Ouch. Last week, on the way home, like we've all done hundreds of times, I ran across the road.
Almost as soon as I set off I felt the tightening of what I assumed was a cramp. Wrong. Before I had even put my foot down for a first step I felt an almighty 'thwack, thwack' at the back of my left calf. I pretty much pulled up on the spot. I could hardly take any weight through my left leg, the heat and swelling was immediate and the pain acute. I managed to hobble home and thought RICE (rest, ice, compression, elevation). Given the pain and that I didn't have a compression bandage I thought I'd pop into the local A&E.
The rest is history. They admitted me and held me until an orthopaedic surgeon could review my ultrasound scans. Fortunartely my 'nil by mouth' evening was not required as in the end I had a muscle tear (rest and recovery) rather than a tendon rupture (surgery and staples).
Anyway, I've taken the name Skippy to heart and have been hopping along in the Easter spirit ever since.
I'm looking longingly at some ocean swims but will wait another couple of days before making a decision to brave the surf one leg down.
Back to merger mania. What a difference a week makes. The ASX / SGX bid from hopefull to hopeless. Ultimately, there was no point letting this hot potato make it to the government floor for debate (as it ultimately needed to do). It was a lose / lose situation in the end. The opposition was always going to use this as a 'vote of confidence' issue on the fraile incumbent government. The opposition themselves had nothing to gain by the debate either as it would have shown an internal divide in their party between the natioanls (the country farmers and national interest) and the liberal (free market pro capitalism).
PLATFORMS
I agree with the Economist: with the Nasdaq counter bid I think ICE is getting all the up side.
http://www.economist.com/blogs/schumpeter/2011/04/exchange_mergers&fsrc=nwl
(can't imagine anyone would think differently)
A Superior Alternative for Global Markets: Growth, Competition and Stockholder Value
http://www.nasdaq.com/deal/NASDAQ-OMX-ICE-Joint-Proposal-for-NYSE-Euronext.pdf
** ICE gets: Liffe, Equity Derivs, NYSE Liffe US, NYPC and Clearing. Nice to see the investor presentation.
Nasdaq + ICE + NYSE = ?
By Tom Steinert-Threlkeld Nasdaq OMX Group CEO Robert Greifeld is no wallflower when it comes to making unsolicited bids for other exchange operators.
In 2005, he launched an unsought bid for the London Stock Exchange. He lost that battle, winding up with the OMX group of Scandinavian exchanges instead. The New York Stock Exchange, in response, merged with Paris-based Euronext.
Now, Greifeld is going after NYSE Euronext, before it can merge with Deutsche Borse, operator of the Frankfurt Exchange.
http://www.securitiestechnologymonitor.com/photo_gallery/1_38/27448-1.html
LSE PLANS INTERNATIONAL TRADING NETWORK
The London Stock Exchange is plotting the creation of an 'international board', that would allow cross-border trading in blue chip stocks listed on six different national exchanges.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22395
QuoteMTF Completes Go-Live With Passive Liqudiity Providers
Initial participants in the Pan-European trading venue's equity participation program, are starting to trade across more than 1,400 single stocks and ETF securities.
http://advancedtrading.com/articles/229400906?cid=nl_wallstreettech_daily
PLATFORMS ASIA
AUSTRALIA TO BLOCK ASX-SGX DEAL
Australia's government is set to block the A$8.4 billion takeover of ASX by the Singapore Exchange, arguing the move is not the national interest.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22434
Foreign Investment Decision
http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/030.htm&pageID=003&min=wms&Year=&DocType=
Singapore signals no change
http://www.smh.com.au/business/singapore-signals-no-change-20110407-1d65o.html
It is believed that at the heart of FIRB's concerns over the cross-border merger is the danger of loss of control of ASX's lucrative settlement and clearing-house business.
Mr Swan is soon expected to launch a regulatory overhaul of the settlements system, including tougher rules that recognise the after-trade business as critical to Australia's financial system.
The planned review is expected to be announced after Mr Swan issues his final ruling on the SGX acquisition.
Skepticism On Swan's ASX-SGX Decision
http://online.wsj.com/article/SB10001424052748704101604576249642138494556.html
London-based clearing giant LCH.Clearnet Ltd., has the capability to clear Australian securities through Chi-East but hasn't actually begun the lengthy approval process for stocks, only saying it's "keen to explore opportunities in the region."
