Son D has chosen Japanese as his language elective. Apparently learning the language includes learning to make the tucker too. Master R is featured sporting his blazer. A fine young man I must say.
Next year classes include shared Japanese language days with Pymble Ladies College....and he's decided to continue with his studies. He must like making sushi.
Some
call our PM Juliar because of her blatant dishonesty....and what a difference
from Brad Wiggins. Respect. And I think he’s a deserving winner of this years
tour.
Absolute respect for Brad Wiggins.
Credit
to his sport and his sponsors.
Tour defence is over for Cadel Evans
Without the unselfish work of the two
Australians, Canberra's Michael Rogers and Launceston's Richie Porte, Wiggins wouldn't
be where he is today - sitting pretty in yellow.
LSE
/ SGX On again, off again.
Hats
off to Magnus at SGX, it’s a great deal for him if he pulls it off.
It
is interesting to note the LSE and SGX valuations versus GDP.
LSE
brand is internationally recognised....but open to competition. (US 4.2 byn)
SGX
brand has the government ‘mandate’ shall we say. (US 5.7 byn)
After
the ASX / SGX debacle (in my view SGX was poorly advised, or should I say over optimistically
advised, by ASX advisors of the true political hurdles to overcome) I would say
Magnus will only ever visit Australia on holiday.
What
does it mean for ASX? Hmmm, on the face of it, not a lot.
The
ASX business model does not strongly overlap with SGX in the region.
Unlike
the Reuters / Telegraph regurgitated story I wouldn’t anticipate any strong
regulatory push back from UK or European bodies.
As
for the commercial synergies....I don’t see a lot immediately...but there are
some twists I could envisage down the track.
...anyway...this
speculation overcome by events as the deal is denied....nevertheless, this is
one where I think: where there is smoke, there is fire.
Exchanges
V’s MTFs
NSE
faces its own competition in India and SEBI comments on Algo trading.
EuroCCP
claims significant advances....and journalists can’t afford a quid, to explore
cross subsidy.
8
FSB Systemically important utilities.
Aussie
now consults on trading of Commonwealth Gov’t Securities...and this is long
overdue! As is the ability to get exposure to corporate bonds. I think the UK
does a good job of making Gilts accessible...but even in the UK corporate bonds
are hard to get exposure to. This is a pity / short coming.
Quite
a strong anti-HFT sentiment amongst the investing public in Aust. Vitriolic
almost.
A
similar negative HFT sentiment entering the global FX market.
And
my heart goes out to HSBC. As if a bank ever sets out to aid and abet money
laundering (well, maybe BCCI?). I mean, what is the purpose of these obscene
fines and public floggings. OK, fixing LIBOR and rouge traders is one thing,
but genuine accidents? Sometimes things slip through extremely broad scope
firms. We can’t always do everything humanly possible before the event.
Sometimes eagle eye hindsight is exactly that. Hindsight.
Don’t
indulge: Be Happy.
“We
are participating to raise money to support kids with Cancer and their families
through some of the darkest, loneliest times of their lives. Yesterday we
confirmed that our son Josh will undergo his next surgery on August 8th…
4 days before the City2Surf! Please share his story to everyone you know in the
hope that people will dig into their pockets and support Cure Our Kids. If
everyone could please try and get 1 donation, that would make such a huge
difference to kids like mine!”
Oncology
Mum, Emma
School
rugby for me this week-end...and maybe some Sushi.
S
TRADING
SGX
DENIES LSE MERGER SPECULATION
The
Singapore Stock Exchange has denied rumours that it is engaged in merger talks
with the London Stock Exchange.
UPDATE 2-LSE, Singapore exchange in
merger talks - report
LONDON/SINGAPORE,
July 20(Reuters) - The London Stock Exchange Group is in talks with the
Singapore Exchange about a potential 7.2 billion-pound ($11.3 billion) merger,
the Daily Telegraph reported, in a deal likely to face tough regulatory
scrutiny.
LSE
HITS REVENUE FORECASTS
Can anyone take on the mighty NSE?
India's patchwork of exchanges looks to the future
India
is home to the oldest exchange in Asia, the Bombay Stock Exchange (BSE), which
traces its history to the 1850s and in 1875 became an official organisation
known as 'The Native Share & Stock Brokers Association'. The second oldest
exchange in India is the Delhi Stock Exchange (DSE), established in 1947. These
exchanges have been completely overshadowed by a relatively new entrant
established in 1992 - the National Stock Exchange of India (NSE). In two
decades it has amassed 80 percent market share in cash equities, with BSE
accounting for 18 percent and the rest of India's regional exchanges accounting
for just 2 percent.
