Kung Hei Fat Choi (Happy New Year of the Rabbit)
Well, Hop to it, wishing you a Happy New Year of the Rabbit, 新年快乐
I did enjoy the story of “The Great Race”
‘Andrews Blog’ story on Chi-X corporate developments is….intriguing and I guess explains a lot about ‘worst kept secrets’.
BATs at 10.8% of US market share and Chi-X Europe 20-25% market share makes a formidable combination.
I just can’t fathom why Euronext, would renege on the gentlemen’s agreement on tick sizes. If they think this is anything to do with market quality the very least they could do is publish their findings and reasoning. I guess it is this sort of behaviour that generates the goodwill that Chi-X and BATS thrive on.
Sorry, I find the prospect of ‘cyber attacks’ on the LSE, motivated by spite, to postpone Millennium ludicrous. I’ll await the published police report and findings. Why would you even feed such a comment to the press / public domain?
Chi-X Japan continues to gain traction.
Approval of NY Portfolio Clearing marks another step in the continuing change of the CCP landscape. It also adds more weight to the changes taking place in Europe.
I’m surprised that there are still strong pockets of political resistance to interoperability.
Plenty of reading on OTC clearing. The TABB study, available from the WFE looks interesting.
SEC comes out with SEF fact sheet.
The Big Swim was great.
I got mashed at the start in the mêlée with all the other ‘boofheads’ but once out in the open water I actually got my breath back once I settled into a rhythm. With these things I prefer to go wide and deep to avoid the chop around the headland. This time I went just a bit too wide and deep and the water safety had to redirect me back to the coast. Ooops. (note to self, keep land mass in sight during ocean swim).
There were no stingers and no sharks on duty so all one could do was paddle along and enjoy the seas. I even managed to catch a wave in which is a lovely way to power home. Still, much room for improvement: 1,033 out of a field of 1,615.
Good report and some piccies here: http://www.oceanswims.com/default2.asp?active_page_id=265
You can have a free copy of my certificate here: http://www.thebigswim.org.au/?page=results
…and this week-end I get to do chores because I’m not taking part in the ‘Cole Classic’ because it’s commercial and not in the best interests of Surf Life Saving Australia:
http://www.oceanswims.blogspot.com/
Good advice in cyclone season:….. 'Don't panic if your roof lifts off'….
How Yasi compares around the world
SPECIAL: See how Yasi is so large and ferocious it would spell ruin for large parts of the planet if it was attacking other countries.
Qld floods: Compare their size
Enjoy the Chinese New Year….and I think I’ll heed my own advice!
Great week-end all,
S
http://clearingandsettlement.blogspot.com/
Chinese New Year
On the days before the New Year celebration Chinese families give their home a thorough cleaning. There is a Cantonese saying "Wash away the dirt on ninyabaat" (年廿八，洗邋遢), but the practice is not usually restricted on nin'ya'baat (年廿八, the 28th day of month 12). It is believed the cleaning sweeps away the bad luck of the preceding year and makes their homes ready for good luck. Brooms and dust pans are put away on the first day so that the newly arrived good luck cannot be swept away. Some people give their homes, doors and window-frames a new coat of red paint. Purchasing new clothing, shoes, and receiving a hair-cut also symbolize a fresh start.
http://en.wikipedia.org/wiki/Chinese_New_Year#Public_holiday
The Great Race
Once upon a time, the Jade Emperor thought it'd be better to assign an animal to each year so people could more easily remember the Zodiac cycle. So he decided to hold a meeting with all the animals and he would choose 12 of them to be the Zodiac animals. At that time, Cat and Rat were close friends. They were very excited about the meeting and decided to go early. However, Cat was a sleepyhead. He hardly ever woke up before noon. On the night before the meeting, he asked Rat to wake him early the next morning. When morning came, Rat got up early and quietly left for the meeting alone. When Cat finally woke up in afternoon, he knew it was too late. Feeling betrayed, he vowed that henceforth Rat would be his enemy. That is probably the main reason Cats are always chasing after Rats.