SGX will pursue growth opportunities
April 5, 2011 - 4:24PM AAP Singapore Exchange (SGX) says it will continue to pursue growth opportunities after Treasurer Wayne Swan indicated its proposed merger with the Australian Securities Exchange (ASX) may not be in the national interest.
http://news.smh.com.au/breaking-news-business/sgx-will-pursue-growth-opportunities-20110405-1d2km.html
It is looking increasingly likely the plan to merge the Australian and Singapore stock exchanges will be rejected by the Federal Government.
http://www.abc.net.au/news/stories/2011/04/05/3182988.htm
ASX execs are optimistic about getting takeover approval
Executives at ASX said time is on their side as they aim to persuade officials to approve Singapore Exchange's bid for the exchange operator. ASX CEO Robert Elstone said the company plans to speak with more authorities once a recommendation by the Foreign Investment Review Board has been made. The Australian (01 Apr.)
http://www.theaustralian.com.au/business/industry-sectors/asx-still-hopeful-of-selling-sgx-deal/story-e6frg96f-1226031616668
SGX derivatives volume at all-time high in March
Press Release
5 April 2011 – Singapore Exchange (SGX) today said its derivatives daily average volume reached an all-time high in March while securities and clearing activities grew from a year earlier.
http://www.sgx.com/wps/wcm/connect/cp_en/site/press_room/news_releases/sgx+derivatives+volume+at+all-time+high+in+march?presentationtemplate=design_lib/PT_Printer_Friendly
CLEARING
Speech By U.S. Federal Reserve Chairman Bernanke On Clearinghouses, Financial Stability, And Financial Reform
Press Release
http://www.federalreserve.gov/newsevents/speech/bernanke20110404a.htm
CME Group injects $60m into European division
Tim Cave - Financial News
CME Group, the Chicago-based futures market, is set to inject $60m into its European clearing house this year ahead of its launch in May, highlighting the vast amounts of capital required to establish clearing providers.
http://jlne.ws/g3Pv4W
CANADIAN AND US CLEARING FIRMS EXPLORE SWAP LINK The Canadian Derivatives Clearing Corporation (CDCC) has inked a memorandum of understanding with New York Portfolio Clearing (NYPC) to build a link for the Canadian swap market.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22438
BLOOMBERG BREAKS $1 TRILLION IN OTC DERIVATIVES VOLUME
http://www.finextra.com/news/announcement.aspx?pressreleaseid=38364
Building on Bloomberg's Central Counterparty Connectivity Launch in 2009, all trades executed on Bloomberg FIT can be routed directly to CME Clearing, the IntercontinentalExchange (ICE), the International Derivatives Clearing Group (IDCG) and LCH. Clearnet Ltd.
NYPC NAMES INITIAL CLEARING MEMBERS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=38368
Advantage Futures LLC
Barclays Capital Inc.
GETCO, LLC
Goldman Sachs & Co.
MF Global Inc.
Morgan Stanley & Co., Incorporated
Newedge USA, LLC
Ronin Capital, LLC
Rosenthal Collins Group, LLC
UBS Securities, LLC
TRAYPORT AND MEFF PLAN CLEARING LINK
http://www.finextra.com/news/announcement.aspx?pressreleaseid=38623
POLICY
EXCHANGES AND VENDORS UNITE OVER CONSOLIDATED TAPE
European stock exchanges together with Thomson Reuters, Bloomberg, the LSE and Nyse Euronext have agreed a framework for developing a consolidated tape of post-trade equity reporting data across Europe.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22446
BANK REGULATORS ESTABLISH WORKING GROUP TO EXAMINE FX SETTLEMENT RISKS
http://www.finextra.com/news/announcement.aspx?pressreleaseid=38371
PARTICIPANTS
Goldman seeks buyout of Australian unit
Investment bank Goldman Sachs says it is seeking to buy the remaining 55 per cent of its Australian and New Zealand joint venture that it does not already own.
Local newspapers said the Australian and New Zealand unit could have a book value of as much as $1.2 billion although its last set of accounts valued the assets at $780 million.
http://www.businessspectator.com.au/bs.nsf/Article/Goldman-Sachs-to-buyout-Australian-JV-pd20110407-FNVCX?OpenDocument&src=eiw&ir=4
