Platforms

 

BATS CHI-X EUROPE EXECUTIVE COMMITTEE MEMBERS NAMED

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42407

CME President Awaits the Greenlight for the Reopening of China’s Financial Derivatives Market

CME Group began offering yuan exchange futures on Oct 17 in order to satisfy the increasing needs of settlements of the currency in global markets. Chinese analysts said this might facilitate the internationalization of China’s currency.

The company also plans to launch a clearing house in Asia and increase the number of employees in the region.

“The best is yet to be” is Gill’s motto that he learned at school – the Anglo-Chinese School in Singapore. “It holds true for most things we do through life,” he said.

http://www.asiaetrading.com/cme-president-awaits-the-greenlight-for-the-reopening-of-chinas-financial-derivatives-market/

 

LSE TO BUY PEARSON'S FTSE STAKE

The London Stock Exchange (LSE) has agreed a £450 million cash deal to buy the 50% stake in FTSE International it does not already own from publisher Pearson.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23244

 

DEUTSCHE BÖRSE AND NYSE EURONEXT OFFER MORE CONCESSIONS TO REGULATORS Deutsche Börse and Nyse Euronext have offered the European Commission more concessions in a bid to allay antitrust concerns and secure approval for their $9 billion merger deal.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23251

 

Hidden pay condemned

THE powerful peak body for industry superannuation, the Australian Council of Super Investors, has condemned the payment of hidden dividends on unvested shares, calling for management to ''pay back the money'' in cases where performance pay has not been earned.

Several leading Australian companies are hiding payments to their senior management teams by paying dividends on performance shares, meaning executives are getting a return on performance stock to which they may never be entitled.

The ASX Corporate Governance Council is yet to deliberate on the practice of paying dividends from stock which has not vested. The new chairman of the council, Alan Cameron, was unavailable for comment yesterday.

The ASX corporation buys stock on market from which it pays dividends to its management, before the stock vests. The payments are modest and disclosed in the remuneration section in the annual report.

Last financial year, each participating employee received an average $2300 in franked dividends and former CEO Robert Elstone about $46,000.

http://www.smh.com.au/business/hidden-pay-condemned-20111212-1orev.html#ixzz1gZhs1W00

 

XCHANGING RENEWS LME CONTRACT

The contract, which renews on 1 January 2012, is for a minimum of three years, with a two year notice period after the first year. The contract is expected to generate revenues of c. £75 million over its first three years.

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42351

 

SIX ARRESTED IN MILLION POUND PHISHING SCAM UK police have arrested six people in connection with a phishing scam that plundered over £1 million from student bank accounts.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23240

*** I immediately assumed this was the Swiss exchange....

 

Securities lending on India's NSE booms
Stock lending has been booming in the last three months due to reverse arbitrage opportunities thrown up by equities

http://www.securitieslendingtimes.com/securitieslendingnews/article.php?article_id=217898

 

Volatility in China: Hong Kong, Shanghai Capitalize on Indices

Hong Kong Exchanges and Clearing Limited said Thursday it plans to start trading futures based on a volatility index in February.
That follows the Wednesday announcement by the Shanghai Stock Exchange that it planned to launch a series of indices based on market volatility, in January.

http://www.securitiestechnologymonitor.com/news/hong-kong-shanghai-volatility-indices-29740-1.html?ET=securitiesindustry:e3138:171544a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=STM_BNA_08302010_121511

 

 

Clearing

 

DTCC FILES WITH SEC TO OPERATE CCP FOR MORTGAGE BACKED SECURITIES

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42384

 

BURGUNDY CHOOSES EUROCCP FOR INTEROPERABLE CLEARING

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42362

 

EUROCLEAR PREPS MANAGEMENT CHANGES

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42377

 

Shaking Things Up, In European Clearing

I love this:

And overcome the reluctance of incumbents such as LCH.Clearnet, EMCF and SIX x-Clear to upset the existing order and allow “interoperability” between systems.

EMCF as incumbent?

Brilliant.

http://www.securitiestechnologymonitor.com/news/diana-chan-euroccp-profile-29714-1.html?pg=3

 

LSE eyes OTC trade repository

The London Stock Exchange has started talks with British regulator the Financial Services Authority (FSA) about launching a trading data service for over-the-counter (OTC) derivatives.

