News 101119: ASX SGX 850B, National Interest, TSE Remote, NYSE CCP, S&P, 'phone folly.

G’day All,

There has been a lot going on in Aust so I’ve put together some previous notes.

People have been asking me about ASX / SGX deal. Personally, I think there are huge political and then national interest barriers.

Still, whether a deal is done or not I don’t think changes much…it just reinforces the drivers that are in play for competition and fragmentation in Aust.

On ownership and the 15% restriction surfers might like (Corps Act Section 850B):

http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s850b.html

If a deal is done, I see it more as a combination of incumbents (think Euronext in 2000).

The driver for change was not combinations, rather competition (ECN’s, MTF’s etc.)

In terms of ‘national interest’ people seldom recall when Australia privatised Telstra we could have paid off the national debt. It was the ASX at that time that said keeping a debt issuance program was in the national interest (especially after they had just bought the SFE, think what would happen to their interest rate contract without a deliverable bond).

"Some market participants argue for maintaining the Commonwealth Government Securities (CGS) market. Given the fiscal strategy, this would require the Government to accumulate a substantial portfolio of financial assets. The Government therefore must assess whether it is necessary to maintain the CGS market and whether doing so will give benefits that are likely to outweigh the risks associated with accumulating substantial assets.
This discussion paper first outlines the arguments that are advanced to support maintaining the CGS market and attempts to specify the key assumptions underlying the arguments to allow them to be tested. Second, the paper considers the options available to the Government."

http://debtreview.treasury.gov.au/content/discussion.asp

Australia “Debt Free Day” 20^th Apr 2006.

http://www.theage.com.au/news/Business/Government-to-pay-off-national-debt/2006/04/20/1145344197792.html

Also some past thoughts on the importance of Aust as a regional financial services hub.

In an ASG / SGX play, both users of the Nasdaq platform I wonder if Tom Kloet, now at TMX is watching (TMX is now on Sola).

Other news:

TSE getting to grips with remote access. Something we now take for granted in Europe.

NYSE adds clarity to their clearing plans. I just don’t see how this is in the best interests of the users.

Eurex clearing fees just a shuffling of the deck.

S&P should be attacked over Cusip fees.

…and please, how silly is taping mobile ‘phones? Sure, you’ll catch the dumbest of the breed…but how cheap and easy is it to have a work around. This is regulation without thought for implementation. Disappointing.

Have a great w/end all…mine starts with a cocktail party!

S

http://clearingandsettlement.blogspot.com/

Platforms

Monthly MiFID Monitor

http://thefinanser.co.uk/fsclub/2010/11/monthly-mifid-monitor.html

IRESS Launches Low-Latency Trading Eco-system in Australia

Australian financial market participants will have an ultra fast, low maintenance, highly connected trading ecosystem to connect them with execution venues in Australia, thanks to the following...(more)

http://www.asiaetrading.com/iress-launches-low-latency-trading-eco-system-in-australia/

ASX / SGX – Merger Implementation Agreement.

The full 92 pages….

http://www.asx.com.au/about/pdf/20101025_asx_sgx_mia.pdf

The key issues of interest to the ACCC are:

1.

The potential competitive impact of the proposed merger on the development of competition between exchanges and associated products or services; and

2.

Whether the proposed merger is likely to impact on the proposed entry of Chi-X Australia, Chi-East or other potential suppliers of listing, trading, clearing and settlement, data services or any other associated services for trading Australian equities or related products.

http://www.accc.gov.au/content/index.phtml/itemId/955801/fromItemId/750991

ITG Launches POSIT Marketplace for Australia

Investment Technology Group (ITG), a leading agency broker and financial technology firm, launched POSIT Marketplace for Australian equity trading October 27. The first of its kind in Australia...(more)

http://www.asiaetrading.com/itg-launches-posit-marketplace-for-australia/

Chi-East launches pan-Asian trading - without Australia

Chi-East, the sell-side dark pool jointly operated by trading venue provider Chi-X Global and the Singapore Exchange (SGX), started trading today, but without Australian stocks after the Australian Securities Exchange (ASX) – SGX’s putative merger partner – pulled its market data feed.

http://www.thetradenews.com/trading-venues/exchanges/5359

NASDAQ OMX LAUNCHES NORDIC DARK POOL

Nasdaq OMX Nordic is launching a dark pool for regulated cash equity markets in Stockholm, Copenhagen, Helsinki and Iceland.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22001

