All GLG News Analyses Filed Under: Exchanges & Capital Markets

JP Morgan Chase faces challenges sustaining Bear Stearns' prime brokerage franchise and finding avenues for growth. Trends toward multiple primes, Direct Market Access, algorithmic trading, and ATS's are all competitive and/or disintermediating threats to prime brokers. To date, the big 3 of Goldman...

A record long community decided that as the dollar firmed up and the Fed continued it's aggressive stance to bail out the markets, gold was not as shiny as it once was.  Although we saw a two day, large scale sell into gold, I believe that this is a temporary adjustment to the market and should...

Implications: 1.Expectations - "Awareness of a Correction", which MAY lead to a sharp price downside for a prolonged period of time. 2.The role of the U.S. Central Bank - a reduction of the Federal Funds Rate,credit market losses and Sub-Prime Mortgage market are , indeed, viable indicators of the Financial...

Post MiFID trading landscape in Europe Buy-side increasing importance in trading Consolidation of MTFs role

The takeover by JPM will set in motion many more mergers and acquisitions.It will be a trend setter in the sense stronger firms will take courage and come forward to acquire weaker firms. The deal will act as a benchmark.

Inter-dealer broker revenue is vulnerable to the quantity of dealers that are available.  Lower valuation of book value of investment banks as a result of the Bear Stearns acquisition by JP Morgan may increase consolidation among primary dealers of OTC derivatives. This will result in lower...

Steven R. Weisman in Washington reported in the March 15-16 issue of the International Herald Tribune that fears about the U.S. economy drove the dollar to new lows on Friday. Crude oil traded at $110/bbl. Since 2002 the dollar has declined in value compared to the major world currencies. Politicians...

CME has run its slide rule across cash exchanges before but never taken the plunge to acquire one. Equally, it seeks to create partnerships where it can act as a predator and buy out the partner (see my previous analysis on the subject). Sooner or later CME will likely acquire beyond its traditional...

Implications: 1.A failure of Decision-Making and Strategy with an objective of higher retirns. 2.An error of Financial Judgement by assuming that the use of auction rate marketplace might be taped to finance additional investments in government and corporate bonds. 3. This Financial option was proposed...

Implications: 1.Shell companies for the sole purpose of raising capital through Initial Public Offerings - A Void Entity. 2.Initial Capitalization must be HIGH to acquire one or more PROFITABLE operating companies. 3.All listings on the AMEX have been transferred to the Nasdaq - a highly liquid electronic...