The LSE already offers a trade data repository called UnaVista TRS, for share transactions, but is eyeing expansion into OTC products ahead of regulatory reforms to that market.

http://www.reuters.com/article/2011/12/15/lse-repository-idUSL6E7NF3AT20111215

 

 

Policy

 

FIA Principal Traders Group

The FIA Principal Traders Group has issued the following letter to CFTC Commissioner Scott O'Malia in response to his request for public comment on a proposed definition of High Frequency Trading:

http://www.automatedtrader.net/headlines/99556/fia-response-to-cftc-proposed-definition-of-high-frequency--trading

*** Answering a question with a question provokes thought, but I don’t think it addresses misconception and misdirected political opinion.

 

Developing the Retail Corporate Bond Market - 13/12/2011

http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/155.htm&pageID=003&min=wms&Year=&DocType=

 

Discussion paper: Development of the retail corporate bond market: streamlining disclosure and liability requirements

http://www.treasury.gov.au/documents/2266/PDF/Retail_Corporate%20Bonds_Discussion_paper.pdf

*** 27 page discussion paper available here.

 

Industry welcomes Shorten's promotion

The new Industrial Relations and Financial Services Minister Bill Shorten said he's delighted with his new promotion to Cabinet

http://www.financialstandard.com.au/news/view/12548405/

 

The 2011 RBA Conference Volume, The Australian Economy in the 2000s, has been released today on the Bank’s website.

http://www.rba.gov.au/publications/confs/2011/index.html

 

THOMSON REUTERS LOOKS TO SETTLE EC DATA ANTITRUST CASE Thomson Reuters has offered concessions in the way it licenses the proprietary Reuters Instrument Codes (RICs) in a bid to settle an EU antitrust investigation.

Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23256

*** RICs and ISINs should be free, or cost recovery at most.

 

Insolvency rogues face crackdown

Government announces new laws to protect creditors from misconduct by liquidators.

http://www.smh.com.au/business/insolvency-rogues-face-crackdown-20111214-1ouvn.html

 

 

Participants

 

BNY Mellon to snap up Penson's Australian ops

Penson Worldwide has announced its intention to sell Australian subsidiary, PFSA, to BNY Mellon for some $32 million

The agreement is for a share purchase transaction from which Penson expects to realise a gain of about $14 million when the deal closes in the fourth quarter this year

http://www.assetservicingtimes.com/assetservicesnews/article.php?article_id=2807

 

Deutsche Bank to sell asset management arm

Deutsche Bank has announced plans to offload its asset management arm, after completing a strategic review of the company, according to the Financial Times.

According to the report, the unit will be priced at €2 billion ($A2.6 billion), with initial bids due later in the year.

http://www.businessspectator.com.au/bs.nsf/Article/Deutsche-Bank-to-sell-asset-management-arm-pd20111216-PL5DD?OpenDocument&src=pmm

 

Mitsubishi UFJ to take 15% stake in AMP Capital

Mitsubishi UFJ Financial Group will pay $425 million for a 15 percent stake in AMP Capital that will enable Japan’s biggest publicly traded bank to take a stake in the world's fourth-largest pension market

In September 2008 Mitsubishi UFJ provided a US$9 billion lifeline to Morgan Stanley when the New York-based investment bank’s stock price was floundering amid concerns over its business viability. Mitsubishi UFJ had a 22.4 percent stake in Morgan Stanley as of July 1.

http://www.iandtnews.com.au/news/mitsubishi-ufj-pays-425-mln-for-15-stake-in-amp-capital

 

VIRTU FINANCIAL BUYS NYSE AMEX DESIGNATED MARKET MAKER

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42379

 

Getco Grabs BofA Merrill's DMM Unit.

www.tradersmagazine.com/news/getco-merrill-dmm-109628-1.html

You +1'd this publicly. Undo

 

BANK OF AMERICA MERRILL LYNCH AND TORA TEAM ON TRADING PLATFORM FOR BUY SIDE

5% of all trading volume on the Tokyo Stock Exchange is processed through TORA.

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42358

 

INSTINET BLOCKMATCH RECEIVES OK TO REFERENCE EUROPEAN CONSOLIDATED PRICE

http://www.finextra.com/news/announcement.aspx?pressreleaseid=42408