessweek.com/news/2011-01-11/brisbane-floods-worsen-as-queensland-death-toll-climbs-to-21.html

To put European countries in perspective with US states try this site.

http://goeurope.about.com/od/europeanmaps/l/bl-country-size-comparison-map.htm

Queensland is Australia's second largest state measuring more than 1.72 million square kilometers, 25% of Australia's land mass, which is four times the size of Japan, nearly six times the size of the UK and more than twice the size of Texas in the US.

http://www.australearn.org/destinations/australia/regions/queensland/

FYI, the Netherlands is 37.3K sq KMs, so about 46 Hollands in Queensland alone. Or think of 4 UK’s being declared a disaster ‘zone’…with probably the area of one of them still immersed. (Let’s not get into if that is a good thing or a bad thing).

There is some remarkable footage at:

http://www.abc.net.au/news/video/

News Video | Tue, 11 Jan 2011 14:19:00 +1100

Toowoomba resident captures the extraordinary moment when the Chalk Lane Creek overflowed, carrying away cars.

*** Can’t see a direct link for this one, but it gives a real flavour.

And who would have thought…all this rain and it still didn’t help us in the cricket.

….shame on me. I forecast 3:1, just got the teams the wrong way round. Before the floods started the local press was giving Ponting and the boys a real serve. Excellent, they deserved to be lambasted. Now their just forgotten. I was lucky enough to hit the beaches just after New Year but unfortunately this meant I missed the Barmy Army in full flight at the Sydney test. I would have enjoyed seeing that. Good on ‘em I say. Great to see them genuinely delighted to win so convincingly against an opposition that in hindsight they overrated. We’ve managed to clear the prima donnas out of our Rugby team…just in time to start on our cricketers.

Now, the real news:

More snippets on the CXE (Chi-X Europe) / BATs combination. I do believe this is the best combination.

I do sincerely believe ASX and SGX will give the combination a sincere and good try…I just personally can’t see the deal happening in the current Aussie political environment. How does the deal need to change in order for it to happen? I dunno. But ownership thresholds and governance will have a role to play.

NXZ takes an axe to AXE. I guess the syndicate participants had their axe to grind and now they have their desired result: the threat of competition has reduced fees. Personally I would of held onto the shell company…just in case.

I don’t expect HKEx to fall into the net of the new competition rules….although the law makers remarks are encouraging.

I found the piece on India exchanges interesting. Yet again it comes back to ownership and governance models.

ICE withdrawing its clearing application took me by surprise. Still, a nice piece in the WSJ. And what crops up?....the theme of ownership and governance.

I’m glad CFTC continues to consider the ownership and governance model in light of Dodd Frank.

Why is the right ownership and governance model? Well that is another rant and needs to be taken in context. Competition and commoditisation have a role to play, as does user owned and user governed for utility services and of course to cap it all we need independence etc. It’s a fine balance but it certainly is not a ‘one size fits all’ model.

On the Eurozone…I don’t think it is wrong to charge rescued nations a debt premium….I do think it is wrong to charge them at penalty rates.

The AFM position paper of HFT is out. I have a lot of respect for the Dutch regulators who I think punch to or above their weight in Europe.

I must stress, all these opinions are entirely my own and not those of anyone else in my distributed professional and social network blah blah.

Have a great week-end all.

http://clearingandsettlement.blogspot.com/

Trading

FINANCIAL NEWS: Bats Closes in on Chi-X Tie-Up
By Tim Cave
01/10/11
The two companies revealed last month they had entered into exclusive talks lasting until February 11, and such a tie-up does not come as a great surprise given the more-than-50% crossover in shareholders between the groups.

According to sources, an agreement is likely to take the form of a share swap, with investors in Chi-X Europe in line to exchange five of their shares for one share in the merged business.
Once this has been secured, Bats will then have to negotiate a successful integration with Chi-X Europe, a takeover process that, according to sources, can take up to nine months.

Liquidity spillage is key post-merger challenge for BATS, Chi-X

The talks are expected to result in an all-share deal valued at around US$300 million.

