Straight into the good news...Wanted...One C&S candidate! This is a UK role.
This weeks piccie: Bank profits head east....
Straight
into the good news...Wanted...One C&S candidate! This is a UK role.
What
they’re looking for: we’re after someone
with clearing knowledge though experience as a desk
assistant/knowledge of the full trading lifecycle would suffice. Individuals
will also be using SQL on a daily basis so the perfect candidate would
have these skills. However, if someone can demonstrate technical
proficiency/the ability and will to learn then we can happily train.
Any
interest? Send your CV / details through and I will pass on to the firm.
Lots
of news about Barclays. Nothing much to add on Barclays itself. It does throw
up the bigger moral questions about our financial system and even the
fractional banking model.
(All
of which, like the Euro, I believe will endure).
More
locally, at the SAA (Stockbrokers Assoc.) conference this year the point was
made that, we the public, don’t stand around on the sidelines at Saturday
morning sport and say, Ahhh, I want a structured financial product...I must go
and have a chat to my stockbroker.
It
all stems from the issue of how do Stockbrokers monetise their flow; their
customers.
Does
more need to do be done to brand “Stockbrokers” so we see them as a store of
value in their own right?
Maybe
then we will see more attractive pricing multiples triggering further
consolidation.
Anyway,
all part of the Aussie review of the Future of Financial Advice. Feel free to
comment (to Treasury with the links below).
So
I think we’ll see more commoditisation and silos in the industry. Segregation
of retail banking, financial advice, investment banking etc.
Lots
of changes in the clearing space and lots of musical chairs.
Changes
also at Swift, Getco and IMC.
ASIC
review ASX and this gets a funny wrap in the local press...please hold the
line. Now that’s got to be infuriating!
I
read 110yrs for ex-SIB chief...and straight away thought of the old UK
Securities and Investment Board....I guess Andrew Large is safe for a few more
years.
China
continues to amaze...in 2015 it will install more solar than the world in 2011.
What
hope is there for us in the land down under?
...
a small church near Glenferrie Oval had on its board: ''What would you do if
Jesus Christ came to Hawthorn today?''
Underneath
it someone scrawled: ''Move Peter Hudson to centre-half forward.''
And
so another Tour De France comes around.
Good
luck Cadel!
Have
a great week-end all,
S
PLATFORMS
Nyse Euronext completes $1bn refinancing
Joint
lead arrangers and book runners for the financing are Citigroup Global Markets Inc.,
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Bank of China, New York Branch.
Patrick Birley
joins NYSE Euronext clearing team
NYSE Euronext (NYX) today announced the appointment of
Patrick Birley as Chief Commercial Officer of its new full-service Clearing
House in London, which is due to commence operations from June 2013.
12-156MR ASIC releases ASX assessment report
ASIC today released its annual assessment report of the ASX Group (ASX) licensees (REP 289).
The assessment covers the period 1 July 2010 to 1 November 2011 and pays attention to how ASX dealt with a number of specific issues, including:
ASIC today released its annual assessment report of the ASX Group (ASX) licensees (REP 289).
The assessment covers the period 1 July 2010 to 1 November 2011 and pays attention to how ASX dealt with a number of specific issues, including:
- the sufficiency of ASX’s technological resources, in
particular following the ASX market outage on 27 October 2011,
- the operation of ASX’s conflict handling arrangements,
in particular the arrangements it has in place to manage entities with
which it has a real or perceived conflict of interest, and any
considerations arising from ASX’s new managing director and CEO’s board
membership of another ASX-listed company, and
- ASX’s framework for admitting participants to its
markets and clearing and settlement facilities.
Meltdown crisis? Hold the line for
45 minutes!
The ASX found itself waiting on the phone
for 45 minutes last year when it sought advice from a help desk after it
suffered the biggest system meltdown in its history.
The Australian Securities and Investments
Commission's latest market assessment report of the ASX noted how the ASX had
never experienced these software issues before, so it contacted its trading
system provider, Nasdaq OMX through NOMX's overseas help desk for assistance.
''While contact with NOMX was initiated
within 15 minutes of the incident occurring, it took over 45 minutes for a NOMX
support person with a requisite understanding of the trading system's
underlying code and ASX Group's configuration to be brought in to assist,'' the
report noted.
The outage, last October, halted trading
for about four hours.
The ASIC report also revealed Bondi as the
location as one the ASX's top secret back-up centres. Maybe there was some good
surf on October 27 last year.
