September 2007

FT reports that MTS have now decided to include “non-bank entities” and give them “broker-dealer status” on EuroMTS.

I can only assume they’ll not be able to access the local MTS markets e.g. MTS Italy etc.

I guess the ball is now in the EPDA’s court. Will be interested to see their response, although MTS claim their members have been consulted as part of the process.


A brief piece here about access to inter-dealer markets for Hedge Funds. Now widely practiced in FX, via Prime Brokerage offerings such as on ICAP’s EBS and Reuters TBS, but resitance remains in the band market.

Cantors makes some odd comment about access for non-bank clients on eSpeed using Algos but not Hedge Funds……

They may be disliked by some, feared by others….but you’ve got to give it to the driving force behind LiquidityHub, Fusion etc, etc, Goldman Sachs. To pull out a performance like that, given the quarter, is impressive. The aura remains.

Word on the street is that three of the 15 LiquidityHub dealers will not be live on Day 1. Who mentioned “unprecedented dealer commitment”?

In fairness I’m sure all 15 will be up soon enough and having 12 from Day 1 is actually quite good.

On a more positive note, I’m also hearing that there is a line at LiquidityHub’s door for additional price makers.

“ICAP plc (IAP.L), the world’s premier voice and electronic interdealer broker, and the China Foreign Exchange Trading System & National Interbank Funding Center (CFETS), today formally launched their joint venture – the Shanghai CFETS-ICAP International Money Broking Co. Ltd. (CFETS-ICAP). CFETS-ICAP is a 67/33 joint venture interdealer broking business, providing voice broking services to the money, bond and derivative markets in both the Renminbi and international markets.”

This JV has started as voice-only, however it will no doubt add electronic trading in due course and help open the debt markets in China.

I was flicking through the monthly dullness that is Bloomberg Markets Magazine on Friday, when I saw an advertisment from Lehman Bros. with the following:

“Before electronic trading, it was about people.

At Lehman Brothers, it still is.”

It still is what?

About people (just fired a heap of them)?

Or, as I suspect, about before electronic trading!!! 🙂

The “great man” has a blog on Amazon!

Now, Alan Greenspan’s reputation has been tarnished a bit during recent market turmoil, however if this blog was more than an advert for his new book (“The Age of Turbulence” – a must read for mine) I guarantee it would be well worth bookmarking.

Sadly I can’t see more than this one post, unless sales via Amazon are very slow. It is already £10 off if you pre-order!!!!!

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