With the 
Okay, it’s a stretch, but bear with me…
If you think Angela Merkel had a tough time convincing the German public to bail out Greece, think what she’s facing as she prepares to tell them that their beloved Xetra trading platform is relocating to a former Ford car park in Basildon, a desolate corner of Southeast Essex. For that is what almost certainly will happen if NYSE Euronext’s stated plan to acquire Deutsche Boerse goes ahead.
Given its concerted effort to raise its visibility over the past year or so, RealTick’s sale to ConvergEx Group, announced today, comes as little surprise. It comes as little surprise too that its owner, Barclays, would want to divest itself of a non-core business that it acquired along with the US operations of Lehman Brothers in that post-Credit Crunch deal.
Fans of TV’s Seinfeld will surely recall the episode in which Jerry’s friend George Costanza gets caught double-dipping his chip in the dip at a funeral reception (watch the episode 
We read the latest CESR advice on transaction reporting with alarm. In short, it suggested that the market had failed to find its own solution to the challenge of transaction reporting in a fragmented liquidity environment.
The autumn season of 2010 holds the promise of extreme exchange action in the European arena as all of the major incumbent exchanges proceed with major investments in their matching engine, data centre and connectivity infrastructures. Clearly, this has all come in response to the arrival of a glut of multilateral trading facilities (MTFs) since the launch of the most successful of them – Chi-X Europe – back in mid-2007.
The benefit of operating on the ground is, of course, that you get to figure what’s really going on. None of this learning vicariously through various media, like this one. The real deal.
Actually, I used Bordeaux to get your attention. I write this blog from rural Perigord – the village of Bourdeilles, to be exact – which sits close to some wine appellations that are regarded as Bordeaux, like St. Emilion and Pomerol.
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The idea that Google would be interested in – and is indeed seeking to – acquire Thomson Reuters Markets first came to my attention at the London Stock Exchange, oddly enough. I was there for a function, and after a panel discussion about the future of the exchange marketplace, I got chatting with a gentleman from hedge fund Marshall Wace, who suggested Google could solve our market’s connectivity and hosting issues at the drop of a hat; it just needed a catalyst to show it how the world works.
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