Who is calling the shot in the stock market industry?

SGX is still fighting tooth and nail to get married to ASX. It has offered the highest dowry it could pay and may even have to go on its knees to ask for the hands of the bride. According to some financial analyst, this marriage is like a life and death situation. Without the copulation, there would not be any future down the road. Both parties, on its own, without being hooked together, will be left on the lurch. The stock market industry has changed. The big funds are now calling the shot and dictating how the stock markets should operate. Big funds will eat into the market share of officially corporatized stock markets around the world by playing foul. No, not really. They just hook their super computers into the stock market system to take advantage of their high speed and technology to clean up the small players, with approval from the stock exchanges. This is now legal. Stock markets now do not have to ensure a level playing field. For if they do so, the big funds will not want to play ball with them. They are now held at ransom by the big funds and have to take orders from the big funds. And the big funds simply say, I want to take advantage of the system with my technology. To hell with the small traders. It is us or them. The next great fear is Dark Pools. The Dark Pool operators make transactions in the dark, unknown to the rest of the investors. They could also trade outside the stock market system. The need for transparency to ensure that all traders are privy to the same information, and level playing field, no longer apply to the Dark Pool operators. As long as the stock exchanges know, or the Dark Pools informed the stock exchanges, that is good enough. The rest of the traders need not know who buys what and in what volume. The same reasons go. The Dark Pools are going to eat up the market shares of existing legal stock exchanges and the stock exchanges cannot do anything about it. The stock exchanges must compete under the same rules and operating styles of the big funds and Dark Pool operators, or else they will go the way of the Dodo bird. The govt controlled stock exchanges around the world are threatened by the big funds and their big machines and the Dark Pools. You have to believe this logic. It is the new testament, the new commandments. The rogues are telling the govt constituted stock exchanges how the game should be played, under their terms and conditions! In the name of fair play, transparency, level playing field, could not the govt make such unfair practices illegal? Why are the govts across the world not stopping such nonsense from going on? The big funds and Dark Pools are cheating and robbing the investors with unfair advantages and practices. Is there such thing as right or wrong today? Is there such thing as legal or illegal? When the rogues and gangsters run the show, where will it lead to? You may wonder why the big funds and Dark Pool operators did not go to the casino to do the same thing. The answer is obvious. The losers will be the casino operators. In the case of stock exchanges, the losers will not be the exchange but the disadvantaged investors.

The Cow

There are two cows and a chicken in this photo painting.

The best Tea Party Assessment System

The best interviewers and touted the best and most stringent assessment system since the Imperial Examination of the Chinese Dynasties, and 260 candidates later, and what did you get. Many were good and some were excellent. But some were questionable or contentious. I would tend to believe that of the 260 men and women, they must be the finest in the country. And the final 20 must be the crème ala crème. Instead of the oohs and aahs, there were immediate controversies the moment their candidacies were announced, which must be telling. It is like announcing the best football team, Pele, Banks, Beckenbaur, Rivelino, Cryuff, Maradona, Pavarotti, oops, what’s that? When the best are not accepted as the best, when there are so many disagreements and doubts and objections about the wisdom in the choices, it must say something. But never mind, betterer to be deaf frogs and scale the mountain. The top brasses from the military, the civil service and the stats boards came through smoothly without ruffling any feathers. What irks the people must be the readiness to embrace new citizens as our political leaders. The controversy of having so many foreigners among us is still a troubling issue, and this trend of new citizens of a few years to lead the country, to rule the people seems to have gone down quite badly. And given the new challenges of a modern economy when the demands of political leaders are much more daunting, to quote Chok Tong, only the best will do. Then came a 27 year old, to many still a child, to learn the rope, and the training fee is nearly $15k a month or more when the perks are included, paid by the people, the noise is quite expected. In the older days when life was simpler, when govt was simpler, chee cheong fan seller, barbers and people from all walks of life were easily accepted as MPs. After all, the voters were just as uneducated and ignorant as the candidates and the one eye Jack shines. Today, the ball game has changed. Many of the adult population are professionals in their own rights, well educated and thinking. Now we have the top brasses and top civil servants, all experienced and holding command positions as candidates and in the mix, what is being added, some ikan bilis? The concoction just does not seem right. Govt is a serious matter and not masak masak. The part time pay for an MP is huge in all measurements and only the best must be deemed worthy to be paid that kind of money from the public coffer. Don’t get me wrong, everyone coming through the stringent tea party interviews must be the best the ruling party can find. But the electorate will have their own views of what is good and what is doubtful. Say that there is a difference of opinion.

