26July 2012ABN AMRO Clearing Newsletter

What’s Next?

Content:

2 Interoperability: Regulators leading the way forward

7 Quarterly update: news and developments in the European an Local Securities Industry

13 ESMA ‘Guidelines on systems and controls in an automated trading environment’

14 The front office looking forward (or are we?)

15 Events overview

In the previous edition of “What’s Next” it was

described how the advent and rise of the new

entrant MTFs under MiFID occasioned fragmen-

tation in the clearing landscape. This was an

unintended consequence of opening up compe-

tition between execution venues. Ultimately it

introduced innovation and (price) competition

with incumbent Central Counter Party (CCP)

service providers in their traditional markets. It

was only after the incumbent primary markets

(exchanges) started to lose market share that

the pressure for clearing fee reductions were

passed down the value chain to the local CCP.

By introducing competition in the clearing layer

EMCF denied the incumbent exchanges the

ability to cross subsidise their business model

through the clearing business line.

The next major development in the evolution

of competition amongst CCPs centres around

the ability of CCPs to openly compete or inter-

operate. For this to happen, all CCPs must have

equal access to all trade flows. For customers /

market users, this means they can (in principle)

choose one CCP for all their business.

Before interoperability clearing was performed

“by the market”; with interoperability clearing

is now performed “for the market”. However, to

date, true competition between CCPs has not

been possible due to some ‘technical’ issues,

such as:

access to the trade feed; and

mutual recognition(1)

What happened since 2006?In November 2006 the various market infra-

structures, under the guidance of the European

Commission, drafted a Code of Conduct for

Clearing and Settlement. The code was based

around 3 principles:

1. Price transparency;

2. Access and Interoperability; and

3. Unbundling and account separation.

Although the Code did succeed in getting fees

published on individual market infrastructure

web sites, little else of material benefit was

achieved.(2)

In October 2009 the intended opening up of

inter-operability links between LCH.Clearnet,

EMCF, EuroCCP and SIX X-Clear was halted by

their respective Regulators. Maybe not unreaso-

nable given the market integrity concerns

and the focus by Regulators on systemic risk

following the financial crisis in 2008(3).

By 2011 the operating implications of

interoperability are clarified and new rules

are introduced including risk monitoring and

margining of risk between CCPs, requiring

higher contributions from General Clearing

Members to fund this protection of contagion

risk between CCPs. Interoperability remains

restricted to the clearing of cash securities only

with derivatives explicitly excluded.

In January 2012: The first true interoperable

clearing arrangements are commenced on the

BATS/Chi-X Europe market with EMCF opening

up its market to LCH.Clearnet, EuroCCP and

X-Clear.

What’s Next 2

Interoperability: Regulators leading the way forward

In March 2012 the European Market Infrastructure

Regulation (EMIR) is approved and published, with technical

standards to be set by European Securities and Markets

Authority (ESMA) by September 30th, 2012(4).

In May 2012: Four way interoperable clearing is completed

on Turquoise

Where are we now?After a long period of market evolution, with the publication

of EMIR we are finally reaching a more stable and

constructive phase for the development of the clearing

environment:

Interoperability is now live across the major MTFs (BATS-

Chi-X, Turquoise, Burgundy);

Incumbent exchanges range from being closed to new

entrants, having incomplete interoperable solutions or in

some cases even building their own CCPs; and

Prices are now lower for some customers (smallest and

largest) in Europe than they are in the US;

Further expansion of interoperability solutions is driven by

commercial pressure ahead of regulatory change. EMIR,

which is expected to go live early next year will only provide

a framework for interoperability. It will not be until MiFID II/

MiFIR are in force (by 2015?) before market participants will

be given the right to request an interoperable solution.

Since the beginning of the year, some dramatic shifts in

market shares have been observed after interoperable

arrangements came into force. The 4-way interoperable

arrangements that took effect showed an initial shift away

from EMCF towards EuroCCP (typically by the American

houses which are also shareholders in the US parent

DTCC), LCH.Clearnet Ltd and SIX X-Clear. This was largely

anticipated and a reflection of:

a) The pent up demand from customers for choice; and

b) The vested interests that many users have with equity

stakes in the various CCPs (or related entities).

The enabling of interoperability on Turquoise has

occasioned a shift back towards EMCF. Despite the

various changes and upheaval, EMCF continues to enjoy

an excellent reputation as the region’s lowest cost CCP

with real time risk management to the highest standards.

