Tuesday, June 19, 2012


Ahhh, true love.


Well another week flys by.



A bit like....asteroid 2012 LZ1...which will fly by earth and hopefully leave no dents. 

I think I’m out of the Euro2012 tipping comp already.
Holland lost to Denmark.

A short week here, what with Queenies party (what a gal) and as ever, never enough time to read everything.

HKEX secures LME. Somehow I think LME is thinking more immediate liquidity event than securing the next 135 years of their future.
What a lot of kerfuffle at Plus!
Magnus bags a million.
Milne packs his bags.
Did Euroclear ever have an option not to sign up to T2S?

...the scoop of the week.
The much anticipated CoFR paper on Aussie C&S is out.
No comment as yet...I haven’t read it!

Also lots of questions about how ASIC recover their costs of market supervision.
It’s basically broken down into 2 elements, market operators (14%) and market participants (86%).

How to travel long haul economy...in style?
- Noise cancelling headphones are the next thing for me to try (before reducing leg length).

...and this week-end

Canada vs Italy
Fiji vs Scotland
New Zealand vs Ireland
Australia vs Wales
South Africa vs England
Argentina vs France

Italy, Scotland (well they did beat the Wallabies), ummm not Ireland, Australia (who else?), Sth Africa...and well, Graham Henry, ex All Blacks will make a difference and put Argentina ahead of France.

Have a great week-end! (Just like the weeks, they go too fast too).

S




PLATFORMS

HKEX gains LME for 1.4byn quid.
The Hong Kong stock exchange on Friday agreed to pay 1.4 billion pounds ($2.18 billion) to buy the London Metal Exchange (LME), in a deal that gives Asia's largest bourse a much needed entry into a commodity trading platform, and brings LME members closer to China, the world's biggest metals buyer.

PLUS IT TEAM AGREE BUY-OUT OF TRADING TECHNOLOGY ARM; SHAREHOLDER ROW INTENSIFIES
Plus Markets is to sell its technology platform to Forum Trading, a new company whose founder shareholders consist of Hirander Misra, the former co-founder and COO of Chi-X Europe, Tony Harrop, the chief technology officer of Plus Markets Group,, Richard Atkins, formerly head of trading system management & development at the London Stock Exchange and all eight employees of the Plus-TS technology team.

ICAP LIFTS PLUS PURCHASE PRICE TO £500,000 IN AN EFFORT TO WIN OVER SHAREHOLDERS Icap has moved to appease dissident shareholders looking to derail its acquisition of Plus Stock Exchange by raising the purchase price to £500,000 from £1.

SGX CEO bags a new three-year deal
The Singapore Exchange’s (SGX’s) board of directors has renewed the contract of the exchange’s CEO, Magnus Böcker.
SGX revealed that Böcker's new deal gives him a fixed base salary of S$1,000,000 per year.

Chi-X Australia weekly market report


CLEARING

Competition in the clearing and settlement of the Australian cash equity market

The Deputy Prime Minister and Treasurer has released a Council of Financial Regulators (Council) discussion paper which examines competition in the clearing and settlement of the Australian cash equity market.

Euroclear’s eurozone trio sign up to T2S
Eurozone CSDs Euroclear Belgium, Euroclear France and Euroclear Nederland will sign up to the eurosystem's T2S project.
CSDs such as the Bank of Greece Securities Settlement System (Greece), Clearstream Banking (Germany) and Iberclear (Spain) have also agreed to sign up to T2S.

MILNE LEAVES IN LSE MANAGEMENT RESHUFFLE
London Stock Exchange CIO Antoine Shagoury has been made chief operating officer as part of a management reshuffle that also sees director of post-trade services Kevin Milne leave the group.


POLICY

ASIC Cost recovery
For market operators...
For market participants...

Eurozone exit strategy?
Well, here’s the view from Linklaters....