ISE
Files for Second Exchange License
PLUS
SHAREHOLDERS APPROVE ICAP DEAL
PLUS
REMOVES DIRECTOR
Maple-TMX Group merger clear approval hurdles
AP
Canada's competition watchdog and Ontario's securities regulator on Wednesday approved a CA$3.8 billion (US$3.75 billion) bid by a group of Canadian financial institutions to take over the operator of the Toronto Stock Exchange and merge it with two other exchanges.
http://m.apnews.com/ap/db_268743/contentdetail.htm?contentguid=QRyqcmkz
AP
Canada's competition watchdog and Ontario's securities regulator on Wednesday approved a CA$3.8 billion (US$3.75 billion) bid by a group of Canadian financial institutions to take over the operator of the Toronto Stock Exchange and merge it with two other exchanges.
http://m.apnews.com/ap/db_268743/contentdetail.htm?contentguid=QRyqcmkz
Tokyo, Osaka bourses say their merger approved
AFP via Yahoo! News
Japan's two biggest bourses said Thursday they have won regulatory approval for a planned merger in January amid stiff competition from overseas rivals.
http://news.yahoo.com/tokyo-osaka-bourses-merger-approved-022718424.html
AFP via Yahoo! News
Japan's two biggest bourses said Thursday they have won regulatory approval for a planned merger in January amid stiff competition from overseas rivals.
http://news.yahoo.com/tokyo-osaka-bourses-merger-approved-022718424.html
Weldon swaps shares for grapes
Mark
Weldon nearly quit the job as the boss of New Zealand's stock exchange just two
weeks into it but 10 years later he feels it is finally the right time to move
on.
A
former Olympic swimmer Weldon joined the NZX in June 2002 after 10 years as a
corporate high flyer in New York.
CLEARING
EU
PUSHES THROUGH OTC REGULATION
The
Council of the European Union has adopted a regulation requiring financial
firms to clear over-the-counter derivatives contracts through a central
clearing counterparty and report them to trade repositories.
...and
238 pages of text here...
MarkitServ and Swift combine forces for FX clearing
MarkitServ has teamed up with Swift to deliver trades from Swift to FX CCPs, via MarkitServ’s FX clearing gateway.
MarkitServ has teamed up with Swift to deliver trades from Swift to FX CCPs, via MarkitServ’s FX clearing gateway.
POLICY
IOSCO Publishes a Report for the G20 on the Credit
Default Swap Market
This
report discusses those recent changes and
current trends in the CDS markets, and
provides information from recent literature
about the trading, pricing and clearing
of CDS. The report is meant to inform the ongoing regulatory debate and
highlight some key policy issues. However, policy recommendations are left for
other reports.
In
summary, the amount of CDS trading has continued to increase even after the
onset of the financial crisis while standardization
and risk management practices have significantly
expanded. Trade compression has reduced CDS contracts by tens of trillions
dollars. A non-negligible amount of CDS trades are currently being cleared by
several central counterparties (CCP) around the world and the number of cleared
CDS contracts is expanding.
***
47 pages here.
12-155MR ASIC releases custodial and depository
services report
At
the end of 2011, approximately $1.8 trillion of assets of Australian investors was
held in custody. This is expected to more than triple over the next 15 years to
$6.4 trillion.
Given the role of custodians as key service providers within the financial services industry, areas that a custodian may need to consider include:
Given the role of custodians as key service providers within the financial services industry, areas that a custodian may need to consider include:
- unauthorised debiting of omnibus accounts
- stability and safety of IT systems
- operational risks created by manual and disparate
systems
- whistleblowing culture and framework
- reporting in relation to suspicious third party
valuations
- breach reporting relating to custodial and investment
administration services, and
- the risks inherent in corporate actions such as share
buy-backs and rights issues
For
each aforementioned issue, ASIC has highlighted key aspects of ‘good practice’
- in line with its current regulatory guidance.
Report 291 Custodial and Depository services in Australia (REP 291) also foreshadows ASIC’s intention to consult with industry about updating its regulatory guidance for the holding of scheme property. In addition, we are proposing:
Report 291 Custodial and Depository services in Australia (REP 291) also foreshadows ASIC’s intention to consult with industry about updating its regulatory guidance for the holding of scheme property. In addition, we are proposing:
- changes to the financial resource requirements of
custodians, and
- to require responsible entities and other financial
product issuers to provide clearer disclosure about the role of custodians
in retail marketing material, including product disclosure statements
(PDS).
FUTURE
OF FINANCIAL ADVICE
The
third package of amendments is the Corporations Amendment Regulation 2012 (No.
