tag:blogger.com,1999:blog-38099083013268662912024-03-13T05:19:43.912-07:00Blog by DejavuTradingCapital Markets, Derivatives exchange traded products, OTC derivatives, Trading, collateral, Clearing and Custody, Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-3809908301326866291.post-78203486481719019612017-01-03T09:10:00.000-08:002017-01-03T09:10:07.685-08:00<b></b><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Euronext bids €510 million for LCH.Clearnet SA</span></h3>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Euronext has made a formal bid for the French-based clearing house currently part of the LSE. The all cash bid is reliant upon the proposed merger of the LSE and Deutsche Boerse being approved by the authorities.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.thetradenews.com/Trading-Venues/Euronext-makes-%E2%82%AC510-million-bid-for-LCH-Clearnet-SA/">http://www.thetradenews.com/Trading-Venues/Euronext-makes-%E2%82%AC510-million-bid-for-LCH-Clearnet-SA/</a></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-25495390147935889572014-04-03T07:22:00.001-07:002014-04-03T07:22:20.374-07:00<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°3/2014<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 18 March 2014<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE set to launch new
cotton future<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Intercontinental
Exchange will launch a new ‘World Cotton’ futures product in the second half of
2014. The new product will benchmark the global price, not just the US price
and traders believe that this will prevent trade squeezes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/77da6d4a-abba-11e3-aad9-00144feab7de.html?siteedition=intl#axzz2wE5WC93b"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/77da6d4a-abba-11e3-aad9-00144feab7de.html?siteedition=intl#axzz2wE5WC93b</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Fewer companies than expected have obtained LEIs <o:p></o:p></span></h1>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">An unexpectedly
low take-up of LEIs is being blamed on different interpretations by regulators.
ESMA are saying that an LEI is not specifically required on trade reporting
while Britain’s FCA insist that it is a legal requirement. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/LEIs_fail_to_gain_traction.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/LEIs_fail_to_gain_traction.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FTT: Tobin tax on Forex possible according to
EU legal opinion<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">An EU legal opinion of 14<sup>th</sup>
March states that a transaction tax on spot foreign exchange trades “would not
necessarily be incompatible with the free movement of capital” and so brings in
the possibility that such a levy could potentially be introduced in the future.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2014/03/18/us-eu-tax-banking-idUSBREA2H20B20140318"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2014/03/18/us-eu-tax-banking-idUSBREA2H20B20140318</span></a></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
Derivatives Industry<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">2013 saw global futures and options volumes rise by 2.1%<o:p></o:p></span></h1>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">A total of almost 22 billion futures and options contracts were traded
last year. This represented an increase of 2.1% on 2012 but remained well below
the figures for 2010 and 2011.<o:p></o:p></span></div>
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<a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/Global_futures_and_options_volume_up_2_1__in_2013.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/Global_futures_and_options_volume_up_2_1__in_2013.aspx</span></a><span lang="EN-US"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Commodities trading volumes rose by 23% in 2013<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">4.0 billion commodity derivatives were traded last year against 3.24
billion in 2012 thanks to the transfer of OTC trades to exchange traded
products and the growth of trading in mainland China.<o:p></o:p></span></div>
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<a href="http://www.businessweek.com/news/2014-03-10/commodities-trading-jumped-23-percent-last-year-even-as-banks-retreat"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.businessweek.com/news/2014-03-10/commodities-trading-jumped-23-percent-last-year-even-as-banks-retreat</span></a><span lang="EN-US"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">State Street to start trading exchange traded
derivatives as agency broker<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Stricter regulatory capital
requirements have encouraged State Street to offer derivatives trading services
for their clients using the collateral under their management to finance the
trades.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/9839179c-a379-11e3-aa85-00144feab7de.html?siteedition=intl#axzz2vrCzqPEl"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/9839179c-a379-11e3-aa85-00144feab7de.html?siteedition=intl#axzz2vrCzqPEl</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">CME Europe
Limited obtains approval from FCA<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">On
11<sup>th</sup> March the CME Groups new London-based derivatives exchanges
received approval to launch as a recognised Investment Exchange (RIE). It plans
to open on 27<sup>th</sup> April with a suite of FX futures products.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2014-03-11-CME-Group-Receives-Regulatory-Approval-for-Launch-of-its-European-Exchange?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2014-03-11-CME-Group-Receives-Regulatory-Approval-for-Launch-of-its-European-Exchange?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Former LIFFE
CEO sees benefits to greater European competitiveness in derivatives markets<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In a
Financial Times article Daniel Hodson argues that post-MIFiD competition in
derivatives exchanges will lead to reduced costs for users, stating that the
breakup of former national monopolies in equity markets have led to equity
trading costs falling by up to 80% since 2007. <o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE February 3.4
million (-22.7% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex February 5.4 million (-14.3% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe February 3.1
million (+5.3% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME February 14.0
million (+2.1% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/840796/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/840796/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3500&pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3500&pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And finally......<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FOW Trading – Amsterdam<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">We shall be attending the FOW
Amsterdam conference on 25<sup>th</sup> March where the agenda will include
discussions on Exchange competition, Mifid II, and the changing face of the
interest rate derivatives market. Please contact us if you would like to meet
with us either at the event or the following day, Wednesday 26<sup>th</sup>,
when we shall still be in Amsterdam.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fowevents.com/Events.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fowevents.com/Events.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler, 18 March 2014<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°3/2014<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 18 Mars 2014<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE s'apprête à lancer un
future mondial sur le coton <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L'InterContinental Exchange va proposer pour la seconde
moitié de l’année 2014 un nouveau produit à terme : un future mondial sur coton.
Ce produit dérivé aura pour vocation d’établir une référence universelle de
prix, au lieu des prix régionaux actuels.
Nombreux négociateurs estiment dès lors qu’un prix mondial permettrait
d'éviter les</span><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;"> situations de
déséquilibre entre l'offre et la demande appelées également ‘squeeze’ ou ‘</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">corner’.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/77da6d4a-abba-11e3-aad9-00144feab7de.html?siteedition=intl#axzz2wE5WC93b"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/77da6d4a-abba-11e3-aad9-00144feab7de.html?siteedition=intl#axzz2wE5WC93b</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation/fiscalité<o:p></o:p></span></b></div>
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<b><span style="color: #222222; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">EMIR /
déclaration des transactions : Moins de sociétés que
prévu ont obtenu un numéro LEI<o:p></o:p></span></b></div>
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<span style="color: #222222; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Le relatif modeste nombre de LEI octroyés aux
investisseurs pourrait être expliqué par le manque d’uniformité quant à l’interprétation
de la règlementation EMIR par les autorités de tutelle. Ainsi l’autorité européenne des marchés financiers
(ESMA) indique que le LEI n'est pas nécessairement requis pour
la déclaration des transactions de dérivés, alors que l’autorité britannique de
contrôle (FCA) insiste sur le fait qu'il s'agisse en revanche d'une obligation
légale.</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/LEIs_fail_to_gain_traction.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/LEIs_fail_to_gain_traction.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La taxe sur les
transactions financières (TTF) pourrait s’appliquer aux devises<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un avis juridique de l'Union Européenne du 14 mars
dernier affirme qu'une taxe sur les transactions sur devises ne serait pas
incompatible avec la libre circulation des capitaux et envisage ainsi la
possibilité que le projet de taxe sur les transactions financières puisse
s’appliquer également aux produits Forex.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2014/03/18/us-eu-tax-banking-idUSBREA2H20B20140318"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2014/03/18/us-eu-tax-banking-idUSBREA2H20B20140318</span></a></span><o:p></o:p></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des dérivés <o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Les volumes de futures et d'options globales ont augmenté de 2,1% en
2013<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Près de 22 milliards de contrats à terme et de contrats d'options ont
été négociés l'an dernier. Cela représente une augmentation de 2,1% par rapport à 2012, mais reste bien en deçà
des chiffres de 2010 et 2011.<o:p></o:p></span></div>
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<a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/Global_futures_and_options_volume_up_2_1__in_2013.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/Global_futures_and_options_volume_up_2_1__in_2013.aspx</span></a></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Produits commodities :
hausse de 23% du volume en 2013 <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Quatre milliards de dérivés de matières premières ont été négociés
l'année dernière contre 3,24 milliards en 2012 grâce au transfert des
transactions de gré à gré (OTC) vers les produits listés et à la croissance du trading
des commodities en Chine continentale.<o:p></o:p></span></div>
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<a href="http://www.businessweek.com/news/2014-03-10/commodities-trading-jumped-23-percent-last-year-even-as-banks-retreat"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">http://www.businessweek.com/news/2014-03-10/commodities-trading-jumped-23-percent-last-year-even-as-banks-retreat</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">State Street va proposer
un service de ‘Collateral management’ sur les produits dérivés listés<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les exigences réglementaires renforcées de fonds propres ont encouragé
State Street à offrir des services de négociation de produits dérivés à leurs
clients en utilisant le collatéral de leurs clients pour financer leurs opérations.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/9839179c-a379-11e3-aa85-00144feab7de.html?siteedition=intl#axzz2vrCzqPEl"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/9839179c-a379-11e3-aa85-00144feab7de.html?siteedition=intl#axzz2vrCzqPEl</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif;">CME Europe Limited obtient le feu vert de l’autorité britannique de
contrôle des marchés financiers
(FCA) <o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Le 11 mars
dernier, la nouvelle entité CME Europe Limited basée à Londres et appartenant
au groupe américain CME a reçu l'approbation du FCA pour lancer un nouveau
marché. CME Europe Limited prévoit d'ouvrir le 27 avril prochain et de proposer
en autres une gamme de produits à terme sur devises.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2014-03-11-CME-Group-Receives-Regulatory-Approval-for-Launch-of-its-European-Exchange?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2014-03-11-CME-Group-Receives-Regulatory-Approval-for-Launch-of-its-European-Exchange?pagetemplate=article</span></a></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un ancien dirigeant du
marché LIFFE évoque les avantages d’une plus grande concurrence européenne sur
les marchés dérivés<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Dans un article du Financial Times, Daniel
Hodson fait valoir que la concurrence post directive MIF dans les marchés de
produits dérivés devrait conduire à une réduction des coûts pour les
utilisateurs. Il se base notamment sur l'éclatement des anciens monopoles
nationaux de marchés d'actions qui a déjà entraîné des baisses de coûts de
négociation de près de 80% depuis 2007.<o:p></o:p></span></div>
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moyens quotidiens par marchés (produits dérivés)</span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE février 2014 3.4 millions (-22.7% par rapport à février 2013)<o:p></o:p></span></div>
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millions (+5.3% par rapport à
février 2013)<o:p></o:p></span></div>
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millions (+2.1% par rapport à février 2013)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/840796/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/840796/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-February-Daily-Volumes/default.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-February-Daily-Volumes/default.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin......<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Conférence
sur les futures et options ‘FOW Trading’ – Amsterdam 25 mars 2014<o:p></o:p></span></b></div>
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sera présent à la conférence FOW à Amsterdam le 25 mars prochain. L'ordre du jour
comprendra en autres des discussions sur la concurrence entre marchés financiers,
la directive MIF II et l'évolution des marchés de produits dérivés de taux
d'intérêt. Si vous êtes à Amsterdam et si vous souhaitez nous rencontrer, n’hésitez pas à nous contacter.<o:p></o:p></span></div>
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Simon Butler, 18 mars 2014<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">to contact us:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Haussmann </span><span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" title="Linked in DejavuTrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><v:shape href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" id="Picture_x0020_5" o:button="t" o:spid="_x0000_i1026" style="height: 22.5pt; mso-wrap-style: square; visibility: visible; width: 22.5pt;" title="Linked in DejavuTrading" type="#_x0000_t75">
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-38839490009598343082014-04-03T07:17:00.002-07:002014-04-03T07:17:30.572-07:00<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°2/2014<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 24 February 2014<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Euro-OAT futures volumes
increased 170% in 2013<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trading of the long
term French government bond futures on Eurex went from 4.8 million contracts in
2012 to 9.3 million in 2013. There was also significant growth in trading of
Italian bond futures on the same exchange.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/780016/eurex-fixed-income-highlights-in-q4-2013/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/780016/eurex-fixed-income-highlights-in-q4-2013/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Abnormal plunge in DAX futures</span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex temporarily halted trading
on the DAX future on 6<sup>th</sup> February after the March contract fell 2%
in less than a minute. No trades were voided by the exchange despite requests
by some members.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2014/02/06/dax-stoppage-idUSL5N0LB3I520140206"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2014/02/06/dax-stoppage-idUSL5N0LB3I520140206</span></a></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex provides insight in to 2%
plunge on DAX futures<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex released their market data
on the unusual market move on 6<sup>th</sup> February which appeared to show
that the dramatic drop was not due to a ‘fat finger’ error<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e138c400-9993-11e3-91cd-00144feab7de.html?siteedition=intl#axzz2tshmRBt4"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e138c400-9993-11e3-91cd-00144feab7de.html?siteedition=intl#axzz2tshmRBt4</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Plans to separate
trading from other banking activities in EU moves a small step closer<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The EU has announced
outline plans to prevent banks trading with their own capital but has met
strong resistance from France. Any change to the current rules would not be
implemented until 2017 at the earliest.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://europa.eu/rapid/press-release_IP-14-85_en.htm"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://europa.eu/rapid/press-release_IP-14-85_en.htm</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/3cb5bd5c-8903-11e3-bb5f-00144feab7de.html#axzz2uL5NfTeg"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/3cb5bd5c-8903-11e3-bb5f-00144feab7de.html#axzz2uL5NfTeg</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Financial Transaction
Tax (FTT)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">What has been the cost
of the FTT to European markets to date?<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">DerivSource reports on
the impact that the Financial Transaction Tax has had on the markets so far
even though a consolidated approach is still in the discussion stage.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/ftt-what-has-been-cost-financial-markets-europe-so-far-0"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/ftt-what-has-been-cost-financial-markets-europe-so-far-0</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Introducing a Financial Transaction Tax could
cost savers €300 billion<o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A report from London Economics estimates that
the proposed 0.1% tax on equity trades and 0.01% on derivative transactions
could hit savers, particularly in Germany and Italy. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="http://londoneconomics.co.uk/publication/effects-financial-transaction-tax-european-households-savings/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://londoneconomics.co.uk/publication/effects-financial-transaction-tax-european-households-savings/</span></a></span><span lang="EN-GB" style="color: #365f91; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EMIR and reporting of derivatives transactions
<o:p></o:p></span></b></div>
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<br /></div>
<h1 style="background: white; margin-top: 0cm; vertical-align: baseline;">
<i><span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">The European
Commission has been asked to provide a common definition of ‘derivatives’<o:p></o:p></span></i></h1>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">The European
Securities and Market Authority (ESMA) has written to the European Commission
asking for a single Europe-wide definition of a derivative or derivative
contract as difficulties have arisen particularly with FX and commodity
forwards.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/ESMA_calls_on_Commission_to_clarify_derivatives_definition.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/ESMA_calls_on_Commission_to_clarify_derivatives_definition.aspx</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<h1 style="background: white; margin-top: 0cm; vertical-align: baseline;">
<i><span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Trade reporting under EMIR
comes into effect<o:p></o:p></span></i></h1>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; vertical-align: baseline;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">ESMA were still releasing additional guidance on
Trade Reporting requirements on 11<sup>th</sup> February, the day before the
regulations came into effect. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; vertical-align: baseline;">
<a href="http://www.thetradenews.com/News/Operations___Technology/Pre___post_trade_reporting/EMIR_reporting_inconsistent,_but_no__horror_stories_.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/News/Operations___Technology/Pre___post_trade_reporting/EMIR_reporting_inconsistent,_but_no__horror_stories_.aspx</span></a><span lang="EN-US" style="color: #333333; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
Derivatives Industry<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">Has
volatility finally returned to the markets?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">US
derivatives markets saw volumes increase dramatically in January on the back of
increased volatility in interest rates and equities caused by the tapering of
QE and problems in some emerging economies. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3306164/New-Years-revelations-for-derivatives-market.html?goback=%2Egde_1938779_member_5837151274516123649"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3306164/New-Years-revelations-for-derivatives-market.html?goback=%2Egde_1938779_member_5837151274516123649</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE January 3.3 million (-31.2% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex January 5.5
million (-6.8% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe January 3.6 million (+15.5% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME January 12.9
million (+13.1% y.o.y.)<o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/806392/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/806392/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-January-2014-Volumes/default.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-January-2014-Volumes/default.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2014-02-04-CME-Group-Volume-Averaged-12-9-Million-Contracts-per-Day-in-January-2014-Up-13-Percent-from-January-2013?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2014-02-04-CME-Group-Volume-Averaged-12-9-Million-Contracts-per-Day-in-January-2014-Up-13-Percent-from-January-2013?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally......<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Do women make better hedge fund managers?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://dealbook.nytimes.com/2014/01/15/want-better-hedge-fund-returns-try-one-led-by-a-woman/?goback=%2Egde_54042_member_5833249661221105667#%21"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://dealbook.nytimes.com/2014/01/15/want-better-hedge-fund-returns-try-one-led-by-a-woman/?goback=%2Egde_54042_member_5833249661221105667#%21</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler, 24 February 2014<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°2/2014<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 24 février 2014<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 14.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Future Euro-OAT :
volumes en augmentation de 170% en 2013 <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le nombre de futures sur l’obligation à long terme de l’Etat
français est passé de 4,8 millions de contrats en 2012 à 9,3 millions en 2013. Le
marché allemand Eurex a également enregistré une croissance significative dans
la négociation des futures sur l’obligation de l’Etat italien.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/780016/eurex-fixed-income-highlights-in-q4-2013/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/780016/eurex-fixed-income-highlights-in-q4-2013/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Flash Krach
sur le future DAX <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 6 février dernier, Eurex a interrompu
temporairement la négociation du future DAX après que le contrat à échéance mars
2014 ait perdu environ 2% en moins d'une minute. Malgré les demandes de
plusieurs intervenants, aucune transaction n’a été annulée par l’opérateur
allemand.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2014/02/06/dax-stoppage-idUSL5N0LB3I520140206"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2014/02/06/dax-stoppage-idUSL5N0LB3I520140206</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex :
Nouvelles données relatives au plongeon de 2% du future DAX <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les données publiées par Eurex sur l’incident
du 6 février dernier semblent indiquer que la chute spectaculaire du contrat
n'était pas due à une erreur de frappe humaine, bévue également connue sous le
terme de «fat finger».<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e138c400-9993-11e3-91cd-00144feab7de.html?siteedition=intl#axzz2tshmRBt4"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e138c400-9993-11e3-91cd-00144feab7de.html?siteedition=intl#axzz2tshmRBt4</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation/fiscalité
<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réforme bancaire
européenne: avancées sur le projet de séparation du trading des autres
activités bancaires <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La Commission Européenne a présenté son projet de réglementation
bancaire destiné entre autres à empêcher les banques de négocier pour leur
compte propre, proposition qui rencontre
toutefois une forte résistance notamment de la France. Une réforme ne serait
pas mise en œuvre avant 2017 au plus tôt.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://europa.eu/rapid/press-release_IP-14-85_en.htm"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://europa.eu/rapid/press-release_IP-14-85_en.htm</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://fr.reuters.com/article/frEuroRpt/idFRL5N0L12IQ20140127"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://fr.reuters.com/article/frEuroRpt/idFRL5N0L12IQ20140127</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en français)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/fiche-actualite-eclairages/la-separation-bancaire-un-dossier-emblematique-247.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/fiche-actualite-eclairages/la-separation-bancaire-un-dossier-emblematique-247.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (dossier en
français)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Taxe sur les transactions
financières (TTF)<o:p></o:p></span></b></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Quel coût pour les marchés européens? <o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">DerivSource présente un rapport sur l'impact de la TTF
pour les marchés financiers.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/ftt-what-has-been-cost-financial-markets-europe-so-far-0"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/ftt-what-has-been-cost-financial-markets-europe-so-far-0</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L'introduction d'une taxe européenne sur les transactions
financières pourrait coûter 300 milliards d’euros aux épargnants.<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un rapport de London Economics estime que le projet de
taxe européenne de 0,1% sur les opérations sur titres et de 0,01% sur les
transactions de produits dérivés pourrait impacter considérablement les
épargnants, en particulier en Allemagne et en Italie.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://londoneconomics.co.uk/publication/effects-financial-transaction-tax-european-households-savings/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://londoneconomics.co.uk/publication/effects-financial-transaction-tax-european-households-savings/</span></a></span><span style="color: #365f91; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EMIR et
l’obligation de déclaration des transactions de dérivés <o:p></o:p></span></b></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">La Commission Européenne est appelée à
donner une définition commune de «produits dérivés» <o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Au regard des difficultés survenues notamment avec certains produits FX
et matières premières, l’Autorité Européenne des Marchés Financiers (ESMA) a
contacté la Commission européenne, lui demandant
une définition européenne unique de la notion de dérivé ou contrat dérivé.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/ESMA_calls_on_Commission_to_clarify_derivatives_definition.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/ESMA_calls_on_Commission_to_clarify_derivatives_definition.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<i><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Clarifications
de dernière minute<o:p></o:p></span></i></h1>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Le 11 février dernier, l’Autorité Européenne des Marchés Financiers
(ESMA) publiait des explications
additionnelles relatives à la déclaration des transactions de dérivés, soit la
veille de l’entrée en vigueur de cette obligation de déclaration.<o:p></o:p></span></div>
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<a href="http://www.thetradenews.com/News/Operations___Technology/Pre___post_trade_reporting/EMIR_reporting_inconsistent,_but_no__horror_stories_.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/News/Operations___Technology/Pre___post_trade_reporting/EMIR_reporting_inconsistent,_but_no__horror_stories_.aspx</span></a></div>
