G’day All,
It’s been a while since I ‘pushed’ the blog out via email (basically due to some corporate activity). I have been doing some updates at http://clearingandsettlement.blogspot.com/ but many of you may not use the blog spot. Just as an FYI, I use the blog spot as my filing system. There is a search bar in the blog, so if I want to recall any story or thread I usually pick it up this way (faster than searching my inbox). Try it out, search your firm for example.
It has been a great week for Queensland supporters and diehards. A great win for my Reds in the Rugby Union Super 15, and another record performance for Queensland, 6 years of consecutive wins in the State of Origin Rugby League. Sorry, no time to watch nancy’s at Wimbeldon.
Local Aussie watchers will have picked up on CXA (Chi-X Aust) opting for the ASX service. The link to the commercial terms is provided.
I wonder if the CXE (Chi-X Europe) delay will revitalise one of the other rumoured bids. Some say NASDAQ, but current speculation is they are focussed on LCH.
RBA continues looking at OTC clearing in Aust.
BoE Haldanes speech appears to have grabbed the news wires this week. Link to full speech at BoE website attached. Try to read those 25 pages this w/end.
Fancy that, Aussie creating a home for regulatory think tank. Good luck to us!
Doctoroff at Bloomberg? Too Ian Fleming funny for a Bond fan.
Funny to see the owners of the ASX building in receivership.
The epic fail of the guy trying to cash his cheque is incredible on so many levels.
Typical, they tell ya salt will kill you, now they say it won’t.
Winter season here, so that means running. Not long to the City 2 Surf, biggest fun run in the world. So this weekend need to get a decent training run in for that. Fortunately we’ve passed the winter solstice so the days ever so slowly getting longer.
Tomorrow taking my daughter to her first “live” rugby league game, Rabbitohs versus Roosters. Of course as a Queenslander I support the Brisbane Broncos so I’ll just enjoy the game. Little bit of trepidation as the league crowd is a lot more feral than the union crowd, still, gotta be done.
Have a great week-end all.
Send through your email updates, address book updates etc and I’ll try and get to them next week.
Warm regards all,
S
http://clearingandsettlement.blogspot.com/
Platforms Asia
ASX Approves Chi-X Application to Utilise Clearing and Settlement
The ASX Group (ASX) has approved an application by Chi-X Australia Pty Ltd (Chi-X) to utilise ASX's Trade Acceptance Service (TAS), which will enable participants to seamlessly clear.
http://www.asiaetrading.com/asx-approves-chi-x-application-to-utilise-clearing-and-settlement-arrangements/
*** Chi-X Australia has opted for the 5yr deal.
http://www.asx.com.au/documents/professionals/tas_pricing_service_term_options_20110503.pdf
Japannext Accepting Retail Flow
SBI Securities will use Smart Order Routing (SOR) June 27 to start sending orders to its sister company SBI Japannext in a bid to improve execution prices and to foster best
http://www.asiaetrading.com/japannext-accepting-retail-flow/
Goldman Becomes Second Largest Shareholder in TSE
According to reports, the investment bank's Japanese unit increased its holding in the exchange to 2.64 percent after acquiring a further 20,000 shares in March 2011
http://www.asiaetrading.com/goldman-sachs-becomes-second-largest-shareholder-in-tokyo-stock-exchange/
Previously the financial institution had been the fifth largest investor in the TSE, holding a stake of 1.76 percent.
Morgan Stanley is the largest shareholder in the exchange with a stake of 4.4 percent while SMBC Friend Securities joins Goldman in managing a 2.64 percent share.