STUFF

Surviving long-haul economy
Another way to maximise your personal space is to empty the seat pocket. I pull out the in-flight magazine, duty free catalogue and everything else, and toss them in the overhead bin.
(*** Doh. Why didn’t I think of that?)
Mild sleeping tablets such as Melatonin to help change my sleeping pattern to match the timezone I'll be heading into.
Pack your own noise-cancelling headphones. (Always. Every frequent flyer should).
Get some exercise by walking the aisles and drink plenty of water.
Many aisle seats have entertainment system boxes in the footspace so avoid those (seatguru is useful).
Choose the back of the 'plane because the front fills first so there is a better chance of some free seats. I have had some of my best flight night sleeps across all 4 seats of the back middle row of 747s, which are often "reserved for crew purposes" but can be selected via on-line check-in. Work out how the aisle row armrest can be raised. They are usually locked down but can be released with a button or catch underneath.
I'm tall (191 cm) and have been flying economy Aus-USA return for 20+ years. It has certainly got more unpleasant in recent times, and you need to start out realising it is going to be no fun at all. My main tips are about getting as much sleep as you possibly can, which I found is the only way to reduce jet lag:
(Best comment in my view...)
* I agree with the noise cancelling headphones - essential
* Also bring earplugs to keep out the noise of people when you're sleeping
* And an inflatable neck pillow (uses less space) to stop your head falling forward or sideways
* I use over-the-counter sleeping pills to help sleep
* Keep a bottle of water with you, which you can refill it at water taps

STAND AND DELIVER AT WORK
People need to rethink their whole relationship with their computer and stop assuming if they are using a computer they have to sit down.

GO HARD, GO HOME: FAST TRAINING WORKS OUT:
A 2009 study in the Journal of Applied Physiology looked at what happened when runners reduced their volume of training 25 per cent and introduced six to 12 30-second sprints, three to four times a week for six to nine weeks. Performance in a 30-second sprint test improved 7 per cent and 10-kilometre race time was bettered by a minute.

To succeed in life, you have to cultivate contentment, and keep building on who you are and what you have. Being content doesn’t mean being resigned. It means appreciating the life you have now, rather than focusing on what you don’t have.
*** Hmmm, not quite sure about this one. I very much believe you do need to keep building on life’s journey. However appreciation, and reflecting on the life we have now, rather than what we don’t have (in context) is sage advice.

Too good to be true?
I am Mrs. Jamila Abd-Al-Hamid, a Muslim.I have picked your email address for an inheritance of £18.2million Pounds.Please contact me for more details via email: jamilaabd.al.hamid001@siamza.com Jazakallah Khair


Be happy. It's one way of being wise."
--Sidonie-Gabrielle Colette, French novelist and performer

Wednesday, June 13, 2012


G’day All,

Well, been a while between blog posts. Ahhh, priorities. Anyway, time to empty some stuff from the mailbox.

Sadly, the Aussie ocean swimming season is now over.
The penultimate swim at Warriewood saw some spectacular surf....but the swim was cancelled.

Warriewood swim cancelled
And let's make no bones about it: that swim could not go ahead in those conditions. The Warriewood break is difficult at the best of times, but the dump onto the bank on Warriewood beach on Sundee was the most deadly we've seen in years. The swell just thumped onto that bank, with such force that, even watching it from the safety of the cafe under the surf club, it made one's skin prickle; we could feel the crash; it shook our chairs. Each and every dumper in such shallow water fired a volley out behind, ejaculating sand and water along 100 metres of wave into the face of the next dumper rolling in. It was frightening to watch.

Still, a week later, under heavy skies with a light rain falling....A swim...

Report here:
Results here:

I’ve managed to catch the occasional game of Rugby.
...and fortunately missed our loss to Scotland.
I mean please. That hurts!