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<a href="http://www.esma.europa.eu/system/files/2014-164_qa_vi_on_emir_implementation_-_11_february_14.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.esma.europa.eu/system/files/2014-164_qa_vi_on_emir_implementation_-_11_february_14.pdf</span></a><span style="color: #333333; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> (texte de l’ESMA)<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des dérivés <o:p></o:p></span></b></div>
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<b><span style="font-family: Calibri, sans-serif;">La volatilité de retour sur les marchés? <o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Les marchés
dérivés américains ont vu leurs volumes augmenter de façon spectaculaire en
janvier dernier notamment en raison d’une volatilité accrue sur les taux
d'intérêt et les actions. Le resserrement de la politique américaine d’assouplissement
quantitatif (Quantitative easing) et les
problèmes rencontrés par certains pays émergents explique entre autres le
retour de la volatilité.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3306164/New-Years-revelations-for-derivatives-market.html?goback=%2Egde_1938779_member_5837151274516123649"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3306164/New-Years-revelations-for-derivatives-market.html?goback=%2Egde_1938779_member_5837151274516123649</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes
moyens quotidiens par marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE Janvier 2014 3.3 millions (-31.2%
par rapport à janvier 2013)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex Janvier 2014 5.5
millions (-6.8% par rapport à
janvier 2013)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe Janvier 2014 3.6 millions (+15.5%
par rapport à janvier 2013)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME Janvier 2014 12.9 millions (+13.1%
par rapport à janvier 2013)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/806392/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/806392/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-January-2014-Volumes/default.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-January-2014-Volumes/default.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2014-02-04-CME-Group-Volume-Averaged-12-9-Million-Contracts-per-Day-in-January-2014-Up-13-Percent-from-January-2013?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2014-02-04-CME-Group-Volume-Averaged-12-9-Million-Contracts-per-Day-in-January-2014-Up-13-Percent-from-January-2013?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin......<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Les
femmes sont elles de meilleures gérantes de fonds?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://dealbook.nytimes.com/2014/01/15/want-better-hedge-fund-returns-try-one-led-by-a-woman/?goback=%2Egde_54042_member_5833249661221105667#%21"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://dealbook.nytimes.com/2014/01/15/want-better-hedge-fund-returns-try-one-led-by-a-woman/?goback=%2Egde_54042_member_5833249661221105667#%21</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Aline Régnier et
Simon Butler, 24 février 2014<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">to contact us<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd
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Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-50101780927926040692014-03-03T08:10:00.001-08:002014-03-03T08:10:28.152-08:00Dark pool trading, what future for the futures industry?, increase of fees at CME - Read our latest January 2014 DejavuTrading Newsletter<div align="center" class="MsoNormal" style="background: navy; text-align: center;">
<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°1/2014<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 22 January 2014<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">US T-bond price spike
on CME<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Shortly after 2:30 am
Chicago on 23<sup>rd</sup> December time the price of the March 30 Year
Treasury Bond futures traded on the CME jumped from 130.15 to 135.23 and back
to 131.10 in approximately one minute before falling back to 130.10 over the
following 20 minutes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/12/23/cme-bonds-idUSL2N0K20L520131223"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/12/23/cme-bonds-idUSL2N0K20L520131223</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.zerohedge.com/news/2013-12-23/fat-finger-sends-long-bond-futures-soaring-overnight-trade"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.zerohedge.com/news/2013-12-23/fat-finger-sends-long-bond-futures-soaring-overnight-trade</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trade
reporting<o:p></o:p></span></b></div>
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<b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Start of EMIR trade reporting implementation
approaching fast<o:p></o:p></span></i></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The requirement to
report all derivatives transactions will come into effect on 12<sup>th</sup>
February as stipulated by European Market Infrastructure Regulation (EMIR).<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/87ff37ec-790f-11e3-91ac-00144feabdc0.html?siteedition=intl#axzz2qx0YDkSc"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/87ff37ec-790f-11e3-91ac-00144feabdc0.html?siteedition=intl#axzz2qx0YDkSc</span></a></span><b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Chaos surrounds the introduction of EMIR<o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">There is a sense of panic around
the requirement to report derivatives transactions from 12<sup>th</sup>
February. Trading system suppliers are just one group complaining stating that
they are having to devote nearly all of their resources to regulatory issues
rather than developing their systems.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bankingtech.com/195042/derivatives-reform-chaos-stupid-and-self-inflicted/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bankingtech.com/195042/derivatives-reform-chaos-stupid-and-self-inflicted/</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">MiFID II<o:p></o:p></span></b></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Political agreement reached on MiFID II<o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Now that the politicians have
managed to agree on the rules relating to reducing speculation on commodities,
high frequency trading and increasing competition in derivatives markets the
details have to be addressed.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/21ae2a32-7eb6-11e3-8642-00144feabdc0.html#axzz2qx0YDkSc"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/21ae2a32-7eb6-11e3-8642-00144feabdc0.html#axzz2qx0YDkSc</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Trading___Execution/Industry_issues/Industry_hails_last-ditch_MiFID_II_agreement_but_uncertainties_remain.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Trading___Execution/Industry_issues/Industry_hails_last-ditch_MiFID_II_agreement_but_uncertainties_remain.aspx</span></a></span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">The changing
face of European equity derivatives<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">FOW
report on how the European markets for equity options and single stock futures
are changing from being dominated by the local exchanges.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3290538/The-changing-landscape-of-Europes-equity-derivatives-market.html?goback=%2Egde_1938779_member_5818711541813383171#%21"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3290538/The-changing-landscape-of-Europes-equity-derivatives-market.html?goback=%2Egde_1938779_member_5818711541813383171#%21</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Established exchanges buying stakes in
developing markets</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The CME, Eurex and Nasdaq OMX
have all taken stakes in existing derivatives exchanges in developing areas in
what is seen as a cost-effective way of breaking in to these regions.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3294303/Derivatives-exchanges-raise-the-stakes.html?eventcookielogin=Login&cookielogin=1&actionname=cookielogin&eid=E017&goback=%2Egde_1938779_member_5826272324118151168#%21"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3294303/Derivatives-exchanges-raise-the-stakes.html?eventcookielogin=Login&cookielogin=1&actionname=cookielogin&eid=E017&goback=%2Egde_1938779_member_5826272324118151168#%21</span></a></span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchange volumes held up well in 2013 despite
falls in equity derivatives. <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">There was generally positive news
for derivatives exchanges in 2013 with significant growth in interest rate
futures and options offsetting drops in equity products. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/Exchange_figures_show_tough_environment_for_equity_derivatives.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/Exchange_figures_show_tough_environment_for_equity_derivatives.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges
and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE confirms trading days
for 2014<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The London market will, as usual,
be open every weekday in 2014 except for New Year’s Day, two days at Easter and
two days at Christmas.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3770.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3770.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME predicts continuation of
slower growth in BRICs<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Growth in the BRICs economies
fell from 8.2% p.a. in 2010 to 5.5% p.a. in 2013 and this rate is predicted to
continue to decrease. This CME report looks at the structural growth these
countries are facing.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cmegroup.com/education/files/decelerating-brics-face-structural-challenges.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.cmegroup.com/education/files/decelerating-brics-face-structural-challenges.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE to buy Singapore Mercantile
Exchange<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The IntercontinentalExchange
Group has agreed to buy the Singapore mercantile Exchange , including the SMX
Clearing Corporation.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2013/IntercontinentalExchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2013/IntercontinentalExchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
<br />
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE December 3.1
million (-11.3% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex December 6.2
million (+12.7% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe December 2.8
million (+9.9% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME December 10.9
million (+12.7% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyse.com/financials/1143717022567.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.nyse.com/financials/1143717022567.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/765426/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/765426/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-Record-Futures-Volume-in-2013-December-ADV-up-16/default.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-Record-Futures-Volume-in-2013-December-ADV-up-16/default.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3482&pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3482&pagetemplate=article</span></a></span><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally......<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">The FED celebrates its centenary<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/finance-and-economics/21591857-americas-central-bank-has-become-ever-more-powerful-over-past-century-age-shall"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/news/finance-and-economics/21591857-americas-central-bank-has-become-ever-more-powerful-over-past-century-age-shall</span></a></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">ABN Amro chairman gives corporate speech in drag.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-25776474"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-25776474</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°1/2014<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 22 Janvier 2014<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 14.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">‘Krach à la hausse’ sur le
T-Bond <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 23 décembre dernier, peu après 02h30 heure locale à
Chicago, le prix de l’obligation du
Trésor américain 30 ans (T-Bond), négociée sur le Chicago Mercantile Exchange (CME)
a bondi pendant environ une minute de 130,15 à 135,23 pour revenir à 131,10 avant
de retomber à 130,10 au cours des 20 minutes suivantes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/12/23/cme-bonds-idUSL2N0K20L520131223"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/12/23/cme-bonds-idUSL2N0K20L520131223</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.futuresmag.com/2013/12/23/t-bonds-experience-overnight-spike"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.futuresmag.com/2013/12/23/t-bonds-experience-overnight-spike</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation/fiscalité
<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EMIR : Déclaration
des transactions de dérivés<o:p></o:p></span></b></div>
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<br /></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le reporting des
trades dérivés approche à grands pas.<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L'obligation pour toutes les contreparties de déclarer
toutes les transactions de produits dérivés (de gré à gré ou OTC ainsi que les
produits dérivés listés) à un référentiel central (Trade Repository ou TR)
entrera en vigueur le 12 février prochain tel que stipulé par le Règlement sur
les produits dérivés de gré à gré, les contreparties centrales et les
référentiels centraux dit Règlement
européen sur l'infrastructure de marché (EMIR).<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La réglementation:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.amf-france.org/Acteurs-et-produits/Produits-derives/Presentation.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.amf-france.org/Acteurs-et-produits/Produits-derives/Presentation.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (FR)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Commentaires :<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/breve/les-entreprises-devront-declarer-leurs-transactio"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/breve/les-entreprises-devront-declarer-leurs-transactio</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (FR)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/les-societes-se-rapprochent-de-l-echeance-emir-1293634.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/les-societes-se-rapprochent-de-l-echeance-emir-1293634.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (FR)<o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pagaille autour de la mise en place de l’obligation de déclaration <o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un sentiment notable de panique entoure
l'obligation de déclarer les transactions de produits dérivés. Parmi les
critiques, les fournisseurs de systèmes de négociation révèlent qu'ils sont
désormais contraints de consacrer la quasi-totalité de leurs ressources à des
questions de réglementation plutôt qu’au développement de leurs systèmes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bankingtech.com/195042/derivatives-reform-chaos-stupid-and-self-inflicted/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bankingtech.com/195042/derivatives-reform-chaos-stupid-and-self-inflicted/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">MIF/MiFID II :
Accord politique<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La </span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Conseil
et le Parlement européen ont finalement trouvé un accord sur le projet de
révision de la directive </span><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Verdana, sans-serif; font-size: 9pt;">sur les marchés
d’instruments financiers (</span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">MIF<span class="apple-converted-space"> ou MiFID en anglais). Cette révision porte </span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">notamment sur les règles relatives à la
réduction de la spéculation sur les matières premières, le trading haute
fréquence et une concurrence et transparence accrue sur les marchés de produits
dérivés. Reste désormais à établir les conditions d’application appelées également ‘standards techniques’ et établies
par l’Autorité européenne des marchés financiers (ESMA)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/fiche-actualite-eclairages/le-projet-mif-2-tire-les-lecons-de-la-directive-mif-119.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/fiche-actualite-eclairages/le-projet-mif-2-tire-les-lecons-de-la-directive-mif-119.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (FR)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.optionfinance.fr/asset-management/actualites/zapping/detail/leurope-trouve-un-compromis-sur-mif-2.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.optionfinance.fr/asset-management/actualites/zapping/detail/leurope-trouve-un-compromis-sur-mif-2.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(FR)<o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des dérivés <o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: Calibri, sans-serif;">Les marchés européens de dérivés d'actions en plein
mutation<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Le magazine
FOW (Future and Options World) apporte un éclairage sur l’évolution des marchés
européens d’options et futures sur equities. Traditionnellement dominés
par les marchés locaux, ils sont désormais soumis à une concurrence
mondialisée.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3290538/The-changing-landscape-of-Europes-equity-derivatives-market.html?goback=%2Egde_1938779_member_5818711541813383171#%21"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3290538/The-changing-landscape-of-Europes-equity-derivatives-market.html?goback=%2Egde_1938779_member_5818711541813383171#%21</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les places boursières
traditionnelles investissent dans les marchés émergeants <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le CME, Eurex et Nasdaq OMX ont tous pris des
participations dans les opérateurs boursiers sur produits dérivés des pays
émergeants.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3294303/Derivatives-exchanges-raise-the-stakes.html?eventcookielogin=Login&cookielogin=1&actionname=cookielogin&eid=E017&goback=%2Egde_1938779_member_5826272324118151168#%21"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3294303/Derivatives-exchanges-raise-the-stakes.html?eventcookielogin=Login&cookielogin=1&actionname=cookielogin&eid=E017&goback=%2Egde_1938779_member_5826272324118151168#%21</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les volumes
négociés sur les dérivés ont été relativement stables en 2013 malgré la baisse
significative des transactions sur les dérivés actions. <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Bilan somme toute positif pour les produits
dérivés en 2013 puisque l’augmentation des transactions sur futures et options
de taux compense la baisse des volumes négociés sur les produits dérivés actions.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/Exchange_figures_show_tough_environment_for_equity_derivatives.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/Exchange_figures_show_tough_environment_for_equity_derivatives.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (EN)<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés et
chambres de compensation<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE
confirme son agenda pour 2014 <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les marchés dérivés européens du groupe NYSE
(Paris, Amsterdam, Lisbonne et Londres), ouvriront comme à leur habitude, tous
les jours en 2014, à l’exception du Jour de l'An, du 1<sup>er</sup> mai (sauf
Londres), de deux jours à Pâques et de deux jours à Noël.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3770.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3770.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME prévoit
la poursuite d’une croissance plus mesurée dans les BRICs <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La croissance dans les économies BRICs
(Brésil, Russie, Inde, Chine) est passée de 8,2% en 2010 à 5,5% en 2013 et
devrait continuer à diminuer. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cmegroup.com/education/files/decelerating-brics-face-structural-challenges.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.cmegroup.com/education/files/decelerating-brics-face-structural-challenges.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE acquiert
le Singapour Mercantile Exchange <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le Groupe IntercontinentalExchange s’est
rendu acquéreur de l’opérateur Singapour
Mercantile Exchange, y compris la société de compensation SMX.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2013/IntercontinentalExchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2013/IntercontinentalExchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes
moyens quotidiens par marchés (produits dérivés)<o:p></o:p></span></b></div>
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<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE décembre
2013 3.1
millions (-11.3% </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">par rapport à décembre
2012)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex décembre
2013 6.2
millions (+12.7% </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">par rapport à décembre
2012)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe décembre
2013 2.8
millions (+9.9% </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">par rapport à décembre
2012)<o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME décembre
2013 10.9
millions (+12.7% </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">par rapport à décembre 2012)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyse.com/financials/1143717022567.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.nyse.com/financials/1143717022567.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/765426/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/765426/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-Record-Futures-Volume-in-2013-December-ADV-up-16/default.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/ICE-Reports-Record-Futures-Volume-in-2013-December-ADV-up-16/default.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3482&pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3482&pagetemplate=article</span></a></span><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin......<o:p></o:p></span></b></div>
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<b><span style="font-family: Calibri, sans-serif;">La FED célèbre son centenaire<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/finance-and-economics/21591857-americas-central-bank-has-become-ever-more-powerful-over-past-century-age-shall"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/news/finance-and-economics/21591857-americas-central-bank-has-become-ever-more-powerful-over-past-century-age-shall</span></a></span><o:p></o:p></div>
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à imiter les prostituées<o:p></o:p></span></b></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-53195837682038032932013-11-18T02:27:00.005-08:002013-11-18T02:34:23.019-08:00Dark pool trading, what future for the futures industry, increase of fees at CME - DejavuTrading November Newsletter<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°11/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 15 November 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE to
introduce Ultra Long Gilt Futures contract<o:p></o:p></span></h2>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A 30 year
gilt future will be made available for trading on 25<sup>th</sup> November,
2013. It will be based on notional gilt with a 4% coupon and will have a
minimum price movement of 0.02 (£20.00)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3756.pdf"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3756.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">CME
raises its fees</span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
<div style="line-height: 115%; margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The CME has increased its fees on certain Treasury and energy
futures. This has raised concerns about
the dominance of the Chicago exchange where, according to the latest figures, 84%
of US futures are traded. </span><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="http://www.ft.com/cms/s/0/0b7d07e4-4be2-11e3-8203-00144feabdc0.html#ixzz2kXLGWXSN"><span lang="EN-US" style="color: #003399; font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/cms/s/0/0b7d07e4-4be2-11e3-8203-00144feabdc0.html#ixzz2kXLGWXSN</span></a><span lang="EN-US" style="background-color: yellow; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 115%;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">Tentative agreement on the regulation of high-speed trading
reached by EU members</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="line-height: 16.5pt; margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">Broad agreement has been reached by
the various EU entities on HFT regulation and has been passed on the technical
group. Agreement has been reached on a number of aspects including tick-size
harmonisation</span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"> and algo testing<o:p></o:p></span></div>
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<a href="http://www.ft.com/intl/cms/s/0/810ce436-3b28-11e3-87fa-00144feab7de.html?siteedition=intl#axzz2kX9u3KKv"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/810ce436-3b28-11e3-87fa-00144feab7de.html?siteedition=intl#axzz2kX9u3KKv</span></a><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">A report commissioned by the ECB concludes that high
frequency trading ‘aids efficiency’</span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
<div style="line-height: 16.5pt; margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">A working paper by three American
academics states that high speed traders improve price setting and reduces
short term market volatility. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/cms/s/0/82f5d7fe-4554-11e3-b98b-00144feabdc0.html#ixzz2kXJHJJXZ"><span style="color: #003399; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/cms/s/0/82f5d7fe-4554-11e3-b98b-00144feabdc0.html#ixzz2kXJHJJXZ</span></a></span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Slow progress in the
implementation of EMIR<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Futures & Options World reports
on the delays being encountered in introducing the European regulations.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3276795/Europe-faces-jigsaw-of-regulation-as-Emir-stutters.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3276795/Europe-faces-jigsaw-of-regulation-as-Emir-stutters.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Alternative venues increase share of dark
pool trading</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="line-height: 16.5pt; margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">The share of dark pool trading
taking place on multilateral trading facilities such as Bats Chi-X, Goldman
Sachs Sigma X, UBS MTF, Turquoise and Instinet has increased by more than 50%
over the last year.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/5697aa9a-4bb5-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/5697aa9a-4bb5-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv</span></a></span><b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
Derivatives Industry<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">SocGen to become sole owner of Newedge<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">It has been reported that Société
Générale and Credit Agricole are close to agreeing a deal whereby Soc Gen will
take full control of Newedge in exchange for part of their stake in the asset
manager Amundi Group.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-11-05/socgen-said-to-increase-stake-in-newedge-in-swap-with-agricole.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-11-05/socgen-said-to-increase-stake-in-newedge-in-swap-with-agricole.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Is the futures industry over?<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Is the combination of increased
regulation, additional capital requirements and the lack of trading
opportunities due to extraordinary interest rates killing the futures industry?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.johnlothiannews.com/2013/11/dinner-conversation/#.UoM-3_mA-TW"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.johnlothiannews.com/2013/11/dinner-conversation/#.UoM-3_mA-TW</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges
and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Maintaining floor trading costs
CME $30 million per year<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In a court case brought against
the Chicago exchange by floor traders protesting against the introduction of
electronic trades being included in the settlement price calculation, the CME’s
COO testified that they spend $30 million a year to maintain open outcry
trading. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-11-06/cme-spends-30-million-a-year-on-open-outcry-trading.html?goback=%2Egde_74176_member_5795176478656208896#%21"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-11-06/cme-spends-30-million-a-year-on-open-outcry-trading.html?goback=%2Egde_74176_member_5795176478656208896#%21</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE’s takeover of NYSE.Euronext
completed<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The takeover of NYSE.LIFFE by the
Intercontinental Exchange, originally announced in December 2012, was formally
completed on 13<sup>th</sup> November.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/11/12/us-ice-nyse-sprecher-idUSBRE9AB16V20131112"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/11/12/us-ice-nyse-sprecher-idUSBRE9AB16V20131112</span></a></span><span lang="EN-GB" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 166;"> <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e801e508-4bca-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e801e508-4bca-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/1b2c1e94-4b12-11e3-ac3d-00144feabdc0.html#axzz2kX9u3KKv"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/1b2c1e94-4b12-11e3-ac3d-00144feabdc0.html#axzz2kX9u3KKv</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE October 2.9