What’s Next 3

Interoperability: Regulators leading the way forward

What’s Next 4

Interoperability: Regulators leading the way forward

EMCF clearing fees remain among the lowest in the market As far as we understand, EMCF also remains Europe’s

largest equity CCP and its market share is now growing

again.

Regrettably for users, 50% of the cash equities volume

is still out of reach of competition. This represents a

tremendous cost to the industry, for example:

internal conflicts arise within vertical organisations

between the desire for volume, product and participant

growth compared to the CCP simply wanting to

mitigate risk;

fragmentation of clearing pools in silos leads to exces-

sive mobilization and at times inefficient allocation of

collateral whilst at the same time losing some of the

benefits of multilateral netting;

those markets that foreclose competition typically lack

the innovation of open markets; and

higher overall transaction and processing costs

constrains liquidity; leads to higher equity financing

costs for listed companies and fails to provide end

investors with the benefits of competition.source: EMCF, Spring Associates analyses

 

What’s Next 5

Now market participants are beginning to have real choice,

we see a new trend emerging in the CCP space: market

participants are aligning themselves with the CCP solution

that best matches their trading style.

This demonstrates that clients are very much aware of the

advantages of pooling their transactions into a single CCP

where possible to:

lower overall market risk, through more netting of

correlated instruments;

lower overall cost, through settlement netting across

trading platforms using a single CCP;

lower clearing fees through progression along CCP

discount chains;

lower margining requirement, through offset of corre-

lated instruments and single risk position;

improved efficiency, by reducing the number of inter-

faces and collateral movements; and

increasing innovation

European cash equities market currently divided in two camps

Interoperability: Regulators leading the way forward

What’s Next 6

Interoperability: Regulators leading the way forward

The Road AheadMore exchange groups are now vertically integrating. This

‘verticalisation’ means that the exchange group derives

value and control from all parts of the value chain, inclu-

ding clearing. They are therefore not incentivised to allow

customers to use other CCPs to clear their trading flow.

Hence the need for continued commercial and regulatory

pressure to enable access for all market infrastructures to

continue to provide customer oriented “clearing for the

market” solutions.

Increasingly we are seeing evidence of users calibrating their

smart order routers to direct flow to those trading venues

that allow them the choice of CCP to reflect the lower total

cost of trading that this enables for the customer. Regulatory

pressure is also growing following the limited success of

the voluntary Code of Conduct. EMIR sets out the means

by which CCPs should interoperate and MiFIR as currently

drafted gives the right of access. Mind this access right is

only for equities so far, while there is resistance from those

defending the silo model.

Geert Vanderbeke,

Head of Sales Europe

In our next edition of What’s Next we will look into the

expectations of some of the major market participants

with respect to the future development of interoperability

in Europe.

1 see What’s Next 25, April 2012 2 http://ec.europa.eu/internal_market/financial-markets/clearing/communication_en.htm3 Evaluation of the effects of the MiFID and Code of Conduct on the European securities clearing landscape (PDF: 104.9 Kb))4 http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52010PC0484:EN:NOT

What’s Next 7

quarterly update: news and developments in the European an Local Securities Industry

EUROPEAN CENTRAL BANK

▶ TARGET2 Securities (T2S)

T2S PROJECT UPDATE

Framework agreementOn 8 May the first nine CSDs had signed up the T2S Framework Agreement and are the first

members of the T2S Community, namely: BOGS (Greece); Clearstream Banking AG (Germany);

Depozitarul Central S.A. (Romania); Iberclear (Spain); LuxCSD S.A. (Luxembourg); Monte Titoli

S.p.A. (Italy); NBB-SSS (Belgium); VP LUX S.á.r.l.(Luxembourg) and VP Securities A/S (Denmark).

On 30 June fifteen more CSDs join the T2S Community and signed up the T2S Framework

Agreement., namely: AS Eesti Väärtpaberikeskus (Estonia); Central Depository AD (Bulgaria);

Centrálny depozitár cenných papierov SR, a. s. (Slovakia); Cyprus Stock Exchange; Euroclear

Belgium; Euroclear Finland Oy; Euroclear France; Euroclear Nederland; Interbolsa – Sociedade

Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A.

(Portugal); KDD - Centralna klirinško depotna družba, d.d. (Slovenia); Központi Elszámolóház és

Értéktár Zrt. – KELER (Hungary); Lietuvos centrinis vertybinių popierių depozitoriumas (Lithuania);

Malta Stock Exchange; Oesterreichische Kontrollbank Aktiengesellschaft (Austria); and SIX SIS

Ltd. (Switzerland).

