Sunday, November 13, 2011

News: Crikey Access Independence Dent, PureMatch, Hello PDQ, Plus a kerfuffle.....JPM Corp Cup and Heron report

I totally forgot about the JPM Corporate Challenge this week. (I knew I was supposed to keep up the running in training for something). Anyway, a great event put on by JPM.

I did around 34:47 in ’09, so satisfied with 32:35 this year.

The official race report is up from the Heron Island swim:

Next swim is the Dawny which I like as it gives you a chance to swim around Cockatoo island in Sydney harbour:

Then what I hope is the last run of the year:

I don’t usually worry about hackers etc. (why would you bother?)...but this offended my sensibilities.

Outrageous! By all means knock out the Dax...but leave sport out of politics!

(The only time politics is acceptable in sport is when the Aussie government is buying Olympic gold medals through direct subsidy of our sportspeople....other countries doing this is of course cheating).


Hackers have knocked out a French rugby club fansite, mistaking it for Deutsche Börse's Dax portal.

More on this story:

Australia lacks the satirical richness of the UK. We do have something in the vein of “private eye” with some objective journalism from I liked their story of the firm that did some of the lobbying for the ASX / SGX deal. I thought the access economics paper woeful at the time. Looks like it’s not the first time they’ve written to order rather than content.

Now that CXA has come to market, ASX launches purematch. (could be co-incidence?) The perfect trading book for blue chip names. Just fancy that!

I do like PDQ. Now that we’ve pretty much commoditised the price / time priority CLOB (you know, central limit order book), these variations on a theme will be the next differentiators.

Plus what a kerfuffle at Plus.

Rothschild (typical floor broker) only saw my position on Dodd Frank about 147 years before me. I hate frontrunners!


My heartfelt congratulations to the EMCF team. 1 billion contracts....and that only in year to date.

Another landmark in the European landscape. Jolly good show chaps. Bravo!

Bitterballen and tulips all round!

(and why not make your own....

Have a great week end all,

Whatever your leisure, make it a pleasure!



ASX-SGX: why the combination is in Australia’s national interest

Access is an economic consultancy (these days part of Deloitte) that hires itself out to anyone who wants an ‘independent’ economic research report to strengthen their case. And Access isn't shy about taking sides on major public debates.

There was its intervention, paid for by the Distilled Spirits Council of Australia, in the alcopops debate, labelled "as dodgy as a three-day-old kebab" by Nicola Roxon. Then there was its pro-industry efforts to sway the debate over carbon pricing – for the Australian Industry Greenhouse Network and the states – and its work for the big miners over the RSPT (on both the industry's current tax rate and the apocalyptic consequences of the RSPT), just to name a few.

11–250AD ASIC confirms ASX readiness to launch PureMatch
ASIC today confirmed it is satisfied that the ASX, prospective participants and data vendors are ready for ASX’s new order book, PureMatch, to commence operating from 28 November 2011.

PureMatch is an alternative order book that will operate in parallel to ASX TradeMatch, the primary existing ASX order book through which trading in ASX takes place. PureMatch will provide an alternative mechanism for trading of the most liquid cash market products which are traded on ASX’s TradeMatch.

New Equity Trading Venue Inserts Speed Bump

With the PDQ trading platform, an order is paused for a set period of time – 20 milliseconds — and in that time liquidity can be aggregated through an electronic crowd competing for orders, says Ross, who is a former options traders on the CBOE and also the former CEO of GETCO

“Institutions are annoyed with the high frequency trading guys, as they feel they are being gamed, while the HFT firms are concerned that institutions have better fundamental information in the short term,” he says. HFT shops that post first in the lit markets are subject to “adverse selection” by the institutions, he claims.

While PDQ’s electronic equity venue pauses the auction, it collects responses from the algorithmic liquidity responders and creates an order book based on price/time priority and then it executes the order against the book. The pause also enables PDQ to from a book with more size and better prices, contends Ross.

DB, NYSE Preparing Concessions for Europe's Regulators

NYSE Euronext and Deutsche Boerse have begun working on concessions to present to European regulators, after talks over the last two days with the European Union’s competition commission.
The two days of meetings “failed to alleviate antitrust regulators’ concerns about the $7 billion deal,’’ Bloomberg reported Thursday afternoon.
The European Union has set a November 17 deadline for proposing remedies.


Plus Markets chairman Giles Vardy has stepped down following a shareholder-led revolt to forcibly oust him from the role Full story:

LSE SIGNS DELHI STOCK EXCHANGE TO MILLENNIUMIT PLATFORM The Delhi Stock Exchange (DSE) has signed for equity, derivatives, FX trading and clearing technology from the LSE's MillenniumIT unit.

Full story:

In addition, Hirander Misra, the former Chi-X Europe COO who over the summer quit Algo Technologies, the fintech vendor he helped set up, is in the frame to lead a revamped DSE, says the FT.


Osaka Securities Exchange denies TSE-OSE merger reports

HKEx Publishes its 2011 Third Quarter Results



BM&FBOVESPA TAPS CINNOBER FOR CLEARING OVERHAUL Brazilian exchange operator BM&FBovespa has licensed technology from Swedish vendor Cinnober for a major revamp of its clearing operations.

Full story:


“The few who understand the system, will either be so interested from it’s profits or so dependant on it’s favours, that there will be no opposition from that class.”
- Rothschild­, London, 1863.

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