Another folk story tells that Cat and Rat were the worst swimmers in the animal kingdom. Although they were poor swimmers, they were both quite intelligent. To get to the meeting called by the Jade Emperor, they had to cross a river to reach the meeting place. The Jade Emperor had also decreed that the years on the calendar would be named for each animal as they arrived to the meeting. Cat and rat decided that the best and fastest way to cross the river was to hop on the back of Ox. Ox, being naïve and good-natured, agreed to carry them both across. Midway across the river, rat pushed cat into the water. Then as Ox neared the other side of the river, Rat jumped ahead and reached the shore first. So he claimed first place in the competition and the zodiac.
Following closely behind was strong Ox who was named the 2nd animal in the zodiac. After Ox, came Tiger, panting, while explaining to the Jade Emperor how difficult it was to cross the river with the heavy currents pushing it downstream all the time. But with its powerful strength, Tiger made to shore and was named the 3rd animal in the cycle.
Suddenly, from a distance came a thumping sound, and the Rabbit arrived. It explained how it crossed the river: by jumping from one stone to another in a nimble fashion. Halfway through, it almost lost the race but the Rabbit was lucky enough to grab hold of a floating log that later washed him to shore. For that, it became the 4th animal in the Zodiac cycle. Coming in 5th place was the Flying Dragon. Of course, the Jade Emperor was deeply curious as to why a swift flying creature such as the Dragon should fail to reach first place. The mighty Dragon explained that he had to stop and make rain to help all the people and creatures of the earth, and therefore he was held back. Then, on his way to the finish, he saw a little helpless Rabbit clinging onto a log so he did a good deed and gave a puff of breath to the poor creature so that it could land on the shore. The Jade Emperor was very pleased with the actions of the Dragon, and he was added into the zodiac cycle. As soon as he had done so, a galloping sound was heard, and the Horse appeared. Hidden on the Horse's hoof was the Snake, whose sudden appearance gave the Horse a fright, thus making it fall back and giving the Snake the 6th spot, while the Horse placed 7th.
Not long after that, a little distance away, the Goat, Monkey, and Rooster came to the shore. These three creatures helped each other to get to where they are. The Rooster spotted a raft, and took the other two animals with it. Together, the Goat and the Monkey cleared the weeds, tugged and pulled and finally got the raft to the shore. Because of their combined efforts, the Emperor was very pleased and promptly named the Goat as the 8th creature, the Monkey as the 9th, and the Rooster the 10th.
The 11th animal was the Dog. Although he was supposed to be the best swimmer, he could not resist the temptation to play a little longer in the river. Though his explanation for being late was because he needed a good bath after a long spell. For that, he almost didn't make it to finish line. Just as the Jade Emperor was about to call it a day, an oink and squeal was heard from a little Pig. The Pig got hungry during the race, promptly stopped for a feast and then fell asleep. After the nap, the Pig continued the race and was named the 12th animal of the zodiac cycle. The Cat finished as thirteenth place and did not make it in the zodiac.
Another folk story tells that on registration day, the Rat met up with the Ox. He thought to himself "Ox is the fastest, strongest animal!" So the little Rat played a trick on the Ox. He asked the Ox if he would like to listen to him sing. The Rat opened his mouth but said nothing. "How was that?" he asked the Ox and of course he replied "Sorry little Rat, I didn't hear you." The Rat told the Ox to let him jump onto his back so that he could sing it more clearly, and the Ox agreed. Soon without knowing, the Ox was walking to the signing post, forgetting the Rat on his back. When they reached there, the Rat jumped off and claimed first place. The Ox following and the rest.
In Buddhism, legend has it that Buddha summoned all of the animals of the earth to come before him before his departure from this earth, but only thirteen animals actually came to bid him farewell. To reward the animals who came to him, he named a year after each of them. The years were given to them in the order they had arrived.
The 12 animals for the Chinese zodiac must have been developed in the early stage of Chinese civilization for hundreds of year until it become the current edition; and it’s very hard to investigate the real origin. Most historians agree that Cat is not in the list since the 12 animals of the Chinese Zodiac were formed before Cats were introduced to China from India with Buddhism.
Another story tells that the God called the animals to a banquet that night. The Rat loved to play tricks on the Cat so he told the cat that the banquet was on the day after tomorrow. When the Cat was sleeping and dreaming about the banquet, the rest of the animals all arrived to the banquet. The order of the animals was decided by the order that they arrived. The Cat was devastated and vowed that he would always hate the Rat.
http://en.wikipedia.org/wiki/Chinese_zodiac
Platforms
Chi-X Europe & Andrews Blog.