SGX extends Indian derivatives
options
The latest partnership between the
Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) will, from
Monday, allow investors to trade in Singapore new options contracts based on
the Nifty index.
Upstart Indian exchange free to
offer equities
India’s newest stock exchange, MCX
Stock Exchange (MCX-SX), has gained regulatory approval to start trading
new asset classes, pitting it against the country's two main exchanges for
stock trading.
LSE
MILLENNIUM PLATFORM GOES LIVE ON THREE CONTINENTS
London Stock Exchange Group (LSEG)
today announces that three exchanges on three continents, Borsa Italiana,
Johannesburg Stock Exchange and Mongolian Stock Exchange have, within the last
month, successfully migrated to the Group's ultra-low latency, high performance
trading platform, Millennium Exchange.
CEGH
SELECTS TRAYPORT MARKET PLATFORM
TRADERS
MAGAZINE: Debate on Playing Field Heats Up
Exchanges
V’s MTFs / ECNs
Mr.
Niederauer (Exchanges Doh!)
1. On the lengthy Securities and Exchange Commission approval process
2. On fair access
3. On the burden of market surveillance
Mr. Mathisson
1. On exchange immunity
2. On the tape revenue monopoly
3. On the lack of clearing fees
4. On the lack of capital requirements
http://www.tradersmagazine.com/news/nyse-credit-suisse-110148-1.html
1. On the lengthy Securities and Exchange Commission approval process
2. On fair access
3. On the burden of market surveillance
Mr. Mathisson
1. On exchange immunity
2. On the tape revenue monopoly
3. On the lack of clearing fees
4. On the lack of capital requirements
http://www.tradersmagazine.com/news/nyse-credit-suisse-110148-1.html
|
NYSE
Euronext to Launch Retail Liquidity Program
|
Retail
investor trades to benefit from price improvement on the NYSE and NYSE MKT
CLEARING
Interoperable CCP calls for exchanges to play ball
“Within
one month of the launch of full interoperability, we were clearing 40% of the
trades on BATS and Chi-X – that’s an impressive figure when you consider it
resulted from a large and immediate migration from the incumbent,” she says.
“On Day One, three firms lined up to switch clearers. Now on certain days we’re
clearing more than 50% of BATS Chi-X Europe’s trades.”
All
for one Pound!
Yep,
for one pound you can see from companies house the cross subsidy, via capital
injections for EuroCCP...from parent DTCC. Like the above article, there is no mention
of vested interests. Oh, well.
CINNOBER
WINS LME CLEARING CONTRACT
The
London Metal Exchange (LME) has selected Cinnober, the Swedish software house,
as the core technology provider for its new clearing house, LME Clear.
ECB
APPOINTS MEMBERS OF THE NEW T2S BOARD
Regulators raise concerns about
tri-party repo market
The Financial Stability Oversight Council has warned about issues in the tri-party repo market, saying "structural vulnerabilities" could result in systemic risk. The FSOC also said it supports the overhaul of the money-market fund industry
The Financial Stability Oversight Council has warned about issues in the tri-party repo market, saying "structural vulnerabilities" could result in systemic risk. The FSOC also said it supports the overhaul of the money-market fund industry
HKMA and SFC set out OTC derivatives
proposals and amendments
The Hong Kong Monetary Authority (HKMA) and
Securities and Futures Commission (SFC) have set out conclusions on the
proposed regulatory regime for OTC derivatives in Hong Kong and issued a
further supplementary consultation paper on the final scope of the proposed
changes.
REGIS-TR
ADDS SWIFT MESSAGING TO TRADE REPOSITORY
POLICY
I can
handle the despair…it’s the hope that I can’t deal with!”
Former Reserve Bank of New
Zealand advisor and multiple CEO, Terry “Macca”
McFadgen’s, latest ‘Maccanomics’ article, which tackles the current
malaise affecting the global economy and examines why the large-scale ‘money
printing’ by the world’s central banks isn’t working. Enjoy!
sebi Broad Guidelines on Algorithmic Trading
Based
on recommendations of Technical
Advisory Committee (TAC) and Secondary
Market Advisory Committee (SMAC), it has
been decided to put in place the
following broad guidelines for algorithmic
trading in the securities
market.
FSB
DESIGNATES EIGHT FINANCIAL MARKET UTILITIES AS SYSTEMICALLY IMPORTANT
1.
The Clearing House Payments Company, L.L.C.,
2.
