14 November 2011

Co-Authors

Justin Schack

Managing Director

Joe Gawronski

President and COO

Rosenblatt Securities Inc.
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Rosenblatt’s Market Structure News Digest

And Mary Lou she found out how to cope, she rides to heaven on a gyroscope, The Daily News asks her for the dope, she says, "Man, the dope's that there's still hope"

—Bruce Springsteen, 1973 (“Does This Bus Stop at 82nd Street?” from the album “Greetings from Asbury Park, NJ”)

Nasdaq Plans European Derivatives Platform

—Financial Times

Nasdaq OMX… is planning to set up a European derivatives trading platform based in London in a bid to compete against Deutsche Börse, NYSE Euronext and the London Stock Exchange…. The move comes as the proposed combination of Deutsche Börse with NYSE Euronext, a bid by the LSE for LCH.Clearnet, the UK clearing house, and a raft of new European market regulations have thrown the exchange landscape into a state of flux.

Our Take: NDAQ’s move here must be interpreted in the larger context of exchange groups scrambling to gain footing as the competitive landscape in European derivatives rapidly shifts. The long-running debate between vertically integrated and horizontally open clearing has taken on new meaning and urgency with the planned DB1/NYX merger and coming changes to EU regulations under EMIR and MiFID II. Although the final form of each of these factors is yet to be determined, with the EU competition commission’s decision on the merger not expected until next month and the legislative wrangling over MiFID II likely to extend well into 2012, companies are...

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