I don't buy that

Would I accept someone who becomes a citizen overnight and say he is going to stand for election, to look after my country and look after the citizens, including me? Nah, I don't buy that. This is my country, the place that I grow up and grow attach to. I know and feel for the country and the people more than any Ginny come lately who becomes a new citizen to want to represent me and look after me. I dunno about how the rest of the Singaporeans feel. For me, a new citizen is just not ready, not proven to be a stayer, through thick and thin. It takes years, maybe a life time to feel and become part of a place called country and home. It is cheap to say 'This is my country and this is my home' just because someone is here for two months or two years. This is my country and this is my home goes deeper than something one says as a pledge. There are emotions involved, sentiments involved, a whole process of growing up and being here, with many people and friends that we have built relationships with over a life time. And to miss this place, the cup of kopi O, or the nasi padang or char kway teow, when one is away for too long, the familiar faces and places that we missed and a longing for, an emotional attachment. When someone who is born and grow up here and affectionately say, 'This is my country, this is my home,' it is different.

Chen Show Mao

Did PAP goof on this one? PAP has cast its new wide and very wide, both in the country and outside the country, I believe. And now I am presented with this impressive CV of Chen Show Mao. 'Mr Chen graduated in 1986 from Harvard College and in 1988 from Corpus Christi College, Oxford University, where he was a Rhodes Scholar. In 1992 he received his J.D. from Stanford Law School and in 2005 received his M.A. from Corpus Christi College, Oxford University. Mr Chen has extensive experience in international securities offerings and M&A transactions. He advised the Industrial and Commercial Bank of China (ICBC) on its recent $21 billion initial public offering, which is the largest IPO ever, and the first global offering that involved a concurrent listing in China. He also advised ICBC on the $3.8 billion strategic investment in the bank by a consortium comprising Goldman Sachs, American Express and Allianz, which is the largest-ever investment in a Chinese financial institution. He advised China National Offshore Oil Company (CNOOC) on its proposed $19 billion acquisition of Unocal, which is the largest-ever attempted takeover by a Chinese company. He completed the global initial public offerings of Air China, China Construction Bank, Sinopec, China Unicom, Chalco, Baidu.com and others, as well as offerings of sovereign debt by the Ministry of Finance of the People’s Republic of China. Mr Chen has worked on a broad range of securities offerings and M&A transactions by Taiwan companies, including Acer, ASE, ASUS, AU Optronics, China Steel, Chinatrust Bank, Far EasTone, HTC, Hon Hai Precision, Inotera, Nanya Technology, Quanta Computer, Taishin Bank, TSMC, UMC and others. He also advised the Ministry of Economic Affairs of the ROC, the Development Fund of the Executive Yuan of the ROC and the Taiwan Stock Exchange on securities law matters. Mr. Chen is a partner in Davis Polk’s Corporate Department and managing partner of the Beijing office. He has practiced in the New York office since 1992, the Hong Kong office since 1999 and the Beijing office since 2007. In capital markets, Mr Chen advised the Agricultural Bank of China on its recent $22 billion IPO, which is the largest by an Asian issuer, and the Industrial and Commercial Bank of China (ICBC) on its $21 billion IPO, which is the second-largest IPO ever, and the first global offering that involved a concurrent listing in China. He also advised Sinochem on the largest-ever international debt offering by a Chinese company and the underwriters for China Unicom in the largest-ever international convertible bond offering by a Chinese company. Mr Chen completed the global initial public offerings of Air China, China Construction Bank, MCC, Sinoma, Sinopec, Unicom and others. In M&A, Mr Chen advised ICBC on the largest-ever cross-border investment in a Chinese financial institution. He also advised China National Offshore Oil Company (CNOOC) on the largest-ever attempted cross-border takeover by a Chinese company. In addition to Chinese state-owned enterprises, Mr Chen has worked with Acer, ASE, ASUS, AU Optronics, HTC, Foxconn, Nanya, Quanta, Taishin, TSMC, UMC and others. Mr Chen has worked on offerings of sovereign debt by the Ministry of Finance of the People’s Republic of China, as well as privatizations by the Ministry of Economic Affairs of the ROC. He advised sovereign wealth funds such as China Investment Corp. and the Development Fund of the Executive Yuan of the ROC. He also advised the People’s Bank of China, China Securities Regulatory Commission and the Shanghai, Hong Kong and Taiwan Stock Exchanges on proposed regulations. ' The big question, did PAP miss this big fish? This is truly a prize catch for the Worker’s Party. No dirty linens please. We need all the good and talented Singaporeans to come forward to serve the country, in the ruling party and in the opposition as well. And this guy served his National Service.