At the time its use was confined for years to injectionmolded partsAt Big Blue this language is already old5 this year unlike the rest of the countryRemains that the fullscale experiment will startIt is notably expected to directly help some SMEsIt is the despair of the Evanescence commented badly on an intervieweeThe most often attached to hospitals they lack visibilityThe European banking compartment is granted almost 125 billion already released in their favourFor the startup the approach is differentIn the eyes of their opponents, awards embody the temples of capitalism to be slaughtered. At many ways however, these institutions have discovered the joys of competition. Share and across the Atlantic, very liberal laws broke their monopolies. But, newly consolidated, the American champions Nasdaq and New York Stock Exchange (Nyse) suffer impairment losses to their noisy acquisition of OMX and Euronext, two Pan-European operators. In the fall of the activity, it dries out the two breasts of these venerable institutions: Securities and trade volumes.
Listed recently, the main action scholarships can hide their dismay. In a year, their capitalization melted faster than all of the members of their own: 50 for Nasdaq OMX, 67 for Deutsche Börse, 70 for the London Stock Exchange (LSE), preempted by Nyse Euronext, parent company of the Paris stock exchange, which displays a 75 fall in its title.
The industry. The revanchist remarks of the pattern of the Frankfurt Stock Exchange illustrate a posteriori. Proud of the results of his company, Reto Francioni took a perverse pleasure to refer to the "expensive redemptions made by the competitors" on the eve of the disaster. In the first rank of them naturally figure stock market transatlantic Nyse Euronext, born in April 2007. In the last quarter of 2008, the stock group was obliged to cover a record of 1.59 billion dollars in losses to take account of the impairment of intangible assets related to the merger. In the words of the Chief of the grant proposal, we also hear the bitterness of the neglected suitor, after the failure of its discussions to a rapprochement with Euronext.
Another spine, otherwise painful, puts all this beautiful world to equal: the new entrants. On the segment of trade in securities, alternative platforms, such as Bats, Turquoise, Chi - X, are able to offer the same services more quickly and less expensive than their elders. They are the "blue chips", these big companies titles on which concentrate many exchanges. In doing so, they require traditional scholarships to reduce their transaction costs and therefore their margins. Taken in pincer between aggressive competition and the weakness of the markets, historical operators now cut in the workforce.
This news should delight the antimarchés. Yet, they do not condemn scholarships. The financial crisis could even provide the key to a diversification of sources of income. Because the authorities want more regulation. Their favorite targets are credit derivatives, to the origin of the doldrums. These financial products, written as a contract, traded OTC timescale markets, the reverse of the traditional awards, numerous and exacting rules. By proposing to move some of these products by a clearing house, the authorities have caused a unbridled race of operators. Because the clearing houses are one of the essential elements of the chain of the market: to guarantee their proper functioning, in ensuring that stakeholders have adequate counterparties.
In advance, the United States already have two candidates for the compensation of the "credit default swaps" (CDS), these contracts cover against the risk of default by a third party. Both are from specialists in derivatives, trade CME Group and IntercontinentalExchange (ICE) awards. They crossed the Atlantic or are ready to do so to provide their services from London. On the old Continent, the stock groups IFWU: the LSE has recently expressed his possible participation to yet informal counteroffer on CHL.Clearnet, one of the main European clearing houses. It is also active on the market of CDS via Bclear, a service offered since December by Nyse Euronext. Very interested also, Deutsche Börse and its subsidiary of Eurex derivatives. The German stock market group has the advantage of possessing its own clearing house: Eurex Clearing. Ironically, these changes at this time tend to deliver the "integrated model", with scholarships with their own room clearing and settlement. It is precisely those that wanted to eliminate European regulators by liberalising the sector.
Historical scholarship, recent months operational and financial woes have a virtue: that accelerate their moult. The risk to them the spearheads of sanitation as desired by the world authorities.