This week I saw a great gadget which I love:

...But we felt that we could try to do something about the situation where computers had become so expensive and arcane that programming experimentation on them had to be forbidden by parents...
Circuit diagram at:
Which I read about here.
I’ve registered my interest to get one here (flag in top right hand corner lets you choose jurisdiction):

My son has downloaded so much rubbish onto our home PC it did what all windows PCs do....crash.
So I thought we could use various components and build him his own tower PC. Clever?
Ummm, I think he was slightly more excited at the thought of collecting the dog’s poo.
Why build it when you can just get a new one out of the box?
...I’m sure he’ll be enticed by some raspberry pi?

This was one of the better hoax’s....
On 6th June 2012 a massive swell hit Sydney, Australia. The giant waves broke all the way into the harbour, making a perfect 2km wave at Bennelong Point

...and here it unfolds....Hoax video of surfers at Opera House


So, with a while between blog posts, I’ve missed a lot of news, ho..hum...but what did I see?

Chi-East closed. Various reasons I’m sure. Complexity of post trade model being one of them.
ASX’s relatively new CEO spoke eloquently and presented well at the annual stockbrokers conference. Ummm. The less I say about the self serving content the better. (NB. MY PERSONAL VIEW).
Dark pools continue to be a focus in Asia and Aust.
Medcraft of ASIC also spoke well and I was pleasantly surprised by how across the subject matter he was. He answered 3 questions on various industry sectors in context and with relevance.
Medcraft is also chairing the IOSCO board. So Aust punching above our weight in global trading trends...and I think he’ll want to leave his mark both locally and internationally. Dark pool consultation is far from over in Aust.
ASX can match 19 equity options.
Eurex has sold itself and is partnering with the industry to clear IRS.
Oh, Link is a share market registry service ASX sold for 150 myn and is now looking to buy back for 6 times that amount.
APX is a new Aussie market set to target Asian capital. Both here and abroad. There is no CCP so it will be bilaterally cleared running on the Trayport platform.

I like 360. The rapper more than the research.

My brother, calls himself a geologist, but we know that’s an environmental rapist. Well, he is looking at going into the wilds and exploring. I thought I’d give him an analogy about generals and the front lines. Then it dawned on me I don’t know anything about generals and military campaigns. (rest assured I do know how to find the bar in my local Returned Serviceman’s League club). Anyway, I thought of MacArthur so I googled him and came across the downfall of Admiral Kimmel.
Chapter 4...p48-62 makes for an interesting read.

Happy Jubilee! Long weekend here.
Cuppa tea, eh what!

So tomorrow I plan to watch a little Rugby. WooHoo.
I want Ireland to win...but they only beat Australia.
Sth Africa will win.
Ummm, sheepishly, after losing to Scotland...sure, we’ll beat the 6 nations Chumps / Leaks.

Saturday 9th June:
New Zealand vs Ireland
Australia vs Wales
South Africa vs England

Have a great week-end all.

S




PLATFORMS

Chi-East to Close Operations After Disappointing Volumes


2012 ANNUAL STOCKBROKERS CONFERENCE
ADDRESS BY ASX MANAGING DIRECTOR AND CEO – ELMER FUNKE KUPPER

Dark pools shine as ASX trade size falls
The ASX average trade size for the first quarter is around $7000

Link is a share registry service.

ASX launches Equity OTC Clear service
The Australian Stock Exchange has launched Equity OTC Clear, a new service for ASX participants to anonymously report transactions in over-the-counter equity options
The ASX Equity OTC Clear service is initially available over the 19 most liquid equity options, which are AMP, ANZ, AWC, BHP, BSL, CBA, FMG, MQG, NAB, NCM, OZL, QBE, RIO, STO, TLS, WBC, WES, WOW and WPL, and also over the index XJO option contract.

MMADX appoints new executive director
Money Market and Debt eXchange has named former NAB heavyweight, Michael Go, as a new executive director, where he will focus on finalising the firm's capital raising.

New Australia Stock Exchange Targets Asian Firms, Investors

The Asia Pacific Exchange is scheduled to go live next month, subject to final Australian regulator approval.