million (-6.5% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex October 5.1 million (-3.8% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe October 3.0
million (+2.5% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME October 11.1 million (+12.3%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/688244/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/688244/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=804001"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=804001</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-11-04-CME-Group-Volume-Averaged-11-1-Million-Contracts-per-Day-in-October-2013-Up-12-Percent-from-October-2012?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-11-04-CME-Group-Volume-Averaged-11-1-Million-Contracts-per-Day-in-October-2013-Up-12-Percent-from-October-2012?pagetemplate=article</span></a></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally......<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">Your personality will influence how much money you make<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #333333; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Not surprisingly you are more likely to
earn more if you are self-motivated and driven.</span><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;"><br />
</span><span lang="EN-GB"><a href="http://newsfeed.time.com/2013/11/06/this-is-how-much-money-youll-make-based-on-your-personality/?iid=nf-article-mostpop1"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://newsfeed.time.com/2013/11/06/this-is-how-much-money-youll-make-based-on-your-personality/?iid=nf-article-mostpop1</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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Aline Régnier and Simon Butler, November 15<sup>th</sup>, 2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°11/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 15 novembre 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE introduit le contrat Future Ultra Long Gilt <o:p></o:p></span></h2>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un contrat future Gilt 30 ans sera lancé le 25
novembre 2013. Avec un mouvement minimum (tick) de 0.02 (£20.00), ce contrat a
pour sous-jacent le bon du Trésor britannique à très long terme, obligation d’état
avec un coupon de 4%.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3756.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/lon3756.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif;">Le CME augmente ses frais</span></b><b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La bourse de Chicago a augmenté ses frais sur certains futures
(Treasury et énergie). Cette mesure a accentué
les craintes relatives à la supposée domination du CME. Selon les dernières études, 84% des contrats
à terme américains sont négociés sur le marché de la ‘windy city’.<o:p></o:p></span></div>
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<a href="http://www.ft.com/cms/s/0/0b7d07e4-4be2-11e3-8203-00144feabdc0.html#ixzz2kXLGWXSN"><span style="color: #003399; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/cms/s/0/0b7d07e4-4be2-11e3-8203-00144feabdc0.html#ixzz2kXLGWXSN</span></a><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation/fiscalité
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<b><span style="font-family: Calibri, sans-serif;">Accord de principe entre les
différentes entités de l’Union Européenne sur la règlementation du trading haute
fréquence (HFT)</span></b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Cet accord porte notamment sur un certain nombre d'aspects dont
l'harmonisation du tick size et des tests algorithmiques.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/les-legislateurs-europeens-s-accordent-pour-ralentir-le-trading-a-haute-frequence-1292588.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/les-legislateurs-europeens-s-accordent-pour-ralentir-le-trading-a-haute-frequence-1292588.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un rapport
commandé par la BCE conclut que le trading à haute fréquence 'facilite l’efficacité
des marchés "<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Un document de travail rédigé par
trois chercheurs américains affirme que le trading à haute fréquence améliore
la détermination des prix et réduit la volatilité à court terme des marchés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/cms/s/0/82f5d7fe-4554-11e3-b98b-00144feabdc0.html#ixzz2kXJHJJXZ"><span lang="FR" style="color: #003399; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/cms/s/0/82f5d7fe-4554-11e3-b98b-00144feabdc0.html#ixzz2kXJHJJXZ</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lemonde.fr/economie/article/2013/11/14/la-bce-donne-du-credit-au-trading-haute-frequence_3512795_3234.html#mf_sid=866803928"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lemonde.fr/economie/article/2013/11/14/la-bce-donne-du-credit-au-trading-haute-frequence_3512795_3234.html#mf_sid=866803928</span></a></span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Mise en
œuvre laborieuse de la règlementation EMIR<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le magasine ‘Futures & Options World’ revient sur les retards rencontrés dans l'introduction de
la réglementation européenne EMIR.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3276795/Europe-faces-jigsaw-of-regulation-as-Emir-stutters.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3276795/Europe-faces-jigsaw-of-regulation-as-Emir-stutters.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le dark pool trading en augmentation sur
les systèmes multilatéraux de négociation
</span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">La part du trading dark
pool ayant lieu sur les systèmes multilatéraux de négociation (Multilateral
trading facilities) comme Bats Chi-X, Goldman Sachs Sigma X, UBS MTF, Turquoise
et Instinet a augmenté de plus de 50% l'année dernière.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/5697aa9a-4bb5-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/5697aa9a-4bb5-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv</span></a></span><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des dérivés <o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Société
Générale devient le seul propriétaire de Newedge<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Société Générale et Crédit Agricole sont
proches d'un accord selon lequel Société Générale va prendre le contrôle total
de Newedge en échange d'une partie de sa participation dans le groupe Amundi
gestionnaire d'actifs.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-11-05/socgen-said-to-increase-stake-in-newedge-in-swap-with-agricole.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-11-05/socgen-said-to-increase-stake-in-newedge-in-swap-with-agricole.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0203108960610-credit-agricole-va-ceder-ses-50-de-newedge-a-societe-generale-625878.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0203108960610-credit-agricole-va-ceder-ses-50-de-newedge-a-societe-generale-625878.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La fin de l'industrie
des Futures ? <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La pression règlementaire accrue, des
exigences de fonds propres toujours plus contraignantes et le manque de
perspectives commerciales en raison de taux d'intérêt extraordinaires seraient
elle en train de tuer l'industrie des futures?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.johnlothiannews.com/2013/11/dinner-conversation/#.UoM-3_mA-TW"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.johnlothiannews.com/2013/11/dinner-conversation/#.UoM-3_mA-TW</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés et
chambres de compensation<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La négociation à la criée coûte au Chicago Mercantile Exchange (CME) 30
millions de dollars par an<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Dans le cadre d’une action judiciaire
intentée contre la bourse de Chicago par les négociateurs de parquet qui protestaient contre l'introduction des
transactions électroniques dans le calcul du prix de compensation, l’un des
dirigeant du CME a alors indiqué que 30
millions de dollars par an étaient nécessaires au maintien de la
négociation à la criée.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-11-06/cme-spends-30-million-a-year-on-open-outcry-trading.html?goback=%2Egde_74176_member_5795176478656208896#%21"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-11-06/cme-spends-30-million-a-year-on-open-outcry-trading.html?goback=%2Egde_74176_member_5795176478656208896#%21</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La prise de contrôle de NYSE.Euronext par l’opérateur américain ICE
finalisée<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La reprise de NYSE.LIFFE par
l'Intercontinental Exchange, initialement annoncée en décembre 2012, a été
officiellement achevée le 13 novembre dernier.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/11/12/us-ice-nyse-sprecher-idUSBRE9AB16V20131112"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/11/12/us-ice-nyse-sprecher-idUSBRE9AB16V20131112</span></a></span><span lang="EN-GB" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 166;"> </span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 166;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e801e508-4bca-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e801e508-4bca-11e3-8203-00144feabdc0.html#axzz2kX9u3KKv</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.challenges.fr/finance-et-marche/20131113.CHA6877/ice-boucle-le-rachat-de-nyse-euronext-pour-11-milliards-de-dollars.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.challenges.fr/finance-et-marche/20131113.CHA6877/ice-boucle-le-rachat-de-nyse-euronext-pour-11-milliards-de-dollars.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes
moyens quotidiens par marchés (produits dérivés)<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE octobre 2.9
million (-6.5% par rapport à
octobre 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex octobre 5.1 million (-3.8% par rapport à octobre 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe octobre 3.0
million (+2.5% par rapport à
octobre 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME octobre 11.1 million (+12.3%
par rapport à octobre 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/688244/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/688244/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=804001"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=804001</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-11-04-CME-Group-Volume-Averaged-11-1-Million-Contracts-per-Day-in-October-2013-Up-12-Percent-from-October-2012?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-11-04-CME-Group-Volume-Averaged-11-1-Million-Contracts-per-Day-in-October-2013-Up-12-Percent-from-October-2012?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
</div>
<div class="entry-deck" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">En enfin….<o:p></o:p></span></b></div>
<div class="entry-deck" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: Calibri, sans-serif;">L’influence de la personnalité sur la capacité à gagner
de l'argent<o:p></o:p></span></b></div>
<div class="entry-deck" style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Une nouvelle étude révèle en autre (et sans surprise) qu’une
personnalité motivée et déterminée aura
une propension plus importante à gagner de l’argent.<br />
</span><a href="http://newsfeed.time.com/2013/11/06/this-is-how-much-money-youll-make-based-on-your-personality/?iid=nf-article-mostpop1"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://newsfeed.time.com/2013/11/06/this-is-how-much-money-youll-make-based-on-your-personality/?iid=nf-article-mostpop1</span></a><span style="color: #333333; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
</div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Aline Régnier et
Simon Butler, 15 novembre 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd
Haussmann </span><span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-41671423024659878582013-10-18T02:50:00.001-07:002013-10-18T02:50:28.666-07:00Liquidity, HFT, Eurex Excessive System Usage Fee..... Newsletter October 2013<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°10/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 18 October 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products</span></b><b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
<h2>
<span lang="EN-GB"><a href="http://www.traders.com/index.php?option=com_content&view=article&id=2751:so-many-choices&catid=22:futures-for-you&Itemid=134"><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Which</span></a></span><span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 12.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">
products should you trade and which ones should you avoid<o:p></o:p></span></h2>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">With so many
products available to trade liquidity is the key.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.traders.com/index.php?option=com_content&view=article&id=2751:so-many-choices&catid=22&Itemid=134"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.traders.com/index.php?option=com_content&view=article&id=2751:so-many-choices&catid=22&Itemid=134</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 9.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> </span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Eurex postpone the introduction of FX futures<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">The Frankfurt-based exchange has announced that the launch of futures
and options on six currency pairs originally planned to be launched on 7<sup>th</sup>
October has been postponed. The new launch date has yet to be announced.</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://www.eurexchange.com/exchange-en/resources/circulars/656584/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://www.eurexchange.com/exchange-en/resources/circulars/656584/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compromise likely in high-frequency
trading regulations<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Lex column sees the pattern
that regularly emerges with changes to regulations (outrage followed by realism
and finally compromise) appearing in the HFT debate.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/3/57c25bec-2a98-11e3-8fb8-00144feab7de.html?siteedition=intl#axzz2hmWXgbiw"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/3/57c25bec-2a98-11e3-8fb8-00144feab7de.html?siteedition=intl#axzz2hmWXgbiw</span></a></span><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Univers-CondensedBold; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-font-kerning: 0pt; mso-hansi-theme-font: minor-latin;">The U.S. Commodity Futures
Trading Commission to review risk controls for automated trading<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">With the
continuing shift from human to automated trading the CFTC are seeking to review
risk controls to ensure they remain appropriate for the new market structures. </span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister090913.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister090913.pdf</span></a></span><span lang="EN-GB" style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
Derivatives Industry<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">Has
derivatives reform been successful? <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Three
years after the Dodd-Frank Act was introduced what has been learned about
reform to the derivatives industry.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://tabbforum.com/opinions/the-bottom-line-on-derivatives-reform-7-things-we've-learned-in-retrospect?utm_source=TabbFORUM+Alerts&utm_campaign=5a35ea6710-UA-12160392-1&utm_medium=email&utm_term=0_29f4b8f8f1-5a35ea6710-271001350"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://tabbforum.com/opinions/the-bottom-line-on-derivatives-reform-7-things-we've-learned-in-retrospect?utm_source=TabbFORUM+Alerts&utm_campaign=5a35ea6710-UA-12160392-1&utm_medium=email&utm_term=0_29f4b8f8f1-5a35ea6710-271001350</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges
and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex announce the introduction
of an Excessive System Usage Fee<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Eurex exchange has revealed
plans to introduce a scheme to limit the number of orders sent to the market by
participants. It will define daily limits for the number of orders sent to the
market by each participant and breaches of these limits may result in
additional fees being charged.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/technology/excessive-system-usage-fee/?wt_mc=group.newsletter.editorial_xpand_en.xpand_2013_cw40_en_2013-10-01-12:47_649068"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/technology/excessive-system-usage-fee/?wt_mc=group.newsletter.editorial_xpand_en.xpand_2013_cw40_en_2013-10-01-12:47_649068</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE September 3.2 million (-8.6%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex September 6.7 million (-10.7% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe September 2.7 million (-5.1%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME September 13.1 million (+9.5%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/652350/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/652350/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=794451"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=794451</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-10-02-CME-Group-Volume-Averaged-13-1-Million-Contracts-per-Day-in-September-2013-Up-10-Percent-from-September-2012?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-10-02-CME-Group-Volume-Averaged-13-1-Million-Contracts-per-Day-in-September-2013-Up-10-Percent-from-September-2012?pagetemplate=article</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally.....<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Thinking about money makes you a
better person, not a worse one<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/science-and-technology/21587195-thinking-about-it-makes-you-better-person-not-worse-one-time-not-money"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.economist.com/news/science-and-technology/21587195-thinking-about-it-makes-you-better-person-not-worse-one-time-not-money</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°10/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 18 octobre 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Eurex reporte le lancement de ses produits FX<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">La branche ‘produits
dérivés’ de l’opérateur boursier allemand a annoncé que le lancement de ses produits
futures et options sur 6 paires de devises, initialement prévu le 7 octobre
dernier, était repoussé à une date ultérieure non encore définie.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://www.eurexchange.com/exchange-en/resources/circulars/656584"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">https://www.eurexchange.com/exchange-en/resources/circulars/656584</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Quels
produits négocier et quels sont ceux à éviter?</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 14.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Avec un choix de produits toujours plus
important, la liquidité demeure un critère à privilégier<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.traders.com/index.php?option=com_content&view=article&id=2751:so-many-choices&catid=22&Itemid=134"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.traders.com/index.php?option=com_content&view=article&id=2751:so-many-choices&catid=22&Itemid=134</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La réglementation
du trading haute fréquence sous l’angle
du compromis</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 14.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le Financial Times reprend les étapes qui se
dégagent régulièrement de tout processus législatif ou réglementaire (phase de
dénonciation du projet par les professionnels, suivie par une étape de ‘réalisme’
et finalement l’adoption d’un compromis) pour expliquer que la conciliation
devrait être la prochaine étape à l’adoption d’une réglementation du trading
haute fréquence.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/3/57c25bec-2a98-11e3-8fb8-00144feab7de.html?siteedition=intl#axzz2hmWXgbiw"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/3/57c25bec-2a98-11e3-8fb8-00144feab7de.html?siteedition=intl#axzz2hmWXgbiw</span></a></span><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Univers-CondensedBold; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-font-kerning: 0pt; mso-hansi-theme-font: minor-latin;">La commission
américaine en charge des produits futures (CFTC) va revoir les contrôles sur le
trading automatique <o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Avec l'évolution du trading ‘humain’ vers celui du
trading automatisé, la CFTC envisage de revoir les contrôles de risques pour
s'assurer que ces derniers restent appropriés au regard des nouvelles
structures de marché.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister090913.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister090913.pdf</span></a></span><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
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<b><span style="font-family: Calibri, sans-serif;">Premier bilan des réformes sur les produits dérivés <o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Trois ans après
l’introduction de la réglementation américaine Dodd-Frank, quelles sont les
premières conclusions à apporter à la vague de réformes ayant impactée l’industrie
des produits dérivés ?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://tabbforum.com/opinions/the-bottom-line-on-derivatives-reform-7-things-we've-learned-in-retrospect?utm_source=TabbFORUM+Alerts&utm_campaign=5a35ea6710-UA-12160392-1&utm_medium=email&utm_term=0_29f4b8f8f1-5a35ea6710-271001350"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://tabbforum.com/opinions/the-bottom-line-on-derivatives-reform-7-things-we've-learned-in-retrospect?utm_source=TabbFORUM+Alerts&utm_campaign=5a35ea6710-UA-12160392-1&utm_medium=email&utm_term=0_29f4b8f8f1-5a35ea6710-271001350</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés
et chambres de compensation<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex annonce
l’introduction de ‘frais pour usage excessif’ <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’opérateur allemand a révélé son projet de mettre
en place un système de ratio entre les ordres initiés et ceux exécutés de façon
à limiter les ordres envoyés sur le marché. Les conditions, notamment nombre
d’ordres et frais, restent à définir.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/technology/excessive-system-usage-fee/?wt_mc=group.newsletter.editorial_xpand_en.xpand_2013_cw40_en_2013-10-01-12:47_649068"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/technology/excessive-system-usage-fee/?wt_mc=group.newsletter.editorial_xpand_en.xpand_2013_cw40_en_2013-10-01-12:47_649068</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes
moyens quotidiens par marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE Septembre 3.2 millions (-8.6%
par rapport à septembre 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex Septembre 6.7 millions (-10.7% par rapport à septembre 2012)<o:p></o:p></span></div>
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par rapport à septembre 2012)<o:p></o:p></span></div>
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par rapport à septembre 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/652350/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/652350/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=794451"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=794451</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-10-02-CME-Group-Volume-Averaged-13-1-Million-Contracts-per-Day-in-September-2013-Up-10-Percent-from-September-2012?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-10-02-CME-Group-Volume-Averaged-13-1-Million-Contracts-per-Day-in-September-2013-Up-10-Percent-from-September-2012?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin.....<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Penser à l’argent vous rend meilleur…<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/science-and-technology/21587195-thinking-about-it-makes-you-better-person-not-worse-one-time-not-money"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/news/science-and-technology/21587195-thinking-about-it-makes-you-better-person-not-worse-one-time-not-money</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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Simon Butler 18 octobre 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Haussmann </span><span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-79422193823081450192013-10-18T02:45:00.002-07:002013-10-18T02:45:18.714-07:00European exchanges launch FX contracts, Euro OAT, FFT..... Newsletter September 2013<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°09/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 18<sup>th</sup> September 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">European exchanges launch
FX contracts<o:p></o:p></span></b></div>
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introduce FX futures and options<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Options and
futures on GBP/EUR and GBP/USD currency pairs were launched on 16<sup>th</sup>
September on the Amsterdam derivatives market. Both contracts have an contract
size of GBP 100,000.00. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/an1312.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/an1312.pdf</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex to
launch futures and options on six currency pairs<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">On 7<sup>th</sup>
October Eurex will introduce futures and options contracts on the following currency
pairs: EUR/USD, EUR/GBP, EUR/CHF, GBP/USD, GBP/CHF and USD/CHF.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/607746/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/607746/</span></a></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto; text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Options on Euro-OAT futures start trading on
Eurex<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The trading of options on 10
years French government bonds commenced on September 10<sup>th</sup> on the
Eurex exchange.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/4784/115652/5/data/factsheet_euro_oat_futures_french_government_bonds_en.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/4784/115652/5/data/factsheet_euro_oat_futures_french_government_bonds_en.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Changes to composition
of Euro Stoxx 50 index<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Following the regular
annual review of their indices, Stoxx have announced that Deutsche Post will
replace Arcelor Mittal in their Euro Stoxx 50 index from 23<sup>rd</sup>
September, 2013.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/3150-627456/627460/1/data/indexzusammensetzung_stoxx.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/3150-627456/627460/1/data/indexzusammensetzung_stoxx.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 752px;">
<tbody>
<tr>
<td style="padding: 0cm 0cm 0cm 0cm; width: 19.4pt;" valign="top" width="26"></td>
<td style="padding: 0cm 0cm 0cm 0cm; width: 544.6pt;" valign="top" width="726"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 752px;">
<tbody>
<tr>
<td style="padding: 0cm 0cm 0cm 0cm; width: 18.75pt;" valign="top" width="25"></td>
<td style="padding: 0cm 0cm 0cm 0cm; width: 526.5pt;" valign="top" width="702"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Financial Transaction
Tax<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EU lawyers
state that proposed FTT would be illegal<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="margin-left: 35.4pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The European
Union’s own lawyers have declared that that the introduction of a Financial
Transaction Tax in 11 member states would be illegal as the plan “exceeds
member states’ jurisdiction for taxation under the norms of international
customary law” and that it “infringes upon the taxing competences of non-participating
member states”. Therefore the proposed act would not adhere to the EU Treaty.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-24030575"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-24030575</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Doubts on the
legality of the proposed FTT may not be the end of the tax<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-left: 35.4pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Concerns that
introducing the Financial Transaction Tax may be illegal under EU law does not
necessarily mean that the idea will be shelved. The EU tax commissioner pushing
for its introduction is still encouraging the eleven participating countries to
implement it. However following the legal advice it seems likely that the
existing proposal will have to be amended.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/09/14/us-europe-tax-idUSBRE98D05720130914"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/09/14/us-europe-tax-idUSBRE98D05720130914</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Concerns remain over
dark pools within MiFID II<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The plan to move dark
trading to Organised Trading Facilities (OTFs) with the aim of increasing
transparency is still a matter of dispute between the three branches of the
European legislative ; the Parliament, the Commission and the Council. </span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Trading_Venues/MTFs___ECNs/MEPs,_Council_to_clash_on_dark_pools.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Trading_Venues/MTFs___ECNs/MEPs,_Council_to_clash_on_dark_pools.aspx</span></a></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">to go further: a year old but
interesting report on dark pools: <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2012.n5.1"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2012.n5.1</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: Calibri, sans-serif;">Times are tougher </span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">for HFT companies in US equity markets<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The lack of volatility and
trading volumes have made life more difficult for trading firms on Wall Street.