By its own admission, BATS Europe has a breakeven mark of around €88 billion in monthly turnover, but its 6.2% share of pan-European trading during 2010 left the firm with an average monthly turnover of just €41 billion, according to data provider Thomson Reuters. Last August, BATS Global Market’s vice president of global communications, Randy Williams, confirmed that BATS Europe needed “around €4 billion worth of turnover in Europe per day to be consistently profitable” and predicted a €3.8 million 2010 loss for the MTF based on prevailing volumes.

Chi-X Europe’s breakeven is estimated at around €100 billion in monthly turnover, but the MTF averaged €130 billion per month last year and achieved a 2010 pan-European market share of 16.6%. As such, Chi-Europe reported a profit every month last year.

Broadly speaking, there are three sources of liquidity leakage during a merger of trading venues:

First, the volume of trading by the two merging venues will suffer some net reduction as arbitrage business conducted between the markets vanishes.

Second, liquidity may also dissipate as trading systems are recalibrated to take account of the change in number of available destinations.

Third, rival trading venues are likely to try to take advantage of any disruption to attract liquidity through price promotions.

http://www.thetradenews.com/trading-venues/mtfs-ecns/5596

BATS HIRES UNDERWRITERS AHEAD OF POSSIBLE IPO - WSJ Exchange operator Bats Global Markets could be set to embark on an initial public offering after hiring underwriters, according to the Wall Street Journal.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22140

LCH.CLEARNET AND CHI-X EUROPE LAUNCHES CFD CLEARING

http://www.finextra.com/news/announcement.aspx?pressreleaseid=37335

SGX chief says ASX bid will go ahead: report

(FINANCIAL SERVICES) Bocker pledges to give merger 'a sincere and good try'. 28 Dec 2010 11:18 AM read more

http://www.businessspectator.com.au/bs.nsf/Article/SGX-CEO-says-will-press-ahead-with-bid-to-buy-ASX--CK275?OpenDocument&src=eiw&ir=4

A 2011 wishlist for the Singapore stock market
AsiaOne
IT'S customary at this time of the year for observers and commentators to draw up a wishlist of changes and improvements they would like to see in the new year. So without further ado, here is some food for thought on how to take the Singapore market to its next level of development.

First, the launch and flourishing of a proper domestic derivatives market that includes structured warrants, options and possibly futures on the major indices and single stocks.

Second, we'd like to see regulators go after all manipulators, including the large and not just the small. One of the biggest complaints from brokers is that SGX disciplinary action is almost exclusively directed at small retail brokers and almost hardly ever at the big institutions.

Third, details of all investigations and actions should be made transparent and publicised. Stated differently, the exchange should do away with the private censure that it sometimes employs when disciplining listed companies and instead make all such action public.

http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20110106-256784.html

NZX winds up JV market on Aust securities

January 14, 2011 - 7:54AM

NZPA

New Zealand sharemarket operator NZX is winding up its joint venture effort to offer a high-speed, low-cost market for trading securities listed on the ASX.

NZX said on Friday that it, along with the other shareholders of electronic communications network company AXE ECN -- Citigroup, Macquarie, Merrill Lynch, Goldman Sachs and Commonwealth Bank -- had decided to stop operations of AXE ECN as a trading entity and wind up the company.

"After a review and careful assessment of the market today, AXE does not see opportunities for its business model to generate sustainable economic returns."

AXE was established in 2006, and made its original application for an Australian Markets Licence in early 2007.

NZX wrote down the entire value of the investment in AXE ECN to zero in June 2009, saying it made the move given the ongoing reluctance of the Australian government to address the granting of a licence.

http://news.smh.com.au/breaking-news-business/nzx-winds-up-jv-market-on-aust-securities-20110114-19q5v.html

South China Morning Post: HKEx tops world for trading costs
10 January 2011
By Amanda Lee

…

Lawmakers are debating a bill that would inject more competition into the economy by reining in business practices such as price-fixing and abuse of market power.
But the stock exchange, nearly 6 per cent owned by the Hong Kong government, which controls about half the board seats, looks likely to be exempt from the new law.

….