New switching device cuts latency
Trading times are on the brink of becoming even quicker with today's launch of the world's fastest switching device with a latency of 130 nanoseconds

TURMOIL AT PLUS MARKETS CONTINUES AS DISSIDENT SHAREHOLDERS LOOK TO OUST EXECUTIVES Dissident shareholders of Plus Markets Group have tabled a resolution to oust the chairman and chief executive over their proposals to sell the small cap exchange business to Icap for £1.

Deutsche Börse buys Eurex Zurich for €295 million
Deutsche Börse Group has fully acquired Eurex Zürich AG. Representatives of SIX Swiss Exchange/SIX Group AG and Deutsche Börse AG jointly finalized the transaction in Zurich


CLEARING

EuroCCP news Roundup
Interoperability: EMIR embeds the concept of CCP interoperability for cash equity markets, acknowledging the significant benefits of generating scale economies to bring down costs of EU clearing as well as eliminating CCPs as a potential single point of failure for a national market. NASDAQ OMX's recent last minute decision to pause its interoperability project in the Nordic region has raised concerns amongst Nordic policymakers about the potential future competitiveness of their market.

Eurex Clearing partners with seven for new clearing service
Barclays, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, J.P. Morgan and Morgan Stanley will all support the launch of EurexOTC Clear for IRS

Sweden’s NASDAQ collateral management shakeup
Sweden-based exchange and clearing company NASDAQ OMX Stockholm (OMX STO) set up three clearing funds to mutualise risk, and revised its collateral management structure so as not to rely too heavily on custodians that are also clearing members


POLICY

Maintaining market integrity in a changing environment

Keynote speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission to the Stockbrokers Association of Australia 2012 Annual Conference, 1 June 2012.
Today, I would like to cover some of these changes, such as market structure, high-frequency trading (HFT) and dark pools, and enhanced market supervision.'
Specifically on dark pools, ASIC will:
- make a new rule requiring price improvement for dark trades below block size; 
- replace the $1 million threshold for block trades with a tiered model;
- not implement a minimum size threshold for dark orders, but discuss with industry potential triggers for future application of a threshold; and
- consult on the draft market integrity rules very shortly, with the aim of making final rules in September/October 2012. 
ASIC will also create a taskforce to review dark pools and other forms of off-market trading. The taskforce will look at:
- compliance with existing market integrity rules and Corporations Act requirements, including compliance with trading rules and conflict handling, 
- supervision of trading in dark pools; and 
- whether there should be additional requirements to ensure there is appropriate transparency and supervision.

12-97MR ASIC chief elected chair of IOSCO board
ASIC chairman Greg Medcraft was today elected chairman of the board of the International Organization of Securities Commissions (IOSCO), following a vote of board members at IOSCO’s annual conference in Beijing.
Includes IOSCO board members.

Compensation report finds against last resort scheme
The St. John report on compensation arrangements for consumers of financial services recommends strengthening existing compensation arrangements before implementing a 'last resort' scheme

Full report available here (122 pages):


PARTICIPANTS

NAB winds up private equity arm
National Australia Bank is closing its Integrated Capital Solutions private equity investment division.

MLC appoints new head of ThreeSixty Research
ThreeSixty Research is an 18-member team that provides investment, insurance and portfolio construction research support to advice businesses aligned to the NAB Group.

Funny, I thought 360 was a profane Aussie rapper....with actually a very good chart release in Child.
I recommend this:


STUFF

The Aussie Economy: Why Rates Will Fall, And Need To Fall More
For some time the AMP's chief economist, Dr Shane Oliver has been arguing that Australian interest rates need to be lower. The Reserve Bank at its last meeting seemed to be finally coming around to this view, but preferred to wait for the release of March quarter inflation

‘I’ll Make 250K This Year, While You’re Unemployed LOL’: Monster.com Recruiting Goes Horribly Wrong


UK pension reforms tackle longevity crisis
Landmark reforms to the UK's pension system have been slated during the Queen's opening address to parliament and could be legislated by 2013.

