Hello and welcome. I started this blog at the recommendation of others. Right now the journey is about DLT / Blockchain but it all started with Clearing and Settlement a subject always close to my heart.
Feedback, good or bad is always welcome.
Opinions here, of course, are my own. Note search facility below for ease of recall.
ICE’s High Frequency Messaging model gives hope to ‘user pays’ and recognizes context and quality.
ESMA publish HFT guidelines.
UK Government release draft Foresight report. Yes, HFT have breached an important speed limit. But so too, do cars. Just because cars move faster than I can run, does that make them a bad thing? If a HFT is faster than a hand signal, is that a bad thing?
(The second link on this paper – below – also provides access to all the background materials – so you can draw your own conclusions rather than relying on the authors views).
IOSCO recommendations for OTC clearing are out.
Looks like all the Aussie legal firms are changing names.
Wow, less than 150 days to go to the Olympics and England’s hopes being crushed at London 2012.
Maple Group Acquisition Corporation ("Maple"), a corporation whose investors comprise 13 of Canada's leading financial institutions and pension funds, and TMX Group Inc. (TSX: X) today announced the extension of Maple's offer to acquire a minimum of 70% and a maximum of 80% of the shares of TMX Group to 5:00 p.m. (Eastern Time) on March 30, 2012, unless further extended or withdrawn.
"Before 2011, ICE's messaging policy, like many other exchanges, was a simple order-to-trade ratio with published benchmarks above which high frequency traders were assessed a fee," said Mark Wassersug, Vice President of Operations. "However, this simplistic approach didn't differentiate between orders that 'added to liquidity' and those that were far out of the market. Our HFT Messaging Policy directly addressed this problem by overweighting orders far away from the market relative to those orders near the best bid or offer at the time of entry. The ratio of orders using the weighting scale to lots traded is called the Weighted Volume Ratio (WVR). Traders exceeding our WVR benchmark incur a fee and fees increase as higher WVR thresholds are exceeded. This framework has been extremely successful in managing the high frequency traders in our markets.
European authorities get two months to affirm HFT governance plans
ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456)
By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines
The working paper provides an expert, independent review of the emerging evidence base on computer trading, rather than being Foresight’s findings or conclusions on these issues. The findings do not represent the position of the UK or any other government.
Chicago-based Getco LLC appointed Daniel Coleman chief executive on Monday, putting the former UBS equities boss in charge of a major force in electronic trading as Getco seeks to offer its market expertise to investment funds and other financial institutions.
Coleman and co-founder Stephen Schuler answered questions about the new direction for Getco
The outage comes barely a week after the Reserve Bank of Australia took issue with technology failures at the nation’s banks, saying it plans to “formalise” tougher rules for reporting any glitches with electronic payment systems.
Ashurst and Blake Dawson have announced plans to combine their businesses in Asia and merge their operations globally, creating a new and powerful legal presence in the international market under the Ashurst name.
Ashurst - key facts
Number of partners: 229
Total number of lawyers: 915
Office locations: Abu Dhabi, Brussels, Dubai, Frankfurt, Hong Kong, London, Madrid, Milan, Munich, New York, Paris, Rome, Singapore, Stockholm, Tokyo, Washington DC.
Revenue 2011: £303 million / AUS$462 million
Blake Dawson - key facts
Number of partners: 192
Total number of lawyers: 828
Office locations: Adelaide, Brisbane, Canberra, Melbourne, Perth, Sydney, Shanghai, Singapore, Port Moresby, Tokyo and an associated office in Jakarta