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		<title>What has US legislation got to do with European MTFs?</title>
		<link>http://www.bourse-consult.com/?p=400</link>
		<comments>http://www.bourse-consult.com/?p=400#comments</comments>
		<pubDate>Tue, 10 Aug 2010 08:26:21 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=400</guid>
		<description><![CDATA[A colleague, who is among those closely following new US legislation the “Wall Street Transparency and Accountability Act of 2010,” has drawn my attention to Section 733:  new provisions for regulating electronic swap trading platforms as “Swap Execution Facilities” &#8211; similar to EU MTFs. It will apply to US firms and most likely any platform [...]]]></description>
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		<slash:comments>3</slash:comments>
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		<title>Bourse Consult report on carbon emissions market infrastructure</title>
		<link>http://www.bourse-consult.com/?p=379</link>
		<comments>http://www.bourse-consult.com/?p=379#comments</comments>
		<pubDate>Mon, 26 Jul 2010 09:51:02 +0000</pubDate>
		<dc:creator>s.turner</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=379</guid>
		<description><![CDATA[Bourse Consult was contracted by the City of London Corporation to examine the current state of the Post-Trade Infrastructure for Carbon Emissions Trading, focussing primarily on the EU Emissions Trading System. The report is timely, with the upcoming changes proposed for the next stage of ETS starting in 2013, i.e.auctioning of allowances and the development [...]]]></description>
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		<title>Settlement failures in the European repo market</title>
		<link>http://www.bourse-consult.com/?p=376</link>
		<comments>http://www.bourse-consult.com/?p=376#comments</comments>
		<pubDate>Fri, 23 Jul 2010 08:55:10 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=376</guid>
		<description><![CDATA[It is a recurring theme in this Commentary that market participants take a risk when they underestimate the importance of the post-trade processes. They may be complicated and less glamorous than sub-millisecond trading systems, but if they don&#8217;t work well, then the market will not function.
This is well illustrated by a fascinatingly detailed paper by Richard [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>NYSE Euronext and LCH.Clearnet: some observations</title>
		<link>http://www.bourse-consult.com/?p=349</link>
		<comments>http://www.bourse-consult.com/?p=349#comments</comments>
		<pubDate>Mon, 24 May 2010 09:55:04 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=349</guid>
		<description><![CDATA[NYSE Euronext has announced that it intends to spend $60 million to build two new clearing houses, in London and Paris, to be operational by the end of 2012, bringing in-house the clearing of cash and derivative contracts currently undertaken by LCH.Clearnet.
(This time, NYSE Euronext is being careful to give LCH.Clearnet full notice of termination [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Lib Dems force changes to City Regulation</title>
		<link>http://www.bourse-consult.com/?p=334</link>
		<comments>http://www.bourse-consult.com/?p=334#comments</comments>
		<pubDate>Wed, 12 May 2010 08:57:28 +0000</pubDate>
		<dc:creator>l.jones</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=334</guid>
		<description><![CDATA[So the UK has a new government. Many have been the doomsayers who have criticised the negotiating process which led to the formation of the Tory/Lib Dem coalition (notwithstanding the fact that it was achieved pretty rapidly compared to the coalition negotiations that take place elsewhere in Europe, e.g. Germany). “If you choose proportional representation, [...]]]></description>
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		<title>High-Frequency Trading in Europe and the US – some insights</title>
		<link>http://www.bourse-consult.com/?p=332</link>
		<comments>http://www.bourse-consult.com/?p=332#comments</comments>
		<pubDate>Wed, 05 May 2010 11:15:50 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=332</guid>
		<description><![CDATA[CESR has just published the responses to its consultation on Micro-structural issues of the European Equity Markets.
These offer some insights into the scale of High-Frequency Trading (HFT) in Europe, summarised below.
NYSE-Euronext: HFT is around 23% of transaction value on the NYSE-Euronext markets. The average HFT order size is around €8,000.
Chi-X: HFT is about 40% of [...]]]></description>
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		<title>Central counterparties and central banks</title>
		<link>http://www.bourse-consult.com/?p=329</link>
		<comments>http://www.bourse-consult.com/?p=329#comments</comments>
		<pubDate>Fri, 30 Apr 2010 16:39:02 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=329</guid>
		<description><![CDATA[Jeremy Grant has raised an interesting point in his Quick View in the FT Trading Room, where he discusses the debate in the US about whether central counterparties (CCPs) should have access to the Federal Reserve&#8217;s Discount Window in a crisis.
This debate brings into focus the curious No-Man&#8217;s Land occupied by CCPs. Just what kind of [...]]]></description>
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		<title>The European Market in US Shares</title>
		<link>http://www.bourse-consult.com/?p=327</link>
		<comments>http://www.bourse-consult.com/?p=327#comments</comments>
		<pubDate>Mon, 19 Apr 2010 16:24:44 +0000</pubDate>
		<dc:creator>p.cox</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[MTF]]></category>
		<category><![CDATA[NYSE Arca Europe]]></category>
		<category><![CDATA[Turquoise]]></category>
		<category><![CDATA[US Equities]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=327</guid>
		<description><![CDATA[Both the Turquoise and NYSE Arca Europe MTFs have announced new markets in US shares during European hours.  Will these ventures work when attempts in the past have been unsuccessful?

Well perhaps. But liquidity on the MTFs could be thin until New York opens. 

A further question is whether the clearing service offered by EuroCCP is enough for traders to regard the European MTFs as part of the same trading space as the US. Or is it necessary to go a step further and make European trading fully fungible with US trading through a single clearing process?
]]></description>
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		<title>European Regulation of Clearing Houses</title>
		<link>http://www.bourse-consult.com/?p=324</link>
		<comments>http://www.bourse-consult.com/?p=324#comments</comments>
		<pubDate>Thu, 01 Apr 2010 14:44:24 +0000</pubDate>
		<dc:creator>p.cox</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=324</guid>
		<description><![CDATA[Jeremy Grant’s article in today’s Financial Times reports on the House of Lords’ view that European clearing houses should not be regulated by a EU authority since the EU would not be able to bail out a clearing house if it collapsed.  The Lords report, which can be found here, concludes that “in the absence [...]]]></description>
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		<slash:comments>1</slash:comments>
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		<title>Farewell, ECNs</title>
		<link>http://www.bourse-consult.com/?p=321</link>
		<comments>http://www.bourse-consult.com/?p=321#comments</comments>
		<pubDate>Tue, 23 Mar 2010 19:09:03 +0000</pubDate>
		<dc:creator>h.simpson</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.bourse-consult.com/?p=321</guid>
		<description><![CDATA[The news that Direct Edge has received approval to convert its two ECNs into exchanges brings the number of ECNs in the US down to three, accounting for only 1% of market volume. This is a remarkable turnaround from the days when ECNs were seen as the challengers to the exchanges.
The conversion of ECNs into exchanges [...]]]></description>
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