It is now five years since the HFT companies profits peaked.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ab777782-19a8-11e3-80ec-00144feab7de.html#axzz2fEcKB7DK"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/ab777782-19a8-11e3-80ec-00144feab7de.html#axzz2fEcKB7DK</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
Derivatives Industry<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Clearing OTCs through
central counterparties leads to increased need for collateral<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The new counterparty
risk rules and the consequent increased demand for high-quality collateral that
may be placed with the central counterparties has seen global custodians come
up with new offerings.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/82bcbd2a-1999-11e3-afc2-00144feab7de.html?siteedition=intl#axzz2fEPWBhJd"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/82bcbd2a-1999-11e3-afc2-00144feab7de.html?siteedition=intl#axzz2fEPWBhJd</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges
and CCPs<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Clearing Houses are at the core of the new
regulations to reduce systemic risk<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">While Clearing Houses
will be the cornerstone of improved controls to the financial system there are
also concerns that new ones will implement unique clearing models and that this
will cause headaches for the market participants.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/43c59996-161c-11e3-a57d-00144feabdc0.html?siteedition=intl%20-%20axzz2fA2g84wE"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/43c59996-161c-11e3-a57d-00144feabdc0.html?siteedition=intl%20-%20axzz2fA2g84wE</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average
Daily Volumes per exchange<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE August 2.8
million (-12.5% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex August 4.5 million (-11.8% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe August 2.6
million (-1.2% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME August 12.2 million (+18.4%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/622270/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/622270/</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=788581"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=788581</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-09-04-CME-Group-Volume-Averaged-12-2-Million-Contracts-per-Day-in-August-2013-Up-18-Percent-from-August-2012?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-09-04-CME-Group-Volume-Averaged-12-2-Million-Contracts-per-Day-in-August-2013-Up-18-Percent-from-August-2012?pagetemplate=article</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally.....<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Good </span></b><b><span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Lehman's collapse not bad news for everyone</span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://money.cnn.com/2013/09/13/news/companies/lehman-bankruptcy-fees/index.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://money.cnn.com/2013/09/13/news/companies/lehman-bankruptcy-fees/index.html</span></a></span><b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°09/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 18 Septembre 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les opérateurs boursiers européens
étendent leurs offres aux produits dérivés de change.<o:p></o:p></span></b></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE Euronext lance les futures et options sur devises<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Options et contrats à
terme sur GBP/EUR et EUR/USD ont été introduits le 16 septembre dernier sur le
marché des produits dérivés d'Amsterdam.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/an1312.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/an1312.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et Eurex propose…. des contrats futures et
options sur 6 paires de devises <o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 7 octobre prochain,
l’opérateur allemand lancera des futures et options sur les paires : EUR/USD,
EUR/GBP, EUR/CHF, GBP/USD, GBP/CHF et USD/CHF.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/607746/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/607746/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(anglais)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Lancement par le marché
Eurex des options sur le future Euro-OAT <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La négociation des options sur le 10 ans
obligataire du gouvernement français a commencé le 10 septembre dernier.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/4784/115652/5/data/factsheet_euro_oat_futures_french_government_bonds_en.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/4784/115652/5/data/factsheet_euro_oat_futures_french_government_bonds_en.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Changement de la composition
de l’indice Euro Stoxx 50 <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Suite à la révision annuelle de ses indices, Stoxx a
annoncé que ‘Deutsche Post’ remplacera, à
partir du 23 septembre 2013, ‘Arcelor Mittal’ au sein de l’indice Euro Stoxx 50.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/3150-627456/627460/1/data/indexzusammensetzung_stoxx.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/3150-627456/627460/1/data/indexzusammensetzung_stoxx.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)<o:p></o:p></span></div>
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<td style="padding: 0cm 0cm 0cm 0cm; width: 18.75pt;" valign="top" width="25"></td>
<td style="padding: 0cm 0cm 0cm 0cm; width: 526.5pt;" valign="top" width="702"></td>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Taxe européenne sur les
transactions financières (TTF)<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: 35.4pt; text-align: justify;">
<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les experts juridiques de
l'Union européenne affirment, qu’en l’état actuel, la TTF serait illégale<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="margin-left: 35.4pt; text-align: justify;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les avocats du
Conseil de l'Union européenne ont ainsi déclaré que
l'introduction du projet de taxe sur les transactions financières dans 11 états
membres serait illégale comme étant notamment discriminatoire vis-à-vis des
États membres non participants ». Par conséquent, le projet de loi serait
contraire au traité de l'Union européenne.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.latribune.fr/actualites/economie/union-europeenne/20130911trib000784444/taxe-sur-les-transactions-financieres-les-experts-du-conseil-europeen-la-jugent-illegale-la-commission-persiste.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.latribune.fr/actualites/economie/union-europeenne/20130911trib000784444/taxe-sur-les-transactions-financieres-les-experts-du-conseil-europeen-la-jugent-illegale-la-commission-persiste.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">….. ce qui ne signifie
pas pour autant l’abandon du projet<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="margin-left: 35.4pt; text-align: justify;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La crainte que la taxe
sur les transactions financières puisse être illégale en vertu du droit de l’Union
européenne ne signifie pas nécessairement la mort du projet. Plusieurs
représentants de l’Union européenne, dont le Commissaire européen en charge de la
fiscalité, ont ainsi confirmé l’intérêt de poursuivre le projet. Toutefois,
suite à l'avis juridique des experts du Conseil européen, il semble probable
que la proposition actuelle doive être modifiée.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lemonde.fr/europe/article/2013/09/10/la-taxe-sur-les-transactions-financieres-serait-illegale_3474178_3214.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lemonde.fr/europe/article/2013/09/10/la-taxe-sur-les-transactions-financieres-serait-illegale_3474178_3214.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/afp-00549221-la-taxe-sur-les-transactions-financieres-n-est-pas-morte-affirme-schauble-604922.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/afp-00549221-la-taxe-sur-les-transactions-financieres-n-est-pas-morte-affirme-schauble-604922.php</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Dark Pools<o:p></o:p></span></b></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Des incertitudes
demeurent quant au statut des ‘dark
pools’ dans la directive MIF II<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le projet de soumettre le
‘dark trading’ au cadre réglementaire
des systèmes organisés de négociation (Organised trading facilities) dans le
but d'accroître la transparence des marchés est encore un sujet de litige entre
les trois institutions européennes à savoir le Parlement, la Commission et le
Conseil.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Trading_Venues/MTFs___ECNs/MEPs,_Council_to_clash_on_dark_pools.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Trading_Venues/MTFs___ECNs/MEPs,_Council_to_clash_on_dark_pools.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)<o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rapport sur
le Dark Pool établi par le CFA Institute<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un rapport
qui même datant de 2012, demeure très intéressant sur le sujet des ‘Dark Pools’
<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2012.n5.1"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2012.n5.1</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trading
haute fréquence : Les temps sont plus durs pour les acteurs du trading
haute fréquence (High frequency trading ou HFT en anglais) sur les marchés
boursiers américains<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le manque de volatilité et des volumes de
transactions en baisse sont à l’origine d’un environnement plus contraignant pour
les sociétés de trading de Wall Street pratiquant le trading haute fréquence.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ab777782-19a8-11e3-80ec-00144feab7de.html#axzz2fEcKB7DK"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/ab777782-19a8-11e3-80ec-00144feab7de.html#axzz2fEcKB7DK</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Soumettre les produits
dérivés de ‘gré à gré’ aux schémas conventionnels de compensation conduit à un
besoin accru de collatéral<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les nouvelles règles relatives aux risques de
contrepartie et la nécessité de placer des garanties de haute qualité auprès
des contreparties centrales a eu pour conséquence le développement de nouvelles
offres de la part des dépositaires
mondiaux dans le domaine de la gestion du collatéral.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/82bcbd2a-1999-11e3-afc2-00144feab7de.html?siteedition=intl#axzz2fEPWBhJd"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/82bcbd2a-1999-11e3-afc2-00144feab7de.html?siteedition=intl#axzz2fEPWBhJd</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés et chambres
de compensation<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La chambre de
compensation, pierre angulaire des nouvelles réglementations financières<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Alors que les chambres de compensation sont au cœur des
nouveaux environnements réglementaires destinés à améliorer la stabilité du système financier,
des craintes demeurent quant à
l’émergence de nombreux modèles de compensation,
modèles qui rendraient alors complexe le contrôle sur ces acteurs.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/43c59996-161c-11e3-a57d-00144feabdc0.html?siteedition=intl%20-%20axzz2fA2g84wE"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/43c59996-161c-11e3-a57d-00144feabdc0.html?siteedition=intl%20-%20axzz2fA2g84wE</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes
moyens quotidiens par marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE août 2013 2.8 millions (-12.5% par rapport à août 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex août 2013 4.5
millions (-11.8% par rapport à
août 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe août 2013 2.6 millions (-1.2% par rapport à août 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME août 2013 12.2
millions (+18.4% par rapport à août 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/622270/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/622270/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=788581"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=788581</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-09-04-CME-Group-Volume-Averaged-12-2-Million-Contracts-per-Day-in-August-2013-Up-18-Percent-from-August-2012?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-09-04-CME-Group-Volume-Averaged-12-2-Million-Contracts-per-Day-in-August-2013-Up-18-Percent-from-August-2012?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 13.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin.....<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Cinq ans
après, la faillite de </span></b><b><span style="background: white; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Lehman Brothers n’est pas une mauvaise nouvelle pour tous….</span></b><b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://money.cnn.com/2013/09/13/news/companies/lehman-bankruptcy-fees/index.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://money.cnn.com/2013/09/13/news/companies/lehman-bankruptcy-fees/index.html</span></a></span><b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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Simon Butler 18 septembre 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-11305631685088178092013-10-18T02:17:00.002-07:002013-10-18T02:17:23.309-07:00<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°07/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">18 July 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/eBguCmyqzVCjkmbKCidyfSCicNLodC?format=standard" target="_blank"><span style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">NYSE Euronext to take over supervision of Libor</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">The administration of the London Interbank Offered Rate will pass
from the British Bankers’ Association to NYSE Euronext next year. The exchange
has pledged to restore confidence in Libor, which benchmarks more than $300
trillion in securities, following the rate fixing scandal. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/73332222-e87f-11e2-aead-00144feabdc0.html#axzz2ZOYI4SOC"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/73332222-e87f-11e2-aead-00144feabdc0.html#axzz2ZOYI4SOC</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EU/US<o:p></o:p></span></b></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Financial regulation is sticking point in EU-US trade talks</span></i></b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></i></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">European authorities have demanded that financial regulation be
included in trade talks between the EU and the US. The Obama administration
opposes the idea, while the financial industry supports it.</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/2dfccce6-e58f-11e2-ad1a-00144feabdc0.html#axzz2ZOYI4SOC"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/2dfccce6-e58f-11e2-ad1a-00144feabdc0.html#axzz2ZOYI4SOC</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887323394504578607841246434144.html?KEYWORDS=EU+US+talks+financial+regulation"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887323394504578607841246434144.html?KEYWORDS=EU+US+talks+financial+regulation</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Comparison
of EU and US regulatory regimes on OTC derivatives markets <o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Deloitte
have published a paper comparing the OTC regulations on both sides of the
Atlantic following their reforms that began in 2009.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm</span></a></span><b><span lang="EN-GB" style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FTT: </span></b><span lang="EN-GB"><a href="http://r.smartbrief.com/resp/eBwwCmyqzVCjlViuCidyfSCicNTsAL?format=standard" target="_blank"><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">IMF expresses doubt about
Europe's plans for transaction tax</span></a></span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">The International Monetary Fund has declared that it believes that
the financial transaction tax proposed by a number of European countries ‘not
so sensible’.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/BT-CO-20130715-706114.html"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/BT-CO-20130715-706114.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">EU
looking to impose harsher sanctions for market abuse</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">EU nations have struck a draft deal with the European Parliament to
bolster sanctions levied on bankers, traders and other participants guilty of
market abuse. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
derivatives industry<o:p></o:p></span></b></div>
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<h1 style="margin-top: 0cm; text-align: justify;">
<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Newedge fined $9.5 million <o:p></o:p></span></h1>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The US
division of Newedge have paid a $9.5 million fine to FINRA and three stock
exchanges for failing to adequately supervise their clients’ trading
activities.<b><span style="color: #bfbfbf; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></b></span></div>
<h1 style="margin-top: 0cm; text-align: justify;">
<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/07/10/us-newedge-fine-idUSBRE96910N20130710"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/07/10/us-newedge-fine-idUSBRE96910N20130710</span></a></span><span lang="EN-GB" style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></h1>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Banks
claim that Clearing Houses pose risk to financial system</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br />
</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Senior bankers are seeking to discuss concerns about systemic risk to
the financial system posed by Clearing Houses.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/f2c4fb76-e70f-11e2-aa48-00144feabdc0.html#axzz2ZOYI4SOC"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/f2c4fb76-e70f-11e2-aa48-00144feabdc0.html#axzz2ZOYI4SOC</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">ICE
Clear Europe starts clearing NYSE.LIFFE derivatives trades</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <br />
</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">The transfer of clearing of derivatives products on NYSE.LIFFE to
ICE Clear was completed on 2<sup>nd</sup> July.</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/ice-clear-europe-completes-clearing-transition-nyse-liffe-derivatives-contracts"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/ice-clear-europe-completes-clearing-transition-nyse-liffe-derivatives-contracts</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<br /></div>
<h1 style="background: white; margin-top: 0cm; vertical-align: baseline;">
<span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">EMCF and EuroCCP to merge as Amsterdam-based entity<o:p></o:p></span></h1>
<h1 style="background: white; margin-top: 0cm; vertical-align: baseline;">
<span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: minor-latin;">EMCF and EuroCCP are to merge as a Dutch-regulated pan-European cash
equities clearing house.</span><span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></h1>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/EMCF_and_EuroCCP_to_merge_as_Amsterdam-based_entity.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/EMCF_and_EuroCCP_to_merge_as_Amsterdam-based_entity.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Co-location services explained<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">“Co-location”
is a hot topic. Eurex provide a simple explanation of this frequently-used
term.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/317282/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/317282/</span></a></span><span lang="EN-GB" style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per
exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE June 4.7
million (+3.7% y.o.y.)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex June 8.1 million (-4.7% y.o.y.)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe June 2.8
million (-6.5% y.o.y.)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME June 16.9
million (+29.0% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/555534/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/555534/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=774950"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=774950</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3425&pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3425&pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And finally.....<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Economist’s Global Business
Barometer shows business confidence in positive territory for the first time
since it was launched in 2011.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/05/economistft-survey"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.economist.com/blogs/graphicdetail/2013/05/economistft-survey</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°07/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">18 juillet 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/eBguCmyqzVCjkmbKCidyfSCicNLodC?format=standard" target="_blank"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">La supervision
du taux interbancaire Libor</span></a></span><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> confiée à l’opérateur NYSE Euronext<o:p></o:p></span></b></div>
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<span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’opérateur Nyse Euronext a été désigné pour administrer le<span class="apple-converted-space"> </span><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;">Libor </span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">London Interbank Offered Rate), </span><span class="apple-converted-space"><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">le taux de référence
interbancaire qui s'est retrouvé au cœur d'un scandale financier après les
révélations de manipulation par un certain nombre de banques précédemment en
charge de la supervision de ce taux.</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/le-libor-passe-dans-le-giron-de-nyse-euronext-1276609.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/le-libor-passe-dans-le-giron-de-nyse-euronext-1276609.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.nyx.com/fr/content/nyse-euronext-subsidiary-become-new-administrator-libor-0</span></a></span> <span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(anglais)<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Nouveau et vieux
continent<o:p></o:p></span></b></div>
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<br /></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La réglementation financière, point de
discorde des accords de libre échange entre l’Union européenne et les Etats
Unis.<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Alors que L’Union européenne désire inclure
les services financiers dans les négociations relatives aux accords de Libre
échange entre les deux continents, les américains y sont farouchement opposés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lefigaro.fr/conjoncture/2013/07/16/20002-20130716ARTFIG00474-le-secteur-financier-exclu-de-l-accord-de-libre-echange-ue-etats-unis.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lefigaro.fr/conjoncture/2013/07/16/20002-20130716ARTFIG00474-le-secteur-financier-exclu-de-l-accord-de-libre-echange-ue-etats-unis.php</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.latribune.fr/actualites/economie/international/20130718trib000776410/libre-echange-ue-us-l-exclusion-des-services-financiers-la-revanche-d-obama.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.latribune.fr/actualites/economie/international/20130718trib000776410/libre-echange-ue-us-l-exclusion-des-services-financiers-la-revanche-d-obama.html</span></a></span><span style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Produits
dérivés de gré à gré : Environnements réglementaires américains et
européens <o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Deloitte propose
une comparaison de la réglementation en place aux Etats Unis et en Europe sur
les produits dits de gré à gré ou OTC (Other the Counter) depuis la vague de
reformes engagée en 2009.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.deloitte.com/view/en_GB/uk/industries/financial-services/226e0b2dd08cf310VgnVCM1000003256f70aRCRD.htm</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)</span><b><span style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FTT: </span></b><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le FMI émet des doutes quant à la pertinence
d’une taxe européenne sur les transactions financières</span></b><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Selon </span><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">Carlo Cottarelli,
directeur de la division des affaires fiscales du Fond Monétaire International,
l'établissement d'une taxe sur les transactions financières en France et en
Italie a entraîné une baisse des volumes de transactions, formulant par la même
des critiques quant au projet européen
de taxe sur les transactions financiers.</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/economie-politique/monde/actu/reuters-00535839-la-taxe-sur-les-transactions-financieres-reduit-les-volumes-fmi-586292.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/economie-politique/monde/actu/reuters-00535839-la-taxe-sur-les-transactions-financieres-reduit-les-volumes-fmi-586292.php</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/BT-CO-20130715-706114.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/BT-CO-20130715-706114.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)<span class="storyshareiconseparator"><o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt;">
<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Abus de marché : réglementation renforcée <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les abus de marché seront passibles de sanctions plus sévères. C’est l’un
des aspects clé de l’accord politique conclu par le Parlement européen et les
états membres en juin dernier.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/l-amf-redoute-des-divergences-europeennes-dans-la-sanction-des-abus-de-marche-1275510.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/l-amf-redoute-des-divergences-europeennes-dans-la-sanction-des-abus-de-marche-1275510.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-06-26/eu-brokers-draft-deal-on-toughening-anti-market-abuse-rules-1-.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137623.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en
anglais)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
<h1 style="margin-top: 0cm; text-align: justify;">
<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"> </span></h1>
<h1 style="margin-top: 0cm; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Manipulation de cours: amende record pour Newedge <o:p></o:p></span></h1>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La filiale américaine du courtier français Newedge a fait l’objet d’une
amende record de 9.5 millions de dollars pour manipulation de cours.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/newedge-ecope-d-une-amende-record-pour-manipulation-de-cours-aux-etats-unis-1276863.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/newedge-ecope-d-une-amende-record-pour-manipulation-de-cours-aux-etats-unis-1276863.html</span></a></span><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<br /></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés
boursiers réglementés et chambres de compensation.<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Stabilité
financière: les banques critiques à l’égard des chambres de compensation <br />
</span></b><span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/f2c4fb76-e70f-11e2-aa48-00144feabdc0.html#axzz2ZOYI4SOC"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/f2c4fb76-e70f-11e2-aa48-00144feabdc0.html#axzz2ZOYI4SOC</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">ICE Clear
Europe débute la compensation des produits dérivés du marché NYSE.LIFFE </span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br />
</span><span lang="EN-GB"><a href="http://www.derivsource.com/articles/ice-clear-europe-completes-clearing-transition-nyse-liffe-derivatives-contracts"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/ice-clear-europe-completes-clearing-transition-nyse-liffe-derivatives-contracts</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Fusion des chambres de compensation EMCF
et EuroCCP <o:p></o:p></span></h1>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Asset_Classes/Derivatives/EMCF_and_EuroCCP_to_merge_as_Amsterdam-based_entity.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Asset_Classes/Derivatives/EMCF_and_EuroCCP_to_merge_as_Amsterdam-based_entity.aspx</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La ‘Co-location’,
qu’est ce exactement ?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex propose une explication simple sur ce sujet du moment<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/317282/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/317282/</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)</span><span style="color: #bfbfbf; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-themecolor: background1; mso-themeshade: 191;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par
marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE Juin 2013 4.7 millions (+3.7% par rapport à juin 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex Juin 2012 8.1 millions (-4.7% par rapport à juin 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe Juin 2013 2.8 millions (-6.5% par rapport à juin 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME Juin 2013 16.9 millions (+29.0%
par rapport à juin 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/555534/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/555534/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=774950"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=774950</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3425&pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3425&pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin.....<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Economist
propose un baromètre ludique ‘Global Business Barometer’ <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/05/economistft-survey"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.economist.com/blogs/graphicdetail/2013/05/economistft-survey</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Aline Régnier and
Simon Butler, 18 juillet 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Nous contacter:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> </span><span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="file:///C:/Users/Aline%20D%C3%A9j%C3%A0vuTrading/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/KHM7V4GW/blogbydejavutrading.blogspot.fr" title="Blog by DejavuTrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-16401827495941457672013-06-26T02:40:00.000-07:002013-06-26T02:40:05.277-07:00<div align="center" class="MsoNormal" style="background: navy; text-align: center;">
<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°06/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">25 June 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Progress on MiFID II <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">MiFID II should be implemented by the year end following
agreements finally being reached between the Euopean Council, Commission and
Parliament on various issues including dark trading and access rules for
clearing houses.</span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/MiFID_II_by_Christmas_while_dark_concerns_grow.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/MiFID_II_by_Christmas_while_dark_concerns_grow.aspx</span></a></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FTT: European
lawmakers vote in favor of the European Financial Transaction Tax<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">MEPs on
the economic and monetary affairs committee have voted to support the proposed
Financial Transaction Tax of 0.1% on equities and 0.01% on derivatives
transactions. In doing so they also sought to reduce the rate charged to
pension funds to 0.05% on equities and 0.005% on derivatives transactions.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/3ff39e9e-d823-11e2-b4a4-00144feab7de.html#axzz2X8ePhKqZ"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/3ff39e9e-d823-11e2-b4a4-00144feab7de.html#axzz2X8ePhKqZ</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<h1 style="background: white; margin-top: 0cm; vertical-align: baseline;">
<span lang="EN-GB" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">EMIR: OTC derivatives
reporting likely to be delayed until 2014<o:p></o:p></span></h1>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">The European
Securities Markets Authority (ESMA) has pushed back the expected start date for
the reporting of derivatives trades to a trade repository from 23<sup>rd</sup>
September to mid-November. However as many companies implement IT freezes over
year ends it is thought that a 2014 start date is more realistic.<o:p></o:p></span></div>
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<a href="http://www.thetradenews.com/news/Regions/Europe/EMIR_derivatives_reporting_likely_delayed_to_2014.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/EMIR_derivatives_reporting_likely_delayed_to_2014.aspx</span></a><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
derivatives industry<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The European high yield bond
market set for record 2013<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">This
year has already seen more than €38 billion of high yield bonds issued in European currencies, exceeding
the total figure for 2012 and close to the 2010 full year record of €40
billion.</span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887324069104578531331991789160.html?mod=dist_smartbrief"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887324069104578531331991789160.html?mod=dist_smartbrief</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Electronic swaps trading venue to be
launched by LSE<o:p></o:p></span></h1>
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<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">The<span class="apple-converted-space"> London Stock Exchange has announced that it</span>
will launch an electronic swaps trading platform, MTS Swaps using the existing
MTS fixed income trading platform. It is intended that it will go live in the
final quarter of 2013.<o:p></o:p></span></div>
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<a href="http://www.ft.com/intl/cms/s/0/1d6f2de2-d4e6-11e2-9302-00144feab7de.html#axzz2X8ePhKqZ"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/1d6f2de2-d4e6-11e2-9302-00144feab7de.html#axzz2X8ePhKqZ</span></a><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex
Exchange Completes Migration to New Trading Architecture<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.hedgeweek.com/2013/06/13/185764/eurex-exchange-completes-migration-new-trading-architecture"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.hedgeweek.com/2013/06/13/185764/eurex-exchange-completes-migration-new-trading-architecture</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Derivatives clearinghouses seek</span></b><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> exemption from rules on failed financial institutions</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">New rules relating to how to wind
up failed financial institutions are expected to be approved by European
finance ministers in the next few weeks but derivatives clearing houses are
looking to have exemption.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887323734304578540954221320588.html?mod=dist_smartbrief"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887323734304578540954221320588.html?mod=dist_smartbrief</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME to launch future markets in
London </span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">In preparation for
its upcoming launch, the CME Group has started testing trading systems with
customers. Regulatory approval is expected to be received shortly from the FCA
and the exchange anticipates that the market will open 9 September. The first
products to be traded on the new market, CME Europe, will be currency futures.</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cmegroup.com/europe/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.cmegroup.com/europe/</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3217926/CME-Europe-readies-for-September-launch.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3217926/CME-Europe-readies-for-September-launch.html</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span class="storyheadline"><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE/ NYSE Euronext merger <o:p></o:p></span></b></span></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Shareholders approve ICE's plan
to acquire NYSE Euronext</span></i></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <br />
Shareholders of both companies have approved IntercontinentalExchange’s
$9.7 billion takeover of NYSE Euronext.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.businessweek.com/news/2013-06-03/nyse-takeover-by-intercontinentalexchange-approved-by-holders"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.businessweek.com/news/2013-06-03/nyse-takeover-by-intercontinentalexchange-approved-by-holders</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887323469804578523132069546530.html?mod=dist_smartbrief"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887323469804578523132069546530.html?mod=dist_smartbrief</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">No
objections to ICE-NYSE Euronext merger</span></i></b><b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> from EU<o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">The EU has given
approval to IntercontinentalExchange's planned takeover of NYSE Euronext. The
deal had already received approval from the US Justice Department and the
Federal Trade Commission<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/06/24/nyse-ice-eu-idUSL5N0F02LX20130624"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/06/24/nyse-ice-eu-idUSL5N0F02LX20130624</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Migration of the clearing of
NYSE.LIFFE products to ICE Clear Europe on July 1<sup>st</sup> <o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">From July 1<sup>st</sup> the
clearing of London-based derivatives products on NYSE.LIFFE will move from
LCH.Clearnet to ICE Clear Europe. Open positions will be transferred between
the two clearing houses over the weekend of 29-30 June.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/news-center/clearing-transition-to-ice-clear-europe"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/news-center/clearing-transition-to-ice-clear-europe</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;"><br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per
exchange<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE May 3.9
million (-21.8% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex May 7.4
million (-11.9% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe May 2.9
million (-4.2% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME May 14.7 million (+11.0% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/514516/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/514516/</span></a><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=761326"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=761326</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=768965"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=768965</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-06-04-CME-Group-Volume-Averaged-14-7-Million-Contracts-per-Day-in-May-2013-Up-11-Percent-from-May-2012-Marking-Highest-Month-since-August-2011?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-06-04-CME-Group-Volume-Averaged-14-7-Million-Contracts-per-Day-in-May-2013-Up-11-Percent-from-May-2012-Marking-Highest-Month-since-August-2011?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And
finally.....<o:p></o:p></span></b></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">If you are
looking for a reminder of the heyday of the open outcry markets you may be
interested in acquiring a signed photograph of the CBOT trading pits by Andreas
Gursky which is being auctioned at Sotheby’s in London on 26<sup>th</sup> June.