This brings a total of 24 CSDs participating in T2S, including almost all CSDs based in the euro

area as well as six CSDs based outside the euro area.

A new member of the T2S community is also Danmarks Nationalbank which signed the

Currency Participation Agreement on 20 June 2012 in Copenhagen and will make the Danish

krone available in T2S in 2018.

Cross-CSD settlementOn 28 June The Task Force on adaptation to cross-CSD settlement in T2S (TFAX)

launched a mini-consultation with as topics: (i) central counterparty and stock exchange

instructions, (ii) issuance practices, (iii) message field harmonisation and (iv) processing

of non-standardised securities. All responses should be sent by 14 September 2012, the

results will be shared with the Advisory Group by the end of 2012.

T2S Advisory Group meetings 2012 ▶ 18/19 September 2012

▶ 27/28 November 2012

Website: http://www.ecb.int/paym/t2s/html/index.en.html

What’s Next 8

NYSE Euronext (NYX))On 5 June 2012 NYX reports that the disaster recovery test conducted with customers

on 2 June 2012 confirmed the high availability of its core systems and the ability of

customers to reconnect and recover their trading systems effectively and efficiently.

From Monday 4 June 2012 NYX launched a new initiative to promote the trading of

Spanish instruments via NYX MTF Arca Europe. Market quality will be enhanced by

Liquidity Provider agreements on the ten most liquid stocks of the IBEX 35®Index. On

5 July NYX announced that it will release a new version of its TCS service at the end of

2012. This will include enhancements to the Euronext Fund Service, the publication of

regulated block trades function, and NYSE Euronext’s reporting and publication services.

The implementation date will be confirmed by info-flash in September 2012.

Website: www.euronext.com

Deutsche Börse (DB)On 17 May 2012 DB and China Financial Futures Exchange (CFFEX) signed a Memo-

randum of Understanding (MoU) in Beijing. The parties agreed on a co-operation and

an extensive exchange of information in order to facilitate the further development of

both financial markets. On 9 July 2012 the Malta Stock Exchange migrated its electronic

securities trading to Deutsche Börse Xetra trading system, Xetra trading participants can

now use Deutsche Börse’s infrastructure to easily access the Maltese financial market.

Website: http://deutsche-boerse.com/dbag/dispatch/en/kir/gdb_navigation/home

Bats Chi-X EuropeOn 29 May BATS Chi-X Europe announced plans for a competitive pan-European market

data pricing model, effective 1st October 2012.

Website: http://www.batstrading.co.uk/

London Stock Exchange Group (LSEG)On 13 April 2012 London Stock Exchange Group plc("LSEG") announced the close to

further acceptances of the cash offer for a majority stake in LCH.Clearnet.LSEG and LCH.

Clearnet announced final total acceptances in respect of the Offer of 71.52 per cent. of

the LCH.Clearnet Issued Share Capital, after the scaled back of accepting LCH.Clearnet

Shareholders LSEG will hold 60%.

Completion of the Transaction is expected by the fourth quarter of 2012, subject to

regulatory and other approvals, including competition clearance.

Website: http://www.londonstockexchangegroup.com/

NASDAQ OMX Nordics (NON)On June 4 2012 NASDAQ OMX Nordic announced the plan to broaden its Norwegian

shares trading and routing offering, by enabling its members to trade all shares listed on

Oslo Børs on NASDAQ OMX Stockholm AB on one technical platform. The timeline of the

plan is set to September 2012 and is subject to regulatory consent.

http://nordic.nasdaqomxtrader.com/

Burgundy MTFOn 1 Jun 2012 Burgundy announced that Burgundy clients will benefit from having

a third CCP online to trade Nordic equities. AS of 28 June 2012 Burgundy offers full

interoperability with the major CCP providers; EMCF, X-Clear and EuroCCP .

http://www.burgundy.se/

quarterly update: news and developments in the European an Local Securities Industry

Regulated Exchanges

What’s Next 9

CENTRAL COUNTER PARTIES (CCP)

LCH.Clearnet Group(LCG)On 24 April 2012, LCG announced it has signed non-binding heads of agreement with

International Derivatives Clearing Group, LLC (“IDCG”) and The NASDAQ OMX Group,

Inc. (“NASDAQ OMX”) regarding the acquisition of IDCG. The transaction would repre-

sent the latest move by LCH.Clearnet Group to further enhance the range and flexibility

of its clearing solutions and would facilitate its recently announced U.S. cross-margining

initiative.The acquisition of IDCG remains subject to negotiations and certain conditions

including entering into a definitive agreement and there can be no certainty that the

transaction will proceed. It is envisaged that if the transaction proceeds LCH.Clearnet

Group would become the sole owner of IDCG and NASDAQ OMX would become a

shareholder of LCH.Clearnet Group.

