How big has the global sell-off that began last summer been? Simply huge. Record numbers of stocks have traded hands on exchanges in Chicago, London, New York and Frankfurt, according to Bloomberg. But don't get too long the exchanges yet. Fees are down, and many investors may simply be exiting the market altogether. The news out of Davos isn't pretty.
"It's been a good outcome for us in the short term, but we certainly have our concerns,'' NASDAQ CEO Robert Greifeld told Bloomberg from Gnomeland. "We recognize that longer term, if we have economic issues, the trading volume will tend to go down. Our clients are all very concerned.''
Replace if with when (or, perhaps even with "now that") in that quote and you'll understand why even the exchanges aren't popping champagne corks over the recent volume spike.
Seized-Up Credit Market Spurs Record Stock Trading [Bloomberg]
Posted by , Jan 28, 2008 9:40AM
I will stick with CME thanks. Deal of Nymex adds some spice today
Posted by AJ , Jan 28, 2008 9:58AM
There's apparently one in Australia. How the hell was it up 5% today with Asia crashing around it? Even NZ was down.
(I could probably figure this out on my own but I'm lazy...)
Posted by asx , Jan 28, 2008 10:23AM
Australia was closed today, public holiday. 5% is from last Friday.
Posted by AJ , Jan 28, 2008 10:29AM
Oh yeah, Australia Day, I'm an idiot. Well, at least I got my stupid comment of the day out of the way....
Posted by A-Non , Jan 28, 2008 11:18AM
especially since Timmay sold off his portfolio of big hitters and exited the business. Now he's just selling himself, which, in my opinion, is worse than any pink sheet around.