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A very good aquisition by SunGard that will boost the potential of XSP to further compete with other vendors providing much needed capital for development. With SunGard experts in supporting the business i fully expect XSP to meet its already considerable potential in the international markets 

Interoperability between CCPs! Turkeys voting for Christmas. More likely merger i think

Look out for more banks in this type of deal with JP Morgan a distinct possibility. Banks will be making strategic moves throughout 2013

This is a major step towards consolidating the market infrastructures and has wide market changing possibilities. Not least it makes the LCH price agreed with the LSE far too high. However it also makes it very important that this deal is completed for both parties. I dont expect this deal to be last and more consolidation will happen in 2013. If not expect the major global banks to start to enter the post trade clearing game

This sector is rarely boring and over a decade has seen swings and roundabouts as strategies change and markets evolve and struggle and political and regulatory pressure. More to come and what fun!

At the end of the day its all about cost and efficiency and T2S has not yet proved either to be available.At least at the moment.With volume based cost structures the return is always difficult to predict and without the UK being involved the costs look like being over an extended period. That still leaves efficiency that we wont know until it starts to go live. At this stage T2S still looks like a risk but it could be worth it? Who knows?

Its one of the major problems for this type of market infra structure project to project accuratly volumes. Its especially important when its linked to pay back. The delay in migration will also bring increased costs to carry by the creators and they will be passed on of course. This project is already very expensive and adding a layer of costs onto the users so added costs is not going to be welcom.

Its a pity the UK is out as that would solve the volume issues in one hit. I also have a concern regarding the marketing of benefits of this project . Many people do not know or understand T2S and it will limit demand and extend the payback period

No your spot on Paul and thanks for reminding me of the TAURUS acronym.It still spells failure for me and your right about Crest and now remember Iain telling the same story. Getting to be an old lag has its downside does it not

The glib answer is that Crest stood for how to manage a project and TAURUS how not to. Otherwise they were just names given to the system and project

The concern comes from the retail market where there are masses of investors still certificated. In the UK this is about 10-20% of volume.Also there is still many issues arround trade confirmation where paper contracts are still used. We are not talking 21st Century here believe me. Its in the environment where FX deals will not work.Before measuring one market with another you must understand that not all markets operate the same all have different domestic structures laws and rules. So i still maintain that FX is going to be a big problem and a cost and risk

This idea services very regularly and nearly always ends in disaster.If it is Accenture they will not i state lose anything. Outsourcing can be done but this idea is crazy.Blood on the carpet looms