Ahh,
as ever time flies.
Well,
after the chill of Bondi to Bronte lets home the Manly swim is a bit warmer.
Nice
write up here:
LSE
acquiring the FT (Pearson) stake is not such a great deal 8in my view. FT
always provided an angle the LSE couldn’t.
ASX
is on the pay before they vest executive comp. bandwagon.
EMCF
recognised as the incumbent. Lovely! No doubt the same applies to Chi-X Europe?
Not
sure about the FIA Principal Traders Response.
Political
changes in Aus, but nothing changes until the next election.
RICs
and ISINs should be free or at cost recovery at most.
Kinda
sad to see DB sell / lose the Asset Management limb of their business.
Getco
and Virtu both see value in increasing their NYSE floor presence.
Aussie
alchemists get to play and try and turn our grey matter to gold. (frankly, I
think digging holes in the back yard is easier).
And
an odd, but related story. Aussie real estate is a proxy for what is
happening globally. Inter-Asian cash flows are rising to compensate for the
stagnating G20 countries.
Note
to self, for statements of the obvious, try University of New Orleans and SUNY
Old Westbury. CFOs flee the sinking ship prior to bankruptcy. Fancy that!
Have
a great w/end all,
S
Platforms
BATS
CHI-X EUROPE EXECUTIVE COMMITTEE MEMBERS NAMED
CME President Awaits the
Greenlight for the Reopening of China’s Financial Derivatives Market
CME Group began offering yuan exchange futures
on Oct 17 in order to satisfy the increasing needs of settlements of the
currency in global markets. Chinese analysts said this might facilitate the
internationalization of China’s currency.
The company also plans to launch a clearing
house in Asia and increase the number of employees in the region.
“The best is yet to be” is Gill’s motto
that he learned at school – the Anglo-Chinese School in Singapore. “It holds
true for most things we do through life,” he said.
LSE
TO BUY PEARSON'S FTSE STAKE
The
London Stock Exchange (LSE) has agreed a £450 million cash deal to buy the 50%
stake in FTSE International it does not already own from publisher Pearson.
DEUTSCHE
BÖRSE AND NYSE EURONEXT OFFER MORE CONCESSIONS TO REGULATORS Deutsche Börse and
Nyse Euronext have offered the European Commission more concessions in a bid to
allay antitrust concerns and secure approval for their $9 billion merger deal.
Hidden pay condemned
THE powerful peak body for industry superannuation, the
Australian Council of Super Investors, has condemned the payment of hidden
dividends on unvested shares, calling for management to ''pay back the money''
in cases where performance pay has not been earned.
Several leading Australian companies are hiding payments
to their senior management teams by paying dividends on performance shares,
meaning executives are getting a return on performance stock to which they may
never be entitled.
The ASX Corporate Governance Council is yet to deliberate
on the practice of paying dividends from stock which has not vested. The new
chairman of the council, Alan Cameron, was unavailable for comment yesterday.
The ASX corporation buys stock on market from which it
pays dividends to its management, before the stock vests. The payments are
modest and disclosed in the remuneration section in the annual report.
Last financial year, each participating employee received
an average $2300 in franked dividends and former CEO Robert Elstone about
$46,000.
XCHANGING
RENEWS LME CONTRACT
The
contract, which renews on 1 January 2012, is for a minimum of three years, with
a two year notice period after the first year. The contract is expected to
generate revenues of c. £75 million over its first three years.
SIX
ARRESTED IN MILLION POUND PHISHING SCAM UK police have arrested six people in
connection with a phishing scam that plundered over £1 million from student bank
accounts.
***
I immediately assumed this was the Swiss exchange....
Securities lending on India's NSE booms
Stock lending has been booming in the last three months due to reverse arbitrage opportunities thrown up by equities
Stock lending has been booming in the last three months due to reverse arbitrage opportunities thrown up by equities
Volatility in China: Hong Kong, Shanghai Capitalize
on Indices
Hong Kong Exchanges and Clearing Limited
said Thursday it plans to start trading futures based on a volatility index in
February.
That follows the Wednesday announcement by the Shanghai Stock Exchange that it planned to launch a series of indices based on market volatility, in January.
That follows the Wednesday announcement by the Shanghai Stock Exchange that it planned to launch a series of indices based on market volatility, in January.
Clearing
DTCC
FILES WITH SEC TO OPERATE CCP FOR MORTGAGE BACKED SECURITIES
BURGUNDY
CHOOSES EUROCCP FOR INTEROPERABLE CLEARING
EUROCLEAR
PREPS MANAGEMENT CHANGES
Shaking Things Up, In European Clearing
I
love this:
And
overcome the reluctance of incumbents such as LCH.Clearnet, EMCF and SIX
x-Clear to upset the existing order and allow “interoperability” between
systems.
EMCF
as incumbent?
Brilliant.
LSE eyes OTC trade repository
The
London Stock Exchange has started talks with British regulator the Financial
Services Authority (FSA) about launching a trading data service for
over-the-counter (OTC) derivatives.
The
LSE already offers a trade data repository called UnaVista TRS, for share
transactions, but is eyeing expansion into OTC products ahead of regulatory
reforms to that market.
