All GLG News Analyses Filed Under: Exchanges & Capital Markets

Patrick YoungFounder and ChairmanDerivatives Vision

TMX: Bertrand Departs - another Shock departure of a Successful Manager

March 5, 2009

Analysis of:European Commissioner Charlie McCreevy Welcomes Industry Commitment To EU Central Counterparty For CDS | europa.eu

Luc Bertrand standing down as the head of M-X and deputy at Toronto SE is a shock move given that it was Bertrand's success at M-X that helped rejuvenate the Canadian exchanges in the first place!

Stocks watch Washington Not Wall Street for guidance - Get Band-Aids Not Solutions

March 3, 2009

Analysis by: GLG Expert Contributor

Analysis of:Washington is the new Wall Street | www.bloomberg.com

The equity markets are now trading at levels not seen since 1997 as Washington policy replaces Wall Street as the center of market attention. 

Patrick YoungFounder and ChairmanDerivatives Vision

Chi-X Chief In Shock Departure

February 26, 2009

Analysis of:Financial Times FT.com | www.ft.com

Successful MTF Chi-X has been largely shaped by its CEO Peter Randall. His departure is a remarkable move given his success in making CHi-X a leading ATS not only in Europe but various other jurisdictions too.

Chinese Bond Holders Suffer from Lack of Legal Leverage

February 23, 2009

Analysis by: GLG Expert Contributor

Analysis of:From China, a Bond Buyback Stirs Concerns | online.wsj.com

Asia Aluminum Holdings, a Chinese metals company, has offered to buy back bonds owned by foreign investors at discounts up to 87%, In most developed countries, bond holders have sufficient legal leverage to prevent this type of offer, but Asia and especially China’s murky legal systems deny them this power Many bond holders across Asia could have similar problems.

Patrick YoungFounder and ChairmanDerivatives Vision

Now What About the Structure?

February 19, 2009

Analysis of:European Commissioner Charlie McCreevy Welcomes Industry Commitment To EU Central Counterparty For CDS | europa.eu

The industry looks to have "blinked" under pressure from their governments (or sponsors depending on how one views the situation) amidst a threat of EU legislation.

Patrick YoungFounder and ChairmanDerivatives Vision

Live and Happening All Around Me - A Genuine Panic Exodus

February 18, 2009

Analysis of:Downgrades Loom for Hungary, Poland, Bond Yields Show | www.bloomberg.com

The Market has taken fright of the Eastern European marketplace and all assets, with little regard to their fundamentals, are collapsing... In other words, ladies and gentlemen, it's a genuine triple A panic exodus.

Patrick YoungFounder and ChairmanDerivatives Vision

The Third Way

February 18, 2009

Analysis of:ICE plans European CDS clearer | www.ft.com

The greatest misunderstanding in markets currently is that CDS will suddenly be traded on an open CCP platform.

Trouble Looms for Western European Banks Exposed to Eastern Europe and The Former Soviet Block

February 18, 2009

Analysis by: GLG Expert Contributor

Analysis of:Downgrades Loom for Hungary, Poland, Bond Yields Show | www.bloomberg.com

Increasing yields on East European and Former Soviet Union bonds and their sliding currencies means that the region could experience a crisis similar to the Asian crisis of 1997.  Western European banks, especially in Austria, Germany, Belgium, France and Italy are likely to be hard hit due to their significant exposures to the region. Estimates are that they might have to write off 20% of their exposures, further diminishing the banks' liquidity at a time that they are already so constrained. Western and central European governments already under significant pressure to come up with bank rescue plans are now further pressured as the East rapidly deteriorates. 

Rise of the Shanghai A market and the Real Effect of China's Stimulus Package

February 17, 2009

Analysis by: GLG Expert Contributor

Analysis of:Chinese Investors Bet on Rebound | online.wsj.com

The Chinese legal infrastructure has insured that it stimulus package was redirected to stock market speculation. This will increase the bad loans withing China's financial system and fail to stimulate their economy.

Battle Over Clearing Credit Default Swaps Continues

February 17, 2009

Analysis by: GLG Expert Contributor

Analysis of:ICE plans European CDS clearer | www.ft.com

The Intercontinental Exchange (ICE) continues its efforts to become the first international clearer of credit default swaps. Yet, the European Central Bank's and the European Commission's insistence that a clearing house must be in Europe could thwart ICE's efforts.

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