CLS Bank International
3. Chicago Mercantile Exchange, Inc.
4. The Depository Trust Company
5. Fixed Income Clearing Corporation
6. ICE Clear Credit LLC
7. National Securities Clearing Corporation
8. The Options Clearing Corporation
3. Chicago Mercantile Exchange, Inc.
4. The Depository Trust Company
5. Fixed Income Clearing Corporation
6. ICE Clear Credit LLC
7. National Securities Clearing Corporation
8. The Options Clearing Corporation
"In
our role as the predominant settlement system for FX, CLS acknowledges its
designation as 'systemically important' to the U.S. financial system,"
Gerard Hartsink, CLS' interim Executive Chairman said. "We take this
responsibility very seriously and understand how important it is for us to
continue doing our job at the highest level of competency."
facilitate retail trading of Commonwealth Government
Securities
ASIC
has released Consultation Paper 181 Retail trading in Commonwealth
Government Securities (CP 181). The consultation paper will help to implement the
Australian Government’s decision to facilitate retail trading of Commonwealth
Government Securities (CGS) as part of fostering a deep and liquid corporate
bond market.
ASIC
Commissioner, John Price, said ‘Fostering the retail trading of CGS on
financial markets can give retail investors, including self-managed super fund
trustees, a more visible pricing benchmark for investments they may wish to
make in corporate bonds issued by Australian businesses.'
‘In addition, it can encourage retail investors to consider diversifying their savings through fixed-income products like government and corporate bonds,’ Mr Price said
‘In addition, it can encourage retail investors to consider diversifying their savings through fixed-income products like government and corporate bonds,’ Mr Price said
DTCC
UPDATE ON POLICY DEVELOPMENTS
http://www.euroccp.co.uk/leadership/newsletters/atp_issue15.pdf
http://www.euroccp.co.uk/leadership/newsletters/atp_issue15.pdf
Press Conference by Tadahiro
Matsushita, Minister for Financial Services
As the House of Representatives' Budget
Committee concluded its deliberation, deliberation will start in the House of
Councillors today. I feel regret that there have been few questions concerning
financial and economic issues. The debate focused on the consumption tax and
issues related to the defection of lawmakers from the Democratic Party of Japan
as well as the Okinawa issue, but I, as a freshman minister and as the minister
for financial services, feel that a broader range of issues should be debated.
I will closely watch what will be debated in the House of Councillors today.
That is all I have to say.
***
Hear, hear. I have nothing to add to that. Great press conference.
PARTICIPANTS
Anti
HFT sentiment in Australia (especially amongst the retail community)
Turning the table
on high-frequency traders
Robert Gottliebsen
19 Jul 2012
Getting
the jump on high-frequency trading
Robert Gottliebsen
18 Jul 2012
High-frequency
trading is cuckoo
Alan Kohler
11 Apr 2012
HFT
firms like the privately-owned and aptly-named Getco (for Global Electronic
Trading Company), the world’s largest HFT operator, produce a large amount of
self-justifying research material based around the proposition that they help
investors by providing extra liquidity in the market.
...And
in FX too....
High-speed traders push others out
of forex markets
CLS Bank data indicate that Thomson Reuters and EBS reported a decline in volume in June compared with a year ago for spot trading of foreign currencies. Traders blamed that drop in large part on high-frequency traders, whose algorithms, they say, give them an advantage. Consequently, the non-HFTs are looking elsewhere to conduct their business.
CLS Bank data indicate that Thomson Reuters and EBS reported a decline in volume in June compared with a year ago for spot trading of foreign currencies. Traders blamed that drop in large part on high-frequency traders, whose algorithms, they say, give them an advantage. Consequently, the non-HFTs are looking elsewhere to conduct their business.
Deutsche
Bank introduces FX trading platform on Autobahn
Deutsche
Bank has announced its FX trading platform on Autobahn. The new platform is
intended to increase efficiencies and volumes thus contributing to Deutsche
Bank's commitment to trade EUR 1 trillion every week within the next two years.
Couple
Sues Goldman Sachs After All-Stock Sale of Dragon Systems Leaves Them With
Zilch
Goldman
maintains that it did a “great job” because it “guided the Bakers to a
completed transaction.”
HSBC
Compliance Executive Resigns Over Anti-Money Laundering Scandal
HSBC
COMPLIANCE HEAD QUITS AT US HEARING HSBC's head of compliance fell on his sword
in front of a US Senate subcommittee Tuesday after the banking giant was
excoriated for lax money laundering controls.
STUFF
Take
the money & run?…………Well that seems the way of things, remember Frank
Zappa’s pronoucement “there is a big difference between kneeling down &
bending over” ……………so what will it be crusader or courtier?
michaelwholohan1
