Toughest
conditions (so they say) in the running of the event.
Although
the day started sunny, an unfavourable southerly wind soon changed the face of
the race.
More
than 10% of the field either did not show or did not start.
Of
those that started, about 1% got fished back out again.
Water
was supposed to be 18C. As for me, my toes were numb by about the first turning
buoy (can).
(Numbness
is always an interesting sensation early in the race. Does get one wondering. )
One
good thing I notice about swimming in bitterly cold water is clear water and
great visibility.
In
previous years, I’ve done this swim in about 35mins.
This
year I did 52:18 (average for age was 57:22). Same course, same distance, just
17mins slower, gives you an idea of the conditions.
I
knew at the end of the race I’d been for a swim....(not least because of the
people with hypothermia and the space blankets all around).
Gotta
respect that ocean.
In
2011, posn 519/1360, 53/127, 52:18 (avg 57.22)
In
2009, posn 839/1988, 120/215, 35:52 (Average time 37.13)
In
2008, posn 595/1702, 50/153, 35.21 (Average time 38:09)
Results
here:
One
report here:
Event
report and pictures here:
Print
your own certificate here:
...so
congratulations to you!
CXA
/ ASX market share:
A
couple of people picked up on this.
There
is a useful page / source on the ASX web site:
Turquoise
on the book shelves!
ASX
hiccup with CXA TAS (Trade Acceptance Service)
UBS
invests in CXG.
HK
upgrades.
LME
upgrades and Cinnober in the news.
EMCF
starts OTC clearing. I really like this. The scope of product that is eligible
for clearing has only just started to be explored.
SIX
yodels on interoperability...yet remains silent on their vested interest with
UBS (17.3% ownership).
France
calls on HFT regulation demoralizing.
List
of GSIFI’s
Aussie
real estate often gets cited as being expensive and hosting its own bubble.
Certainly
Aussie real estate is relatively expensive...but that is because it is
underpinned by a unique set of local tax arrangements.
...In
fact, we even get our own negative gearing Wiki page.
This
weekend...I was off to Billie....but now going off to Brissy to see mum!
Have
a good weekend all,
S
Why
the euro will be OK.
Merkozy's eurobond in disguise
It
may seem absurd, but the pact between Germany and France has suddenly made
Italian bonds attractive. And while everything hinges on the crisis summit,
eurobonds may no longer be necessary.
And
a nice...little round up of events in Asia in 2012 –
"Facing
Forward & Focusing on the Future - Top 10 Newsworthy Market Events of 2011
in Asia"
SGX-ASX
Exchange
Technology Up-grades
Chi-X
Australia
Hong
Kong Mercantile Exchange
TSE/OSE
Merger Announcement
China
now has FIX Routes
ASEAN
Link
Corporate
Governance
HKEx
and China JV
BRICS
– A Move Towards Global Cooperation
Platforms
Ex
Turquoise CEO, Eli Lederman, self publishes his first novel!
Lederman
denounces what he sees as a culture of greed in which shareholder interests
rank far below individual ambition.
Lederman
took the LSE to an employment tribunal last year.
“Ever
smaller order sizes transacting at ever higher frequencies – that’s just an
illusory boon to banks and does nothing for the end-investors for whom markets
really should be designed.”
BATS
EUROPE HIT BY TRADING BREAKDOWN
Bats
Europe has suffered a trading breakdown just days after finalising a deal to
acquire rival platform Chi-X Europe.
ASX glitch hits Chi-X settlement
The
ASX's trade acceptance service stopped clearing and settling trades by rival
exchange Chi-X from about 10am to 12pm yesterday, preventing orders from being
completed.
http://www.smh.com.au/business/asx-glitch-hits-chix-settlement-20111206-1oh4j.html#ixzz1fqGs36Zi
UBS
TAKES STAKE IN CHI-X GLOBAL
EU regulators seek
more concessions from Deutsche Boerse and NYSE
EU regulators told NYSE Euronext and Deutsche Boerse that they need to offer
more concessions to overcome antitrust concerns about their proposed merger.
