Thursday, December 29, 2011

Merry Xmas All!

Christmas is the time when kids tell Santa what they want and adults pay for it.
Budget deficits are when adults tell government what they want and their kids pay for it.

I believe anything can be used as collateral, subject to accurate pricing...but in the middle of a GFC something about putting loans and collateral together just makes me wonder.
Interesting blog from IMF (I didn’t think they’d blog). Yes, perception often does become its own self fulfilling reality.
Retail bond market is a missing dimension to the Aussie capital markets (and the UK too!)

Penson continues its ‘strategic repositioning’. Back in 2006, Penson was one of the entities asked to provide pricing for a competing CCP for Chi-X Europe. Of course EMCF won the RFP and the rest is history.

I thought I forgot things when I walked around the house because I’m becoming old. Then good old scientific American tells me not to worry, its just my mind using the doorways as a memory purge....I think I better move to an open plan office and go and live in a field.

No ocean swims organised for the coming days but I sure plan to catch a few waves.

It’s been a whirlwind of a year.
Thank you for those of you that have been patient and understanding readers!

Have a very Merry Christmas and a Happy and Healthy New Year.
Let love warm your life, light brighten your mind and peace guide your way.

All the very best and enjoy!



US sets terms for Deutsche-NYSE merger
The Justice Department issued a consent decree that allows the merger to proceed but with Deutsche Boerse required to divest itself of an interest it holds in a rival U.S. stock exchange, Direct Edge.
That stake is held by the International Securities Exchange, an options exchange operator based in New York. ISE in turn is wholly owned by Eurex, the derivatives exchange of Deutsche Boerse.
ISE has held its 31.54% minority stake in Direct Edge since 2008. ISE will have two years from the closing of the merger to complete the sale.
BATS Proposes Rewards Program for Market Makers
The exchange operator said through the BATS CLP program, liquidity providers would compete for a daily reward by posting competitive quotes in a stock or exchange-traded product. The liquidity providers, who must be a registered market maker on BATS and be classified as a CLP for a listing - will be rewarded based on their continuous daily quote size at the National Best Bid/Offer, BATS said

HKEx Publishes Market Statistics 2011 in Response to Media Requests
17 page breakdown here:


Robert Elstone to join Westpac board

Intersuisse to buy Austock brokerage
Last year the broker hired the former head of Bank of America-Merrill Lynch in Australia, Paul Masi, as its chief executive
For Intersuisse, which specialises in resource and energy stocks, the acquisition will give it broader distribution for its Singapore-based backer, Phillip Brokerage
Phillip, which has operations in 12 countries mostly in Asia, has a 46 per cent stake in Intersuisse.


Markit and Euroclear sign memorandum of understanding
Markit and Euroclear Bank have signed a memorandum of understanding to jointly create an operational infrastructure to support the use of loans as collateral in financing transactions.


BoE and FSA warn about drawbacks of risk-prevention tools
The Bank of England and the UK Financial Services Authority released a paper that highlights challenges faced by regulators as they strive to prevent a repeat of the 2008 financial crisis. The paper explains drawbacks of tools that the central bank might use to keep excessive risk from building up in the financial system.

Instruments of macroprudential policy
*** 42 pages of macroprudential policy reading here. (not yet available on eReaders / Kindle for holidays).

2011 In Review: Four Hard Truths
First, post the 2008-09 crisis, the world economy is pregnant with multiple equilibria—self-fulfilling outcomes of pessimism or optimism, with major macroeconomic implications.
Second, incomplete or partial policy measures can make things worse.
Third, financial investors are schizophrenic about fiscal consolidation and growth.
Fourth, perception molds reality.

EQUITY CAPITAL MARKETS UPDATE | Treasurer releases discussion paper on developing a retail corporate bond market
*** Nice wrap up of the consultation document.
Discussion Paper - Development of the Retail Corporate Bond Market


Merrill Lynch to Produce Thunder for Asian Trading
Bank of America Merrill Lynch said it will market a broker-neutral trading platform named Thunder, to institutional customers in Asia.
The platform is based on in-house electronic tools, as well as trading technology from Tora Holdings, a supplier of high-speed trading systems based in Tokyo and Hong Kong.
Merrill Lynch’s Thunder platform will use multi-broker, multi-market, multi-asset electronic trading technology from Tora.
UBS bonus deal
A unique deal to protect part of the annual bonus pool at UBS Australia expires within weeks
Under the terms of that deal, UBS agreed to let the Australia unit allocate a certain percentage of its revenue stream toward year-end pay, the sources say. Annual country revenues and bonus pools are normally kept separate at banks.


Penson to close UK arm
Penson Worldwide has announced plans to close its UK operation over the next few months, and to sell certain of the operation’s assets to third parties.

BLOOMBERG: London Brokers Shrink as Debt Crisis Bites
In the past month, Altium Capital closed its securities unit. Evolution Group Plc (EVG), Merchant Securities Group Plc, Arbuthnot Securities Ltd. and Collins Stewart Hawkpoint Plc have all accepted takeover offers from larger competitors.


Europe's Perishing Parishes
in the Netherlands, Christianity's retreat from society has been particularly drastic. The Protestant Church alone loses some 60,000 members each year. At this rate, it will cease to exist there by 2050, church officials say.
St. Joseph's church opened a skate park, with ramps and obstacles in the nave, charging €3.50 to spend a day skating between holy figures. Since then church attendance has been respectable.

Why Walking through a Doorway Makes You Forget
Scientists measure the "doorway effect," and it supports a novel model of human memory

Christmas is the time when kids tell Santa what they want and adults pay for it.
Budget deficits are when adults tell government what they want and their kids pay for it.

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