The estimated price range is a mere £600,000 - £800,000. <o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span lang="EN-GB"><a href="http://www.sothebys.com/fr/auctions/ecatalogue/2013/contemporary-art-evening-auction-l13022/lot.26.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.sothebys.com/fr/auctions/ecatalogue/2013/contemporary-art-evening-auction-l13022/lot.26.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">For our clients:
DejavuTrading roadshow 26 June 2013!<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler, 25 June 2013<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> </span><span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="file:///C:/Users/Aline%20D%C3%A9j%C3%A0vuTrading/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/KHM7V4GW/blogbydejavutrading.blogspot.fr" title="Blog by DejavuTrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600"
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<span lang="EN-GB"><a href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" title="Linked in DejavuTrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><!--[if gte vml 1]><v:shape id="Picture_x0020_5" o:spid="_x0000_i1026"
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<span lang="EN-GB"> </span><span style="background-color: navy; color: white; font-family: Arial, sans-serif; font-size: 26pt; letter-spacing: 8.1pt; text-align: center;">NEWSLETTER N°06/2013</span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">25 Juin 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 11pt;">MIF2: Mise en place de la nouvelle
‘Directive sur les marchés d’instruments financiers’ en 2013 ?<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Les
récentes avancées réalisées par les différentes institutions européennes notamment
sur les transactions opaques et les conditions d’accès pour les contreparties
centrales, devraient permettre une mise en place de la directive </span><span style="background-color: #f8f6f6; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">sur les marchés d'instruments financiers</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (MIF2 ou </span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">MiFID II) à la fin de l’année.</span><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/MiFID_II_by_Christmas_while_dark_concerns_grow.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/MiFID_II_by_Christmas_while_dark_concerns_grow.aspx</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <i>(GB)</i><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/fiche-actualite-eclairages/le-projet-mif-2-tire-les-lecons-de-la-directive-mif-119.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/fiche-actualite-eclairages/le-projet-mif-2-tire-les-lecons-de-la-directive-mif-119.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <i>(FR)</i></span><b><i><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></i></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">TTF : Les parlementaires
européens en faveur de la taxe européenne sur les transactions financières<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les membres de la commission des affaires
économiques et monétaires du Parlement européen ont voté en faveur de la
proposition de taxe européenne sur les transactions financières (0.1% pour les
actions et 0.01% pour les produits dérivés). Ils ont cependant réduit ces taux
pour les fonds de pensions à 0.05% pour
les actions et 0.005% pour les produits dérivés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/3ff39e9e-d823-11e2-b4a4-00144feab7de.html#axzz2X8ePhKqZ"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/3ff39e9e-d823-11e2-b4a4-00144feab7de.html#axzz2X8ePhKqZ</span></a>
</span><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">GB</span></i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_fr.htm"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_fr.htm</span></a></span><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> FR</span></i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<h1 style="background: white; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">EMIR : Report de l’obligation
de déclaration des transactions de produits dérivés de gré à gré <o:p></o:p></span></h1>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">La mise en œuvre de l’obligation de déclaration des transactions de
produits dérivés de gré à gré, instaurée par le ‘règlement sur les produits
dérivés négociés de gré à gré (« OTC »), les chambres de compensation et les référentiels
centraux’ (EMIR), initialement fixée au 23 septembre 2013 a été reportée par l’autorité européenne des
marchés financiers (ESMA) à la mi-novembre.
Cependant de nombreuses sociétés mettant en place un gel de leurs systèmes
d’information en fin d’année, une mise
en œuvre début 2014 semblerait plus réaliste.<o:p></o:p></span></div>
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<a href="http://www.thetradenews.com/news/Regions/Europe/EMIR_derivatives_reporting_likely_delayed_to_2014.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/EMIR_derivatives_reporting_likely_delayed_to_2014.aspx</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le marché européen du ‘high yield’ confirme son dynamisme pour 2013<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Plus de 38 milliards € d'obligations ‘high
yield’ (ou dites à ‘haut rendement’) émises en devises européennes ont déjà été
négociés cette année, ce chiffre dépassant
ainsi celui de 2012 et approchant le record
de l'année 2010 avec 40 € milliards
d'euros négociés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887324069104578531331991789160.html?mod=dist_smartbrief"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887324069104578531331991789160.html?mod=dist_smartbrief</span></a> </span><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(GB)</span></i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Lancement d’une plateforme de négociation de produits
Swaps sur le London Stock exchange <o:p></o:p></span></h1>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">L’opérateur britannique <span class="apple-converted-space">London
Stock Exchange a annoncé la création d’une plateforme de négociation
électronique des produits swaps : MTS Swaps. Ce système utilisera l’infrastructure
déjà existante de ‘MTS f</span>ixed
income’. La date de lancement est prévue pour le dernier trimestre 2013.<o:p></o:p></span></div>
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<a href="http://www.ft.com/intl/cms/s/0/1d6f2de2-d4e6-11e2-9302-00144feab7de.html#axzz2X8ePhKqZ"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/1d6f2de2-d4e6-11e2-9302-00144feab7de.html#axzz2X8ePhKqZ</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <i>(EN)</i></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Marchés
boursiers réglementés et chambres de compensation.<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’opérateur allemand Eurex Exchange a finalisé la migration de ses systèmes
de négociation vers une nouvelle infrastructure de négociation<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.hedgeweek.com/2013/06/13/185764/eurex-exchange-completes-migration-new-trading-architecture"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.hedgeweek.com/2013/06/13/185764/eurex-exchange-completes-migration-new-trading-architecture</span></a></span> <i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)<o:p></o:p></span></i></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les chambres de compensation, ‘too big to fail’ ?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Alors que de nouvelles règles relatives à la
prévention des faillites d’institutions financières devraient prochainement être
adoptées par les ministres européens des finances, les chambres de compensation
de produits dérivés demandent à bénéficier d’une exemption dans ce nouveau
cadre réglementaire.<b><o:p></o:p></b></span></div>
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<span lang="EN-GB"><a href="http://online.wsj.com/article/SB10001424127887323734304578540954221320588.html?mod=dist_smartbrief"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://online.wsj.com/article/SB10001424127887323734304578540954221320588.html?mod=dist_smartbrief</span></a></span><span lang="EN-GB"> </span><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)</span></i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">Le CME lance un nouveau marché européen de
produits Futures<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Anticipant un feu vert de l’autorité
britannique de contrôle financier (FCA) dans les prochaines semaines,
l’opérateur américain CME a annoncé l’ouverture de son entité européenne basée
à Londres (CME Europe) le 9 septembre 2013. Les premiers produits négociés sur
cette nouvelle place boursière seront les Futures sur devises.</span><span style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.cmegroup.com/europe/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.cmegroup.com/europe/</span></a></span> <i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)</span></i><span style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3217926/CME-Europe-readies-for-September-launch.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3217926/CME-Europe-readies-for-September-launch.html</span></a></span><span lang="EN-GB"> </span><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)</span></i><span style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span class="storyheadline"><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Fusion ICE/ Nyse Euronext <o:p></o:p></span></b></span></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/exppCmyqzVCjaLwlCidyfSCicNhbgQ?format=standard" target="_blank"><i><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">Les actionnaires approuvent la fusion ICE -NYSE Euronext</span></i></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <br />
</span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Les actionnaires des deux groupes
ont approuvé début juin l'</span><span lang="EN-GB"><a href="http://www.lesechos.fr/finance-marches/vernimmen/definition_offre-publique-d-achat.html#xtor=SEC-3168" title="Définition de OPA"><span lang="FR" style="background: white; color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">OPA</span></a></span><span class="apple-converted-space"><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> </span></span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">de 8,2 milliards de dollars (6,1 milliards
d'euros) du marché IntercontinentalExchange (ICE) sur Nyse Euronext</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202803725585-la-fusion-ice-nyse-euronext-est-sur-la-bonne-voie-571951.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202803725585-la-fusion-ice-nyse-euronext-est-sur-la-bonne-voie-571951.php</span></a></span> <i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(FR)</span></i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les autorités européennes valident le rapprochement</span></i></b><span lang="EN-GB"><a href="http://r.smartbrief.com/resp/ezaXCmyqzVCjerrGCidyfSCicNbaYI?format=standard" target="_blank"><i><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;"> </span></i><i><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">ICE-NYSE Euronext </span></i></a></span><b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La commission européenne a autorisé </span><span class="apple-converted-space"><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> </span></span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">la fusion de l’IntercontinentalExchange
(ICE) et Nyse Euronext, estimant que ce rapprochement satisfait à la
réglementation sur la concurrence.</span><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></i></div>
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<span lang="EN-GB"><a href="http://www.latribune.fr/actualites/economie/union-europeenne/20130624trib000772072/bruxelles-autorise-la-fusion-de-l-ice-et-du-nyse-euronext.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.latribune.fr/actualites/economie/union-europeenne/20130624trib000772072/bruxelles-autorise-la-fusion-de-l-ice-et-du-nyse-euronext.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <i>(FR)</i><o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Transfert de la compensation des produits NYSE.LIFFE de LCH Clearnet vers ICE Clear
Europe au 1<sup>er</sup> juillet.<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Faisant suite au projet de fusion ICE/NYSE Euronext
et à compter du 1<sup>er</sup> juillet prochain, la compensation des produits
dérivés de l’opérateur NYSE.LIFFE (pour les produits de Londres) sera non plus
effectuée par LCH.Clearnet mais ICE
Clear Europe. Les positions ouvertes seront transférées le week-end 29-30 juin.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/news-center/clearing-transition-to-ice-clear-europe"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/news-center/clearing-transition-to-ice-clear-europe</span></a></span> <i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)</span></i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br />
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par
marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE Mai 3.9
millions (-21.8% par rapport à mai
2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex Mai 7.4 millions (-11.9% par rapport à mai 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe Mai 2.9
millions (-4.2% par rapport à mai
2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME Mai 14.7 millions (+11.0%
par rapport à mai 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/514516/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/514516/</span></a><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=761326"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=761326</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=768965"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=768965</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-06-04-CME-Group-Volume-Averaged-14-7-Million-Contracts-per-Day-in-May-2013-Up-11-Percent-from-May-2012-Marking-Highest-Month-since-August-2011?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-06-04-CME-Group-Volume-Averaged-14-7-Million-Contracts-per-Day-in-May-2013-Up-11-Percent-from-May-2012-Marking-Highest-Month-since-August-2011?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Et enfin.....<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Vous êtes nostalgique
de l’époque du marché à la criée ? Vous serez peut être intéressé par
l’acquisition de cette photo originale
d’Andreas Gursky représentant le parquet de Chicago (CBOT) et mise en vente par Sotheby’s à Londres le 26 Juin. Prix estimé
entre 600,000 - 800,000£...<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.sothebys.com/fr/auctions/ecatalogue/2013/contemporary-art-evening-auction-l13022/lot.26.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.sothebys.com/fr/auctions/ecatalogue/2013/contemporary-art-evening-auction-l13022/lot.26.html</span></a></span> <i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(EN)</span></i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Petit
rappel : Rencontres Déjàvutrading,
mercredi 26 juin 2013 !<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Aline Régnier et
Simon Butler, 25 juin 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-27133436910084615342013-05-21T02:02:00.000-07:002013-05-21T02:02:00.489-07:00What is next for Euronext?, new LIBOR, MIFID II.... Newsletter 05 13 May 2013<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°05/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">20 May 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/eugbCmyqzVCitIsvCidyfSCicNbbCY?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Exchanges
join effort to adopt common bond-trading technology standards</span></b></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <br />
</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">The London Stock Exchange, Deutsche Börse and other major exchanges
have joined a movement to </span><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">to
establish common industry technology standards for bond trading, as market
participants face rising cost and regulatory pressures from the move to
electronic trading.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ea9d5f6a-b1b8-11e2-9315-00144feabdc0.html#axzz2RpNXyGSM"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/ea9d5f6a-b1b8-11e2-9315-00144feabdc0.html#axzz2RpNXyGSM</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/ersaCmyqzVCirWguCidyfSCicNBOSp?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Derivatives
standardisation is set to enter new era </span></b></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br />
</span></b><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">The introduction of Market Agreed Coupon (“MAC”)
contracts for interest-rate swaps is expected to drive standardisation of
derivatives amid regulatory changes to improve market transparency.</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"> </span><span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/4f85b9c2-acf0-11e2-9454-00144feabdc0.html#axzz2R5rifvsz"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/4f85b9c2-acf0-11e2-9454-00144feabdc0.html#axzz2R5rifvsz</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The UK is to
launch a legal challenge to certain elements of the proposed Financial
Transaction Tax<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> The British government is a committed opponent
of the proposed 0.01% tax on derivatives transactions and is looking to ensure
that even if the measure is introduced it will not impact Britain.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3195125/UK-piles-pressure-on-EU-over-Robin-Hood-Tax.html"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fointelligence.com/Article/3195125/UK-piles-pressure-on-EU-over-Robin-Hood-Tax.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Concerns about the impact of a Financial Transaction Tax grow<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Analyst reports on the impact of the proposed Financial
Transaction Tax on European government borrowing are making even its proponents
think twice.</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/finance-and-economics/21576673-worries-grow-about-ill-thought-out-new-european-tax-oops"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/news/finance-and-economics/21576673-worries-grow-about-ill-thought-out-new-european-tax-oops</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">UK official
calls on industry to help finalise MIFID II<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">UK markets watchdog the Financial Conduct Authority (FCA) has
called on the industry to help regulators get MiFID II's technical standards
"right first time" once the directive's text is finalised. </span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/No_second_chance_for_MiFID_II_FCA.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/No_second_chance_for_MiFID_II_FCA.aspx</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/evnWCmyqzVCiwYaWCidyfSCicNjQms?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">European
banking union continues to face obstacles</span></b></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Senior European policymakers are debating how much
progress they can make on a proposed banking union without changing the EU
treaty. Finance ministers are rejecting the position taken by German Finance
Minister Wolfgang Schaeuble that, under existing EU law, two key elements of
the banking union aren't possible. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.dw.de/german-finance-minister-wants-two-step-banking-union/a-16808482"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.dw.de/german-finance-minister-wants-two-step-banking-union/a-16808482</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/evjWCmyqzVCiwJcjCidyfSCicNkfeb?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Regulators</span></b></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> proposes different alternatives to Libor <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Martin Wheatley, head
of the UK's new Financial Conduct Authority, said a dual-track system with
survey-based lending rates running alongside transaction-inked indices as soon</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/27c4a71a-b892-11e2-a6ae-00144feabdc0.html#axzz2T6OORHnP"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/27c4a71a-b892-11e2-a6ae-00144feabdc0.html#axzz2T6OORHnP</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
derivatives industry<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The future of
proprietary trading<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A report on how prop
traders are reacting to low volumes and changes in the markets with emphasis on
the growth of internalised platforms.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3195536/The-changing-dynamics-of-proprietary-trading.html?goback=%2Egde_1938779_member_234860424"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3195536/The-changing-dynamics-of-proprietary-trading.html?goback=%2Egde_1938779_member_234860424</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Germany’s HFT
Bill<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex have provided
information on the forthcoming HFT Bill<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/455384/457548/3/data/presentation_german_hft_bill_client_information_session.pdf"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/455384/457548/3/data/presentation_german_hft_bill_client_information_session.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Exchanges and CCPs<o:p></o:p></span></b></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">What is next
for Euronext?<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Peter Randall, the
former CEO of Chi-X Europe, is in the early stages of putting together a
private equity-backed bid for the European equity exchanges run by NYSE
Euronext, a person familiar with the matter said. The New York-based exchange
previously said it will conduct an initial public offering for a free-standing
Euronext which owns and operates stock exchanges in Amsterdam, Brussels, Paris
and Lisbon.</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">
</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-05-13/euronext-said-to-draw-early-stage-interest-from-randall.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-05-13/euronext-said-to-draw-early-stage-interest-from-randall.html</span></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Deutsche
Boerse plans diversify beyond trading<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Deutsche Boerse wants to diversify its<span class="apple-converted-space"> </span><span class="mandelbrotrefrag">business</span><span class="apple-converted-space"> </span>away from trading<span class="apple-converted-space"> </span><span class="mandelbrotrefrag">stocks,
bonds</span><span class="apple-converted-space"> </span>and derivatives to
make the exchange operator's revenues less dependent on market cycles.</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/05/15/deutscheboerse-strategy-idUSL6N0DW1Y620130515"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/05/15/deutscheboerse-strategy-idUSL6N0DW1Y620130515</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">LSE is
interested in exchange partnerships, settlement market<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Xavier Rolet, CEO of the London Stock Exchange, which recently
acquired a majority stake in LCH.Clearnet Group, says the company is interested
in collaboration to increase revenue. "We are always looking to build
significant partnerships with fast-growing exchanges," Rolet said. The LSE
is also interested in the euro-zone securities-settlement market.</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-05-15/london-stock-exchange-annual-profit-tops-estimates.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-05-15/london-stock-exchange-annual-profit-tops-estimates.html</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulatrory
changes prompt market consolidation<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.thetrade-derivatives-digital.com/thetradederivatives/issue1Q42012#pg16"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetrade-derivatives-digital.com/thetradederivatives/issue1Q42012#pg16</span></a></span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Experts highlight concerns about potential failure of CCPs</span></b><span lang="EN-GB"><a href="http://r.smartbrief.com/resp/erwoCmyqzVCisnydCidyfSCicNjXyM?format=standard" target="_blank"></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Central counterparties stand to be the next ‘too big to
fail’ institutions and could pose an acute threat to the financial system if
regulators stall on plans to manage the potential failure of a clearing entity.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<span lang="EN-GB"><a href="http://www.ifrasia.com/derivatives-too-big-to-fail-risk-shifts-to-ccps-isda-panel/21081963.article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ifrasia.com/derivatives-too-big-to-fail-risk-shifts-to-ccps-isda-panel/21081963.article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per
exchange<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE April 3.4
million (-20.9% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex April 7.1
million (-14.5% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe April 3.3
million (+1.2% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME April 11.6
million (+8.4% y.o.y.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://www.eurexgroup.com/group-en/newsroom/press-releases/485226/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexgroup.com/group-en/newsroom/press-releases/485226/</span></a><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=754019"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=754019</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=761326"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=761326</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3398&pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3398&pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And finally.....<o:p></o:p></span></b></div>