) which relates to the best interests obligation and the ban on conflicted
remuneration as proposed by the Bills. Specifically, the amendments to the
Principal Regulations:
·
allow
an agent or employee of an Authorised Deposit-taking Institution to take
advantage of a reduced best interests obligation when a client has sought
advice on a combination of certain products;
·
prescribe
the circumstances when a benefit that relates to more than one already exempt
product is not conflicted remuneration;
·
exempt
‘stamping fees’ from the ban on conflicted remuneration; and
·
exempt
employee remuneration based on brokerage fees from the ban on conflicted
remuneration for market participants.
ECB
ABANDONS "CHALLENGING" COLLATERAL CENTRAL BANK MANAGEMENT (CCBM2)
PROJECT
While
most of us are frequent users of EFT and EFTPOS, there has been no standard
payment system for getting data and money to super funds other than cheques.
In
2007 the Reserve Bank of Australia found that the average cost of processing a
cheque was more than $7, compared to about $1.20 for a credit card and 67 cents
for electronic funds transfer at point of sale (EFTPOS).
PARTICIPANTS
Seven new members join SWIFT Board
The
seven new Board members are:
·
Yves
Baguet, CIO of Clearstream Services, in charge of the IT Development
departments, IT operations and IT infrastructure departments.
·
Mark
Buitenhek, Global Head of Payments and Cash Management for ING, also a member
of the European Payments Councils’ Plenary.
·
David
Cyr ,Senior Vice-President, Payments & Trade Technology & Operations at
Royal Bank of Canada.
·
Marcel
Jongmans, both CEO of ABN AMRO Global Clearing and Statutory Director and
Managing Director of ABN AMRO Clearing Bank NV.
·
Ulrich
Stritzke, Managing Director of Credit Suisse and Head Global Cross Product
Processing.
·
Yongli
Wang, Executive Director of the Bank of China
·
Bhavesh
Zaveri, Country Head Operations and Head Cash Management Products at HDFC Bank,
as well as Director at both the National Payment Corporation of India and
Director of The Clearing Corporation of India.
GETCO
Announces International Appointments
Robert
Smith Named Head of Europe.
Farid
Moslehi to Lead Asia Effort.
GETCO
Announces the Appointment of Jon Ross as Chief Technology Officer
UBS
eNEWS FOR BANKS
While UBS analysts only see a 20% chance of a
"Grexit", they say investors should nevertheless be prepared. In our
second article, we look at what the ECB can do, if anything, to stabilize markets
in the event of a eurozone breakup. We also report on the annual UBS Financial
Institutions Conference, which recently took place in New York.
BNP custody and settlement service goes live
BNP
Paribas' new domestic custody and settlement service for Australian and
international clients has gone live following its launch in May.
Goldman Sachs prime broker heads to Dutch firm
Amsterdam-based IMC, a prop trading firm, has hired Wim Den Hartog as co-head of its Chicago office, a position which will be made effective on 1 September.
Amsterdam-based IMC, a prop trading firm, has hired Wim Den Hartog as co-head of its Chicago office, a position which will be made effective on 1 September.
ICAP
AUCTIONS OPTIONS TRADING PATENT
Census 2011: Australia is changing, and fast
The
Australian Bureau of Statistics has just released the results of the 2011
Census and they paint a picture of a nation changing positively and very
rapidly
The
census was conducted in August last year with 9 million dwellings and their
22.8 million inhabitants
Chinese
and Indian Australians are now our largest non-anglo heritage groupings and the
West Asian language of Punjabi is the fastest growing second language.
Mandarin
now the second most popular language, surpassing Italian.
110 years prison for ex-SIB chief
In
one of the most extreme prison sentences of its type, the former Chairman of
Stanford International bank has been sentenced to 110 years imprisonment in the
US for orchestrating a 20-year fraud scheme in which he misappropriated $7
billion
China's massive solar PV target to reinvigorate industry
China has just announced it will quadruple its 2015 target for
solar PV. This means it will install more solar in 2015 than the entire world
did in 2011. This will revive an industry currently suffering a depressed glut of
supply and plant closures.
http://www.climatespectator.com.au/commentary/chinas-massive-solar-pv-target-reinvigorate-industry?utm_source=Climate%2BSpectator%2Bdaily&utm_medium=email&utm_campaign=Climate%2BSpectator%2Bdaily&utm_source=Climate+Spectator&utm_campaign=03dd8d2e8c-CSPEC_DAILY&utm_medium=email
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