MTS to Launch E-Trading in Euro Corporate Bonds

MTS, the electronic fixed-income trading platform, says it plans to launch a pan-European corporate bond platform for the wholesale broker-dealer market.

http://www.securitiestechnologymonitor.com/news/mts-european-corporate-bonds-trading-26400-1.html?ET=securitiesindustry:e2164:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=SIN_DailyClose__111510

MTS PLANS PAN-EUROPEAN CORPORATE BOND PLATFORM MTS, the electronic fixed income trading market majority owned by London Stock Exchange, says it plans to launch a pan-European corporate bond platform for the wholesale market.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22002

Brazilian Exchange Cuts Fees to Attract High-Frequency Traders

Brazilian exchange BM&F Bovespa is hoping to attract high-frequency traders through hefty price breaks.

The fees will range from 0.019 percent for firms trading R20 million ($11.6 million) in average daily trading volume up to 0.01 percent for firms trading over R500million ($291 million) daily.

http://www.securitiestechnologymonitor.com/news/brazil-cuts-fees-hf-traders-hft-26392-1.html?ET=securitiesindustry:e2164:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=SIN_DailyClose__111510

Pan-Asian Dark Pool Launched

Chi-East opens unlit trading of Asian securities, with full post-trade reporting of price and volume information.

"We believe it will stimulate liquidity in the region and provide additional execution opportunities for participants,'' said Zach Tuckwell, head of Electronic Execution and Program Distribution in Asia at Morgan Stanley,

http://www.securitiestechnologymonitor.com/news/-26381-1.html?ET=securitiesindustry:e2164:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=SIN_DailyClose__111510

DEUTSCHE BÖRSE LAUNCHES ALGO NEWS FEED IN AUSTRALIA

http://www.finextra.com/news/announcement.aspx?pressreleaseid=36733

Tokyo Stock Exchange welcomes Hong Kong broker-dealers

Fri, 2010-11-12 11:42

The Tokyo Stock Exchange (TSE) has introduced a new remote membership scheme designed to allow Hong Kong-based broker-dealers to trade directly into Japan for the first time.

http://www.thetradenews.com/trading-venues/exchanges/5370

LSE POSTS H1 PROFIT RISE

http://www.finextra.com/news/announcement.aspx?pressreleaseid=36797

Clearing

NYSE Euronext’s clearing plans take a step forward

Wed, 2010-11-17 12:19

Exchange group NYSE Euronext’s plans to overhaul its clearing services have moved ahead with the appointment of a new team to lead the implementation of its new strategy and consult with market participants.

http://www.thetradenews.com/trading-venues/exchanges/5390

MONTE TITOLI CEO ANDREA GIOCHETTA QUITS

http://www.finextra.com/news/announcement.aspx?pressreleaseid=36772

TSE and JSCC Select Calypso for CDS Clearing Service

Calypso Technology Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, announced October...(more)

http://www.asiaetrading.com/tokyo-stock-exchange-and-japan-securities-clearing-corporation-select-calypso-for-cds-clearing-service/

SINGAPORE EXCHANGE INTRODUCES OTC CLEARING FOR FINANCIAL DERIVATIVES

http://www.finextra.com/news/announcement.aspx?pressreleaseid=36724

At launch, nine banks were admitted as SGX Bank Clearing Members for the clearing of OTC traded financial derivatives products. The nine banks are: Barclays Bank PLC, Citibank N.A., DBS Bank Limited, Deutsche Bank AG, The Hongkong and Shanghai Banking Corporation Limited (HSBC), Oversea Chinese Banking Corporation Limited, The Royal Bank of Scotland plc (RBS), Standard Chartered Bank and United Overseas Bank Limited.

Singapore Exchange is first in Asia to clear interest-rate swaps
The Singapore Exchange has started clearing Singapore and US dollar interest-rate swaps, expanding the bourse's reach into the over-the-counter derivatives market. SGX President Muthukrishan Ramaswani called the development a "significant milestone" for Singapore's financial-services industry. Securities Technology Monitor (15 Nov.)