Policy
FIA Principal
Traders Group
The FIA Principal Traders Group has issued
the following letter to CFTC Commissioner Scott O'Malia in response to his
request for public comment on a proposed definition of High Frequency Trading:
***
Answering a question with a question provokes thought, but I don’t think it
addresses misconception and misdirected political opinion.
Developing
the Retail Corporate Bond Market - 13/12/2011
Discussion
paper: Development of the retail corporate bond market: streamlining disclosure
and liability requirements
***
27 page discussion paper available here.
The
new Industrial Relations and Financial Services Minister Bill Shorten said he's
delighted with his new promotion to Cabinet
The 2011 RBA Conference Volume, The Australian Economy in
the 2000s, has been released today on the Bank’s website.
THOMSON
REUTERS LOOKS TO SETTLE EC DATA ANTITRUST CASE Thomson Reuters has offered
concessions in the way it licenses the proprietary Reuters Instrument Codes
(RICs) in a bid to settle an EU antitrust investigation.
***
RICs and ISINs should be free, or cost recovery at most.
Insolvency rogues face crackdown
Government
announces new laws to protect creditors from misconduct by liquidators.
Participants
BNY
Mellon to snap up Penson's Australian ops
The agreement is for a share
purchase transaction from which Penson expects to realise a gain of about $14
million when the deal closes in the fourth quarter this year
Deutsche Bank to
sell asset management arm
Deutsche Bank has announced
plans to offload its asset management arm, after completing a strategic review
of the company, according to the Financial Times.
According to the report, the
unit will be priced at €2 billion ($A2.6 billion), with initial bids due later
in the year.
Mitsubishi UFJ to take 15%
stake in AMP Capital
Mitsubishi UFJ Financial Group will pay $425 million for a 15
percent stake in AMP Capital that will enable Japan’s biggest publicly traded
bank to take a stake in the world's fourth-largest pension market
In September
2008 Mitsubishi UFJ provided a US$9 billion lifeline to Morgan Stanley when the
New York-based investment bank’s stock price was floundering amid concerns over
its business viability. Mitsubishi UFJ had a 22.4 percent stake in Morgan
Stanley as of July 1.
VIRTU
FINANCIAL BUYS NYSE AMEX DESIGNATED MARKET MAKER
Getco Grabs BofA Merrill's DMM Unit.
BANK
OF AMERICA MERRILL LYNCH AND TORA TEAM ON TRADING PLATFORM FOR BUY SIDE
5%
of all trading volume on the Tokyo Stock Exchange is processed through
TORA.
INSTINET
BLOCKMATCH RECEIVES OK TO REFERENCE EUROPEAN CONSOLIDATED PRICE
Stuff
040
- 'Turning Grey Into Gold', Address to the Older Workers and Workability
Conference - 12/12/2011 http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=speeches/2011/040.htm&pageID=005&min=wms&Year=&DocType=
***
So, Australia is trying to turn Old...into Gold. I guess a bit of alchemy is
one way to reduce the pension burden. Hope it doesn’t hurt.
154
- Final Report on the Economic Potential of Senior Australians - 12/12/2011
Realising
the economic potential of senior Australians: turning grey into gold
All
explained in 66 pages.
ION
Trading is Patsystem’s single largest shareholder, and has been holding 29
percent of the shares for the past two or three years, according to a spokesman
for the vendor. ION has valued each share in Patsystems at 14 pence or 20 cents
per share. Based on its current market cap of 29 million pounds, ION is valuing
the software firm at $45 million.
ION
— which earlier this year acquired Wall Street Systems — now has until Dec.
26th to either announce a firm intention to make an offer or not.
Ray White posts best
results in eight months and says Gold Coast office surprise star
Among
the highlights of the year was a successful Asian marketing tour, during which
more than 20 residential sales were made to Indonesian purchasers in the new
Top Ryde City project north of Sydney.
“In
fact, all of Asia seems to be selling to all the rest of Asia. For the first
time in memory, Japanese developers are marketing Tokyo housing projects
directly to Australian citizens through the Australian press,” White says.
“The
giant Dubai developer Majid is set to market their massive Al Futtaim project
in Beirut to the Lebanese community in Australia.
Study: CFO resignations could signal corporate
bankruptcy
A chief financial officer's resignation could be a sign that a company is in danger of going bankrupt, according to a study by researchers at the University of New Orleans and SUNY Old Westbury. An analysis found that corporate bankruptcies occurred more frequently following the departure of a finance chief. A CFO's access to financial information could influence the decision to quit a failing company, the researchers say.
A chief financial officer's resignation could be a sign that a company is in danger of going bankrupt, according to a study by researchers at the University of New Orleans and SUNY Old Westbury. An analysis found that corporate bankruptcies occurred more frequently following the departure of a finance chief. A CFO's access to financial information could influence the decision to quit a failing company, the researchers say.
Warren
Buffett once said that if you were not prepared to own the whole business for
10 years, you should not own a piece of it for 10 minutes.
"He
who takes offense when none is intended is a fool. He who takes offense when
offense is intended is a bigger fool."
-- Attributed to Confucius
-- Attributed to Confucius
You'll
never plow a field by turning it over in your mind."
--Irish proverb
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