Andrew’s Blog – Aux Temps Perdus en Fleet Street
http://www.a-teamgroup.com/article/andrews-blog-aux-temps-perdus-en-fleet-street/
PRESS RELEASE: BATS Global Markets Off to Solid Start in 2011; BATS Europe and BATS Options Continue Growth
The BATS U.S. equities exchanges, BATS BZX Exchange and BATS BYX Exchange, combined for average daily matched volume of 845.5 million shares, representing 10.4% of all U.S. cash equity share volume for the month of January. In January 2010, BATS had 10.3% of the U.S. equities market.
UK AND US EXCHANGES CALL IN SECURITY SERVICES OVER SUSPECTED CYBER-ATTACKS Stock exchanges in the UK and US have called in security services to help fend off cyber-attacks, according to the Times newspaper.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22217
Yawnnnn. As if.
Euronext sparks outrage with tick size reduction
By Jeremy Grant - Financial Times
Euronext has said it will reduce the increments by which share prices are allowed to fluctuate - so-called "tick sizes" - on Dutch and French blue chips shares from next month, breaking a truce between competing platforms agreed over a year ago to avoid such moves.
http://jlne.ws/i0AixD
ELX Announces New 9 Cent One-Tier Fee Schedule For All U.S. Treasury And Eurodollar Futures Contracts
New York, January 31, 2011– ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today a new 9 cent one-tier bundled fee schedule for market users trading all U.S. Treasury and Eurodollar futures contracts on ELX, effective February 1, 2011.
www.elxfutures.com
ELX Announces Record Volume And Market Share In U.S. Treasuries For The Month Of January
New York, Feb 1, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that January was a record-setting month for its U.S. Treasury futures contracts. ELX established records in single-day total volume and market share for U.S. Treasuries, with over 100K contracts traded on January 5, 2011 and market share hitting nearly 5% on January 10.
www.elxfutures.com
Greek police trace EU 'carbon thieves' in Romania
EurActiv
The theft of pollution permits that forced the closure of the spot market in EU emissions permits last week may have originated in Romania, a Greek police official said on Saturday (29 January).
http://jlne.ws/fjXoHB
Platforms Asia
Daily Market Share: equities (turnover)dated 10 Jan 2011
SGX to launch the world's fastest trading engine - SGX Reach: The Singapore Exchange Limited announced that it will be launching SGX Reach, the world's fastest trading engine, on 15 August 2011. They also announced the introduction of continuous all-day trading from 9 am to 5 pm, subject to regulatory approval.
ASX calls up the old guard to help publicity on SGX merger.
(The Asia link essays are available at: http://www.asialink.unimelb.edu.au/publications/the_asialink_essays)
Press covered this story as:
ABC chairman Maurice Newman supports bourses merger
(Maurice was a former ASX chairman)
But now the fun starts with an excellent rebuttal here:
Howard government's failure set scene for ASX-Singapore debacle
On the ASX 15% ownership limit:
No matter how bad ASX management - no matter how much higher its value would be under better management from a corporate raider - it is impossible for anyone to bid for it without ASX and parliamentary backing.
I am not aware of any other company in the past 100 years that has ever been singled out so effectively from takeover protection so as to deliberately destroy shareholder value. Even that symbol of Australia, the Flying Kangaroo, Qantas, was not immune from an overseas private equity bid.
…And even some nice words for LSE
Newman and the ASX and Access Economics have painted a grim picture of doom and gloom for ASX shareholders and Australia if the exchange is not acquired by a foreign power. They say we will suffer a similar fate to the LSE Group after it was opened to competition in 2007 for the first time in its long history.
From the time of the Macquarie Bank offer in 2005 until March 2008, which is after the announcement of competition, the LSE outperformed the FTSE 100 index by 300 per cent, living up to the promise the board made to its shareholders.
Long-term Funding Secured for Proposed ASX-SGX Combination
Commitments for long-term financing facilities for the proposed ASX-SGX combination announced on 25 October 2010 have been secured.
The funding comprises term loans of S$3.8 billion and A$750 million to be made available by well-established banks – Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Singapore Branch, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and National Australia Bank Limited. Australia and New Zealand Banking Group Limited has been appointed as the co-ordinator in relation to these termloans.
http://www.asiaetrading.com/long-term-funding-secured-for-proposed-asx-sgx-combination/
Chi-X Japan Posts Another Record Month
Only six months after launch, strong growth momentum continues; January value traded reaches ¥212 billion, up from ¥115 billion in December.