Chris Lee ABN Amro: An iPhone, a Global Clearer and a Data Centre

Rather than renting trading permits to traders on the floor of the exchange...... today we rent rack space in data centres. Firms no longer pay premiums to position their trading booths as close to the...(more)

http://www.asiaetrading.com/chris-lee-abn-amro-an-iphone-a-global-clearer-and-a-data-centre/

Eurex Clearing slashes clearing costs of cash equities

Eurex Clearing, the clearing operation of the Deutsche Börse Group, is to introduce a 50% reduction in its fixed clearing fee and expand the discount models for Xetra cash market transactions from 1 December 2010.

http://www.thetradenews.com/asset-classes/equities/5385

Policy

Recent changes to Australia’s supervisory powers

A speech by Belinda Gibson, Deputy Chairman Australian Securities and Investment Commission http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Recent-changes-to-Australias-supervisory-powers.pdf/$file/Recent-changes-to-Australias-supervisory-powers.pdf

Market structure developments in the clearing industry: implications for financial stability

http://www.bis.org/publ/cpss92.pdf

Issues Raised by Dark Liquidity

IOSCO Consultation Report

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD336.pdf

The European Commission has confirmed that new legislation to update MiFID, initially promised by Q1 2011, will now not be issued until Q2.

http://www.thetradenews.com/asset-classes/equities/5386

FPL CALLS FOR INDUSTRY-LED EUROPEAN CONSOLIDATED TAPE

FIX Protocol Limited (FPL) has submitted a proposal to securities regulators urging an "industry led solution" for the establishment of an authority overseeing the delivery and governance of a European consolidated tape.

More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=22020

S&P ATTACKED OVER CUSIP FEES

Three influential US trade bodies have called on the Securities and Exchange Commission to crack down on the fees charged for securities identifiers by Standard & Poor's.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21998

FSA TO TAP TRADER MOBILE CALLS DESPITE BANK PROTESTS OVER COSTS The UK's Financial Services Authority is set to make investment banks record and store traders' mobile phone calls despite industry opposition to the move which could cost more than £10,000 a handset a year.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21999

Australia as a Financial Services Hub

The Government welcomes the Australian Financial Centre Forum's report on Australia as a Financial Centre (the Johnson Report)

http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2010/003.htm&pageID=003&min=ceba&Year=&DocType=0

Australia as a Financial Centre: Building on our Strengths

Report by the Australian Financial Centre Forum, November 2009

See page 121, recommendation 4.5

http://www.treasury.gov.au/afcf/content/final_report/downloads/AFCF_Building_on_Our_Strengths_Report.pdf

An older paper on the theme of Australia as a financial services hub

http://www.treasury.gov.au/afcf/content/reference_papers/downloads/Reference_Paper_Australia_as_a_Financial_Services_Hub.pdf

On 25 October, 2010 the ASX announced that the ASX Limited and Singapore Exchange had entered into a merger implementation agreement to “combine to enable customers globally to capitalise on listing, trading, clearing and settlement opportunities created through the expanded platforms, leveraging on the importance of Asia Pacific as the driver of global growth”.

The Stockbrokers Association has adopted a cautious approach to the proposal. The Association is open minded about the prospect of regional consolidation of exchanges in Asia Pacific and the inclusion of ASX in that process.

The Association concedes it is important for Australia to be part of Asia. Much work has been done by the Australian Financial Centre Forum (AFCF) to identify strategies to foster Australia as a regional financial centre.

http://www.stockbrokers.org.au/MediaCentre/MonthlyNewsletter/tabid/245/Default.aspx

Stuff

GETCO becomes Trading Member of Singapore Exchange

Singapore Exchange (SGX) announced today that GETCO Asia has become a Trading Member of its securities market. "We are pleased that GETCO has joined our securities market. GETCO's...(more)

The US mortgage crisis infographic

from Chris Skinners blog: http://thefinanser.co.uk/fsclub/2010/11/the-us-mortgage-crisis-infographic.html

Original content:

http://www.mortgagerates.info/dyk/cdos/

Open mindedness is often confused with weakness of character.

PK Shaw

employees join companies and leave managers."

--Leila Bulling-Towne, executive coach

Scott Riley

Business Development

8th Floor | 50 Bridge Street | Sydney | Australia | 2000

((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627

* scott.riley@au.abnamroclearing.com

AMCF News: LSE outage, NASDAQ, US policy, S&P, cheques, Wedding Cake Island

LSE results and outage take the headlines. I see no shame in asking to make markets better. Allowing the free flow of liquidity is exactly what nature intended. Using the auction process to dupe smart order routing into locking liquidity might work once, but the cats is now out of the bag. Technology will adapt.

http://www.chi-x.com/chi-x-press-releases/chi-x-europe-lse-outage-final.pdf

Nasdaq developments in OTC clearing and looks like EACH is growing beyond its initial name. More ACH.
Some laughable US policy being espoused.
And S&P…can you really take them seriously?

