This week-end it’s back into the lovely, lovely ocean.
WooHoo...
36th
Warriewood to Mona Vale Ocean Swim
Mind you, those sharkies appear to be getting a bit nippy...
...But fatal attacks are rare in Australia, with just 27
people killed in the past 22 years.
I spent most of last week doing a father and son bike ride
which had kindly been organised by my son’s school.
Son number 1 was one of only 3 boys in his year to undertake
and complete the challenge.
We did some extra rides off the trail too, that were also
quite challenging.
It was great to see the overall improvement in riding
skills, amongst so many other things, during the shared ride.
I can only recommend NZ. Great countryside, great people and
for a small country, some of their infrastructure has been planned and executed
on a heroic scale. Respect.
The Otago Rail Trail...
Canal Ride:
River Ride:
Rail Trail, Clyde to Alexandra:
Rail Trail, Alexandra to Lauder:
Rail Trail, Lauder to Ranfurly:
Rail Trail, Ranfurly to
Middlemarch:
Coast Road:
The other thing I’ve done this week is some blog house
keeping.
That said, if I don’t have an up to date email address for
you please let me know.
I do (eventually!) post all emails at http://clearingandsettlement.blogspot.com
... the whole point is having somewhere to search these stories!
...I feel a one sided ocean cruise ship theme coming on....
NYSE Euronext / Deutsche Bourse deal to get scuppered in EU.
Canada’s Alpha lists a bit.
Japan could open the flood gates for PTSs
The CXA story interested me...as much for the comment that
ASX Purematch has yet to take on any water (liquidity).
SIX Swiss exchange have problems on the bridge.
Pipeline...sunk in favour of Aritas
Rant 1: I think it’s pretty irresponsible (or ignorant) of
the financial media to report on middle eastern web site attacks. Who cares?
Surely this just throws fuel onto an irrelevant fire? Trading platform outages,
yes, that’s got the potential to be material...a web site down for a bit?
Please. This is useless reporting. Grrr
Rant 2: On clearing I should be ranting about the new
interoperability regime.
I did start reading some of the trade comments but yet again
there is a failure of complete disclosure.
For
example, Andrew Bowley fails to disclose he is a NED at EuroCCP....so it would
be hard for him to advocate clearing anywhere else. I still feel competitive
clearing in Europe is still vested interests and not about competition.
The good news is, the World Bank appears to have picked the
bottom of the market (a la Costa Concordia!)
RBS scuttles equity business line.
BNY re-floats Penson
In Manchester, it looks like crime does pay, but they need
to do more cost benefit analysis.
I like the Plastic Jungle exchange concept.
Well, enough from me.
As a modeller in my boyhood this one appealed to me:
A boy goes into his local toy shop and asks if they stock
any Italian Cruise Liner models.
“Yes” says the shop keeper.
“Would you like me to put it on one side?”
Have a great week-end all.
S
Platforms
EU
ANTI-CHIEFS PREPARE TO TORPEDO DEUTSCHE BÖRSE/NYSE MERGER
Anti-trust
officials in the EU are prepared to block the proposed mega-merger between
Deutsche Börse and the New York Stock Exchange over fears that the deal would
stifle competition in the derivatives markets.
More
on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23303
BLOOMBERG:
TMX Group Gains Share of Canada Trading as Alpha Declines
TMX Group Inc. (X) extended its control of
the Canadian market for equities trading in December after taking market share
from bank-owned Alpha Group and other alternative trading platforms.
TMX, the Toronto Stock Exchange owner
that’s facing a C$3.73 billion ($3.66 billion) takeover bid from a group of
Canadian banks and pension funds, had 71 percent of the market across its three
venues last month, up from 65 percent in November, according to monthly
statistics from the Investment Industry Regulatory Organization of Canada.
BLOOMBERG:
Japanese Regulator May Lower Barriers to Alternative Trading
“The FSA are
rightly thinking about liquidity from the perspective of the end-investor,”
said Jessica Morrison, head of Asia Pacific market structure for Deutsche Bank
in Hong Kong. “Making liquidity on alternate venues sufficiently accessible to
all market participants, in order to provide best execution, is an important
and worthwhile priority to pursue.”
Regulatory
impediments are hampering growth on Japan’s newer venues, Morrison said. For
example, investors are required to make a takeover bid if they acquire more
than 5 percent of a company through off-exchange transactions with more than 10
shareholders, she said. No such rule exists for shares bought on the main
bourses.
“If you wanted to
put PTS on equal footing with the exchanges, you’d have to get rid of the 5
percent rule,” Sadakazu Osaki, head of research at Nomura Research Institute
Ltd
Chi-X
determined to make inroads
Attempting
to head off the new competition, the ASX in November unveiled a similar
low-cost trading platform, PureMatch. It has had little success so far,
attracting no volume since it launched. An ASX spokeswoman said volume was not
expected until later in the year, after its new data centre was operating and
it had more time to better target brokers.
VEGA-CHI
SETS 7 FEBRUARY LAUNCH DATE FOR BOND TRADING MTF
NZX
COMPLETES SALE OF CARBON REGISTRY TO MARKIT
ASX technology chief steps down
The
ASX said today group executive for technology Jeff Olsson “has decided to
leave” the company, with his departure date set for July.