On 28 March 2012 LCH.Clearnet welcomed NYSE Euronext's intention to agree a long

term clearing arrangement with LCH.Clearnet with respect to its continental regulated

cash equities markets.This would replace the existing contract with a new long term

arrangement.With regard to NYSE Euronext's intentions regarding the clearing of its

continental derivatives business, NYSE Euronext had confirmed its intention to extend

further the contract to the end of the first quarter of 2014, subject to regulatory approvals

and confirmation of precise timings.

Website: http://www.lchclearnet.com/default.asp?noflash=false

Eurex Clearing AGOn 31 May 2012 Eurex Clearing announced that it is cooperating with Barclays, BNP

Paribas, Citigroup, Credit Suisse, Deutsche Bank, J.P. Morgan and Morgan Stanley to

support the launch of its new clearing service for OTC Interest Rate Swaps (IRS).

Eurex Clearing plans to achieve technical production readiness beginning of July 2012;

the production roll-out planned for the second half of 2012 will then be closely coordi-

nated with the readiness of clearing firms ahead of the new regulatory requirements.

Website: http://www.eurexclearing.com/index.html

European Multilateral Clearing Facility (EMCF)As from 25 May 2012, EMCF is able to clear executions from Turquoise.

Website: http://www.euromcf.com

European Central Counterparty Limited (EuroCCP)On 25 April EuroCCP announced that it had been selected by Equiduct (operated by

Börse Berlin) to provide interoperable CCP clearing.

Website: http://www.euroccp.co.uk/

quarterly update: news and developments in the European an Local Securities Industry

What’s Next 10

CENTRAL SECURITIES DEPOSITORIES (CSDs)

Euroclear CSDsFrench Financial transaction tax

The French tax law on financial transactions tax (FTT) comes into effect as from

Wednesday 1 august 2012. The law has mandated Euroclear France to carry out the

followings tasks: Collect the tax declarations; collect the tax from Euroclear France

members; Pay the tax to the French tax authorities; implement some controls. Work is

ongoing to publish a detailed service description and data dictionary for the processing

of the FTT. Parties which are legally obliged to provide the declarations and to pay the

FTT are investment service provider or brokers which had executed the transaction on its

behalf or on behalf of its clients and when the transaction is not executed by a Broker, it

is the securities account holder of the investor.

Website: www.euroclear.com

EUROPEAN COMMISSION

Internal Market/directorate G financial services policy and financial markets

Unit G2 Financial Markets InfrastructureWebsite: http://ec.europa.eu/internal_market/financial-markets/index_en.htm

European Market Infrastructures Regulation (EMIR)The agreed trialogues text between European Council, European Commission and

European Parliament in March 2012 will be officially published during July 2012. The

ESMA level 2 text consultation proposals of EMIR are published end June 2012 and

are open for responses until 4 August 2012. It is planned that ESMA will deliver its final

level 2 text to the European Commission at the latest 30 September 2012. EMIR will be

implemented as of 1 January 2013, but will be fully compliant (i.e. clearing of derivatives)

during the 2nd semester of 2013.

EC Website: http://ec.europa.eu/internal_market/financial-markets/derivatives/

index_en.htm#consultations

ESMA Website: http://www.esma.europa.eu/news/ESMA-launches-consultation-EMIR-

and-announces-open-hearing-6-March?t=326&o=home

Directive on legal certainty of securities holding and transactions (securities law

directive - SLD)

The Securities Law Directive is stated for release by the fourth quarter 2012 and is aimed

at bringing down some of the legal barriers related to securities market operations in

across-border context.

Website: http://ec.europa.eu/internal_market/financial-markets/securities-law/

index_en.htm

quarterly update: news and developments in the European an Local Securities Industry

What’s Next 11

Central Securities Depositories (CSDs) and certain aspects of securities settlement (CSD Regulation)

The early March 2012 published proposals of the regulation are as follows:

▶ The settlement period will be harmonised and set at a maximum of two days after the

trading day for the securities traded on stock exchanges or other regulated markets

(currently two to three days are necessary for most securities transactions in Europe).

