…”Das ist eine interessante Sache in Europa: Es gibt so viel Wettbewerb – warum sind dann alle so abhängig von der Hauptbörse?”, fragt Niki Beattie vom Beratungsunternehmen Market Structure Partners in London. “Einer der Gründe ist, dass der Wettbewerb eben nicht so stark ist wie in den USA.”…

[Translation]…”That’s an interesting thing in Europe: There is so much competition – then why are all so dependent on the principal stock exchange” asks Niki Beattie from consultancy Market Structure Partners in London. “One of the reasons is that the competition just is not as strong as in the US.”…

…“Europe is an interesting one because if there’s so much competition, why is it the case that everyone is so dependent on the primary exchange?” said Niki Beattie, a former head of Europe, Middle East and Africa market structure at Merrill Lynch who now runs consulting firm Market Structure Partners Ltd. in London. “One of the reasons for that is competition hasn’t gotten to the same level as the U.S.”…

…It is doubtful the CFR will be digging into ASX’s cost of capital, considering it has raised capital from ASX shareholders to strengthen the clearing company’s ability to cover counterparty risks and deal with defaults. Nevertheless, there is merit in the arguments put by consultant Market Structure Partners that the ASX do more work on risk calibration to avoid over-collateralisation for market participants…

“…For the moment, the vast majority of instruments migrating to central clearing are IRS, which overall are highly liquid and so relatively easy to value,” says Niki Beattie, managing director of Market Structure Partners, who recently benchmarked Australia’s monopolistic clearing regime against international best practice. “It’s far easier to contemplate failure if the CCP isn’t the pivot for the entire national market…”

But one member of the panel cautioned against trying to replicate the US experience in a European context.

“We’re not the US,” said Niki Beattie, Founder, Managing Director of Market Structure Partners. “We are a very heterogeneous region. It’s very difficult to say that we can fix this with one sweeping solution.”…

…Auctions account for nearly 30 per cent of the LSE’s total daily trading volume and around 23 per cent at both Deutsche Börse and Euronext, according to a report by Market Structure Partners, a capital markets consultancy. Its head, former Merrill Lynch trading executive Niki Beattie, is also chair of Aquis…

However, Australia is one of the most expensive countries in the world when it comes to clearing costs, says capital market expert Niki Beattie, CEO of Market Structure Partners. Market Structure Partners last year published research demonstrating that Australia is the third-most costly market in the world for clearing and settlement.

…And every bank has a different approach to strategic investing, according to Beattie.

She said: “Some banks are incredibly disciplined – they have a strong co-ordination across the whole bank, will be plugged into the investment banking division and will be looking at investments with the same discipline across all asset classes…

However, Australia is one of the most expensive countries in the world when it comes to clearing costs, Niki Beattie, CEO of Market Structure Partners, previously told Global Custodian. Market Structure Partners last year published research demonstrating that Australia is the third-most costly market in the world for clearing and settlement, with Spain and Brazil as the other two most expensive markets.

IRESS is pleased to announce the appointment of Niki Beattie to the IRESS Board.

Ms Beattie has more than twenty years working in financial technology and capital markets in management, board and advisory capacities. This includes 14 years in senior positions at Merrill Lynch International, based in Europe…