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Europeans think of each other</span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/05/what-europeans-think-each-other"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/blogs/graphicdetail/2013/05/what-europeans-think-each-other</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">For our Clients </span></b><b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">DejavuTrading Road
show on the 26<sup>th</sup> June 2013<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Representatives
from Easyscreen will be coming to Paris on 26<sup>th</sup> June to explain their forthcoming system
developments, in particular a charting package in collaboration with a third
party provider.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler, 20 May 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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(0) 1 83 62 45 50<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°05/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">20 Mai 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-size: 11pt;">Différents opérateurs boursiers joignent
leurs forces afin d'adopter des normes communes concernant la technologie de
négociation des obligations</span></b><span style="font-size: 11pt;"><br />
</span><span style="font-size: 11pt;">Les opérateurs britannique LES et allemand
Deutsche Boerse, rejoints par d’autres bourses initient un mouvement destiné à
établir des standards techniques communs à la négociation d’obligations. Cette
initiative fait suite à l’augmentation des coûts pour les différents acteurs de
l’industrie et les pressions réglementaires destinées à promouvoir la négociation
électronique.</span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ea9d5f6a-b1b8-11e2-9315-00144feabdc0.html#axzz2RpNXyGSM"><span lang="FR" style="font-size: 11pt;">http://www.ft.com/intl/cms/s/0/ea9d5f6a-b1b8-11e2-9315-00144feabdc0.html#axzz2RpNXyGSM</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-size: 11pt;">Vers une intensification de la standardisation des produits dérivés <br />
</span></b><span style="font-size: 11pt;">L’introduction des contrats Market Agreed Coupon (“MAC”) pour les swaps
sur taux d’intérêts devrait accentuer la standardisation des produits dérivés.<o:p></o:p></span></div>
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<span style="font-size: 11pt;"> </span><span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/4f85b9c2-acf0-11e2-9454-00144feabdc0.html#axzz2R5rifvsz"><span lang="FR" style="font-size: 11pt;">http://www.ft.com/intl/cms/s/0/4f85b9c2-acf0-11e2-9454-00144feabdc0.html#axzz2R5rifvsz</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<h1 style="background: white; margin-top: 0cm;">
<span style="font-size: 11pt;">Londres porte le projet de taxe
sur les transactions financières devant la justice européenne<o:p></o:p></span></h1>
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 11pt;">Une action a ainsi été engagée devant la Cour européenne de justice au
Luxembourg afin de protéger la Grande-Bretagne, siège du plus grand centre
financier européen, de possibles dommages économiques.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fointelligence.com/Article/3195125/UK-piles-pressure-on-EU-over-Robin-Hood-Tax.html"><span lang="FR" style="font-size: 11pt;">http://www.fointelligence.com/Article/3195125/UK-piles-pressure-on-EU-over-Robin-Hood-Tax.html</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/londres-porte-devant-la-justice-europeenne-le-projet-de-taxe-sur-les-transactions-financieres-1266387.html"><span lang="FR" style="font-size: 11pt;">http://www.agefi.fr/articles/londres-porte-devant-la-justice-europeenne-le-projet-de-taxe-sur-les-transactions-financieres-1266387.html</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-size: 11pt;">Préoccupations grandissantes concernant
l'impact de la taxe sur les transactions financières <o:p></o:p></span></b></div>
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<span style="font-size: 11pt;">Plusieurs
analyses soulignant l'impact de la proposition de taxe sur les transactions
financières sur les emprunts des gouvernements européens suscitent des doutes grandissants.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/news/finance-and-economics/21576673-worries-grow-about-ill-thought-out-new-european-tax-oops"><span lang="FR" style="font-size: 11pt;">http://www.economist.com/news/finance-and-economics/21576673-worries-grow-about-ill-thought-out-new-european-tax-oops</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-size: 11pt;">MIFID II<br />
</span></b><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 11pt;">L’autorité britannique de contrôle
financier ‘Financial Conduct Authority (FCA)’ a lancé un appel aux différents acteurs
de l’industrie afin que ces derniers contribuent activement à l’adoption de
standards techniques définitifs une fois la nouvelle directive MIFID II adoptée.</span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/No_second_chance_for_MiFID_II_FCA.aspx"><span lang="FR" style="font-size: 11pt;">http://www.thetradenews.com/news/Regions/Europe/No_second_chance_for_MiFID_II_FCA.aspx</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<b><span style="font-size: 11pt;">L’</span></b><span lang="EN-GB"><a href="http://r.smartbrief.com/resp/evnWCmyqzVCiwYaWCidyfSCicNjQms?format=standard" target="_blank"><span lang="FR" style="color: windowtext; font-size: 11pt;">Union</span></a></span><b><span style="font-size: 11pt;"> bancaire européenne continue de faire face à
de nombreux obstacles <br />
</span></b><span lang="EN-GB"><a href="http://www.dw.de/german-finance-minister-wants-two-step-banking-union/a-16808482"><span lang="FR" style="font-size: 11pt;">http://www.dw.de/german-finance-minister-wants-two-step-banking-union/a-16808482</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 11pt;">Les autorités réglementaires anglo-saxonnes
proposent différentes </span></b><b><span style="font-size: 11pt;">alternatives
au Libor <br />
</span></b><span style="font-size: 11pt;">Martin Wheatley, directeur de la nouvelle Autorité de
contrôle financier du Royaume-Uni (FCA), a déclaré favoriser un système à ‘double
voie’ qui conserverait l’ancien système des taux basés sur des enquêtes ou
déclarations en parallèle d’un nouveau système basé sur les transactions
effectués ou dites réelles. Les autorités américaines quant à elles
retiendraient uniquement la seconde
solution basée sur les transactions réelles.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/27c4a71a-b892-11e2-a6ae-00144feabdc0.html#axzz2T6OORHnP"><span lang="FR" style="font-size: 11pt;">http://www.ft.com/intl/cms/s/0/27c4a71a-b892-11e2-a6ae-00144feabdc0.html#axzz2T6OORHnP</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.agefi.fr/articles/les-regulateurs-americains-veulent-trouver-des-alternatives-au-libor-1267421.html"><span lang="FR" style="font-size: 11pt;">http://www.agefi.fr/articles/les-regulateurs-americains-veulent-trouver-des-alternatives-au-libor-1267421.html</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: #7030a0;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 11pt;">Quel futur pour
le trading pour compte propre ?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 11pt;">FOW publie un rapport sur la façon dont les négociateurs
pour compte propre réagissent aux faibles volumes et aux changements marchés avec
une mise en évidence de la croissance des plates-formes internalisées.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.fow.com/Article/3195536/The-changing-dynamics-of-proprietary-trading.html?goback=%2Egde_1938779_member_234860424"><span lang="FR" style="font-size: 11pt;">http://www.fow.com/Article/3195536/The-changing-dynamics-of-proprietary-trading.html?goback=%2Egde_1938779_member_234860424</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 11pt;">Projet allemand
de taxation du trading haute fréquence (HFT)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 11pt;">Rapport publié par l’operateur allemand sur le projet de
taxation du Trading Haute Fréquence en Allemagne.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/455384/457548/3/data/presentation_german_hft_bill_client_information_session.pdf"><span lang="FR" style="font-size: 11pt;">http://www.eurexchange.com/blob/exchange-en/455384/457548/3/data/presentation_german_hft_bill_client_information_session.pdf</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: #7030a0;">Marchés
boursiers réglementés et chambres de compensation.<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-US" style="font-size: 11pt;">‘What is next
for </span></b><b><span lang="EN-US" style="font-size: 11pt;">Euronext’?<br />
</span></b><span style="font-size: 11pt;">Peter Randall, l'ancien PDG de Chi-X Europe, serait sur
le point de mettre sur pied une offre privée d’achat des bourses d'actions
européennes, partie Euronext, appartenant
au groupe NYSE Euronext. L'opérateur boursier basé à New York avait annoncé
qu’il procéderait à une offre publique initiale pour la partie Euronext qui
possède et exploite des bourses actions d'Amsterdam, Bruxelles, Paris et
Lisbonne.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-05-13/euronext-said-to-draw-early-stage-interest-from-randall.html"><span lang="FR" style="font-size: 11pt;">http://www.bloomberg.com/news/2013-05-13/euronext-said-to-draw-early-stage-interest-from-randall.html</span></a></span><b><span style="font-size: 11pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 11pt;">L’opérateur boursier Deutsche Boerse projette de se diversifier au delà de
la pure négociation de valeurs.<br />
</span></b><span lang="EN-GB"><a href="http://www.reuters.com/article/2013/05/15/deutscheboerse-strategy-idUSL6N0DW1Y620130515"><span lang="FR" style="font-size: 11pt;">http://www.reuters.com/article/2013/05/15/deutscheboerse-strategy-idUSL6N0DW1Y620130515</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 11pt;">La bourse de Londres ‘LSE’ intéressée par des partenariats avec d’autres
opérateurs boursiers et l’industrie de la compensation et du règlement
livraison.<span style="background: yellow; mso-highlight: yellow;"><br />
</span></span></b><span style="font-size: 11pt;">Xavier Rolet, directeur du London
Stock Exchange, opérateur qui a récemment acquis une participation majoritaire
dans le groupe LCH.Clearnet, affirme que la Bourse de Londres est intéressée
par des partenariats significatifs avec des opérateurs boursiers en forte croissance.
La LSE est également intéressée par l’industrie de la compensation et du
règlement livraison.</span><span style="color: #999999; font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-05-15/london-stock-exchange-annual-profit-tops-estimates.html"><span lang="FR" style="font-size: 11pt;">http://www.bloomberg.com/news/2013-05-15/london-stock-exchange-annual-profit-tops-estimates.html</span></a></span><span style="color: #999999; font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 11pt;">Les changements réglementaires encouragent la consolidation des marchés<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB"><a href="http://www.thetrade-derivatives-digital.com/thetradederivatives/issue1Q42012#pg16"><span lang="FR" style="font-size: 11pt;">http://www.thetrade-derivatives-digital.com/thetradederivatives/issue1Q42012#pg16</span></a></span><span style="color: #999999; font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<b><span style="font-size: 11pt;">Des experts mettent en lumière les risques de
défaillance potentielle des contreparties centrales<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<span style="font-size: 11pt;">Les
contreparties centrales pourraient représenter les prochaines entités ’too big
to fail ' (Trop gros pour faire faillite) et ainsi constituer une menace grave pour le système
financier si les régulateurs ne confirmaient pas leur volonté de gérer le risque de défaillance d'une entité de
compensation.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 15.0pt; text-align: justify;">
<span lang="EN-GB"><a href="http://www.ifrasia.com/derivatives-too-big-to-fail-risk-shifts-to-ccps-isda-panel/21081963.article"><span lang="FR" style="font-size: 11pt;">http://www.ifrasia.com/derivatives-too-big-to-fail-risk-shifts-to-ccps-isda-panel/21081963.article</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="color: #7030a0;">Volumes moyens quotidiens par
marchés (produits dérivés)<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-size: 11pt;">NYSE.LIFFE avril 3.4
millions (-20.9% par rapport à
avril 2012)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 11pt;">Eurex avril 7.1 millions (-14.5% par rapport à avril 2012)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 11pt;">ICE Europe avril 3.3
millions (+1.2% par rapport à
avril 2012)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 11pt;">CME avril 11.6
millions (+8.4% par rapport à avril 2012)<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-size: 11pt;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><o:p></o:p></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://www.eurexgroup.com/group-en/newsroom/press-releases/485226/"><span lang="FR" style="font-size: 11pt;">http://www.eurexgroup.com/group-en/newsroom/press-releases/485226/</span></a><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=754019"><span lang="FR" style="font-size: 11pt;">http://ir.theice.com/releasedetail.cfm?ReleaseID=754019</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=761326"><span lang="FR" style="font-size: 11pt;">http://ir.theice.com/releasedetail.cfm?ReleaseID=761326</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3398&pagetemplate=article"><span lang="FR" style="font-size: 11pt;">http://cmegroup.mediaroom.com/index.php?s=43&item=3398&pagetemplate=article</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<b><span style="color: #7030a0;">et enfin.....<o:p></o:p></span></b></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span style="font-size: 11pt;">Ce que les européens pensent les uns des autres</span><b><span style="font-size: 11pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/05/what-europeans-think-each-other"><span lang="FR" style="font-size: 11pt;">http://www.economist.com/blogs/graphicdetail/2013/05/what-europeans-think-each-other</span></a></span><span style="font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
</div>
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<b><span lang="EN-US" style="font-size: 11pt;">DejavuTrading Road
show le 26 juin 2013<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-size: 11pt;">Nous présenterons
avec nos partenaires Easyscreen et ADM, les dernières évolutions et projets
relatifs à la plateforme et services. Cette présentation, également opportunité
d’échanges entre traders sera suivie d’un diner pour nos utilisateurs,
n’hésitez pas à nous contacter pour de plus
amples informations.<o:p></o:p></span></div>
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<span style="font-size: 10pt;">Aline Régnier et
Simon Butler, 20 mai 2013<o:p></o:p></span></div>
<div class="MsoNormal">
<b><span style="color: red;">Pour nous contacter:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="color: #548dd4;">Déja-vu</span><span style="color: #a6a6a6;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR">contact@dejavutrading.com</span></a></span><o:p></o:p></div>
<div class="MsoNormal">
19-21 Bd
Haussmann <span lang="EN-GB"><a href="file:///C:/Users/D%C3%A9j%C3%A0-vu/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/A9GV4YW5/www.dejavutrading.com"><span lang="FR">www.dejavutrading.com</span></a></span><o:p></o:p></div>
<div class="MsoNormal">
75009
Paris - France Tel: +33 (0) 1
83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></div>
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<br /></div>
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<span lang="EN-GB"><a href="file:///C:/Users/Aline%20D%C3%A9j%C3%A0vuTrading/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/KHM7V4GW/blogbydejavutrading.blogspot.fr" title="Blog by DejavuTrading"><span lang="FR" style="color: windowtext; text-decoration: none;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
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<span lang="EN-GB"><a href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" title="Linked in DejavuTrading"><span lang="FR" style="color: windowtext; text-decoration: none;"><v:shape href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" id="Picture_x0020_5" o:button="t" o:spid="_x0000_i1026" style="height: 22.5pt; mso-wrap-style: square; visibility: visible; width: 22.5pt;" title="Linked in DejavuTrading" type="#_x0000_t75">
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<br />
Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-79118732178019741332013-04-19T02:15:00.002-07:002013-04-19T02:20:01.263-07:00<br />
<div align="center" class="MsoNormal" style="background: navy; text-align: center;">
<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°04/2013<o:p></o:p></span></div>
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<br /></div>
<div align="center" class="MsoNormal" style="background: navy; text-align: center;">
<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 17 April 2013<o:p></o:p></span></div>
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<br /></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/epnrCmyqzVCimrAsCidyfSCicNqVrm?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">ETF
satisfaction and usage are up in Europe, report says</span></b></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> <br />
</span><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Exchange-traded funds continue to be popular among
institutional investors in Europe, with guidelines from the European Securities
and Markets Authority bolstering the sector, according to a report. "The
increased interest may be related to the increased levels of disclosure and
transparency which are being imposed on actively managed ETFs by the new 2012
ESMA Guidelines aimed at increasing investor protection," the report says.</span><span lang="EN-GB" style="color: #999999; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;"> </span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/ESMA_guidelines_spur_buy-side_use_of_ETFs.aspx"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/ESMA_guidelines_spur_buy-side_use_of_ETFs.aspx</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A Financial
Transaction Tax could see derivatives costs soar<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3184691/Brass-tax.html?goback=%2Egde_1938779_member_229505776"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3184691/Brass-tax.html?goback=%2Egde_1938779_member_229505776</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Bankers
expect Financial Transaction Tax proposals to be watered down<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The financial industry does not
believe that the current proposals for a FTT will be introduced due to the
perceived negative impact on government and corporate funding costs.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/04/14/europe-banks-tax-idUSL5N0CX43P20130414"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/04/14/europe-banks-tax-idUSL5N0CX43P20130414</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The EU
Financial Transaction tax and the Asset Management industry<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">PwC have compiled a report on the
impact of the proposes FTT on the asset management industry<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.pwc.com/en_SG/sg/tax-newsflash/assets/taxnewsflash_201303.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.pwc.com/en_SG/sg/tax-newsflash/assets/taxnewsflash_201303.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">Supervision costs for British banks could
rise by up to 25% <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">British</span><span class="apple-converted-space"><span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></span><span lang="EN-GB"><a href="http://uk.reuters.com/sectors/industries/overview?industryCode=128&lc=int_mb_1001"><span style="background: white; color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">banks</span></a></span><span class="apple-converted-space"><span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></span><span lang="EN-GB" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">could pay up to a quarter more to be
supervised as two new watchdogs adopt more intrusive regulation and impose
higher fines.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://uk.reuters.com/article/2013/04/09/britain-regulation-fees-idUKL5N0CW28L20130409"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://uk.reuters.com/article/2013/04/09/britain-regulation-fees-idUKL5N0CW28L20130409</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">All you need
to know about EMIR<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The European Securities and
Markets Authority document on the implementation of EU regulations on OTC
derivatives, central counterparties and trade repositories:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.esma.europa.eu/system/files/2013-324.pdf"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.esma.europa.eu/system/files/2013-324.pdf</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
derivatives industry<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">High Frequency
Trading<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex have an
education video on the subject:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.youtube.com/watch?v=2jj8q6Mh5BU"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.youtube.com/watch?v=2jj8q6Mh5BU</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Consolidation of regulated
exchanges and CCPs<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/eqbBCmyqzVCinZBaCidyfSCicNWKON?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Polish and
Austrian stock exchanges reportedly discuss merger</span></b></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Further market consolidation
reported:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/84b5a720-a12d-11e2-bae1-00144feabdc0.html#axzz2PqVh1KCK"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/84b5a720-a12d-11e2-bae1-00144feabdc0.html#axzz2PqVh1KCK</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">France wants its banks to be core investors in Euronext<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The French
government has approached the country’s banks and insurance companies with a
view to them buying a combined minimum stake of 34% when the European stock
exchange will be floated following the takeover of NYSE by ICE.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://uk.reuters.com/article/2013/04/05/euronext-shareholders-idUKL5N0CS15M20130405"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://uk.reuters.com/article/2013/04/05/euronext-shareholders-idUKL5N0CS15M20130405</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per
exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE March 4.3
million (+10.2% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex March 7.3 million (-1.4% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe March 3.4
million (+21.4% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME March 12.5 million (+0.0% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/455564/"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/455564/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=754019"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=754019</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-04-02-CME-Group-Volume-Averaged-12-5-Million-Contracts-per-Day-in-March-2013?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-04-02-CME-Group-Volume-Averaged-12-5-Million-Contracts-per-Day-in-March-2013?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">And finally.....<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The ECB have added an
‘educational game’ called “Top Floor” to their website. Don’t get over-excited.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ecb.int/ecb/educational/topfloor/html/index.en.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ecb.int/ecb/educational/topfloor/html/index.en.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">For our Clients </span></b><b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">We are
finalising plans with Easyscreen and ADM for their next visit to Paris at the
end of June. We will contact you personally when the dates are confirmed.<o:p></o:p></span></div>
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Aline Régnier and Simon Butler, 17 April 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" title="Linked in DejavuTrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><v:shape href="http://www.linkedin.com/company/deja-vutrading?trk=company_logo" id="Picture_x0020_5" o:button="t" o:spid="_x0000_i1026" style="height: 22.5pt; mso-wrap-style: square; visibility: visible; width: 22.5pt;" title="Linked in DejavuTrading" type="#_x0000_t75">
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<span lang="EN-GB"><a href="http://www.twitter.com/dejavutrading"><span lang="FR" style="color: windowtext; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes; text-decoration: none; text-underline: none;"><v:shape href="http://www.twitter.com/dejavutrading" id="Picture_x0020_10" o:button="t" o:spid="_x0000_i1025" style="height: 22.5pt; mso-wrap-style: square; visibility: visible; width: 24pt;" type="#_x0000_t75">
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°04/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 17 avril 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Intérêt croissant pour les ETF en Europe</span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br />
</span><span style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Après plus de 15 ans d’existence,
l’intérêt pour les Exchange-Traded Fund ou Fonds indiciels cotés plus connus
sous le nom de « Trackers » </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Helvetica; mso-hansi-theme-font: minor-latin;">ne faiblit pas.