SGX Securities Market Trades All Day From 1 August
Singapore Exchange's (SGX) securities market will trade continuously all day from 1 August. Market hours will therefore overlap more with those of other Asian exchanges, enabling investors trading
http://www.asiaetrading.com/sgx-securities-market-trades-all-day-from-1-august/
SGX Proposes Circuit Breakers in Securities Market
Singapore Exchange (SGX) is consulting the public on its proposal to introduce circuit breakers in the securities market. Circuit breakers act in situations of runaway prices by allowing a pause for...(more)
India Algorithm Trading a Non-Starter as Bourses Fight
The broking community is unable to use algorithmic trading to take advantage of price differences between the two national exchanges--the 136-year-old Bombay Stock Exchange
http://www.asiaetrading.com/india-algorithm-trading-a-non-starter-as-bourses-fight/
Thai Bourse Signs Agreement With Cinnober
The Stock Exchange of Thailand (SET) and Cinnober announced June 30 the formal agreement under which Cinnober will deliver several core systems to SET, replacing SET's trading, market data
http://www.asiaetrading.com/thai-bourse-signs-agreement-with-cinnober/
Thai Bourse Strives to Become Regional Post-trade Services Hub
Services to be introduced are Corporate Action news (sent as SWIFT messages) and Third Party Clearing (TPC) services, both which will boost liquidity and increase business opportunity to members of the Thailand Securities Depository Co., Ltd. (TSD) and Thailand Clearing House Co., Ltd. (TCH). These services will be launched in this coming third quarter
http://www.asiaetrading.com/thai-bourse-strives-to-become-regional-post-trade-services-hub/
Platforms
BATS AND CHI-X EUROPE DELAY MERGER
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40145
NYSE SHAREHOLDERS APPROVE MERGER WITH DEUTSCHE BOERSE
NYSE Euronext said its shareholders approved its merger with Germany’s Deutsche Boerse by an overwhelming margin.
http://www.automatedtrader.net/news/exchange-news/82310/nyse-euronext-shareholders-overwhelmingly-approve-combination-with-deutsche-boerse
DEUTSCHE BOERSE SHAREHOLDERS GIVE NYSE EURONEXT DEAL THUMBS UP
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40198
Technical Faults Pressure NYSE to Take Deutsche Boerse System
Bloomberg
NYSE Euronext's fourth technical malfunction in less than a month increases pressure for it to use Deutsche Boerse AG (DB1) 's trading technology should they succeed in combining to form the world's largest exchange.
http://jlne.ws/n1oMnK
SWEDISH WATCHDOG RAIDS NASDAQ OMX IN DATA CENTRE COMPETITION PROBE
Swedish competition authorities have raided the offices of Nasdaq OMX as part of a probe into whether the firm is working with data centre operator Verizon to stymie rivals, according to the Financial Times.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22768
SIX SWISS EXCHANGE AND LIQUIDNET LAUNCH NEW BLOCK TRADING PLATFORM
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40068
ELX CELEBRATES SECOND ANNIVERSARY WITH STRONG SECOND QUARTER
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40045
Clearing
The Council of Financial Regulators has decided to extend the deadline for submissions in response to its discussion paper on ‘Central Clearing of OTC Derivatives in Australia’ from 5 August to 1 September 2011.
http://www.rba.gov.au/publications/consultations/201106-otc-derivatives.html
DODD-FRANK WILL PUSH 60% OF OTC VOLUMES TO CENTRAL CLEARING The Dodd-Frank Act will lead to around 60% of current US over-the-counter (OTC) derivatives market by volume being cleared centrally, according to Citi.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22765
HKEx Consults Market on the Proposals to Reform HKEx Clearing Houses’ Risk Management Measures http://www.hkex.com.hk/eng/newsconsul/hkexnews/2011/1107082news.htm
1. introduce a standard margin system and a Dynamic Guarantee Fund at Hong Kong Securities and Clearing Company (HKSCC);
2. revise certain price movement assumptions in the clearing houses’ stress testing;
3. revise the counterparty default assumption in the stress testing; and
4. revise the collateral assumptions at HKFE Clearing Corporation (HKCC) and the SEHK Options Clearing House.
BM&FBOVESPA TO ADDRESS CROSS-SUBSIDISATION OF CLEARING
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40186
Policy
TOP BANK OFFICIAL CALLS FOR SPEED LIMITS ON HIGH FREQUENCY TRADING Securities markets should consider the introduction of speed limits on high frequency trading to prevent the risk of market abnormalities disrupting prices, a top Bank of England official says.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22750
Full speech...”The race to Zero”..
with HFT "…adding liquidity during a monsoon and absorbing it during a drought".