▶ Market participants that fail to deliver their securities on the agreed settlement date

will be subject to penalties, and will have to buy those securities in the market and

deliver them to their counterparties, referred to as the so-called “buy in procedure”.

▶ Issuers and investors will be required to keep an electronic record for virtually all

securities, and to record them in CSDs if they are traded on stock exchanges or other

regulated markets.

▶ CSDs will have to comply with strict organisational, conduct of business and prudential

requirements to ensure their viability and the protection of their users. They will also

have to be authorised and supervised by their national competent authorities.

▶ Authorised CSDs will be granted a 'passport' to provide their services in other

member states.

▶ Users will be able to choose between all 30 CSDs in Europe.

▶ CSDs in the EU will have access to any other CSDs or other market infrastructures such

as trading venues or central counterparties (CCPs), whichever country they are based in.

▶ The regulation is also proposing that the provision of banking services by CSDs is

done in another legal entity than the CSD, given that they are operating systemically

important infrastructures for the securities and the payments markets.

The proposal now passes to the European Parliament and the Council of the European

Union for negotiation and adoption under the co-decision procedure, which are scheduled

to complete before summer next year, allowing ESMA to write the technical details of the

proposal in the second half of 2013 leaving an implementation date of some point in 2014.

Website: http://ec.europa.eu/internal_market/consultations/2011/csd_en.htm

Unit G3 Securities Markets

Website: http://ec.europa.eu/internal_market/securities/index_en.htm

Regulation on short selling and certain aspects of Credit Default Swaps (CDS)

The Regulation is intended to be fully in place and operational by 1 November 2012.

EC Website: http://ec.europa.eu/internal_market/securities/short_selling_en.htm

ESMA Website: http://www.esma.europa.eu/page/Short-selling

quarterly update: news and developments in the European an Local Securities Industry

What’s Next 12

Reviews of the Markets in Financial Instruments Directive/Regulation (MiFID/MiFIR)

and Market Abuse Directive (MAD)

MiFID/MiFIR IITimetable :

October 2011 – European Commission published proposals for a revised Markets in Financial

Instruments Directive and a Markets in Financial Instruments Regulation (MiFID II).

November 2011-present – The proposals are now with the European Parliament and the

Council of Ministers for discussion and final adoption of the text.

September/October 2012 – ECON committee vote in early July.

Late 2012 – Expected agreement of the final level I measures.

2015 – Implementation of MiFID II is not expected until at least 2015.

MAD IIThe European Parliament has indicated that it will consider the Market Abuse Directive

(MAD II) legislative proposals in its plenary session on 22 October 2012.

Implementation of MAD II is not expected until at least 2015.

Website: http://ec.europa.eu/internal_market/securities/abuse/index_en.htm

Website: http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm

LOCAL (Dutch) REGULATION and LEGISLATIONChange Wet Giraal Effectenverkeer (Dutch Giro Act), Burgerlijk Wetboek (Civil code) and Wet

Financieel toezicht (Financial Supervision Law)

The Cabinet has resigned but this change of law is a not controversial issue.

It is currently not scheduled for a plenary meeting of the Low Chamber.

quarterly update: news and developments in the European an Local Securities Industry

What’s Next 13

The Automated Trading or High Frequency Trading (HFT)

debate has been heating up over the last year. There

have been suggestions from Members of the European

Parliament to introduce controls to ensure all orders have

a minimum lifespan of 500 milliseconds, Direct Electronic

Access (DEA) – such as sponsored access- to be banned,

higher fees for excessive Order to Trade Ratios, all

exchange members to be regulated etc.

The debate continues but one thing is for sure, regulation

is changing and its happening fast……

What we do know and need to follow is ESMA ‘Guide-

lines on systems and controls in an automated trading

environment’:

On 22 December 2011ESMA published its final report,

‘Guidelines on systems and controls in an automated

trading environment for trading platforms, investment

firms and competent authorities’. These guidelines set

out a regime governing (a) the operation of an electronic

trading system by a regulated market or Multilateral

Trading Facility (MTF) and (b) the use of an electronic

trading system, including a trading algorithm, by an

investment firm.

The Guidelines apply to trading in an automated environ-

ment of any financial instruments, as defined in MiFID and

became effective as of 1 May 2012.

Investment firms, including DMA providers, must have

organisational arrangements to maintain fair and orderly

trading, which include the following:

▶ Pre-Trade Controls which prevent erroneous order entry

and maximum exposure limits. As a provider of DMA,

AAC has identified the following mandatory pre-trade

controls which are currently being implemented across

all AAC Market Access supported ISVs –

▶ Maximum deviation from last/settlement – prevent orders

with overly aggressive limit price entering order books.