"Unfortunately, you don't always make
the right decisions over the course of time, so you can get burdened with some
bad decisions or technology that was good at the time but has now aged,"
Mr Fowler said.
"That's not a reflection upon the
current CTO -- it's just a question of scale and age. I have some sympathy for
them."
SIX
SWISS EXCHANGE GLITCH DELAYS TRADING SIX Swiss Exchange has been forced to
delay the start of trading by three hours because of a "technical problem".
HKEx
and CFFEX (China Financial Futures Exchange) sign MOU
Market
Statistics 2011
ISRAELI
HACKERS TARGET ARAB STOCK EXCHANGE SITES AS CYBERWAR ESCALATES
Israeli
hackers have targeted the Web sites of stock exchanges in Saudi Arabia and Abu
Dhabi in retaliation for an attack earlier this week on the Tel Aviv bourse.
More
on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23329
CABLE&WIRELESS
AND EQUINIX TEAM ON CLOUD-BASED SERVICES
ERIS
EXCHANGE TO DISTRIBUTE MARKET DATA THROUGH CME
FOLLOWING
SCANDAL, PIPELINE TRADING SYSTEMS CHANGES NAME TO ARITAS SECURITIES http://www.finextra.com/news/announcement.aspx?pressreleaseid=42720
CLEARING
ISDA
SETS OUT GOALS FOR INDUSTRY CLEARING COMMITTEE
FSB
ESTABLISHES LEI AND CCP WORKING GROUPS The BIS-backed Financial Stability Board
has set up a working group to deliver concrete recommendations on governance
issues relating to the management of new Legal Entity Identifiers (LEI) in the
global securities markets.
Interoperable
MTFs primed for market share growth
OTC
clearing - margin methodologies
two articles that
may be useful in understanding the technical aspects of clearing CDS and IRS.
One-time registration required for access.
CDS clearing at ICE
http://www.futuresindustry-digital.com/futuresindustry/201111#pg33
IRS clearing at LCH.Clearnet
http://www.futuresindustry-digital.com/futuresindustry/201111#pg36
CDS clearing at ICE
http://www.futuresindustry-digital.com/futuresindustry/201111#pg33
IRS clearing at LCH.Clearnet
http://www.futuresindustry-digital.com/futuresindustry/201111#pg36
***
Thanks to Will Acworth on LinkedIn
CLS
APPOINTS FOUR NEW BOARD MEMBERS
POLICY
NYSE
EURONEXT LAUNCHES EU REGULATORY POLICY WEB SITE
I
think this is the web site...that’s not mentioned in the press release???
REGULATORS
DEMAND ACTION ON LEGAL ENTITY IDENTIFIERS
International
regulatory authorities have called for the urgent creation of a universal Legal
Entity Identifier (LEI) in their final report on the OTC derivatives data that
should be collected, stored and disseminated by trade repositories (TRs).
More
on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23323
World
Bank Global Economic Prospects
Developing
countries should prepare for further downside risks, as Euro Area debt problems
and weakening growth in several big emerging economies are dimming global
growth prospects, says the World Bank in the newly-released Global Economic
Prospects (GEP)
PARTICIPANTS
Royal Bank Of Scotland
Reorganisation - Full Statement
We
are considering sale or closure options for our cash equities, corporate
broking, equity capital markets, and mergers and acquisitions businesses which
had income of c£220 million in the nine months to September 2011 and are
currently unprofitable. We are in discussions with a number of potential buyers
though there is no assurance of a sale concluding. We took this decision
because we want to prioritise our resources on those businesses where we are
best with customers and can operate most profitably for shareholders.
J.P. Morgan WSS posts $971 million revenue in Q4 2011
J.P. Morgan Worldwide Securities Services (WSS) net revenue was $971 million, an increase of 1 per cent compared with the year previous
J.P. Morgan Worldwide Securities Services (WSS) net revenue was $971 million, an increase of 1 per cent compared with the year previous
BNY Mellon to snap up Penson's Australian ops
Penson Worldwide has announced the sale of its Australian subsidiary to BNY Mellon for some $32 million
Penson Worldwide has announced the sale of its Australian subsidiary to BNY Mellon for some $32 million
LIME
BROKERAGE BOASTS NANOSECOND LATENCY FOR PRE-TRADE RISK MANAGEMENT
Stuff
THIEVES
DIG 100FT TUNNEL TO STEAL ATM CASH Thieves in Manchester spent six months
digging a 100-foot tunnel to reach a cash machine but made off with a paltry
£6000 for their troubles.
CITI
INVESTS IN GIFT CARD EXCHANGE PLASTIC JUNGLE Banking giant Citi has used its
investment arm to take a strategic stake in Plastic Jungle, an online exchange
for gift cards. Terms of the deal were not disclosed.
We
are always complaining that our days are few, and acting as though there would
be no end of them."
--Seneca, Roman philosopher, statesman and playwright
Even
the most tedious chore will become endurable as you parade through each day
convinced that every task, no matter how menial or boring, brings you closer to
fulfilling your dreams."
--Og Mandino, American author