TOKYO – 1 February, 2011 – Chi-X Japan Limited, a wholly-owned subsidiary of alternative trading venue operator Chi-X Global Inc., today announced that January 2011 was another record month for the firm, with turnover reaching ¥211.8 billion and 367 million shares changing hands. Additionally, Chi-X Japan now has 12 trading participants actively using its low latency, state-of-the-art trading venue and has expanded its universe of stocks available for trading to 822 from five at the time of launch.
ASEAN EXCHANGES INVITE TENDERS FOR TRADING NETWORK A group of South East Asian stock exchanges have completed a technology design study and invited tenders from vendors ahead of the planned launch of a cross-border trading link by the end of the year.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22227
Cleartrade Exchange is a Singapore based regulated exchange venue, providing leading edge platform technology and market operations offering a cost-saving new service to global participants in the OTC (freight and) commodity derivatives markets.
SINGAPORE OTC SWAPS EXCHANGE LAUNCHES
http://www.finextra.com/news/announcement.aspx?pressreleaseid=37679
Clearing
US Regulators Approve NYSE-DTCC Clearinghouse Venture
By Jacob Bunge Of DOW JONES NEWSWIRES
U.S. futures regulators gave the go-ahead Tuesday to a new clearinghouse venture that will underlie NYSE Euronext's (NYX) planned drive into fixed-income derivatives. The Commodity Futures Trading Commission approved the New York Portfolio Clearing facility as a derivatives clearing organization, opening the way for the parent of the Big Board to challenge a key business of CME Group Inc. (CME).
11 members on SGX AsiaClear
The signing of UBS brings the total number of such members on SGX AsiaClear to 11, following the addition of Credit Suisse, which joined in December 2010. The other members on the platform are Barclays, Citibank, DBS Bank, Deutsche Bank, HSBC, Oversea Chinese Banking Corporation, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank.
http://thetradenews.com/asset-classes/derivatives/5699
WFE Focus January issue: OTC markets and systemic risk
http://www.world-exchanges.org/files/focus/pdf/focus_january%202011_white.pdf
The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives
A TABB Group Study
“The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives,” is the work of the TABB Group, a financial markets research and advisory firm. The study was commissioned by the WFE to provide a detailed and unprecedented comparative analysis of OTC and exchange-traded derivative markets with a focus on market size, trade costs and the anticipated impacts of current regulatory reforms.
German lawmaker calls for a delay in "interoperability"
The European Commission has proposed linking clearinghouses to reduce fees and provide investors with more choices. The framework for "interoperability" would begin with share trades and later possibly involve derivatives. Werner Langen, a German lawmaker, voiced concerns and suggested delaying the plans. "If interoperability is extended to all derivatives, it would simply cause another recession," Langen said. "I suggest we delete the whole shebang and ask the commission at some later stage to make a proposal on interoperability." Reuters (01 Feb.)
Toolbox Launched for OTC Derivatives Margining
Rule Financial said it has launched Margin Analytics Accelerator, a suite of tools for clearing over-the-counter (OTC) derivative products designed to help fund managers manage their collateral requirements.
Policy
INDUSTRY CLAMOUR OVER MIFID II PROPOSALS GROWS LOUDER The Futures and Options Association has added its voice to the growing industry clamour over 'needlessly oppressive' pending market reform proposals from the European Commission.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22235
UK Brokers to EC: Don’t Ban Execution-Only Agencies
London stockbrokers are urging the European Commission to tighten the rules surrounding execution-only brokerages, but not to ban them altogether.
The first option the EC is considering would be to clarify the definition of what products would be classified as non-complex,
The second option would be to ban execution-only services altogether.
SEC Starts to Set Rules for Swaps Execution Facilities
The Securities and Exchange Commission Wednesday said it would start the process of setting rules for how security-based swap execution facilities will operate and how registration of such facilities will work.
SEC Proposes Rules for Security-Based Swap Execution Facilities: FACT SHEET
The Commission's proposed rules:
Interpret the definition of "security-based SEFs" as set forth in Dodd-Frank.
Set out the registration requirements for security-based SEFs.
Implement the 14 core principles for security-based SEFs that the legislation outlined.