Selon le rapport annuel de L’EDHEC « L’intérêt croissant peut être
expliqué par un renforcement et une clarification des normes depuis la
publication par l’Autorité Européenne des Marchés Financiers (ESMA) des lignes
directrices dont la finalité est d’améliorer
la protection des investisseurs »</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/ESMA_guidelines_spur_buy-side_use_of_ETFs.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/ESMA_guidelines_spur_buy-side_use_of_ETFs.aspx</span></a></span> <span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Réglementation/fiscalité<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La taxe européenne
sur les transactions financières (FFT) pourrait avoir un impact négatif sur les
dérivés notamment en termes de coût.<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3184691/Brass-tax.html?goback=%2Egde_1938779_member_229505776"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3184691/Brass-tax.html?goback=%2Egde_1938779_member_229505776</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Vers une version ‘édulcorée’ de la taxe européenne sur les transactions
financières ?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie financière anticipe un allègement
du champ d’application du projet de taxe européenne sur les transactions financières,
le texte actuel au spectre assez large étant vivement critiqué par plusieurs
états membres de l’Union Européenne et acteurs de l’industrie.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.reuters.com/article/2013/04/14/europe-banks-tax-idUSL5N0CX43P20130414(en"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.reuters.com/article/2013/04/14/europe-banks-tax-idUSL5N0CX43P20130414(en</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">anglais)</span><o:p></o:p></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La taxe européenne
sur les transactions financières (FFT) </span></b><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">et l’industrie de la gestion.<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">PwC a
rédigé un rapport sur l’impact de la taxe européen sur l’industrie de la gestion financière.<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les inquiétudes sont grandes en particulier
pour le secteur de la gestion en France.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.pwc.com/en_SG/sg/tax-newsflash/assets/taxnewsflash_201303.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.pwc.com/en_SG/sg/tax-newsflash/assets/taxnewsflash_201303.pdf</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)</span><o:p></o:p></div>
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<span lang="EN-GB"><a href="http://www.optionfinance.fr/actualites/asset-management/article/une-ttf-elargie-a-11-pays-en-europe-serait-catastrophique-pour-la-gestion-francaise-selon-lafg.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.optionfinance.fr/actualites/asset-management/article/une-ttf-elargie-a-11-pays-en-europe-serait-catastrophique-pour-la-gestion-francaise-selon-lafg.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">Le coût de supervision
pour les acteurs financiers britanniques pourrait augmenter de 25%<o:p></o:p></span></b></div>
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">Suite à la refonte du système de supervision financier britannique (le
Financial Services Authority ayant été scindé
en deux nouvelles entités le Financial
Conduct Authority et le Prudential Regulation Authority), au renforcement la réglementation et à des
sanctions financières plus élevées, nombreux acteurs de l’industrie financière envisagent
une hausse conséquente du coût de supervision au Royaume Uni.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://uk.reuters.com/article/2013/04/09/britain-regulation-fees-idUKL5N0CW28L20130409"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://uk.reuters.com/article/2013/04/09/britain-regulation-fees-idUKL5N0CW28L20130409</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Tout ce que vous devez savoir sur le règlement EMIR<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’Autorité Européenne des Marchés Financiers
(ESMA : The European Securities and Markets Authority) a publié le 20 mars dernier, sous forme de
questions/réponses, un rapport relatif à la mise en place du règlement sur les produits OTC, les contreparties centrales
et les référentiels centraux, plus connu sous le nom de règlement EMIR
(European Market Infrastructure Regulation).<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.esma.europa.eu/system/files/2013-324.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.esma.europa.eu/system/files/2013-324.pdf</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trading Haute Fréquence
(HFT- High Frequency Trading)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’opérateur boursier allemand Eurex propose une vidéo
éducative sur le thème du Trading Haute Fréquence:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.youtube.com/watch?v=2jj8q6Mh5BU"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.youtube.com/watch?v=2jj8q6Mh5BU</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Concentration des marchés
boursiers réglementés et des chambres de compensation.<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Les opérateurs boursiers polonais et autrichien envisagent un accord de
fusion <o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/84b5a720-a12d-11e2-bae1-00144feabdc0.html#axzz2PqVh1KCK"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/84b5a720-a12d-11e2-bae1-00144feabdc0.html#axzz2PqVh1KCK</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00512775-les-bourses-de-vienne-et-varsovie-discutent-d-une-fusion-sce-556472.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00512775-les-bourses-de-vienne-et-varsovie-discutent-d-une-fusion-sce-556472.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Bercy incite les banques françaises à prendre part à la future entité ‘Euronext’<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le ministère des finances a pris contact avec
différentes banques et assurances afin d’inciter ces acteurs à investir dans
l’opérateur boursier Euronext si ce dernier était introduit en bourse. Cette introduction
(IPO) est envisagée suite au rachat de NYSE Euronext par le marché américain ICE, ce dernier semblant désireux de se
séparer de l’entité Euronext pour se concentrer notamment sur les produits
dérivés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://uk.reuters.com/article/2013/04/05/euronext-shareholders-idUKL5N0CS15M20130405"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://uk.reuters.com/article/2013/04/05/euronext-shareholders-idUKL5N0CS15M20130405</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://bourse.lesechos.fr/infos-conseils-boursiers/infos-conseils-valeurs/infos/bercy-veut-que-des-banques-entrent-au-capital-d-euronext-presse-868289.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://bourse.lesechos.fr/infos-conseils-boursiers/infos-conseils-valeurs/infos/bercy-veut-que-des-banques-entrent-au-capital-d-euronext-presse-868289.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par
marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE mars 2013 4.3
millions (+10.2% par rapport à
mars 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex mars 2013 7.3
millions (-1.4% par rapport à mars
2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe mars 2013 3.4 millions (+21.4% par rapport à mars 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME mars 2013 12.5
millions (+0.0% par rapport à mars 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/455564/"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/455564/</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=754019"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=754019</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-04-02-CME-Group-Volume-Averaged-12-5-Million-Contracts-per-Day-in-March-2013?pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-04-02-CME-Group-Volume-Averaged-12-5-Million-Contracts-per-Day-in-March-2013?pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Top Floor... en route vers le sommet<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La Banque Centrale Européenne (BCE) vient
de créer un jeu éducatif appelé ‘top
floor’.... nous n’en dirons pas plus, faites vous votre propre opinion !<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ecb.int/ecb/educational/topfloor/html/index.en.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ecb.int/ecb/educational/topfloor/html/index.en.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nos clients</span></b><b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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train de finaliser la prochaine ‘rencontre DéjavuTrading’ avec nos
partenaires Easyscreen et ADM à Paris en
juin. Nous vous confirmerons très prochainement date et détails pratiques.<o:p></o:p></span></div>
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Simon Butler, 17 Avril 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Nous contacter:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Bd Haussmann </span><span lang="EN-GB"><a href="file:///C:/Users/Aline%20D%C3%A9j%C3%A0vuTrading/kiki/dejavuTrading/generic/communication/Newsletter/www.dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">www.dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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Paris - France Tel:
+33 (0) 1 83 64 14 33 Fax: +33 (0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-37955711363805571252013-03-19T09:55:00.001-07:002013-03-25T04:33:17.627-07:00<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°03/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;"> 19 March 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Products<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex to
launch new MSCI index products<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">March 11<sup>th</sup> saw
the launch of futures and options based on the MSCI World, MSCI Europe, MSCI
Asia Pacific ex-Japan and MSCI Frontier Markets indices. </span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/416218/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/416218/</span></a></span><span lang="EN-GB" style="color: blue; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Record
volumes recorded on Euro-BTP futures<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A record 116,339 lots of Euro-BTP
futures were traded on Eurex on 26<sup>th</sup> February.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/420398/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/420398/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://r.smartbrief.com/resp/enuCCmyqzVCihGaBCidyfSCicNvIxx?format=standard" target="_blank"><b><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Regulation spurs creation of
bond-trading platform</span></b></a></span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br />
</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Deutsche
Bank is leading an industry effort in Europe to create a bond-trading platform
that would use an order book to link up buyers and sellers. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/Industry-led_European_bond_platform_takes_shape.aspx"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/Industry-led_European_bond_platform_takes_shape.aspx</span></a></span><u><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></u></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Regulation/Tax<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">UK prepares to
challenge EU proposal to cap bankers’ bonuses<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The British Chancellor
is refusing to back EU plans to limit bankers’ bonuses to 100% of their
salaries. At the same time some banks are taking advice on whether such a
proposal would be in breach of EU employment laws.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-21661089"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-21661089</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nytimes.com/2013/03/05/business/global/05iht-euro05.html?_r=0"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.nytimes.com/2013/03/05/business/global/05iht-euro05.html?_r=0</span></a></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex argues that HFT
is a natural evolution of the market and should not be over-regulated<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/3150-432410/432416/3/data/HFT_presentation_survey.pdf"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/3150-432410/432416/3/data/HFT_presentation_survey.pdf</span></a></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
derivatives industry<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Difficult
times<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">After a near 30 year
boom in the derivatives industry volumes slumped last year following reduced
volatility due to low interest rates globally, little economic growth and
greater stability in the Euro zone. Meanwhile attempts to find new
opportunities for growth are being complicated by the introduction of various
wide-ranging regulatory changes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ffd41262-8be2-11e2-8fcf-00144feabdc0.html#axzz2NtpQv8Mu"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/ffd41262-8be2-11e2-8fcf-00144feabdc0.html#axzz2NtpQv8Mu</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/trade-matching-exchange-traded-derivatives-lessons-learned-equities"><b><span lang="EN-US" style="color: #212121; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Tahoma; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Trade Matching for Exchange-traded
Derivatives: Lessons Learned from Equities</span></b></a></span><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;">This Q&A explores the importance of trade matching for
exchange-traded derivatives amidst regulatory reform, market change and
previous success in automating this process for other asset classes.</span><span lang="EN-US" style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/trade-matching-exchange-traded-derivatives-lessons-learned-equities"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/trade-matching-exchange-traded-derivatives-lessons-learned-equit</span>ies</a></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Consolidation of regulated
exchanges and CCPs<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Clearing Houses
EMCF and EuroCCP are to merge<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Two of
Europe’s cash equity clearing houses are to merge following dwindling volumes.
They currently clear approximately 35% of exchange traded equity deals.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bloomberg.com/news/2013-03-14/euroccp-emcf-to-merge-forming-pan-european-clearinghouse.html"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bloomberg.com/news/2013-03-14/euroccp-emcf-to-merge-forming-pan-european-clearinghouse.html</span></a></span></div>
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<br /></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">LSE agrees to take
control of LCH Clearnet<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/b11ee336-8705-11e2-9dd7-00144feabdc0.html#axzz2NuPs6fkQ"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/b11ee336-8705-11e2-9dd7-00144feabdc0.html#axzz2NuPs6fkQ</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Talks between CME and Deutsche
Börse<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/40c124a4-7f40-11e2-97f6-00144feabdc0.html#axzz2NuPs6fkQ"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/40c124a4-7f40-11e2-97f6-00144feabdc0.html#axzz2NuPs6fkQ</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">ICE head calls for exchange
consolidation</span></b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">As the </span><a href="http://markets.ft.com/tearsheets/performance.asp?s=us:ICE"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Intercontinental Exchange</span></a><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> (ICE) prepares to buy NYSE Euronext, its chief
executive, Jeff Sprecher, has called for more consolidation in Europe.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/9a092f76-8b60-11e2-8fcf-00144feabdc0.html#axzz2NuPs6fkQ"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/9a092f76-8b60-11e2-8fcf-00144feabdc0.html#axzz2NuPs6fkQ</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">FT video on the implications
of exchanges deals for traders<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://video.ft.com/v/2133427861001/Implications-of-exchange-deals-for-traders"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://video.ft.com/v/2133427861001/Implications-of-exchange-deals-for-traders</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<i><u><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">More on Exchanges /CCPs consolidations:</span></u></i><i><u><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></u></i></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/ft-trading-room/exchanges-consolidation"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/ft-trading-room/exchanges-consolidation</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per
exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE February 4.4
million (+57.1% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex February 6.3
million (+5.0% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe February 3.1
million (-12.4% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME February 13.7
million (+7.1% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/424438/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/424438/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=744859"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=744859</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-03-04-CME-Group-Volume-Averaged-13.7-Million-Contracts-per-Day-in-February-2013-Up-7-Percent-from-February-2012-and-Up-20-Percent-from-January-2013?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-03-04-CME-Group-Volume-Averaged-13.7-Million-Contracts-per-Day-in-February-2013-Up-7-Percent-from-February-2012-and-Up-20-Percent-from-January-2013?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Does capitalism
makes you happy?<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Economist looks at suicide
rates in Europe<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/03/daily-chart-8"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/blogs/graphicdetail/2013/03/daily-chart-8</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">About us: <o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Easyscreen release latest version<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The most
significant enhancements to the ‘Déjà-vuTrading powered by Easyscreen’ trading
platform are the new smaller order ticket and the ability to link the watch
window to a single depth window. </span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Blog by DejavuTrading<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">We are happy
to present you our New Blog!</span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> </span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
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</v:imagedata></v:shape></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">It is
divided in to two sections: one is composed of our financial industry
newsletter, the other, </span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">‘Authors' personal views’, contains
articles we have written about our own observations. You can read the views of
a Briton living and working in France and of a Frenchwoman working with a Brit
and London-based institutions. What are the differences between the Gallic and
Anglo-Saxon mentalities? Just how Cordiale is the Entente? We hope that you
will find our comments interesting and entertaining.</span><b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://blogbydejavutrading.blogspot.fr/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://blogbydejavutrading.blogspot.fr/</span></a></span><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler, 19<sup>th</sup> March 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> www.dejavutrading.com<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span><br />
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°03/2013<o:p></o:p></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;"> 19 Mars 2013<o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex lance de
nouveaux produits sur les indices MSCI<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Parallèlement au lancement du future </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Euro-OAT ‘Mid-Term’ </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">le 11 mars dernier, Eurex a présenté le même
jour différents produits futures et options basés sur les indices MSCI World, MSCI Europe, MSCI Asia Pacific
ex-Japan et MSCI Frontier Markets.</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/416218/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/416218/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en
anglais)<span style="color: blue;"><o:p></o:p></span></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volume record pour le future Euro-BTP (Eurex)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">116 339 futures Euro-BTP (Eurex) ont été négociés
sur la journée du 26<sup> </sup>février 2013.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/420398/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http ://www.eurexchange.com/exchange-en/about-us/news/420398/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Vers la création d’un marché
obligataire électronique ?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Soulignant que le contexte réglementaire
actuel encourage la création d’un marché obligataire, Deutsche Bank, rejoint par
d’autres acteurs financiers projette de créer une plateforme de négociation obligataire.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.thetradenews.com/news/Regions/Europe/Industry-led_European_bond_platform_takes_shape.aspx"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.thetradenews.com/news/Regions/Europe/Industry-led_European_bond_platform_takes_shape.aspx</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en
anglais)<u><o:p></o:p></u></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Londres espère
contrer le projet européen sur l’encadrement des bonus <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le ministre britannique des finances a refusé de soutenir le projet de réglementation
européenne sur l’encadrement des bonus, projet qui propose notamment de limiter
ces intéressements à hauteur de 100% du salaire. Parallèlement plusieurs banques
explorent la possibilité d’attaquer ce projet de loi comme étant contraire au droit du travail.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-21661089"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-21661089</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/la-city-songe-a-la-justice-sur-les-bonus-1259906.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/la-city-songe-a-la-justice-sur-les-bonus-1259906.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Point de vue: selon
l’opérateur boursier allemand Eurex, le
trading haute fréquence (HFT) est une évolution naturelle du marché et ne
devrait pas être réglementé.<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/blob/exchange-en/3150-432410/432416/3/data/HFT_presentation_survey.pdf"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/blob/exchange-en/3150-432410/432416/3/data/HFT_presentation_survey.pdf</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’industrie
des produits dérivés<o:p></o:p></span></b></div>
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<br /></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Bouleversement
des modèles traditionnels<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Depuis leur création et après ‘trente glorieuses années’, les produits dérivés doivent
désormais faire face à plusieurs difficultés dont la baisse des volumes expliquée
en partie par une faible volatilité liée à des taux d’intérêt bas et une croissance
économique en berne. Parallèlement la recherche de nouvelles opportunités de croissance
est rendue difficile par les nombreuses évolutions réglementaires. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/ffd41262-8be2-11e2-8fcf-00144feabdc0.html#axzz2NtpQv8Mu"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/ffd41262-8be2-11e2-8fcf-00144feabdc0.html#axzz2NtpQv8Mu</span></a></span><span lang="EN-GB"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/fiche-actualite-eclairages/les-infrastructures-de-marche-s-adaptent-au-bouleversement-de-leurs-modeles-129.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/fiche-actualite-eclairages/les-infrastructures-de-marche-s-adaptent-au-bouleversement-de-leurs-modeles-129.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 11pt;">‘Trade matching’ pour dérivés
réglementés : les leçons apprises des marchés actions<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">A la lumière des réformes
réglementaires, des mutations concernant les infrastructures marchés et le
succès du ‘trade matching’ pour d‘autres produits financiers, cet article met
l’accent sur l’importance de ce procédé pour les dérivés réglementés.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.derivsource.com/articles/trade-matching-exchange-traded-derivatives-lessons-learned-equities"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.derivsource.com/articles/trade-matching-exchange-traded-derivatives-lessons-learned-equities</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)</span><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Concentration des marchés
boursiers réglementés et des chambres de compensation.<o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Fusion des deux
chambres de compensation EMCF et EuroCCP <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Suite à la baisse des volumes, ces deux acteurs majeurs
de la compensation des actions en Europe ont trouvé un acteur pour un futur rapprochement.
Ils compensent actuellement environ 35% des
marchés réglementés actions.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202643014624-fusion-de-deux-grosses-chambres-de-compensation-en-europe-549364.php"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202643014624-fusion-de-deux-grosses-chambres-de-compensation-en-europe-549364.php</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">LSE précise les
conditions de rachat de LCH Clearnet<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/le-lse-precise-enfin-les-conditions-de-rachat-de-lch-clearnet-1260491.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/le-lse-precise-enfin-les-conditions-de-rachat-de-lch-clearnet-1260491.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rumeurs de rapprochement entre le CME et Deutsche Börse<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202588993252-cme-group-approche-deutsche-borse-pour-creer-un-nouveau-geant-des-marches-541986.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202588993252-cme-group-approche-deutsche-borse-pour-creer-un-nouveau-geant-des-marches-541986.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 11pt;">ICE appelle
à la concentration des marchés boursiers en Europe</span></b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Alors
que le marché américain, The </span><a href="http://markets.ft.com/tearsheets/performance.asp?s=us:ICE"><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Intercontinental Exchange</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> (ICE),
se prépare à acquérir NYSE Euronext, son dirigeant Jeff Sprecher prône une plus
grande concentration des opérateurs boursiers en Europe.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/9a092f76-8b60-11e2-8fcf-00144feabdc0.html#axzz2NuPs6fkQ"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/9a092f76-8b60-11e2-8fcf-00144feabdc0.html#axzz2NuPs6fkQ</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Vidéo du Financial
Times sur les implications de la mutation des marchés financiers pour les
traders <o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://video.ft.com/v/2133427861001/Implications-of-exchange-deals-for-traders"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://video.ft.com/v/2133427861001/Implications-of-exchange-deals-for-traders</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais)</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<i><u><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour aller plus loin:</span></u></i><i><u><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></u></i></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/ft-trading-room/exchanges-consolidation"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/ft-trading-room/exchanges-consolidation</span></a></span> <span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/fiche-actualite-eclairages/les-infrastructures-de-marche-s-adaptent-au-bouleversement-de-leurs-modeles-129.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/fiche-actualite-eclairages/les-infrastructures-de-marche-s-adaptent-au-bouleversement-de-leurs-modeles-129.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par
marchés (produits dérivés)<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE février 4.4 millions (+57.1% par rapport à février 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex février 6.3
millions (+5.0% par rapport à février 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe février 3.1 millions (-12.4% par rapport à février 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME février 13.7
millions (+7.1% par rapport
à février 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/424438/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/424438/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=744859"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=744859</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-03-04-CME-Group-Volume-Averaged-13.7-Million-Contracts-per-Day-in-February-2013-Up-7-Percent-from-February-2012-and-Up-20-Percent-from-January-2013?pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-03-04-CME-Group-Volume-Averaged-13.7-Million-Contracts-per-Day-in-February-2013-Up-7-Percent-from-February-2012-and-Up-20-Percent-from-January-2013?pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le capitalisme rend-il heureux?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The Economist analyse le taux de suicide en
Europe…<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.economist.com/blogs/graphicdetail/2013/03/daily-chart-8"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.economist.com/blogs/graphicdetail/2013/03/daily-chart-8</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="color: #7030a0; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A propos de DéjavuTrading: <o:p></o:p></span></b></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Nouvelle version du
logiciel ‘DejavuTrading by Easyscreen’<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Cette nouvelle propose en autre un ticket d’ordre à la
taille réduite et la possibilité de lier la fenêtre visualisation (watch) à une
fenêtre de profondeur (Depth) unique. </span><o:p></o:p></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Naissance
chez DejavuTrading: Notre Blog!</span></b><span style="background-color: black; background-position: initial initial; background-repeat: initial initial; border: 1pt none black; font-size: 0pt; padding: 0cm;"> </span><b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-language: FR; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
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‘Blog by DejavuTrading’!<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Ce Blog est divisé en deux sections :
l’une relative à notre newsletter sur l’industrie financière, l’autre contenant
des éditos basées sur les observations d’un britannique habitant et travaillant
en France et celle d’une française ayant
à l’inverse travaillé à Londres. Quelles sont les différences entre la
mentalité française et la pensée anglo saxonne ? Qu'en est-il de cette Entente
Cordiale entre les ‘Frogs’ et les habitants de la ‘Perfide Albion’ ? Nous espérons
que vous trouverez nos commentaires intéressants et divertissants.</span><b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://blogbydejavutrading.blogspot.fr/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://blogbydejavutrading.blogspot.fr/</span></a></span><span lang="EN-GB" style="color: #7030a0; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rédigé par: Aline
Régnier and Simon Butler, 19<sup> </sup>mars 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> www.dejavutrading.com<o:p></o:p></span></div>
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(0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-2194538583231740752013-02-22T05:18:00.000-08:002013-02-25T06:26:58.425-08:00Eurex new OAT Mid Term Future, European Financial Transaction Tax and collateral crunch...<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°02/2013<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">14 February 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Will derivatives follow equity trading
patterns?<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Are
derivatives about to see fragmented liquidity and will that lead to smaller
trade sizes and a growth in high frequency trading?<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3151232/Will-derivatives-mirror-equities.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3151232/Will-derivatives-mirror-equities.html</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex to launch Mid-Term Euro-OAT Future <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">On 11<sup>th</sup>
March Eurex will introduce a new interest rate future based on French
government bonds with a residual maturity of 4½ to 5½ years. The product is
designed to complement the existing 10 year product launched in April 2012.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/402714/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/402714/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Euro area financial regulation<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A brief
summary from the ECB on the regulatory situation including Basel III, the
Single Supervisory Mechanism and other initiatives<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ecb.europa.eu/press/key/date/2013/html/sp130118.en.pdf?4a26dcc6fdcef48a54eb31285471420b"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ecb.europa.eu/press/key/date/2013/html/sp130118.en.pdf?4a26dcc6fdcef48a54eb31285471420b</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">European Financial Transaction Tax (FFT) <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: minor-latin;">The European Commission has