Hong Kong's chief executive will have the final say, but in the meantime, the government is likely to face tough questions from legislators. Lawmaker Regina Ip Lau Suk-yee said the government should not exempt the exchange from the competition law without a thorough study of the consequences.
"In sum, I object to its automatic exclusion," Ip said in an e-mailed response to questions. "The Hong Kong stock exchange is no doubt a monopoly, and it is worth investigating whether Hong Kong's economy would benefit if there is more competition to HKEx."

http://topics.scmp.com/news/hk-news-watch/article/HKEx-tops-world-for-trading-costs

NYSE Euronext Begins Doubling Capcity of Options Exchanges

By Tom Steinert-Threlkeld

NYSE Euronext said it completed the first phase of an upgrade of the technology underyling its two U.S. options exchanges, which it expects will double their capacity.

Upon completion of the capacity upgrade, NYSE Arca and NYSE Amex each will be capable of processing 1 million orders and 8.4 million quotes a second with sub-millisecond average acknowledgment (ACK) times, NYSE Euronext said. That is up from the 500,000 orders and 4.2 million quotes before the upgrade began.

Currently, NYSE Arca and NYSE Amex options combine “open-outcry” trading facilities with advanced electronic trading platforms. The upgrade will improve each exchange’s core matching engines and add a variety of functionality. The foundation will be NYSE Technologies’ Universal Trading Platform.

http://www.securitiestechnologymonitor.com/news/nyse-euronext-doubling-capacity-options-exchanges-26762-1.html?ET=securitiesindustry:e2233:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=STM_BNA_08302010_011111

80,000 Mutual Funds Set to Begin Trading on German Exchange

By Tom Steinert-Threlkeld

Deutsche Börse and Clearstream said they began their joint effort at introducing exchange trading in mutual funds.

As of Thursday, Jan. 13, more than 80,000 investment funds that are currently on Clearstream's order routing platform, Vestima+, can be introduced for trading on Deutsche Bank’s cash market, Xetra, by funds specialists.

After execution, the funds will be settled through Clearstream's post-trade facility for mutual funds, the Central Facility for Funds (CFF).

ELX Sets New End-Of-Day Total Market Share Record In U.S. Treasury Futures
New York, Jan 10, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it has established a new end-of-day (3 p.m. EST) trading record for total market share in its U.S. Treasury futures contracts, with an electronic share at 5% on January 10, 2011.

http://www.elxfutures.com/News-Events/ELX-Sets-New-End-of-Day-Total-Market-Share-Rec-%281%29.aspx

Five Minutes with Neal Brady
Neal Brady has spent the last five months or so working to get the Eris Exchange up and running as the first swaps futures exchange created after Congress passed the Dodd-Frank financial reform bill ordering swap trades onto public exchanges. As the deadline looms on finalizing Dodd-Frank, Eris aims to be the venue of choice for clearing services to reduce systemic risk in the over-the-counter market. Thus far, the new exchange for interest rate swap futures has handled over $19 billion in notional value since trading started in August.
Q: How did you get involved with the Eris Exchange?
Brady: I was previously managing director and head of business development globally for the CME. While I was at CME I was very involved in a variety of initiatives related to OTC clearing and trading. After leaving CME to run a venture fund where I was involved with many of the Eris founding partner firms, we began discussing with CME the possibility of clearing an interest rate swap futures product as a way to broaden access to the OTC interest rate swap market and respond to the new regulatory environment. I've been in the exchange and derivatives business for a long time and founded a venture several years back called Liquidity Direct which was eventually acquired by the CME. A number of proprietary trading firms were involved in that earlier venture as well as founders and partners, and that's how I ended up being involved with Eris.
Read the entire interview on MarketsWiki at http://www.marketswiki.com/mwiki/Five_Minutes_With_Neal_Brady

Clearing

SECURITIES TECHNOLOGY MONITOR: ICE Trust Withdraws Application to be Named Swaps Clearer
By Tom Steinert-Threlkheld
InterContinental Exchange has withdrawn the application of its ICE Trust U.S. subsidiary to be declared a derivatives clearing organization, on an expedited basis.
“Upon review of the ICE application, the (Swaps & Derivatives Market Association) finds several areas of concern where ICE is not incompliance with the express provisions of the Dodd Frank Act,’’ that calls for the creation of derivatives clearing organization, the association said, in its comment.
“Specifically, ICE’s membership artificially links execution to clearing which results in limited clearing broker participation. In addition, ICE goes beyond its clearing mandate by restricting the methods of swap execution, and the free trading of swaps, by requiring that all trades be executed through a dealer member,’’ said James Cawley, co-founder of the association.