Authorities said the exchanges' offer last month didn't sway rivals and
customers. Bloomberg (06 Dec.),
AMS/3.8 Will be
Implemented for Start of Trading Tomorrow
Hong Kong
Exchanges and Clearing Limited (HKEx) is pleased to announce that the Post
Release Test for AMS/3.8, an update to the securities market trading system,
has been completed successfully, paving the way for the system to be rolled out
in advance of the start of trading tomorrow (Monday) morning.
The upgrade
will increase the securities market’s efficiency and transparency and pave the
way for future growth. It will increase the trading system’s processing
capacity over the current capacity by about 10-fold to 30,000 orders per
second, scalable to 150,000 orders per second, and reduce latency to 2 milliseconds
on an average trading day, about 70 times faster than present and better than
the project target of 9 milliseconds at 30,000 orders per second.
Chi-X
Japan November 2011 Trading Statistics
Broadridge
Connects to Chi-X in Australia
Broadridge Financial Solutions, Inc.
announced November 29 that, beginning October 31, 2011, users of its SUMMIT
stockbroking and accounting solution for the Australian equities market are
able to take full advantage of Broadridge’s new broker trading connectivity
tool to process trades executed on the recently launched Chi-X alternative
exchange in Australia.
LME
UPGRADES ELECTRONIC TRADING PLATFORM
The
partnership between Cinnober and the LME began back in 2003, when the Swedish
supplier delivered its first version of the LMESelect platform, based on its
proprietary TRADExpress technology. During this long partnership, electronic
trading has grown from 2% to over 70% of the LME's market volume.
CINNOBER
RELEASES HOSTED OTF PACKAGE
Swedish
technology supplier Cinnober has released a subscription-based hosted service
for banks and brokerages looking to create an Organised Trading Facility in
line with new European marketplace regulations.
Clearing
EMCF
LIVE WITH CCP SERVICES FOR OTC TRANSACTIONS
EMCF
will offer clearing and settlement services in Over The Counter Transactions
(OTC) in ING issued Sprinters and Citi's issued Speeders (both structured
products) traded on cats (Citi's Automated Trading Services)
SWISS
CLEARER TARGETS ASIA AS EUROPEAN INTEROPERABILITY DEALS BOOST VOLUMES SIX
Securities Services is to push for clearing interoperability in Asia after
doubling its market share of clearing London Stock Exchange trades following
the introduction of similar measures in Europe.
Table
10, page 31 of SIX annual report.
UBS
own 17.3% of SIX. (CS own 12.8%).
Market participants unconvinced by OTC reform
OTC clearing reform will not reduce
systemic risk, according to 50% of market participants surveyed at a recent
industry debate. Nevertheless, 79% have identified the need for collateral
optimisation within their organisations, driven by regulatory changes on the
horizon.
Policy
Statement by Glenn Stevens, Governor: Monetary Policy
Decision
At
its meeting today, the Board decided to lower the cash rate to
4.25 per cent, effective 7 December 2011.
The
reduction in the cash rate as a result of the Board's previous decision flowed
through to lending rates, which are now around their average level of the past
15 years.
France calls for tougher rules
on high-frequency trading
Jean-Pierre Jouyet, chairman of France's market regulator, said regulatory proposals covering high-speed trading need to be stronger. "The mechanism envisaged by the [European] Commission must be expanded by giving the European Securities and Markets Authority broader powers to regulate high-frequency trading more effectively; for example, as regards platforms' pricing or tick sizes," Jouyet said. Reuters (05 Dec.)
Jean-Pierre Jouyet, chairman of France's market regulator, said regulatory proposals covering high-speed trading need to be stronger. "The mechanism envisaged by the [European] Commission must be expanded by giving the European Securities and Markets Authority broader powers to regulate high-frequency trading more effectively; for example, as regards platforms' pricing or tick sizes," Jouyet said. Reuters (05 Dec.)
U.S.
working with other countries on swaps rules
They
have complained that under the proposal, foreign subsidiaries of U.S. companies
that do business with foreign institutions would be forced to back derivative
trades with collateral while non-U.S. banks would not.