Jonathan Pain makes big calls because he made them early
One of Pain’s pet theories is that the world is now divided between those that are submerging in debt and those that are emerging because of rapid growth, such as China, India, Vietnam and Indonesia.
“It’s the new reality as opposed to the new normal, which is an incredibly US-centric view,”

OECD Economic Outlook
22/05/2012 - The global economy is gradually gaining momentum, but the recovery is fragile, extremely uneven across different regions and could be derailed by the crisis in the euro area, according to the OECD’s latest Economic Outlook (including country summaries...just click on your flag).
(Australia can be expected to keep reaping benefits from the mining boom. Despite sharp sectoral disparities, economic growth should be around potential in 2012 and 2013.)

Future seen for cheques

The average cost of processing a cheques is estimated at $7.69 each, compared to less than $1.21 for each electronic payment, according to figures by the Reserve Bank of Australia.

THE SECOND PEARL HABOR: ATTACK ON THE PHILIPPINES
General MacArthur’s first notice that war had broken out occurred around 3:00 a.m. on the morning of 8 December when his chief of staff phoned him with the news....
Whatever caused General MacArthur to wait for over seven hours before making a decision to use his bombers resulted in the unnecessary destruction of his air force. Since he was the overall commander of forces in the Philippines, this needless waste of precious air assets falls on his shoulders. Moreover, his decision to declare Manila an open city without coordination with the Navy resulted in even more loss of critical
weapons and ammunition. As a commander, he clearly failed...
Chapter 4...p48-62 makes for an interesting read.

Wednesday, April 25, 2012


G’day All,

Well a while since a blog post. Sorry about that. Swamped at work...pretty much like getting swamped by a wave.
Then Easter and a trip to Thailand...where the tsunami scare hit.
The scare was an event in itself...talk of herd mentality quickly deteriorating into mass panic. Amazing.
Footware littered the streets, shops just abandoned, people trying to run over the top of my kids. A lot of respect for ‘women and children first’ is forgotten in a panic.

BATS glitch, now old news, but nevertheless noteworthy for the record. I think it’s a bit of a mountain out of a molehill.
ASX scales back data centre ambitions.
Tokyo AIM misses the LSE target.
I’m actually a little surprised the LSE bid for LCH has come so far. Then again, I am on the other side of the world. Even with the swap clear boom, the valuation is still less than the 2003 LCH / Clearnet merger. (I think 1.2byn – need to search blog).
NYSE Euronext will do it’s bit to reduce the value of the LCH.CN regulated markets business.
Back in Aus the Treasury have published their long awaited paper on Central Market Infrastructure suggestions to meet the G20 OTC recommendations.

Well, that gets the blog started again and a few draft emails out of the way....but the inbox is still overflowing.
Summer is passing here. My open air training pool closes at the end of next week, so time to really savour these last few ocean swims of the season.
National Geo is doing a special show on the Sydney Shark Invasion....hope I get to watch it next week!
(Hmmm.. An elite team of marine biologists set out to investigate why the waterways surrounding Sydney have become hunting grounds for some of the most dangerous shark species known to man.)

Whatever your leisure, make it a pleasure!
Have a great w/end.

S



PLATFORMS

Circuit breakers contained potential fallout from BATS glitch
BATS suffered a trading glitch late last week that sparked concerns about electronic trading but also highlighted how circuit breakers, which regulators introduced after the May 2010 "flash crash," were able to contain the potential fallout. BATS credited the safety mechanism from the Securities and Exchange Commission, saying the situation proved "recent improvements in the U.S. equity market structure are working as intended."

BATS Chairman Will Give Up Post
BATS Global Markets Inc.'s directors voted to remove Joe Ratterman as chairman Tuesday, while expressing unanimous support for him to stay on as the company's chief executive.

