http://www.ft.com/cms/s/0/8f9e4a0a-b0d4-11dd-8915-0000779fd18c.html All assets of significance should trade on an open and public boiler plated electronic exchange with centralized clearing..... All assets of significance should have a mandated period publicly available boiler plated information center..... The markets will handle the rest..... Ideally on a new 24/7 all language universal world wide exchange... All hedge funds and mutual funds will have to be publicly traded as shares......and approved to trade......basically managers are selling their management of significant asset classes....that have to trade on a visible public exchange.... Also....the exchange would demand no minimums...and pay maybe 20 cents per 100 shares for a label change... Also margin could be eliminated except could be reflected in 1x.2x.3x.4x shares...... Position limits would apply to each security..... The shares would represent each asset class available today....including stocks, bonds, commodities, currencies, and other asset classes...... An electronic marketplace available to all the world's capital on a seamless basis is the key to worldwide financial progress.....
Define "centralized clearing" for 20-odd countries. Sounds no different, and no more workable, then a currency union. It won't work in the absence of uniform political, legal and regulatory systems underneath it to support it. Best you'll get otherwise is a spin on the current central bank model, which I think, is largely how we got here...
Exactly..... You know small issues .....like offsheet balance accounting....needs to be driven into non existence.....this is the number 1 problem today..... Funny money was created beyond the imagination....but paid out in real terms to Fuld, Blankfein, Mack, Paulson....it is a long list..... To trade on a worldwide exchange with centralized clearing brings more clarity into accounting... If presented properly...the G20 would love it...... Visibility and the removal of accounting's mystical ways is a must in the public marketplace..... What you have here is using the public money in a clandestined misrepresentative manner guarded by legal largesse.... By the way.....take a look at the Fed's holdings that have vastly changed from treasuries and bullion......to the wonderful off sheet assets that were on the books of many US institutions....and this is the main public bank which should be the most reliable financial US institution..... Then take a look at most all of the wiki bio's of the prospective Obama staff..... You think that for a moment Summers heads DE Shaw for his progamming abilities..?
Nope. The real issue the need for a globally independent rating agency maybe in the IMF. The BS ratings did the most damage as loans wouldn't have been able to be sold if rated correctly. Next issue is GAAP to not allow off balance sheet BS assets.
Trendytrader Nope. The real issue the need for a globally independent rating agency maybe in the IMF. The BS ratings did the most damage as loans wouldn't have been able to be sold if rated correctly. Next issue is GAAP to not allow off balance sheet BS assets. ................................................. Would go a long way..... And just why do these guys get to stay around ? There is nobody else..... ....................................................... But ....let's free up capital...in a seamless and fair way.... Stock is the number 1 capital for innovation...and wealth distribution.... Let's slim it down....and open it wide open.... To anyone who can logon.....
Makes me laugh to see Gordon ( the clot ) Brown pontificating to the G20. He is the self proclaimed financial guru of the century. What a con. He is one of the main architects of the whole financial crisis. He has a tax and spend policy like no other. None of the figures add up. He just gives himself more and more credit. He is social engineering in Britain by promoting the incompetent Marxist failures. His Cabinet has Blair's Communist and Gay pals. He has the further audacity to try and tell Africa and the Middle East how to behave. That alone is enough to break the West. Let's hope the G20 ( politicians ) can see through his hype and lies. Sadly I doubt it. He even has that fool Bush believing in his left wing nonsense.
If you really think the Fed is a public bank and a US institution then there's really little point in discussing the very real problems of logistics, communications connectivity, transmission latency, data security among a host of other issues that would confront a reliable and trustworthy global, extra-country clearing operation.
Agree that the ratings agencies aided and abetted the problem. Don't agree that the IMF is independent or with any alternative agency. What's needed is a uniform set of quantitative ratings methodologies that are publicly documented.
Jprad If you really think the Fed is a public bank and a US institution then there's really little point in discussing the very real problems of logistics, communications connectivity, transmission latency, data security among a host of other issues that would confront a reliable and trustworthy global, extra-country clearing operation. ................................................... No....just referring to what assets they had before subprime and offbal assets..... And now look at what they have.... What I want to see is a standardized worldwide exchange as described.... And fiber optics are available in more and more countries Lets get it done.... It is going to happen....thanks to companies like IB, Genesis, and BATS.....Google ......................................................... What would be cool is to have a G20 type of gargantuan effort to pull it off......to make it a market center...as a permanent internet fixture....