All GLG News Analyses Filed Under: Exchanges & Capital Markets

Patrick YoungFounder and ChairmanDerivatives Vision

Deals Look Unlikely But There 's Value In Exchanges...

February 9, 2009

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

The exchange industry is enduring a post bubble malaise but the prospects for investment remain considerable.

Patrick YoungFounder and ChairmanDerivatives Vision

African Exchange Competition Is Emerging Rapidly...

February 9, 2009

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

From a curious amalgam of exchanges which have not made the world sit up and take notice, suddenly Africa is about to be fought over by various new entrants and the only longstanding viable entity, the Johannesburg Stock Exchange

Patrick YoungFounder and ChairmanDerivatives Vision

Lessons in Selling Thanksgiving (or Christmas!) to Turkeys

February 6, 2009

Analysis of:Exchanges are already muscling into the unruly over-the-counter market | www.economist.com

Exchanges are indeed trying to get more access to OTC markets but the markets they can realistically take business in are only likely to be the more commoditised ones...

Patrick YoungFounder and ChairmanDerivatives Vision

Towards A More Pragmatic Fee Regime

February 6, 2009

Analysis of:Hedge fund fees are being squeezed | www.economist.com

Hedge fund fees overall are probably going down although Funds of Funds and less successful funds will be hurt more than most.

Will hedge funds still be around in 5 years time?

February 5, 2009

Analysis by: GLG Expert Contributor

Analysis of:Hedge fund fees are being squeezed | www.economist.com

Hedge fund fees have fallen and are likely to fall further. This will affect the viability of hedge funds. Their still excessive costs together with their lack of transparency and liquidity, operational weaknesses and lack of regulation (currently) are likely to push many investors into UCITS funds. This article argues that UCITS funds are a more suitable investment for most hedge fund investors, and that hedge funds will return to their roots as funds for the ultra-wealthy.

Professional OTC Brokerage business needs to rethink its business model.

February 5, 2009

Analysis by: GLG Expert Contributor

Analysis of:ICAP in Talks on a Potential Bid for LCH.Clearnet | www.bloomberg.com

Demand for the services provided by the professional brokerage community has dropped dramatically. To survive, these brokerages must provide new capabilities, such as clearing.

Patrick YoungFounder and ChairmanDerivatives Vision

CDS Drink At The Last Chance Saloon!

February 4, 2009

Analysis of:EU pushes for more control of risky trades - International Herald Tribune | www.iht.com

Commissioner McCreevy is clearly signalling a get tough policy in the absence of any genuinely credible industry attempt to reform the CDS business.

Exchange Entrance into OTC Markets Provides Checks and Balances

February 3, 2009

Analysis by: GLG Expert Contributor

Analysis of:Exchanges are already muscling into the unruly over-the-counter market | www.economist.com

Over the Counter Derivative Markets exist because they provide access to trading products not listed on Exchanges.  These Markets can serve a good purpose if used for hedging. As we look back at the activity over the past few years, it is obvious that the OTC Market became a vehicle to trade a variety of complex products.  There are two issues to be addressed: why firms traded these unquantifiable assets and why no one anticipated real counterparty risk?

Patrick YoungFounder and ChairmanDerivatives Vision

Is that Open OTC, Closed CCP or Neither?

February 2, 2009

Analysis of:ICAP says part of group mulling LCH.Clearnet offer | www.iht.com

A consortium deal for LCH.Clearnet threatens the DTCC takeover. Moreover, the purchasers have a fascinating ability to reshape current market infrastructure...and it may not be in the way that government/regulators are hoping to see it reshaped!

SHORT SELLING of LEHMAN,AIG,CITIGROUP,BEAR STAERNS; PRICE v.VALUE

January 23, 2009

Analysis by: GLG Expert Contributor

Analysis of:Bank shares gyrate as short-selling ban ends | business.timesonline.co.uk

Short selling seems to get the blame for shares poor performance. How about lousy management? What about highly paid analysts and investment bankers who promote garbage for giant fees? No matter how much stock is sold, a healthy companies' value will be realized over time. Brokerages however get paid way more when they promote a stock and the price goes up healthy or not. Less shares can be used for a deal for instance and more loans can be made as the price rises. Most people know the price but not the value of shares in general. Shorting is a useful hedge against many things. But if shares are promoted to unrealistically high prices amidst overly rosey forecasts and someone is willing to pay that price it is up to that buyer to do their due diligence. Not many companies write sell reports because it is more lucrative to write buy reports. Shorting is riskier in general, but good analysis can pay off both long and short. The game is about due diligence.                                

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