A Message From BATS CEO Joe Ratterman

Presentation by HKEx Chief Executive Charles Li and Deputy Chief Financial Officer Vincent Kwong at the 15th Credit Suisse Asian Investment Conference http://www.hkex.com.hk/eng/newsconsul/speech/2012/Documents/sp120322.pdf

Specialise or die, ASX told

THE Australian Securities Exchange should "bite the bullet" and position itself as an exploration and development specialist platform as the relevance of the Australian market in the global mining sector diminishes because of the dominance of the major players.

ASX trials small cap research scheme
The ASX has awarded funding to a 12-month $1 million equity research scheme to produce independent research on listed small and medium-caps.
Targeted at the 92% of ASX-listed entities (around 1,800) with a market capitalisation less than $1 bn.

ASX shares new data centre with Singaporean firm
ASX fee schedules indicate that customers paid $5000 a month for a physical rack with 2kW of power in Bondi as of July 2010.
As of December 2011, the ASX charged $2500 a month for a cabinet with 2kW of power in the Australian Liquidity Centre and $2000 a month for a cabinet in Bondi.

TOKYO AIM to Become TOKYO PRO Market

LSE OFFLOADS TOKYO AIM STAKE TO TSE
The Tokyo and London stock exchanges are bailing out on their joint venture market for growing companies in Japan, with the TSE agreeing to buy out its former partner.
The JV - 51% owned by the TSE and 49% by the LSE - has seen just one company list so far, prompting the London operator to sell up for an undisclosed sum.

HKEx Invests US$380 Million in Technology to Fuel Growth http://www.hkex.com.hk/eng/newsconsul/hkexnews/2012/120328news.htm

SGX REORGANISATION
From May SGX will split into five business units: derivatives, listings, market data and access, post-trade and securities. The current fixed income business will become a part of the securities market while commodities will be grouped within derivatives.

Instinet first to float EBBO in dark pool

Agency broker Instinet’s BlockMatch dark pool has added a consolidated pan-European price feed as it reference point for matching trades and now offers buy-side clients more flexibility on the price at which their trades are executed.
To qualify for inclusion in Instinet’s EBBO, trading venues must have a pan-European market share of over 2.5%. Currently this includes 14 domestic markets and MTFs BATS Chi-X Europe, Turquoise and Nordic-focused Burgundy. The individual stocks traded on qualifying venues are monitored on a real-time basis to ensure they stay above the 2.5% floor. Venue qualification is reviewed quarterly.

Possible Early Warning Sign for Market Crashes
Complexity researchers who study the behavior of stock markets may have identified a signal that precedes crashes.
They say the telltale sign is a measure of co-movement, or the likelihood of stocks to move in the same direction. When a market is healthy, co-movement is low. But in the months and years before a crash, co-movement seems to grow.
Regardless of whether stock prices go up or down or stay the same, they do so in tandem. People are copying each other, and a small nudge can send everyone in the same direction. The system appears primed for collapse.

BlackRock Plans to Start Bond-Trading System to Bypass Banks
Clients who use Aladdin will have to pay a fee to get access to BlackRock’s trading network. MarketAxess Holdings Inc. (MKTX) (MKTX)’s electronic trading system for U.S. and European investment-grade, emerging markets and other types of bonds said earlier this month that it had a record $58.7 billion of transactions during March. Other electronic trading systems for fixed income include Tradeweb Markets LLC and Bloomberg LP


CLEARING

LSE's Rolet passes key LCH takeover test
LSE and LCH.Clearnet shareholders voted overwhelmingly to ratify Rolet's plan to take up to 60 percent of the clearing operator with an offer of 20 euros per share, which values LCH.Clearnet at 813 million euros ($1.1 billion).

