Monday, May 04, 2009
"market dispersion has collapsed"
UPDATE: more on the SLP activity via zero hedge.
Today, unsurprisingly, the NYSE posted a notice of a proposed rule change extending the SLP program another six months, until October 1, 2009.
some clear steps have been taken -- the SLP designation, for example -- to entice liquidity from (former) investment banks and what used to be called market makers. but they won't be able to replace the liquidity drain of a real cull of the quants. and that will be bad news all the way around. less liquidity, less trading, less fee revenue, less confidence.
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