Farewell the cheque…but then again.

Working With Idiots Can Kill You!
http://bigmacky.wordpress.com/2007/08/29/working-with-idiots-can-kill-you/
*** an excellent article on TCA. Must say, “Global Cooling Is An Ecological Disaster —On Pluto!” is also of concern.

Another great swim this w/end. The wedding Cake Island swim. Out from Coogee beach and around the island.
“The bottom around Wedding Cake is littered with rounded boulders on the inside, and with forests of weed and rock shelfs on the ocean side. There's a lot of sea life down there”
More here.
http://www.oceanswims.com/nsw90/coogee09.html

Results already in at:
http://www.oceanswims.com/results90/coogeeres092.html
A time of 45:15 or 69/147 in age and 393/851 in the mens.

You can see the island here:
http://maps.google.com.au/maps?f=d&source=s_d&saddr=coogee+surf+life+saving+club&daddr=-33.927605,151.261353&geocode=FUJg-v0d9QIECSG01VQJHmHacA%3B&hl=en&mra=dme&mrcr=0&mrsp=1&sz=16&dirflg=w&sll=-33.923848,151.260259&sspn=0.012464,0.01457&ie=UTF8&t=h&z=16

Dawny results in:
http://www.oceanswims.com/results90/dawnyres09long.html
No. 139 a solid boofheads 44mins.

And as for those Wallabies. May the best team win. I’ll not be upset if Wales win, but I’ll support the Wallabies so there is someone to ridicule in the pubs!

Now…cricket..there’s a game.

Great w/end all,

S
http://clearingandsettlement.blogspot.com/

If a cluttered desk is the sign of a cluttered mind, what is the significance of a clean desk?"
--Dr. Laurence J. Peter, Canadian educator


Platforms

Chi-X Europe Said Likely to Name Alasdair Haynes as New CEOBy Nandini SukumarNov. 23 (Bloomberg) -- Alasdair Haynes may be named chief executive officer of Chi-X Europe Ltd., the region's biggest alternative trading system, according to three people familiar with the situation. http://www.bloomberg.com/apps/news?pid=20601102&sid=atLtwQaDZxjQ

FT TRADING ROOM: Interview Transcript – Mark Howarth and Hirander MisraBy Jeremy Grant11/23/09Transcript of interview with Mark Howarth, interim chief executive of Chi-X Europe, and Hirander Misra, chief operating officer, with Jeremy Grant, Editor, FT Trading Room.FT: I think a lot of people would be surprised to know that you almost have 25 per cent of the FTSE 100, two and a half years after launch. Put that together with the share that you have on continental Europe and you are, give or take, fourth largest trading platform in Europe. Is that where you expected to be?....

Majority of Europe's dark-equities market shifts to MTFsIn the month through Thursday, Chi-X Europe, BATS Europe and Turquoise dealt with a combined 54% of trades in Europe's market of dark equities. The multilateral trading facilities started operating dark pools in May. Liquidnet Europe, Nyfix Euro Millennium and ITG Posit controlled 98% of the market then. Since then, the three established dark pools have seen their market share dwindle to 39%, according to Thomson Reuters. The Wall Street Journal/Financial News (22 Nov.)

London Stock Exchange says profits plungeLONDON (AFP) The London Stock Exchange announced on Wednesday that six-month net profits nosedived by almost 40 percent, as a result of depressed markets and increasing competition.http://news.yahoo.com/s/afp/20091125/bs_afp/britainmarketsstockscompanyearningslse_20091125094526

26/11/2009 12:27:00
GREMLINS STRIKE AGAIN AT LSE AS SHARE PRICE PLUMMETS OVER DUBAI FEARS
The London Stock Exchange is once again grappling with technical problems on a day when its shares have taken a hammering on fears that Borse Dubai may be forced to dump its 20% stake in the UK market.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20798
*** Xavier Rolet, CEO of the London Stock Exchange, said: "We regret the inconvenience that today's disruption to trading has caused for our clients. Having resolved the immediate issue, we are working hard to ensure this doesn't happen again ahead of switching to MillenniumIT's trading platform next year."