http://www.securitiestechnologymonitor.com/news/ice-trust-withdraws-application-swaps-clearing-26671-1.html

Derivatives Rules on ICE
Wasn't Dodd-Frank supposed to reduce systemic risk?
WSJ Opinion Journal
Two years ago we warned against concentrating all of the risks in the credit-default swap (CDS) market inside a clearinghouse called ICE Trust. Now it appears that even the managers of ICE Trust are coming around to our point of view. A few days before Christmas, this largest of CDS clearinghouses quietly withdrew its federal application to be . . . a CDS clearinghouse.

In other words, clearing arrangements do not eliminate risks; they transfer them from the two trading parties to the clearinghouse. But the Obama Administration and the authors of Dodd-Frank claimed to believe two things that aren't true: that the structure of the derivatives market—as opposed to housing or monetary policies—was a root cause of the financial crisis, and that clearinghouses would eliminate risk from derivatives.

But two weeks ago, ICE rescinded its application to the CFTC. The company would only say that "given the significant changes proposed to the commission regulations" for derivatives-clearing organizations, it decided to wait until it is required to come under CFTC jurisdiction later this year.

An immediate seal of approval from the commission would have allowed ICE to seek many new customers, so why would this company want to leave money on the table?

Probably because ICE would have had to admit weaker members into its clearinghouse. CFTC's new rules allow clearing members to have less capital than they are required to hold under ICE's existing rules.

http://online.wsj.com/article/SB10001424052748704694004576019851275439150.html?mod=googlenews_wsj

Financial News: In praise of dark pools of liquidity

10 January 2011

By Xavier Rolet

….

Infrastructure is in fact different from other services: if a motorway operator charged excessive fees and failed to keep up with the maintenance, would you build five motorways on the same route to promote greater efficiency? Or would you seek another way to fix the under-performing operator?

Parties debate central bank liquidity for CCPs
The push to clear some over-the-counter derivatives trades through central counterparties has raised many questions and concerns. Some regulators are calling to give CCPs access to central bank liquidity. Major CCPs said the access is not needed. "Access to central bank liquidity is not necessary," said Roger Liddell, CEO of LCH.Clearnet. "We have a huge amount of liquidity, and we manage it very conservatively." Meanwhile, central banks are hesitant to provide such access. Risk.net/Risk magazine (10 Jan.)

14 Pacific Firms Adhere to Protocol on Derivatives Reconciliation

Fourteen of the largest financial firms in the Asia-Pacific region have agreed to follow a set of recommendations published by the International Swaps and Derivatives Association for how to reconcile portfolios in over-the-counter derivatives.

The fourteen firms are Bank of Tokyo-Mitsubishi; Deutsche Bank; Mizuho Corporate Bank; Morgan Stanley & Co; Morgan Stanley & Co International; Morgan Stanley Capital Group; Morgan Stanley Capital Services; Morgan Stanley MUFG Securities; National Australia Bank; Nomura Securities; Standard Chartered Bank; Sumitomo Trust and Banking Company; and UBS.

http://www.securitiestechnologymonitor.com/news/isda-asia-pacific-otc-derivatives-portfolio-reconciliation-26719-1.html?ET=securitiesindustry:e2235:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=SIN_DailyClose__011211

Policy

CFTC delays vote on clearing, trading governance
* Vote delayed on first of final Dodd-Frank rules
* Rule to be considered at another meeting-spokesman
* Had been expected to stand pat on bank voting limits
By Sarah N. Lynch and Roberta Rampton
WASHINGTON, Jan 12 (Reuters) - The U.S. futures regulator said on Wednesday it would delay plans for a vote to finalize regulations aimed at limiting the voting power of banks on clearing and trading venues, a key vote that had been slated for a Thursday hearing.
http://jlne.ws/hWJy1I

