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Hi Dorothy,
I talked with a friend of mine today who recently left Merrill after
being a banker for many years. For those who don't know, Merrill is
in the World Financial Center complex -- next one down from WTC.
After what he told me about what located where, etc., I will be
shocked if the NYSE opens on Monday. Given all the trading cos.
uninhabitable, back office...there are many square blocks essentially
gone -- not just the WTC buildings. The WFC and other buildings were
on fire today. And the outdoor asbestos readings were reaching
dangerous levels. Not being pessimistic, just realistic based on what
I hear.
FX -- has been trading, albeit at fat spreads, throughout. Spreads
have started coming down this eve, but still probably twice normal.
The FX markets were really pretty tame I thought -- moves have not
really been that large. Euro is only a penny or so off of monday's
prices -- almost retraced all last night. What we don't know,
however, is whether someone is sitting on a big problem they've been
afraid to try to move.
Thinking of the equities, I again reflect of that poor reporting spec
that is long a few thousand midcap futures, and also of the 70% or so
long small specs on mini nasdaq...and what it says about individual
investors in general.
Just hope the bomb sniffers in the empire state bldg are wrong this
time.
Chris
--- In realtraders@xxxx, Dorothy Carter <dorothy.carter@xxxx> wrote:
>
> On Bloomberg a chap from Price Waterhouse/Tokoyo just explained
further
> reason for delays in opening trading. Cantor Fitzgerald is a large
> govt bond trader who was located on 101st floor and lost many
employees
> in disaster. I don't think he was talking about them but concern is
> that some of the smaller bond & currency dealers who don't have
backup
> data to put together trades that were done On Sept 7th & 10 due to
lost
> data or missing staff who know trades and who owes who will require
> crisis management which these firms have and rapid intra day
decisions
> will have to be made on bond and currency trades that were put on
prior
> to the WTC tragedy. The Fed stands by to provide liquidity and the
> larger firms who have the ability to will just pay and settle the
trades
> and then sort it out later to not add to the major disruption that
may
> exist after the large moves that have been seen in currencies and
along
> the yield curve. Liquidity is credit risk and the smaller firms
may not
> have the liquidity to handle this in a quick mannor to not cause
> further dislocation in the markets once these markets open. As
> mentioned last nite most of the major firms have moved their
currency
> operations to London. This will be one of the major concerns that
can
> cause concern over the next several days as these markets open up
> trading.
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