Establish the process for security-based SEFs to file rule changes and new products with the SEC.
Exempt security-based SEFs from the definition of "exchange" and from most regulation as a broker.
The Dodd-Frank Act further requires security-based SEFs to be registered with the Commission and specifies that such a registered security-based SEF, among other things, must comply with 14 core principles.
http://www.sec.gov/news/press/2011/2011-35.htm
FINANCIAL TIMES: SEC at Odds with CFTC on Swap Trade Rules
By Michael Mackenzie and Aline van Duyn
02/03/11
The Securities and Exchange Commission on Wednesday proposed rules for trading swaps that differ from those being considered by its fellow US market regulator, the Commodity Futures Trading Commission.
The SEC, whose rules were proposed after the CFTC put its rules forward in December, said a SEF for derivatives which it will regulate such as single name credit default swaps would accommodate a “request for quote”, or RFQ, system.
In effect, the SEC rule means that SEFs for single name CDS could adhere to the current market practice of an RFQ being sent to a single dealer.
That raises questions as to whether the spirit of the Dodd-Frank Act would be applied in such a case, since the financial reform legislation mandates that swap prices be streamed to many participants.
A director in credit trading at a large bank said: “The SEC is taking the right approach with respect to RFQ by allowing the client to decide what is in their best interest to get best execution. If that means all or only one, they are allowed to make that decision.”
Under proposed CFTC rules for SEFs covering interest rate swaps and credit indices, a RFQ must be sent to at least five dealers.
Some of the large derivatives dealers have said that sending a RFQ to five dealers would compromise liquidity in the swaps market, as banks would be reluctant to make a price and then have to try to hedge that trade after its details are known to four rivals.
Bank to client trades are currently executed on single dealer platforms with an RFQ function on a single quote basis.
The bank director added: “The CFTC’s rules are overly prescriptive and taking the decision out of the hands of clients.”
Others have backed the CFTC’s rules, however, saying that increased transparency will encourage more participants and increase liquidity.
The CFTC, which has traditionally had oversight over futures markets, has had its reach expand sharply after Dodd-Frank, and now has oversight over most of the privately-traded swaps market. The SEC, however, has been given oversight over “securities-based swaps”.
Study: Asian Investors Reduce Payments to Brokers
Institutional investors in Asia have reduced their commission payments to broker-dealers with smaller broker-dealers the most affected, according to a research report from Greenwich Associates.
“2010 Asia Equity Investors Study”
“More importantly, the picture remains very positive over a longer period, as the Asian commission pool has more than doubled over the past five years, making it one of the fastest growing markets in the world.”
Analysis shows EU lacks powers to implement derivatives plans
An analysis prepared by lawyers for EU governments found that the EU does not have authority to implement plans that would result in more clearing of derivatives trades. Proposed rules that would allow the European Securities and Markets Authority to determine which over-the-counter derivatives would be routed through clearinghouses conflict with case law. "A power to adopt decisions of general application cannot be conferred on an agency," the lawyers said. Bloomberg (31 Jan.)
National supervisors meet to discuss OTC derivatives reforms
Representatives from nine national supervisors, including the German Federal Financial Supervisory Authority, the US Commodity Futures Trading Commission and the Japanese Financial Services Agency, met to discuss over-the-counter derivatives and reforms to the market. "As market participants begin operating in a more regulated environment, supervisors of major market participants must continue to work cooperatively and proactively to drive structural improvements, monitor emerging risks and support consistent supervisory approaches across jurisdictions," said William Dudley, president of the Federal Reserve Bank of New York. Risk.net/Risk magazine (31 Jan.)
The latest quarterly Statement on Monetary Policy has been released by the Reserve Bank of Australia today.
http://www.rba.gov.au/publications/smp/2011/feb/html/index.html
Devils Bargain.
* Money has become the economic and political wedge for profound changes in American society.
* Perhaps the most deceptive policy tool to lessen debt loads is the “negative” or exceedingly low real interest rate that central banks impose on savers and debt holders.
* Old-fashioned gilts and Treasury bonds may need to be “exorcised” from model portfolios and replaced with more attractive alternatives both from a risk and a reward standpoint.
http://www.pimco.com/Pages/Devils-Bargain.aspx
MARTIN WHEATLEY JOINS FSA
http://www.finextra.com/news/announcement.aspx?pressreleaseid=37706
Participants
Goldman Sachs Automates Binding Trades of Blocks in Dark Pools
By Tom Steinert-Threlkeld
Goldman Sachs Group said Tuesday that its electronic trading business is introducing an order type that automates the process of placing binding orders of large blocks of stock in dark pools.
