February 21, 2011 Issue Abstract

 

On the Exchanges: Trans-Atlantic Merger Bids Spark New Race to Forge Global Exchange Networks. Rife with nationalistic anxieties and political and regulatory challenges, proposed mergers of the TMX Group and London Stock Exchange; NYSE Euronext and Deutsche Börse; and Singapore Exchange and Australia’s ASX Limited expose the many hurdles facing cross-border exchange mergers in the Age of Globalization.

 

Industry Alert: DTCC Plans Obligation Warehouse, Ex-Clearing Service With Real-Time Tracking. The aim is to automate matching and confirmation of broker-to-broker trades.

 

Editor’s Comment: And the Winner Is? Market forces alone do not always drive change, but the collective egos of men and women in power.

 

The News Network: LSE Migrates Cash Markets to New Trading Platform; Euroclear’s FundSettle Goes Live With Hedge Fund Services.

 

Spotlight: Pershing Sees Opportunity in Reducing Total Ownership Costs for Clients Confronting Global Regulatory Changes. Brian T. Shea, Chief Executive, Pershing LLC, owned by BNY Mellon, says current stresses in the securities services landscape create opportunities for partnerships and innovation.

 

Regulatory Watch: Investor Groups Sound Alarms on Moves to Gut SEC, CFTC. “Underfunding the SEC and CFTC will likely guarantee weak enforcement of securities laws and lax oversight of financial markets,” says Jeff Mahoney, General Counsel, Council of Institutional Investors.

 

European Market Monitor: BATS’s Purchase of Chi-X Europe to Close in Q2 2011. The joining of two innovative market centers will boost competition in pan-European trading in the face of exchange consolidation.

 

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