Mr Glenn Stevens’ speech,
to the Inaugural Warren Hogan Memorial Lecture at the
University of Sydney in Sydney,
The Incredible Eurodollar.
Large centres of high saving with
portfolios that are overweight in foreign assets whose return is low and whose
value is highly likely to go down, measured in the currencies of the holders,
amounts to something of a problem. Attempts by those holders to exit this
position quickly would be, to say the least, highly disruptive. They know that
and that is why they do not attempt it, though there is a degree of diversification
under way. To paraphrase the old line, if I owe you a few billion, I may have a
problem. If I owe you a trillion or two, you may have a problem every bit as
big as mine.
So there is a very long-term issue of
portfolio re-balancing to be addressed here as well as one of structural
realignment of national price levels (i.e. real exchange rates). At the same
time though, there are increasing calls for the emerging economies with large
surpluses and high reserve holdings to play a part in assisting Western
economies facing budgetary and banking sector problems. With the balance sheets
of many Western sovereigns already under pressure, there is hope for
contributions from large reserve holders – they, after all, are the ones with
the cash.
Policy
Measures to Address Systemically Important Financial Institutions
Globally
Systemically Important Financial Institutions:
(There
will, in due course, be a framework for globally systemic insurance companies
with parallel criteria.)
Bank
of America
Bank
of China
Bank
of New York Mellon
Banque
Populaire CdE
Barclays
BNP
Paribas
Citigroup
Commerzbank
Credit
Suisse
Deutsche
Bank
Dexia
Goldman
Sachs
Group
Crédit Agricole
HSBC
ING
Bank
JP
Morgan Chase
Lloyds
Banking Group
Mitsubishi
UFJ FG
Mizuho
FG
Morgan
Stanley
Nordea
Royal
Bank of Scotland
Santander
Société
Générale
State
Street
Sumitomo
Mitsui FG
UBS
Unicredit
Group
Wells
Fargo
Participants
DEUTSCHE
BANK RESTRUCTURES TRANSACTION BANKING UNIT
Mitsubishi UFJ takes 15% stake
in AMP Capital
Mitsubishi UFJ Financial Group, Japan’s biggest publicly traded bank, has paid $425 million for a 15 percent stake in AMP Capital as part of an agreement whereby the two companies will distribute each other’s products in their respective countries.
Mitsubishi UFJ Financial Group, Japan’s biggest publicly traded bank, has paid $425 million for a 15 percent stake in AMP Capital as part of an agreement whereby the two companies will distribute each other’s products in their respective countries.
Stuff
Brazil’s huge hopes sinking?
The
world’s largest iron ore carrier is disabled and could sink at a key Brazilian
port from where Vale, the world’s No.2 mining company, loads about 10 per cent
of the global iron-ore trade, shipping agents and media said on Monday.
http://www.macrobusiness.com.au/2011/12/brazils-huge-hopes-sinking/?utm_source=Media+List&utm_campaign=6d1c4a12d7-RSS_DAILY_MAILCHIMP_CAMPAIGN&utm_medium=email
Negative gearing price models
There
is widespread acknowledgement that Australian tax rules, particularly negative
gearing and capital gains tax (CGT) discounts for assets owned for more than a
year, lead to higher home prices (and reduced tax revenue for government – in
the order of $2.5billion pa).
http://www.macrobusiness.com.au/2011/12/negative-gearing-price-impacts-modelled/
Negative Gearing Exposed
it
is clearly the case that Australia’s taxation system has artificially increased
the demand for housing, thereby putting upward pressure on house prices
Negative gearing (Australia)
India’s Rupee is Now Asia’s Worst Performing Currency
India’s
rupee has dropped nearly 13 percent against the dollar since the beginning of the
year, thanks to a combination of domestic and international factors. Right now,
it’s Asia’s worst-performing currency.
"There is nothing so
useless as doing efficiently that which should not be done at all."
- Peter Drucker
Fortunately
for serious minds, a bias recognised is a bias sterilised."
--Benjamin Haydon, British painter and writer
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