tabled its controversial financial transaction tax (FTT), despite the fact that
only 11 member states out of 27 support it.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-21457562"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-21457562</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Fear of collateral crunch<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">New clearing
regulation could suck in $10tn of safe assets<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e7737740-6f85-11e2-b906-00144feab49a.html#axzz2Kt1dmnrQ"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e7737740-6f85-11e2-b906-00144feab49a.html#axzz2Kt1dmnrQ</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.securitieslendingtimes.com/sltimes/collateral_management_2012.pdf"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.securitieslendingtimes.com/sltimes/collateral_management_2012.pdf</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The global financial crisis – 5 years on <o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">The ECB review the crisis
and state the lessons learned and the responses.</span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.ecb.int/press/key/date/2013/html/sp130112.en.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ecb.int/press/key/date/2013/html/sp130112.en.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex’s Euro-OAT
future trades its 5 millionth contract<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">On 1<sup>st</sup> February the future on French government bonds,
launched in April 2012, passed through the 5 million lot barrier.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Record volumes on
CME’s Treasury options <o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The total daily volume of 1,174,227 treasury options contracts traded on
4<sup>th</sup> February was a new record beating the previous figure set in
June 2007.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-02-04-CME-Group-Announces-Treasury-Options-Trading-Volume-Record"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-02-04-CME-Group-Announces-Treasury-Options-Trading-Volume-Record</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE January 4.9 million (+53.1% y.o.y.)<o:p></o:p></span></div>
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million (+7.3% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe January 3.1
million (-16.4% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/389980/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/389980/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=731304"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=731304</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3364&pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3364&pagetemplate=article</span></a></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The big Mac Index<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Since 1986 The Economist has
produced a Big Mac Index as a measure of exchange rates. <o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif;"><b>For our clients:</b></span></div>
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<span style="font-family: Calibri, sans-serif;">Déjà-vuTrading is planning a presentation with a tax expert to look at the numerous regulatory changes within the French tax environment. Please contact us if there are specific matters within this subject area that you would particularly like to be included.</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler on the 14 February 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> www.dejavutrading.com<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span><br />
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span style="color: white; font-family: "Calibri","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">NEWSLETTER N°02/2013<o:p></o:p></span></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span style="color: white; font-family: "Calibri","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">14 février 2013<o:p></o:p></span></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Fragmentation des
marchés : les produits dérivés listés vont-ils suivre la tendance des marchés
actions ?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Comme les marchés actions depuis les cinq dernières
années (avec notamment l’introduction des ‘Multilateral Trading Facilities’ depuis l’adoption de la directive MIF en
2007), les marchés dérivés listés sont-ils en train de faire face à une fragmentation et ainsi une potentielle
fragmentation de la liquidité? Si cette hypothèse était confirmée pourrait elle
conduire à la réduction des tailles de négociation et une augmentation du
Trading Haute Fréquence (High Frequency Trading/ HFT) ? <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.fow.com/Article/3151232/Will-derivatives-mirror-equities.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.fow.com/Article/3151232/Will-derivatives-mirror-equities.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> (en anglais seulement)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex lance
le Future Euro-OAT ‘Mid-Term’ <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 11 mars prochain le marché Eurex introduira
un nouveau Future sur taux d’intérêt basé sur l’Obligation du Trésor français,
contrat dont la maturité sera de 4½ à
5½ ans. Le contrat vient en complément du Future OAT 10 ans lancé en
avril 2012.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/402714/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/402714/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Règlementation financière
dans la zone Euro <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Un bref résumé rédigé par la Banque Centrale Européenne
sur la situation réglementaire incluant Bâle III, le mécanisme de surveillance unique (MSU) et
autres initiatives.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ecb.europa.eu/press/key/date/2013/html/sp130118.en.pdf?4a26dcc6fdcef48a54eb31285471420b"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ecb.europa.eu/press/key/date/2013/html/sp130118.en.pdf?4a26dcc6fdcef48a54eb31285471420b</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais seulement)<o:p></o:p></span></div>
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<b><span style="background: white; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Taxe Européenne sur les
Transactions Financières (TTF) <o:p></o:p></span></b></div>
<h2 style="margin-top: 0cm;">
<span style="background: white; color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: minor-latin;">La
Commission européenne a présenté jeudi 14 février 2013 son projet de mise en œuvre
d'une taxe sur les transactions financières (TTF) dans onze pays membres de l'Union
Européenne. A ce stade le texte </span><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: normal; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: minor-latin;">prévoit que la taxe, destinée aux
onze pays qui comptent la mettre en œuvre, s'applique à d'autres transactions
effectuées ailleurs dans le monde, et notamment au Royaume-Uni.<o:p></o:p></span></h2>
<span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 14.0pt;"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00499908-la-ce-presente-son-plan-de-taxation-des-transactions-financieres-538563.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00499908-la-ce-presente-son-plan-de-taxation-des-transactions-financieres-538563.php</span></a></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Collateral crunch?<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Depuis l’accentuation de la tendance à la réglementation de
l’industrie financière, plusieurs acteurs mettent en avant une possible crise
du collatéral et estiment que les besoins additionnels pourraient atteindre le
chiffre de plusieurs milliers de milliards.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/e7737740-6f85-11e2-b906-00144feab49a.html#axzz2Kt1dmnrQ"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/e7737740-6f85-11e2-b906-00144feab49a.html#axzz2Kt1dmnrQ</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour aller plus
loin :<o:p></o:p></span></i></div>
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<span lang="EN-GB"><a href="http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/collateral-pierre-angulaire-des-marches-financi"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/collateral-pierre-angulaire-des-marches-financi</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">La crise financière
mondiale – 5 ans après<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">La Banque Centrale Européenne reprend l’historique
de la crise financière mondiale en évoquant les enseignements à tirer et les réponses
à envisager.</span><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.ecb.int/press/key/date/2013/html/sp130112.en.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.ecb.int/press/key/date/2013/html/sp130112.en.html</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(en anglais uniquement)<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le Future
Euro-OAT atteint les 5 millions de contrats<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 1er février dernier, le Future sur l’Obligation
du Trésor français (FOAT) lancé en avril 2012 atteignait la barre des 5
millions de contrats.<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volume
record pour les options sur Obligations
du Trésor américain sur le marché CME.<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le volume total quotidien de 1 174 227 d’options du Trésor US a été atteint le 4 février dernier, battant le
précédent record de juin 2007.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/2013-02-04-CME-Group-Announces-Treasury-Options-Trading-Volume-Record"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/2013-02-04-CME-Group-Announces-Treasury-Options-Trading-Volume-Record</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par marchés
(produits dérivés)<o:p></o:p></span></b></div>
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millions (+53.1% par rapport à janvier 2012)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex janvier 5.9 millions (+7.3% par rapport à janvier 2012)<o:p></o:p></span></div>
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millions (-16.4% par rapport à
janvier 2012)<o:p></o:p></span></div>
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millions (-1.6% par rapport à janvier 2012)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/389980/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/389980/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=731304"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=731304</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3364&pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3364&pagetemplate=article</span></a></span><o:p></o:p></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">L’indice ‘Big Mac’ <o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Depuis 1986 ‘The Economist’ a crée l’indice Big Mac, instrument de mesure
du pouvoir d’achat dans le monde. <o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span lang="EN-GB"><a href="http://www.economist.com/content/big-mac-index"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin;">http://www.economist.com/content/big-mac-index</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><u><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nos clients</span></u></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Déjà-vuTrading envisage une
présentation avec un expert en fiscalité afin de mettre l’accent sur les
nombreuses évolutions réglementaires dans le domaine fiscal en France. Merci de
nous contacter si vous désiriez que certains points spécifiques soient évoqués.<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rédigé par Aline
Régnier et Simon Butler le 14 février 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: major-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> www.dejavutrading.com<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0tag:blogger.com,1999:blog-3809908301326866291.post-64474016580281506082013-01-22T04:39:00.000-08:002013-02-25T06:29:30.449-08:00Record volumes on ICE, battleground Europe for Bourses, financial regulation.... DejavuTrading January Newsletter is now Online<br />
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">NEWSLETTER N°01/13<o:p></o:p></span></div>
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<span lang="EN-US" style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: EN-US;">17 January 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE to acquire NYSE Euronext<o:p></o:p></span></b></div>
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December it was announced that ICE had agreed to buy NYSE Euronext for
approximately $8.2 billion. The main driver for this deal is the derivatives
business and it is likely that the European equities platform will be sold off.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyse.com/press/1356002940085.html"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.nyse.com/press/1356002940085.html</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ifre.com/derivatives-drive-consolidation/21060623.article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ifre.com/derivatives-drive-consolidation/21060623.article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00486642-ice-achete-nyse-euronext-pour-8-2-milliards-de-dollars-522878.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00486642-ice-achete-nyse-euronext-pour-8-2-milliards-de-dollars-522878.php</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Record futures volumes recorded on ICE in
2012 <o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A total of 847
million contracts were traded on ICE in 2012, a 10% increase on the 2011
figures.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=731304"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=731304</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME completes its purchase of KCBT<o:p></o:p></span></b></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">The acquisition of the
Kansas City Board of Trade by the CME Group for $126 million was completed at
the beginning of December.</span><b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.futuresmag.com/2012/12/03/cme-group-completes-acquisition-of-kcbt"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.futuresmag.com/2012/12/03/cme-group-completes-acquisition-of-kcbt</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.finance-acquisition.com/la-bourse-de-chicago-achete-le-marche-du-ble-de-kansas-city-pour-126-m/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.finance-acquisition.com/la-bourse-de-chicago-achete-le-marche-du-ble-de-kansas-city-pour-126-m/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Further information: changing landscape for
European exchanges <o:p></o:p></span></i></b></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Video from Financial times as why
derivatives as at the earth of the deal:<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/trading-room"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/trading-room</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> then look
at the first video on your right ‘ICE-NYSE deal and derivatives’<o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: Calibri, sans-serif; font-size: 11pt;">Battleground Europe
for bourses:<b><o:p></o:p></b></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/3de68672-5333-11e2-9e71-00144feab49a.html#axzz2I9X2cVJw"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/3de68672-5333-11e2-9e71-00144feab49a.html#axzz2I9X2cVJw</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/le-grand-mercato-des-operateurs-boursiers-s-accelere-1251574.html"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/le-grand-mercato-des-operateurs-boursiers-s-accelere-1251574.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pricing problems at
BATS<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">BATS have informed their clients that some trades may not have been
executed at best price. They realised that this problem had been occurring
since 2008.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/6816423c-5ae2-11e2-8d06-00144feab49a.html#axzz2I9X2cVJw"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/6816423c-5ae2-11e2-8d06-00144feab49a.html#axzz2I9X2cVJw</span></a></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202491717647-l-operateur-boursier-bats-victime-d-un-bug-depuis-2008-527513.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202491717647-l-operateur-boursier-bats-victime-d-un-bug-depuis-2008-527513.php</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">European Financial
Transaction Tax<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Plans to introduce an EU-wide financial transaction tax have been backed
by the European Commission. The proposal would affect equities, bonds and
derivatives products.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-20041588"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-20041588</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/transactions-financieres-l-europe-veut-sa-taxe-1243156.html"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/transactions-financieres-l-europe-veut-sa-taxe-1243156.html</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">OTC derivatives<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The ‘Regulation on OTC Derivatives, Central Counterparties and Trade
Repositories’ also referred as the ‘European Market Infrastructure Regulation’
(EMIR) aims at increasing the stability of the over-the-counter (OTC)
derivatives markets throughout the European Union. Along with the ‘Dodd Frank
Act’ (Dodd-Frank) in the United States it is one of the key regulatory measures
emanating from the G20 commitment to regulate OTC derivatives contracts by
introducing an obligation to clear standard OTC derivatives through a CCP and
to report to a TR. This will lead a huge reorganisation for both the sell side
and buy side.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/8ff948ec-3e10-11e2-93cb-00144feabdc0.html#axzz2HNSZv2X2"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/8ff948ec-3e10-11e2-93cb-00144feabdc0.html#axzz2HNSZv2X2</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/derives-otc-big-bang-en-vue"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/derives-otc-big-bang-en-vue</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">More on regulation: read our special
report on regulatory changes in the financial industry<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">EMIR, Dodd Frank, MIFID II…. Wherever you turn in the world of finance,
regulation is sure to be the main topic being discussed. <o:p></o:p></span></div>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Since the beginning of the
financial meltdown regulation has been seen as a key element in preventing
recurrences of such incidents in the future. A turning point was reached during
the 2009 G-20 Pittsburgh Summit where it was decided to set up a framework for
supervising financial institutions which represent systemic risk and for
managing cross-border failures. This movement is now reaching full speed and
major regulatory changes are expected to be in place by the end of 2013. <o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.dejavutrading.com/#!newsletters"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.dejavutrading.com/#!newsletters</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trading: cat outperforms the experts<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.guardian.co.uk/money/2013/jan/13/investments-stock-picking"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.guardian.co.uk/money/2013/jan/13/investments-stock-picking</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://plus.lefigaro.fr/lien/orlando-le-chat-qui-trade-mieux-que-les-humains-20130115-1746031"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://plus.lefigaro.fr/lien/orlando-le-chat-qui-trade-mieux-que-les-humains-20130115-1746031</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Average Daily Volumes per exchange<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE December 3.5 million (+2.9%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> December
(ex-BClear) 2.4 million (-8.3% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Eurex December 6.1
million (+3.4% y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE Europe December 2.4 million (+1.2%
y.o.y.)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/307246/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/307246/</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3353&pagetemplate=article"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3353&pagetemplate=article</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><u><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Déjà-vuTrading – Useful Info: No. 5<o:p></o:p></span></u></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">We have
updated our website </span><span lang="EN-GB"><a href="http://www.dejavutrading.com/"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">. You can
access all our previous newsletters as well as see news and have links to many
useful sites all in one place.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Compiled by:
Aline Régnier and Simon Butler - 17 January 2013<o:p></o:p></span></div>
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<b><span lang="EN-US" style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">To contact us:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span lang="EN-US" style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span><br />
<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
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<span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span style="color: white; font-family: "Arial","sans-serif"; font-size: 26.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">NEWSLETTER N°01/13<o:p></o:p></span></span></div>
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<span style="color: white; font-family: "Arial","sans-serif"; font-size: 14.0pt; letter-spacing: 8.1pt; mso-ansi-language: FR;">17 Janvier 2013<o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ICE achète NYSE Euronext<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Le 20 décembre dernier, le marché américain
InterContinental Exchange (ICE) a annoncé le rachat du marché NYSE Euronext
pour la somme de 8.2 milliards $. L’opérateur américain est notamment intéressé
par les produits dérivés (Liffe) et semblerait en revanche vouloir se séparer des
activités ‘European Equities’ (Euronext).<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.nyse.com/press/1356002940085.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.nyse.com/press/1356002940085.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ifre.com/derivatives-drive-consolidation/21060623.article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ifre.com/derivatives-drive-consolidation/21060623.article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00486642-ice-achete-nyse-euronext-pour-8-2-milliards-de-dollars-522878.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/reuters-00486642-ice-achete-nyse-euronext-pour-8-2-milliards-de-dollars-522878.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volume record pour les produits Futures sur
ICE en 2012 <o:p></o:p></span></b></div>
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contrats ont été négociés sur ICE en 2012, soit une augmentation de 10% par
rapport aux chiffres 2011.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=731304"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=731304</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">CME achète la bourse de Kansas City (KCBT)<o:p></o:p></span></b></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">L’acquisition
de la bourse du Kansas (Kansas City
Board of Trade) par le groupe CME pour un total de 126 millions $ a été finalisée
début décembre 2012.</span><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.futuresmag.com/2012/12/03/cme-group-completes-acquisition-of-kcbt"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.futuresmag.com/2012/12/03/cme-group-completes-acquisition-of-kcbt</span></a></span><o:p></o:p></div>
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<span lang="EN-GB"><a href="http://www.finance-acquisition.com/la-bourse-de-chicago-achete-le-marche-du-ble-de-kansas-city-pour-126-m/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.finance-acquisition.com/la-bourse-de-chicago-achete-le-marche-du-ble-de-kansas-city-pour-126-m/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><i><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour aller plus loin sur le thème des opérateurs boursiers :<o:p></o:p></span></i></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Vidéo du ‘Financial times’ sur les produits
dérivés, au centre du Deal ICE – NYSE Euronext<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/trading-room"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/trading-room</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">(Regardez à droite de l’écran et sélectionner la première vidéo ‘ICE-NYSE
deal and derivatives’.<o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Le grand Mercato des opérateurs
boursiers:<b><o:p></o:p></b></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/3de68672-5333-11e2-9e71-00144feab49a.html#axzz2I9X2cVJw"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/3de68672-5333-11e2-9e71-00144feab49a.html#axzz2I9X2cVJw</span></a></span><o:p></o:p></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/le-grand-mercato-des-operateurs-boursiers-s-accelere-1251574.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/le-grand-mercato-des-operateurs-boursiers-s-accelere-1251574.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Problèmes informatiques
pour l’opérateur boursier BATS<o:p></o:p></span></b></div>
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Calibri, sans-serif; font-size: 11pt;">Bats Global Markets a indiqué qu'un «<i>problème de système informatique</i>»
avait affecté depuis quatre ans le prix auquel avaient été passés des centaines
de milliers d'ordres de vente à découvert aux Etats-Unis.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/6816423c-5ae2-11e2-8d06-00144feab49a.html#axzz2I9X2cVJw"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/6816423c-5ae2-11e2-8d06-00144feab49a.html#axzz2I9X2cVJw</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202491717647-l-operateur-boursier-bats-victime-d-un-bug-depuis-2008-527513.php"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0202491717647-l-operateur-boursier-bats-victime-d-un-bug-depuis-2008-527513.php</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Taxe européenne sur les
transactions financières<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Dix pays européens ont introduit un projet de
taxation européenne sur les transactions
financières. Ce projet s’appliquerait à une vaste catégorie de produits
financiers, dont les actions, dérivés et obligations.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.bbc.co.uk/news/business-20041588"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.bbc.co.uk/news/business-20041588</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.agefi.fr/articles/transactions-financieres-l-europe-veut-sa-taxe-1243156.html"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.agefi.fr/articles/transactions-financieres-l-europe-veut-sa-taxe-1243156.html</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Produits dérivés de gré
à gré (OTC)<o:p></o:p></span></b></div>
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<span style="font-size: 11.0pt;">Le «
règlement sur les produits dérivés de gré à gré</span><span style="background: white; color: #333333; font-family: "Verdana","sans-serif"; font-size: 11.0pt;"> </span><span style="font-size: 11.0pt;">‘OTC’ (Over The Counter), les contreparties centrales
‘CCP’ et les référentiels centraux ‘CSD’, plus connu sous l’appellation ‘EMIR’
(European Market Infrastructure Regulation ou Règlement sur l’infrastructure du
marché européen)</span><span style="font-size: 11.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"> et a</span><span style="font-size: 11.0pt;">ux
États-Unis la loi Dodd-Frank visent à renforcer la transparence et la sécurité </span><span style="font-size: 11.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">des
transactions de produits dérivés de OTC. Ces textes introduisent notamment une
obligation de reporting et de compensation pour les produits dérivés OTC les
plus standards. Lorsqu’il est estimé que
95% des dérivés sont négociés de gré à gré, de telles mesures auront
d’importantes conséquences sur l’ensemble des acteurs de l’industrie financière
tant pour le buy side que le sell side.<span style="background: yellow; mso-highlight: yellow;"><o:p></o:p></span></span></div>
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<span lang="EN-GB"><a href="http://www.ft.com/intl/cms/s/0/8ff948ec-3e10-11e2-93cb-00144feabdc0.html#axzz2HNSZv2X2"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.ft.com/intl/cms/s/0/8ff948ec-3e10-11e2-93cb-00144feabdc0.html#axzz2HNSZv2X2</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/derives-otc-big-bang-en-vue"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.revue-banque.fr/banque-investissement-marches-gestion-actifs/article/derives-otc-big-bang-en-vue</span></a></span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">En savoir
plus sur la règlementation financière ? Lisez notre dernier ‘Hors
Série’ <o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">EMIR,
Dodd-Frank, MIFID II.... </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Des départements back Office, au front office, aux services de fiscalité à ceux
du marketing, pas un jour ne passe sans que
le mot ‘règlementation’ ne soit évoqué.<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Depuis le début de la crise financière, la
règlementation a été considérée comme un élément clé dans la prévention des
récidives de tels incidents à l'avenir. Un tournant a été atteint au cours du
G-20 de Pittsburgh (2009) où il a été décidé de mettre en place un cadre de
surveillance des établissements financiers qui représentent un risque
systémique. Ce mouvement atteint désormais son plein régime et de nombreux
changements réglementaires devraient être en place en 2013 et les années
suivantes.<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.dejavutrading.com/#!__french-home/newsletters"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.dejavutrading.com/#!__french-home/newsletters</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Trading: le chat trade mieux que les humains<o:p></o:p></span></b></div>
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<span lang="EN-GB"><a href="http://www.guardian.co.uk/money/2013/jan/13/investments-stock-picking"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.guardian.co.uk/money/2013/jan/13/investments-stock-picking</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://plus.lefigaro.fr/lien/orlando-le-chat-qui-trade-mieux-que-les-humains-20130115-1746031"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://plus.lefigaro.fr/lien/orlando-le-chat-qui-trade-mieux-que-les-humains-20130115-1746031</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Volumes moyens quotidiens par marchés
(produits dérivés)</span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">NYSE.LIFFE décembre 3.5 millions (+2.9% par rapport à décembre 2011)<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> décembre
(ex-BClear) 2.4 millions (-8.3% par rapport à décembre 2011)<o:p></o:p></span></div>
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par rapport à décembre 2011)<o:p></o:p></span></div>
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<span lang="EN-GB"><a href="https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">https://globalderivatives.nyx.com/en/nyse-liffe/monthly-statistics</span></a></span><span style="color: blue; mso-ansi-language: FR;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://www.eurexchange.com/exchange-en/about-us/news/307246/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.eurexchange.com/exchange-en/about-us/news/307246/</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://ir.theice.com/releasedetail.cfm?ReleaseID=731304"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://ir.theice.com/releasedetail.cfm?ReleaseID=731304</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<span lang="EN-GB"><a href="http://cmegroup.mediaroom.com/index.php?s=43&item=3353&pagetemplate=article"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://cmegroup.mediaroom.com/index.php?s=43&item=3353&pagetemplate=article</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Déjà-vuTrading – Useful Info: No. 5<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Nous avons mis à jour notre site Internet </span><span lang="EN-GB"><a href="http://www.dejavutrading.com/"><span lang="FR" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">http://www.dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">: vous pouvez désormais
accéder à nos archives de Newsletters et News ; nous avons également crée
une nouvelle page relative aux acteurs de l’industrie financière (Bourses,
chambres de compensation, autorités… aux Etats Unis et en Europe). Bonne
navigation !<o:p></o:p></span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 10.0pt; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rédigé par Aline
Régnier and Simon Butler le 17 janvier 2013<o:p></o:p></span></div>
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<b><span style="color: red; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Pour nous contacter:<o:p></o:p></span></b></div>
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<span style="color: #548dd4; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Déja-vu</span><span style="color: #a6a6a6; font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Trading </span><span lang="EN-GB"><a href="mailto:Contact@dejavutrading.com"><span lang="FR" style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Contact@dejavutrading.com</span></a></span><span style="font-family: "Calibri","sans-serif"; mso-ansi-language: FR; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">19-21 Bd Haussmann</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> www.dejavutrading.com<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">75009 Paris - France</span><span lang="EN-GB" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"> Tel: +33 (0) 1 83 64 14 33 Fax: +33
(0) 1 83 62 45 50<o:p></o:p></span></div>
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Dejavutradinghttp://www.blogger.com/profile/17943064056250488578noreply@blogger.com0