NASDAQ OMX Baltic Creates A Single Marketplace - A New Trading Venue For Shares Listed On Three Existing ExchangesNASDAQ OMX Baltic, part of the NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), today announced its intention to create a new single marketplace to trade shares listed on the regulated markets NASDAQ OMX Tallinn, NASDAQ OMX Riga and NASDAQ OMX Vilnius. The Euro will be the trading and settlement currency for the marketplace scheduled to launch in the first half of 2010, subject to member readiness and necessary approval from local authorities. http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86836NASDAQ OMX Acquires Shares In Baltic Exchanges - Move To Improve Ability To Develop More Liquid Baltic Capital MarketsNASDAQ OMX Nordic, part of The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), has agreed with Swedbank and SEB to acquire their minority stakes in the NASDAQ OMX Tallinn exchange. At the same time, other local minority shareholders have also sold their stakes in NASDAQ OMX Tallinn to NASDAQ OMX, bringing NASDAQ OMX's ownership in NASDAQ OMX Tallinn to 93 percent. In connection with this deal, SEB has also sold its 1.2 percent stake in NASDAQ OMX Vilnius to NASDAQ OMX. NASDAQ OMX's goal is to reach 100 percent ownership in all NASDAQ OMX's Baltic entities in the near future. Terms of the transaction were not disclosed. http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86838


Treasury battle: ELX takes on NYSE CHRISTINE BIRKNERTwo rival exchanges in the Treasury futures space could be set for a battle on the regulation front. On Oct. 13, NYSE Euronext and the Depository Trust & Clearing Corporation (DTCC) finalized their formal agreement to create a joint venture, New York Portfolio Clearing (NYPC), to clear interest rate products traded on NYSE Liffe U.S. NYPC would margin cash and derivatives markets in a single pot, rather than through existing cross-margining agreements. ELX, which launched trading of U.S. Treasury futures in July, sent a letter to the SEC on Oct. 28 objecting to NYSE's filing of draft amendments to approve the venture. ELX says that filing the venture in a draft manner was an attempt to keep ELX or other exchanges from having a public opportunity to submit any objections to the SEC. ELX's main objection is that the venture is anti-competitive.http://www.futuresmag.com/Issues/2009/December-2009/Pages/ELX-takes-on-NYSE.aspx

innerExchange releases inExFlexinnerExchange has announced the release of inExFlex, version 3.0 of its exchange platform solution, a FIX native trading infrastructure for the OTC markets The company states that the technology move from the traditional exchange model to new business agile exchanges and marketplaces is underway, and innerExchange will support the move. New electronic exchanges and internet driven marketplaces can bring huge advantages for distribution, flexibility and lower cost. inExFlex, operates a trading p..http://www.automatedtrader.net/news/exchange-news/24596/innerexchange-releases-inexflex

ASX futures fail to trade Australian securities exchange operator ASX's plans to take a lead in the renewable energy market stalled yesterday when a new futures contract failed to trade after listing for the first time.http://www.stuff.co.nz/business/market-data/3094970/ASX-futures-fail-to-trade

Turkish bourse to use Aleri for trading surveillance




Clearing


Burgundy appoints second CCP
Thu, 2009-11-19 16:58
Burgundy, a multilateral trading facility specialising in Nordic stocks, has chosen Swiss clearing house SIX x-clear as its second provider of central counterparty (CCP) clearing.
SIX x-clear will join pan-European clearing house European Multilateral Clearing Facility (EMCF), which has cleared trades on Burgundy since the platform launched its CCP service on 9 October. Burgundy expects to add SIX x-clear to the service in the second quarter of 2010, pending final agreement between the relevant parties and approval of interoperability agreements by the relevant European regulators.
http://www.thetradenews.com/asset-classes/equities/3907

Nasdaq OMX (Clearing)
OTC Derivatives System Debuts with Razor Edge on Competition
http://www.windowsfs.com/capital-markets/otc-derivatives-system-debuts-with-razor-edge-on-competition

also:
http://www.idcg.com/idcg/press.html
http://www.idcg.com/pdfs/idcg/IDCG%20Educational%20Brochure.pdf
http://www.efinancialnews.com/homepage/content/1055665918/


NATIONAL CLEARING CENTRE JOINS EACH
http://www.finextra.com/news/announcement.aspx?pressreleaseid=31215