CFTC Delays Vote on Ownership, Governance Rules for Swaps Market
By Silla Brush
The U.S. Commodity Futures Trading Commission delayed a vote on rules that would limit bank ownership and control of clearinghouses and trading systems in the $583 trillion swaps market.
Bloomberg
http://jlne.ws/hyVUbW

Lehman case reveals a gap in swaps-deal interpretations
The International Swaps and Derivatives Association has a single master agreement used by parties involved in derivatives trades in London and New York, but how that agreement is interpreted can vary significantly between the two places, according to The New York Times. The bankruptcy case of Lehman Brothers Holdings demonstrates the wide range of interpretations. NYTimes.com/DealBook blog (1/7)

Euro zone's debt crisis is close to spiralling out of control
Yields on Portugal's debt jumped, and contagion is starting to hit Belgium as well as Spain -- indications that the debt crisis that has been plaguing the euro zone could be spreading. The European Central Bank aimed to push down yields by buying Portuguese, Irish and Greek bonds, but the ECB has not widened emergency purchases to other nations. The situation leaves Belgium on its own. Telegraph (London) (10 Jan.) , Reuters (10 Jan.) , The Wall Street Journal (11 Jan.)

The interest rate charged on rescue packages should be slashed to allow EMU debtors to claw their way out of their traps. The fund is currently charging Ireland 5.7pc for rescue loans – which were arguably forced upon it – even though the EU raised the money at an average 2.59pc. The punitive rate has caused bitterness in Ireland.

"We think the EFSF should charge its own average funding cost, or even below it, offering an interest rates subsidy," said Frank Engels, Barclays' Europe economist. "This should be done under IMF-style conditionality to prevent moral hazard."

Mr Engels said the European Investment Bank should buttress the policy with €30bn of spending on infrastructure projects to underpin growth in the debt-stricken states.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8251389/EMU-debt-crisis-edges-ever-closer-to-the-core.html

AFM evaluates use of high-frequency trading (HFT) in European financial markets

he Netherlands Authority for the Financial Markets [Autoriteit Financiële Markten, or “AFM”] sees no grounds for restricting the use of ”high-frequency trading” (HFT). The AFM sees HFT not as a separate strategy, but as a technique for applying short-term trading strategies that have been in use for years. This assessment changes if HFT were to be used to implement an illegal trading strategy, but in this respect as well HFT is no different from other trading strategies. The AFM reaches this conclusion in its study on the role of HFT in the European financial markets published today.

http://www.afm.nl/en/professionals/afm-actueel/rapporten/2010/hft-rapport.aspx

Full report available here:

http://www.afm.nl/layouts/afm/default.aspx~/media/files/rapport/2010/hft-report-engels.ashx

CESR MORPHS INTO ESMA; ELECTS MANAGEMENT BOARD

http://www.finextra.com/news/announcement.aspx?pressreleaseid=37379

FPL Releases Standardized Guidelines for Risk Management
http://www.fixprotocol.org/documents/5537/FPLEquityRiskControls_final.pdf

Dutch regulator for top finance watchdog job
By Nikki Tait in Brussels, James Wilson in Frankfurt and Brooke Masters in London - Financial Times
A Dutch regulator is set to become the first head of the new influential watchdog which will oversee securities markets in the European Union, while a Portugese official will take the top position at its counterpart overeeing the bloc's insurance and pension industry.
http://jlne.ws/epSpwf

ICMA Regulatory Policy Newsletter First Quarter 2011

http://www.icmagroup.org/Emails/icma-regulatory/ICMA-Policy-Newsletter-110112.html

Participants

FINANCIAL NEWS: Nomura Shelves Plans to Offload Instinet
By Michelle Price
1/10/11
Japanese bank Nomura has shelved plans to sell its global agency brokerage subsidiary Instinet and is considering rolling the company into its investment bank’s growing equities business, according to several sources.

