G’day All,

A fast and hectic week. Afraid reading has suffered. Oh well. If it’s important it’ll be reported again next week. Now, apart from C&S....that RWC is important!

I do think Wales are playing the best and most consistent rugby. So farewell les blues.

To date, I have been decidedly underwhelmed by the wobblies. How we won against SA? I don’t know. We did not once manage to put 5 phases of play together against a continual onslaught and a better executed game strategy from the Sth Africans. Still, I know in their hearts the Saffa’s will be happy for us. Better team on the day, blah, blah.

Wales 33, France 19

Aust 18, NZ 16

The Horwill story is moving.

Berlusconi’s comments....are remarkable, but unfortunately believable.

CXA comes out with Aussie pricing.

MTFs do get it wrong, but I never imagined they could get it as wrong as Direct Edge. You live and learn!

If you want to find patterns and trends you can. The Kerviel / Adoboli profiling is just too ambiguous.

For those of you that have access to sports channels...enjoy the Rugby.

And if that don’t rock your boat, have a great w/end whatever you’re up to.

Warm regards all,

Scott.

s.riley.mail@googlemail.com

http://clearingandsettlement.blogspot.com/

Wallabies skipper armed with a life and death memory

When James Horwill leads the Wallabies on to the field at Eden Park, the last thing he will look at is the white tape on his left forearm.

http://www.smh.com.au/rugby-union/rugby-world-cup/wallabies-skipper-armed-with-a-life-and-death-memory-20111013-1lmeo.html

Nice piccie from: Jhiob Berckheyde/Mary Evans Picture Library/Everett Collection

http://online.wsj.com/article/SB10001424053111903703604576584713529436704.html

Those Italians have ‘style’?

Berlusconi’s comments are those of a man who has lost touch with reality. I use this url because all others quote the comments in full.

http://www.independent.ie/world-news/europe/berlusconirsquos-derogatory-tirade-against-angela-merkelrsquos-figure-caught-on-tape-2879174.html

Platforms

CXA came out with their pricing.

http://www.chi-x.com/resources/au/file/Market%20Operations%20Notice%200019-11.pdf

Passive Order execution: 0.06 bps

Aggressive Order execution: 0.12 bps

SEC SANCTIONS DIRECT EDGE FOR WEAK CONTROLS

US electronic exchange operator Direct Edge has been sanctioned by the SEC for "weak internal controls" that led to trading losses of millions of dollars and a systems outage.

More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23060

Hong Kong regulators deny market declines a result of short selling
There is no indication that recent declines in the Hong Kong stock market have been caused by short selling activities, says China's capital markets regulator, the Securities and Futures Commission (SFC).

http://www.securitieslendingtimes.com/securitieslendingnews/article.php?article_id=217809

Policy

Asian policymakers aim to protect their economies
Bank Indonesia unexpectedly dropped interest rates and the Philippines launched stimulus efforts, as Asian policymakers become increasingly concerned about weakening global growth affecting their economies. "We want to be ahead of the curve in anticipating the impact of the global economy," said Perry Warjiyo, director of economic research at Bank Indonesia. "It will impact through the region, and we will see there is a decelerating trend of inflation and a downward revision to economic growth. Sooner or later, central banks need to rebalance the preference of their monetary-policy response." Bloomberg (11 Oct.)

http://www.bloomberg.com/news/2011-10-11/indonesia-unexpectedly-lowers-interest-rate-to-bolster-economic-expansion.html

ESMA consultation on Platforms & HFTs

Consultation on the Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities

http://www.esma.europa.eu/index.php?page=consultation_details&id=186

Responses:

http://www.esma.europa.eu/index.php?page=responses&id=186

Participants

CITI CHOOSES FIDESSA FOR GLOBAL DERIVATIVES PLATFORM

American banking giant Citi has contracted UK vendor Fidessa for the provision of a workflow and trading platform for its global listed derivatives business.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23045

UBS and Rouge trader profiling.

A number of commentators have picked up on clear similarities between the cases of SocGen's Jerome Kerviel and UBS' Kweku Adoboli. Based purely on an analysis of the information and reporting already available, those similarities become breathtaking, rather than merely noteworthy. Expanding on the profile drawn above:

http://www.chasecooper.com/Downloads/metric/back-issues/metric_rogue_trading_special_edition.pdf

Stuff

Reaction to dangerously rising inflation

Rising inflation is a fact of life worldwide. More ominously, some authorities in the developed world are signalling that some inflation would help to get their economies out of the public debt hole, as happened after the Second World War. US commentators in particular are pointing to the anchoring of inflation expectations as a reason for not worrying. Many are not convinced. More tellingly, the all-important issue of accounting in the presence of inflation is being resurrected. It was debated in the '70s, but has been largely dormant since.

http://www.edhec-risk.com/latest_news/featured_analysis/RISKArticle.2011-09-22.5414?newsletter=yes

You may have already read this one, but I love Piri’s (Piri Piri PooPoo to you Scotty) Mums’ comment:

http://www.nzherald.co.nz/rugby-world-cup-2011/news/article.cfm?c_id=522&objectid=10758627