The "contingent order" type at first will only be executable on Goldman Sachs' Sigma X dark pool and the BIDS alternative trading system. But it will be available for any venue that adopts the order type and adheres to its rules.
The binding nature of the "contingent order" type distinguishes it, Goldman said, from "indications of interest,'' which are non-binding.
GOLDMAN SACHS UNVEILS BLOCKSTRIKE BLOCK LIQUIDITY STRATEGY Goldman Sachs is introducing a feature that enables its electronic trading business customers to search for large blocks of liquidity in dark pools while still working the order using the algorithm's existing logic.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22222
Deutsche CEO to Retire in 2013: Report
TheStreet.com
NEW YORK(TheStreet) -- Deutsche Bank's CEO Josef Ackermann will not be renewing his contract in 2013. Ackermann's last contract was extended to 2013 after the bank did not appoint a suitable successor, according to Focus, a German publication. Ackerman will be 65 in 2013 and plans to retire, he told the magazine, adding that his contract would not be extended.
http://jlne.ws/hqLxos
UBS to clear OTC traded financials on Singapore Exchange
Press Release
1 February 2011 ' Singapore Exchange (SGX) welcomes UBS AG to AsiaClear as a new SGX Bank Clearing Member for the clearing of over-the-counter (OTC) traded financial derivatives.
http://jlne.ws/gcv3AE
UBS INTRODUCES CANADA-US INTERLISTED ALGO TRADING
http://www.finextra.com/news/announcement.aspx?pressreleaseid=37720
HSBC chairman says Asian banking hubs take work from UK
HSBC Holdings Chairman Douglas Flint said a shift in business is taking place from London to Hong Kong and Singapore. "There's evidence of quite noticeable growth in Singapore and Hong Kong," Flint told a UK parliamentary committee. "There are three 200,000-square-foot buildings being taken by international banks in Singapore that might have gone somewhere else." HSBC is considering moving its headquarters out of London, he said. Bloomberg (01 Feb.) , The Guardian (London) (01 Feb.)
Stuff
What it is to be an Aussie:
9. You pronounce Melbourne as "Mel-bin".
11. You believe the "l" in the word "Australia" is optional.
14. You call your best friend "a total b**d" but someone you really, truly despise is just "a bit of a b**d".
16. You're secretly proud of our killer wildlife.
18. You understand that "Wagga Wagga" can be abbreviated to "Wagga" but "Woy Woy" can't be called "Woy".
24. You still don't get why the "Labor" in "Australian Labor Party" is not spelled with a "u".
27. You believe that the more you shorten someone's name the more you like them.
29. You understand that "excuse me" can sound rude, while "scuse me" is always polite.
30. You know what it's like to swallow a fly, on occasion via your nose.
31. You understand that "you" has a plural and that it's "youse".
39. When working on a bar, you understand male customers will feel the need to offer an excuse whenever they order low-alcohol beer.
40. You get choked up with emotion by the first verse of the national anthem and then have trouble remembering the second.
41. You find yourself ignorant of nearly all the facts deemed essential in the government's new test for migrants.
A policeman in New South Wales pulled over a driver who had been weaving in and out of the traffic.
He approached the car window and said "Sir I need you to blow into this breathalyzer".
The man reached into his pocket and produced a doctor's note.
On it was written:
"This man suffers from chronic asthma.
Do not make him perform any action that may leave him short of breath".
The policeman said "Okay then I need you to come and give a blood sample"
The man produced another letter. This one said:
”This man is a haemophiliac.
Please do not cause him to bleed in any way".
So the officer said: "Right, I need a urine sample then".
The man produced a third letter from his pocket. It read:
"This man plays Test cricket for Australia; please don't take the p^ss out of him"
There's only two times in life - now and too late.
Anh Do’s father's favourite Vietnamese saying.
http://www.smh.com.au/money/investing/profile-anh-do-20110201-1abk3.html
Scott Riley
Business Development
8th Floor | 50 Bridge Street | Sydney | Australia | 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627
* scott.riley@au.abnamroclearing.com
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