Morgan Stanley to Spin Off Prop Trading Unit
Morgan Stanley will spin off its proprietary trading business into an independent firm in 2012, joining ...

http://www.wallstreetandtech.com/articles/229000478?cid=nl_wallstreettech_daily

Banks prepare for Volcker rule as SIFMA study raises concerns
The Financial Stability Oversight Council is preparing to issue proposed regulations related to the Volcker rule, which restricts proprietary trading by banks. Some industry observers say the Volcker rule has already been too watered down to do much good. However, a study commissioned by SIFMA shows that a restrictive approach to the rule could threaten some bank practices. The Politico (Washington) (1/12)

Credit Suisse plans to launch stock-trading venue Light Pool
Credit Suisse Securities runs the largest equity dark pool in the world and now plans a stock-trading venue called Light Pool. The U.S. network will start operating by the end of March, said Dan Mathisson, who leads the broker's electronic-trading division. "There's a real need for a new kind of displayed market where all the rules are set with long-term investors in mind," Mathisson said. Bloomberg (1/11)

ABN Amro Clearing Adds Access to Chi-X Europe

The access comes as ABN Amro expands the market coverage of its tick-TS TradeBase MX platform, it said.

http://www.securitiestechnologymonitor.com/news/abn-amro-clearing-chi-x-europe-26779-1.html

Responding to criticism last year that it had not acted in the best interests of its clients before the financial crisis, GOLDMAN SACHS produced a report into its business and the steps it would take to become more open. Among the changes, Goldman has split its trading business in two (so it now has four reporting divisions rather than three), which creates a new investment and lending group that will spell out the profits it has made with its own money. - See article http://news.economist.com/cgi-bin1/DM/t/eCU4z0dHglU0Mo0NvmO0EH

Stuff

Ken Griffin Writes Letter to Investors For 20th Anniversary of Citadel
GuruFocus.com
Similarly, almost a decade ago, when no one thought Citadel could be a meaningful player in theoptions space, we launched an electronic options market-making business. Back then, our competitors predicted that 'no one will want to trade with a hedge fund.' Today, we transact approximately 30 percent of the market volume and are the leading options market maker in the United States
http://jlne.ws/gaz4SB

I. Hire the Best People and Create a Culture of Opportunity

II. Take Calculated Risks

III. Embrace Opportunities

IV. Never Lose Sight of What is Important

10 Easy Ways to Improve Your Prospects in 2011:

1. Do less social networking and more real networking.

2. Forget 2010. learn what you can from the experience and move on.

3. Quit whining.

4. Stop stressing and deal with it.

5. Put the gadgets down.

6. Have more fun.

7. If it isn’t working, change it.

8. Take care of yourself.

9. Take risks.

10. Stop wasting your time.

http://www.bnet.com/blog/ceo/10-easy-ways-to-improve-your-prospects-in-2011/6359

'I Am Deeply Sad and Don't Know How to Go On'
Two out of the 10 Somali pirates on trial in Hamburg for hijacking a German container ship testified for the first time this week. Their stories provided a glimpse of the hardships of life in their lawless homeland.

http://www.spiegel.de/international/world/0,1518,738881,00.html

Bridging the gap between our online and offline social network

Paul Adams, Google UX team on social networks.

http://www.slideshare.net/padday/the-real-life-social-network-v2?from=embed

*** I found this piece on groups / social networks interesting.

The unifying force driving businesses to Twitter today is a simple concept: Consumers don't like being ignored and businesses know they need to listen."

--Ben Grossman, communication strategist

*** In my view Ben, consumers that rely on a 156 character (or whatever) tweet are twits.

Let’s hurry to love people, they leave so quickly…”

Jan Twardowski

Scott Riley

Business Development

Clearing and Settlement News

Pages

Monday, January 17, 2011

News 110114: Qld soaks it up, Europe worries about liquidity leakage, the ashes are sunk, ownership and goverance keeps coming up, dutch and Ava'lon.

An area bigger than Texas and California making up more than 75 percent of Queensland has been declared a disaster zone.

http://www.businessweek.com/news/2011-01-11/brisbane-floods-worsen-as-queensland-death-toll-climbs-to-21.html

NYSE Euronext Begins Doubling Capcity of Options Exchanges

80,000 Mutual Funds Set to Begin Trading on German Exchange

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