Sunday, October 9, 2011

111007 News: CXA, CXE Cheri, RBA, FSA, CCP, ECB, FOA EMIR....RWC IRE FRA AUS NZzz & GBS!

I can’t believe how quickly the RWC is flying by now. I guess I better get some predictions out for this weekends games.

I must say, if the wobbly wallabies had to lose to anyone, I’m glad it was Ireland.

For me, Ireland and Wales have been the ‘in form’ teams. I was deeply impressed by the clinical nature of Wales over Fiji and their valiant efforts against the Boks....but something has me falling for the Irish.

France of course could go either way.

Ire 19 Wales 17

Eng 12 France 21

SA 21 Aust 26

NZ 44 Arg 6

I did ask about the Greeks and the Euro ‘crisis’ (which I think will pass) and got this wonderful reply...

The Greeks have scratched their beards and wore s(c)andals since Socrates and Sophocles.

CXA is gearing up for an end of month launch.

CXE goes CHERI whilst Turquoise stays in house with the FTSE stable.

Couple of good clearing papers this week.

RBA Assessment and FSA CP11/19

I don’t see the LSE.LCH.CN deal closing.

Bravo Britain V the ECB. A nice back door angle.

Excellent comment by Belchambers on EMIR.

I just don’t understand the UBS loss. I’m still waiting for the final analysis.

Some nice quotes from Steve Jobs.

Have a great week-end all. Create the circumstances you need to make it happen. Wise man old GBS.

And go those wobblies!


Platforms Asia


Chi-East matched volumes up 203% in Q3

Chi-East, the pan-Asian joint venture dark pool between Singapore Exchange and exchange operator Chi-X Global, announced a 203% increase to US$71.06 million in Q3 2011 from US$23.45 million in Q2 in the value of trades matched.


UK screen-dealing software house Patsystems has issued a profits warning as sales to emerging exchanges are hit by economic and financial turmoil.

Full story:

TSE sets date for new futures and options platform

The Tokyo Stock Exchange (TSE) is to launch its ‘Next Tdex+ System’ for futures and options trading, together with a third-generation system for the trading of stock and corporate bonds, on 21 November 2011.


NYSE, DB Receive Statement of Objections from EU Commission

The two exchange operators, who hope to complete their $10.4 billion merger by year’s end, did not disclose what the objections are. The commission has not yet posted a statement about its objections, for public viewing.

The EU Competition Commission has indicated it plans to make its ruling on whether the merger will clear its antitrust concerns, by December 13.

The merger also must get approval from the United Kingdom’s competition commission.

Shareholders of the two companies approved the merger in July.

Chi-X Europe Founder, Tony Mackay, cuts ties with Nomura & Instinet.

(see attached)

Chi-X picks CHERIs for first taste of derivatives competition

A partnership between pan-European equities trading platform Chi-X Europe and indices provider Russell Indexes has borne fruit with the launch of the Chi-X Europe Russell Index (CHERI) series.


LSE hires Chi-X Europe’s Jenkins as head of compliance and regulation

Turquoise launches FTSE Index Options on derivatives platform

Turquoise announced that from today it has introduced FTSE Index Options on to its Turquoise Derivatives platform.

Three market makers have committed to provide liquidity from today, including Citigroup and securities trading firm, Tibra Trading Europe Limited.
A three month fee holiday has been introduced for market-makers at launch. Thereafter market-makers will be charged 5p per contract. All other customers will be charged 15p per contract.
The clearing fee for options will also be 2p per contract (same as for the Turquoise FTSE Futures)

Order Machine to Take QuantHouse Data Feeds

A new Netherlands-based supplier of smart order routers for European banks and brokers will be using QuantHouse feeds of market data


The Reserve Bank of Australia has released its 2010/11 Assessment of Clearing and Settlement Facilities in Australia against the Financial Stability Standards. The Assessment can be viewed at:

LCH.Clearnet confirms exclusive LSE talks

LCH.Clearnet Group Limited confirms that it has entered into exclusive discussions with London Stock Exchange Group plc regarding a possible transaction.
There can be no certainty that the discussions will result in any transaction.

MarkitServ Promotes Same-Day Clearing of Swaps

MarkitServ on Thursday said it has launched a same-day clearing service for credit default swaps executed between brokers with Deutsche Bank, JP Morgan and Morgan Stanley as its first users.

Britain appears set to win clearing battle with ECB

The European Central Bank proposed a rule that would require clearinghouses that handle euro-denominated securities to be in the euro zone. Britain sued the ECB over the rule and appears poised to win the battle, after officials changed the draft derivatives law, EU diplomats said.

NASDAQ OMX Nordic to introduce competitive CCP clearing

(NASDAQ:NDAQ), has announced its intention to introduce competitive Central Counterparty (CCP) clearing by end of April 2012* in cooperation with EMCF, EuroCCP and SIX x-clear.


CP11/19: Financial resources requirements for Recognised Bodies

The FSA's Consultation Paper CP11/19 is entitled 'Financial resources requirements for Recognised Bodies'. It was published in October 2011. The Financial Services Authority invites comments on this Consultation Paper. Comments should reach us by 6 January 2012

Can MiFIR bring competition to derivatives that EMIR can’t reach?

European finance ministers yesterday agreed a common position on the European markets infrastructure regulation (EMIR) that fosters competition in the over-the-counter (OTC) derivatives market, but rules out an extension of the regulation to listed derivatives.

Anthony Belchambers, CEO of UK-based trade body the Futures and Options Association, suggested that EMIR’s delineation between OTC and listed derivatives would become meaningless as the former became standardised and exchange traded.

“As a significant proportion of OTC derivatives are standardised and will be increasingly traded on multilateral platforms, opening access to OTC derivatives may not amount to very much in the long run,” he said. “A question that needs to be addressed is whether regulators are opening up access to a potentially dwindling set of instruments.”



Watch where the data goes...

Track where messages get sent. Start gathering more data from those places that are repeated sources of interaction, even if intermittent. Start making those sources of data part of the data you make a habit of capturing.



The chart below shows how many quotes it takes to get $10,000 worth of stock traded in the U.S. for any point in time during the trading day over the last 4.5 years. Higher numbers indicate a less efficient market: it takes more information to transact the same dollar volume of trading.

Quote traffic, like spam, is virtually free for the sender, but not free to the recipient. The cost of storing, transmitting and analyzing data, increases much faster than the rate of growth: that is, doubling the amount of data will result in much more than a doubling of the cost. For example, a gigabit network card costs $100, while a 10 gigabit network card costs over $2,000. A gigabit switch, $200; a 10 gigabit switch, $10,000. This October, anyone processing CQS (stock quotes) will have to upgrade all their equipment from gigabit to 10 gigabit. Which would be fine if this was due to an increase in meaningful data.

The Top 400 Banks on Twitter

''People are always blaming their circumstances for what they are. I don't believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want and, if they can't find them, make them.''

George Bernard Shaw, from Mrs Warren's Profession

No comments: