All GLG News Analyses Filed Under: Exchanges & Capital Markets

Patrick YoungFounder and ChairmanDerivatives Vision

BATS Beats Turquoise, Europe's MTFs Look More Volatile Than Ever Under Mifid

March 26, 2009

Analysis of:BATS Europe Passes Turquoise In Market Share, Sets Numerous Volume Records | www.mondovisione.com

The fact that Turquoise has lost its shareholder market makers has caused its volume to slump, allowing upstart (and US 500lb gorilla) BATS Europe to leap ahead in market share. Takeovers by legacy exchanges now look more likely than ever.

Justin HupetConsultantJustin Hupet

Recent Moves by the FED and Treasury: Do They Raise More Questions Than They Answer?

March 25, 2009

Analysis of:Confidence Returning to Equities | www.bloomberg.com

Critical questions remain unanswered, and these questions will in all likelihood not be cleared up until the plan begins operation, such as:  Will investors (through auction via FDIC) offer high enough bids to entice bankers to sell illiquid assets?  Will regulators force banks to participate regardless of where bids are at?  How quickly will the plan be implemented?  What loans are eligible for the auction?  Is this whole process too bureaucratic?

Central Banks are buying gold for their reserves

March 25, 2009

Analysis by: GLG Expert Contributor

Analysis of:GLG News - Council Member Homepage | news.glgroup.com

Gold is slowly returning to a background monetary metal. What central banks do will dictate this.   This article discusses that. Central Banks have been sellers of gold for 30 years, but are changing their attitude now.

Michael LynchConsultantMichael E. Lynch

Forthcoming London meeting of G-20 could be a fireworks display

March 24, 2009

Analysis of:China promotes overhaul of global monetary system | www.iht.com

The International Herald Tribune on March 24 published a Reuters report datelined Beijing in which China proposes a sweeping change to the global monetary system. Eventually the U.S. dollar could be replaced by Special Drawing Rights issued by the international Monetary Fund (IMF). The SDR, created in 1969, has the potential to serve as a super-sovereign reserve currency. The suggestion was posted on the Bank of China Web site. Zhou Xiaochuan, governor of the bank said it could serve as the light in the tunnel with reference to reform of the current international system. He did not refer directly to the dollar but he did note Beijing’s dissatisfaction with the primacy of the American currency. He charges that the frequent global financial crises since the 1971 collapse of the Bretton Woods system resulted from the dollar base for adjustable exchange rates. A super-sovereign reserve currency would eliminate the inherent risks of using a fiat dollar no longer backed by gold or silver.

Moves by Fed and Treasury Restoring Confidence to Markets

March 23, 2009

Analysis by: GLG Expert Contributor

Analysis of:Confidence Returning to Equities | www.bloomberg.com

Will the moves by the US Government be enough to restore much needed confidence to equity and debt markets.

Patrick YoungFounder and ChairmanDerivatives Vision

Moscow Exchange Makes An Eastern Advance

March 19, 2009

Analysis of:The UB Post-Leading English News - Mongolian and Russia Taking Stock in Each Other | ubpost.mongolnews.mn

MICEX and RTS are clearly competing in Russia's securities market but now MICEX are looking to tie up some overseas opportunities at some distance to their Moscow base.

Patrick YoungFounder and ChairmanDerivatives Vision

ICE Makes A Sound CDS Clearing Start

March 19, 2009

Analysis of:Intercontinental Clears $7.15 Billion in Credit Swaps (Update2) - Bloomberg.com | www.bloomberg.com

The ICE CDS facility is open for business and even has business to transact! - That's an interesting development in the CDS market and one which will leave competitors such as CME, EUREX and LIFFE somewhat green with envy.

Patrick YoungFounder and ChairmanDerivatives Vision

BATS Looks To Mifid Europe As a New MTF Playground

March 18, 2009

Analysis of:BATS Goes Live With AboveNet - Pan-European Trading Platform Partners With AboveNet For Fast, Secure Connectivity In The UK | www.mondovisione.com

BATS went rapidly from zero to hero in the crowded US MTF marketplace. Now it is seeking to replicate this success within the european Mifid marketplace.

Michael LynchConsultantMichael E. Lynch

Great Depressions, like political revolutions, undermine the status quo

March 16, 2009

Analysis of:Lessons from the Depression shape Obama policy | www.iht.com

Emily Kaiser in Washington (Reuters) reported in the March 16 issue of the International Herald Tribune that key architects of U.S. economic policy have spent much of their lives studying the mistakes that led to the Great Depression. Ben S. Bernanke and Christina D. Romer (White House economic adviser), both leading scholars of the 1930s, think that frugality of stimulation  was a mistake. Another mistake was to reduce lending and government spending before recovery occurred. That may explain why the U.S. is pushing for other countries to follow its lead in expanding government spending. History suggests that calls for more cash from Europe are not well-received because European officials have a different take on what happened then. America remembers the shrinking of the economy while Europeans focus on the German hyperinflation. Last week, world stock markets recovered. Investors detected signs of stabilization. Policy makers in 1937 cut deficits adding two years to the depression.

The “TONE” Has Changed - It Makes a Difference

March 16, 2009

Analysis by: GLG Expert Contributor

Analysis of:A Different Tone From Washington | www.bloomberg.com

Can words and tone of statements make a difference? Washington finally realized that the markets have been looking to it to help restore confidence in the capital markets and the change in tone is helping.

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