Policy

Market participants are fiercely divided on whether the US Securities and Exchange Commission should follow through on its proposal to ban 'flash' orders in the US equities and options markets, according to responses submitted during the comment period, which closed on Monday.
Read story
http://www.thetradenews.com/regions/americas/3930

Dark Pools Seek Limited TransparencyDark pools provide institutional investors with a valuable venue for trading large blocks of securities. ...
http://wallstreetandtech.com/trading-technology/showArticle.jhtml?articleID=221600329&cid=nl_wallstreettech_daily



Senator Kaufman Calls for End to Sponsored AccessSenator Ted Kaufman (D-DE) has delivered a letter to SEC Chairman Mary Schapiro and four commissioners urging them to end sponsored access and "combat manipulative high frequency trading algorithms.”
*** hopeless.

Democrats push $150B stock tax on Wall StreetBy Silla BrushA House bill still being drafted aims to raise $150 billion each year to pay for new jobs. Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax
**** Ummm, even more hopeless.


PAYPAL FOUND IN BREACH OF AUSTRALIAN ANTI-MONEY LAUNDERING RULES Australian financial crime regulator Austrac has given PayPal a one-year deadline to tighten up its procedures for managing money laundering and terrorism financing risks, after finding the firm in breach of the country's AML laws.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20781
*** Not only does Austrac exist, it bites!

Many banks are still unsafeStandard & Poor's gives warning that nearly all of the world's big banks lack sufficient capital.http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6638922/Most-global-banks-are-still-unsafe-warns-SandP.html
*** Amazing, one GFC and all of a sudden S&P comes out with a revelation.
[in 2008 the rating agencies had 20 organisations rated at AAA and…64,000, yep sixty four thousand structured products rated AAA.
http://clearingandsettlement.blogspot.com/2009/06/amcf-news-chi-x-jb3-elx-stakeholders-db.html]

****
Given the key role the ratings agencies played in creating the global financial crisis with their risk-modelling and rating of cancerous sub-prime mortgages that were sliced and diced into complex securitised bundles, of course, no one should take pronouncements on creditworthiness from these newly conservative agencies too seriously. http://www.businessspectator.com.au/bs.nsf/Article/SP-NAB-ANZ-Commonwealth-Bank-CBA-banks-capital-pd20091125-Y5A7Y?OpenDocument&src=kgb
*** hear, hear!



FSA raps Nomura for inadequate derivatives valuationhttp://www.thetradenews.com/asset-classes/derivatives/3925
*** I hate this “double dipping”. You self disclose (take a P/L hit) and then you get a rap on the knuckles too. Do the auditors get a fine too…or are they too hard to go after. My son lost his DS once. (nicked from the poolside on vacation – he was careless). I was upset, he was distraught. I made him save for a new one…but I didn’t lump him with a fine too.





UK BANKS SET TO VOTE ON ABOLITION OF CHEQUES The UK's major banks are set to vote next month on whether to stop clearing cheques as consumers increasingly turn to cards and electronic transfers.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=20780
*** not if, but when

$9 BILLION Check That Saved Morgan Stanley: Is It The Biggest Check Ever? (PHOTO)Ever wondered what a $9 billion check looks like? http://bit.ly/4UtrV1
*** but then again, cheques do come in handy in a tight spot.


Advertisement In A Long Island Shop: Guitar, for sale. Cheap. No strings attached.On a bulletin board: Success Is Relative. The more The Success, The more The Relatives.You Know Your kids Have Grown Up When: Your Daughter Begins To Put On Lipstick.. Or when your Son starts To wipe It Off.Sign In A Bar: ‘Those Of You Who Are Drinking To Forget, Please do Pay In Advance.’Sign In Driving School: If Your Wife Wants To Learn To Drive, Don’t Stand In Her Way.Behind Every Great Man, There Is A Surprised Woman.The Reason Men Lie Is Because Women Ask too Many Questions.Getting Caught Is The Mother Of Invention.Laugh And The World Laughs With You, Snore And You sleep Alone.The Surest Sign That Intelligent Life Exists Elsewhere In The UniverseIs The Fact That It Has Never Tried To Contact Us



Scott Riley
Business Development

[Please note my new email address: scott.riley@au.fortisclearing.com]

Fortis Global Clearing
8th Floor 50 Bridge Street Sydney Australia 2000
((Off)+61 (0)2 8916 9634 È(Mob): +61 (0)418 117 627
* scott.riley@au.fortisclearing.com