If you weren't a lucky direct recipient of an IOU from investment grade rated California, secondary trading of the newest illiquid asset is set to kick off. After the SEC put an end to Craigslist-based price discovery and forced participants to look to brokers to wheel and deal in Arnold promise paper, illiquid trading platform SecondMarket is expected to start legitimate IOU trading in the coming days. If attempts to plug the $26 billion hole fail and the state continues to pump out IOUs, two things are certain- it will be a good couple of months for SecondMarket and airplay of Stand for California will go through the roof.
BATS Global Markets Feels Emotionally Ready To Try For That IPO Again
Fingers crossed an amateur hour screw up on the big day doesn't derail things...again.