Haldane concludes: "Grit in the wheels, like grit on the roads, could help forestall the next crash."
http://www.bankofengland.co.uk/publications/speeches/2011/speech509.pdf
CFTC SETS OUT NEW MARKET MANIPULATION RULES The Commodity Futures Trading Commission is to push ahead with a tranche of new rules governing market manipulation and large trader reporting under the Dodd-Frank financial reform act.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22749
OSCO Consults on Market Efficiency and Integrity of Market Developments
The International Organization of Securities Commissions (IOSCO) issued a consultation report, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, that is aimed at developing recommendations to mitigate the risks posed to the financial system by the latest technological developments, such as high frequency trading. The report analyzes the most significant technological developments and related micro-structural issues that have arisen in financial markets in recent years, notably high frequency trading, and their impact on market structure, participants’ behavior, price discovery and formation and also on the availability and accessibility of liquidity. It also considers other micro-structural related topics such as co-location, tick sizes, fee structures, and indications of interest, and presents an analysis on trading control mechanisms. The work is being carried out in response to a G20 Leaders request during the Seoul Summit. The deadline for comment is August 12.
IOSCO consultation
International regulatory think tank will be created in Sydney
The University of New South Wales in Sydney will house an international think tank that aims to improve financial regulation. "The creation of the Centre for International Finance and Regulation is a key part of the [Julia] Gillard government's work to promote Australia as a financial-services centre," said Assistant Treasurer Bill Shorten. Global Financial Strategy (08 Jul.)
Stuff
ANZ Selects Serisys to Implement Syn~ Platform
Serisys Solutions Ltd., a leading provider of IT solutions and services to the capital markets, announced June 22 that it has signed a global agreement with ANZ for the implementation
http://www.asiaetrading.com/anz-selects-serisys-to-implement-syn-platform/
*** Syn is owned by GBST.
VIRTU ANNOUNCES MERGER WITH MADISON TYLER AND STRATEGIC - SILVER LAKE
http://www.silverlake.com/pdfs/20110531_virtu_slp_press_release_final.pdf
Getco Acquires Automat
http://www.advancedtrading.com/articles/231001778?cid=nl_at_daily
DOCTOROFF TAKES OVER AS NEW BLOOMBERG CEO
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40137
BNP PARIBAS GET LICENSE TO CLEAR IN AUSTRALIA
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40176
UBS to Axe 5,000 Jobs, Credit Suisse to Cut 1,000
http://www.wallstreetandtech.com/articles/231001799?cid=nl_wallstreettech_daily
ORC FIRST HALF DOGGED BY NEONET LOSSES
http://www.finextra.com/news/announcement.aspx?pressreleaseid=40153
UK BANK U-TURN SEES CHEQUES SAVED
Britain's banks have scrapped plans to get rid of cheques by 2018, backing down in the face of strong opposition from consumer groups, charities and politicians.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22761
Sydney’s landmark Exchange Centre, the home of the Australian Securities Exchange, has been listed with $200 million hopes by receivers
http://www.propertyobserver.com.au/commercial/$200-million-hopes-for-allco-collapse-sydney-office-listing/2011071450801?utm_source=Property+Observer+List&utm_campaign=fa09a718ef-July_13_20117_4_2011&utm_medium=email
Man Arrested for Depositing Chase-Issued Check at Local Chase Branch
By Matt Gunn
Chase demonstrates how not to win customer loyalty in an epic failure of customer service.
http://www.banktech.com/articles/231001242?cid=nl_bnk_daily
*** This is truly an ‘epic fail’.
It's Time to End the War on Salt
The zealous drive by politicians to limit our salt intake has little basis in science
http://www.scientificamerican.com/article.cfm?id=its-time-to-end-the-war-on-salt&WT.mc_id=SA_WR_20110714
Some cause happiness wherever they go; others whenever they go."
--Oscar Wilde, Irish poet and dramatist
Scott Riley
Business Development
8th Floor | 50 Bridge Street | Sydney | Australia | 2000
(Off)+61 (0)2 8916 9634 (Mob): +61 (0)418 117 627
scott.riley@au.abnamroclearing.com
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