▶ Maximum order value (fat-finger quantity limits) –

prevent orders with uncommonly large order value

from entering order books

▶ Maximum order volume – prevent orders with an

uncommonly large order size from entering order

books. Limits should be set in shares or lots

▶ Maximum long/short positions – prevent trading

beyond a specified position threshold. Need ability to

set limits in notional, shares and lots.

▶ Maximum long/short strategy position – prevent trading

beyond a specified position threshold. Need ability to

set limits in notional, shares and lots.

▶ Maximum messages limits (throttle limits) – prevent

sending of excessive messages to order books

▶ A Governance process for purchasing or developing

algorithms, releasing algorithms into production in a

controlled fashion and skilled staff to run and monitor

the behaviour of their live algorithms.

▶ AAC will shortly release an ‘Automated Trading Policy’

to all AAC DMA clients. Adherence to the Automated

Trading policy will become a mandatory obligation for

all clients using AAC’s DMA services

▶ AAC has implemented a post-trade monitoring system

to detect market abuse.

ESMA ‘Guidelines on systems and controls in an automated trading environment’

What’s Next 14

Maybe we get to this point every year and think the

same….. where did the first half of the year go?

But this year for some reason it seems different. There

seems to be a growing amount of uncertainty around us

in the world which ever way we turn. Sure, there always

has been uncertainty, but daily we see questions about

the survival of leading political parties the world over,

doubts around economies large and small, and debate

about the survival of the EU and the Euro. None of us

can predict WHAT’S NEXT, but lets try and look forward

(though that may not be the right expression), to what’s

ahead of us, as we enter the second half of the year.

We can all look forward to more regulation; see the article

on ESMA later on in this edition for a European taster.

There will be yet more discussion about HFT and probably

legislation on the topic. Maybe more fragmentation, but

definitely more regulation for dark and lit pools. New IT

challenges, with new exchange co-location sites coming

on line (Hong Kong, Korea, CME). New fees will be

levied by exchanges, for sending messages and receiving

market data. And more desire will arise with clients to

trade overseas markets. This all adds up to one thing,

one thing that is absolutely a guaranteed certainty for us

all: more cost!

At AAC we have believed for a very long time that rising

costs for trading in the financial markets will not go away,

and that more and more firms will look to outsource

certain aspects of their infrastructure. Memberships

for trading firms have become less important, and its

clear that sharing infrastructure doesn’t mean less

advantage. Quite the opposite. It’s with this in mind that

AAC has been building out its trading and market access

infrastructure over the past years. We have aimed to

be able to offer an easy and more affordable solution

to our clients. As the ultra HFT space consolidates to a

very select few, we see more and more demand for the

provision of infrastructure at an affordable price.

These past years we have continued to invest in

our global network and data centers, co-location

and proximity sites. In the last few months we have

been busy overlaying this architecture with a global

FIX infrastructure AMG (AAC Market Gateway). This

ambitious plan aims to connect AMG to every major

derivative, equity and commodity exchange in the world,

while offering a single client facing standardized API.

More of that as it goes live in Europe in a future edition of

‘What’s Next’. Until then we hope you enjoy this one.

Link to Market Access tool:

http://www.abnamroclearing.com/en/dma-and-brokerage/

Market-Access-Tool/index.html

The front office looking forward (or are we?)

What’s Next 15

events overview

5-7 September2012 Bürgenstock Meeting

Location: Interlaken

AAC Representatives: Michael Hofman, Oliver Klopsch,

Geert Vanderbeke

11-13 SeptemberTradeTech Post Trade

Location: London

AAC Representatives : Alexander Jacobs

25-27 SeptemberTradeTech FX

Location: London

AAC Representatives : Andrew Gibson

29 October-2 November SIBOS

Location: Osaka, Japan

AAC Representatives: Gildas Le Treut, Reinier van Dam,

George Timmer, Frank de Graaf

21-22 NovemberEMART Energy

Location: Amsterdam (RAI)

AAC Representatives: Vicky Sins, Gildas Le Treut,

Emile Goulmy, Miquel Thijssen

What’s Next? Is a quartely publication of Commercial & Merchant Banking.

Editors

Jan Bart de Boer

Lammert Bos

Sven Diepenbach

Laura de Haan

Scott Riley

Peter van Rooijen

Gildas Le Treut

Geert Vanderbeke

Henk van Vliet

Disclaimer

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