NYSE TO INVEST $85 MILLION IN NEW EUROPEAN DERIVATIVES CLEARING HOUSE
Nyse Euronext is to spend $85 million on developing a new clearing house for its derivatives business in Europe, terminating an existing relationship with LCH.Clearnet.
Nyse will build on the recent investments made in Nyse Liffe Clearing, the central counterparty to all trades conducted on the Nyse Liffe market in London, and bring in house all remaining functionality currently out-sourced to LCH.Clearnet. The clearing house is expected to be fully operational by the summer of 2013. Derivatives trading in London will be shifted to the new platform in mid-2013, with European trading moving over in Q1 2014.
In the cash markets, Nyse says it will negotiate a new long term arrangement with LCH.Clearnet, replacing the current arrangements which terminate in December 2013.


POLICY

Australia: Implementing G20 commitment on OTC derivative reforms
Today the Government releases the final report of the Council of Financial Regulators (the Council) outlining its proposed next steps towards the implementation of Australia's G20 commitment to improve risk management and reduce systemic risk in the ‘over-the-counter' (OTC) markets for financial derivative products.
The Council has advised that where possible market driven solutions, in part driven by appropriate regulatory incentives, should be preferred. 

OTC Derivatives Market Reform Considerations

RBA Financial Stability Review.
Clean bill of health for Aussie banks – but don’t expect growth.
Includes table C1 of 29 G-SIBs (from FSB)
Domestically, the Council of Financial Regulators (CFR) has continued to consider how best to implement reforms to the regulation   of OTC derivatives markets in Australia, following its consultation with industry during the second half of 2011. The CFR’s conclusions will be published shortly. (p62)
Since the consultation process, the CFR has developed policy recommendations that are expected to be published shortly. As   flagged in the consultation paper, work is ongoing on issues relating to competition in clearing and settlement systems and the    segregation and portability of customer accounts of participants of CCPs. (p64)

Reviews: RBA Ticks Financial System Health, But Warns Banks, Again
The Reserve Bank has given the Australian financial system and banks a tick of good health in its first Stability Review of 2012. But the central bank has again cautioned banks and their investors not to expect rampant profit growth in the next year or so


The Kay Review of UK Equity Markets and Long-Term Decision Making
On 29 February 2012 Professor John Kay published the Interim Report of his independent review to examine investment in UK equity markets and its impact on the long-term performance and governance of UK quoted companies.
Interested parties with additional evidence relevant to the Review can make a submission to the secretariat by email to: kayreview@bis.gsi.gov.uk. The deadline for receiving further submissions is Friday 27 April 2012.

BIS Releases Working Paper on Necessary Data for Assessing Systemic Risk
The Bank for International Settlements (BIS) issued a working paper that highlights some of the unique challenges to global systemic risk measurement with an eye toward identifying those high-priority areas where enhancements to data are most needed. The paper notes that while currently available data can be used more effectively, supervisors and other agencies need more and better data to construct even rudimentary measures of risks in the international financial system. Similarly, market participants need better information on aggregate positions and linkages to appropriately monitor and price risks. It adds that ongoing initiatives, such as the G20 Data Gaps Initiative and enhancements to the BIS international banking statistics, will help close data gaps.
Systemic Risks in Global Banking: What Can Available Data Tell Us and What More Data Are Needed?
http://www.bis.org/publ/work376.pdf



PARTICIPANTS

NOMURA DOMINATES JAPANESE EQUITIES

Nomura Securities Co. Dominates Japanese Research
Nomura is No. 1 in All-Japan Trading Team
Nomura Leads First All-Japan Sales Team



STUFF
Nuclear Power: Japan’s Sunset, Will We See Another Sunrise?
Tens of billions of dollars worth of extra LNG and thermal coal have been imported from overseas (much of it from Australia).
Figures out yesterday in Japan show the country's five largest power utilities will have lifted their spending on fuel by 60% by the time the books are ruled off for the current Japanese fiscal year tomorrow night.

Australia's Future Tax System
The Henry Review