Risk is way off today volatility ramped up sharply in Treasury Trading and Equity trading as the drama over the Greek/European debt crisis continues unabated. I still believe what is lurking below the surface is what is driving the lack of concisive action.
From today's Accutic Plus Report:
So on the one hand you have a market that is extremely confused and upset that this Greek tragedy continues to roil markets and that these seemingly containable issues should just be written off and life should move on. Then on the other hand you have the publicized spats between the French President and Germany’s Andrea Merkel about what the haircuts should be and how the banks should be bailed out – all the while behind the scenes in Germany the Bundestag seems to be keeping any finality subject to their approval. This is fine and as it should be – but probably what is the real story is the CDS issue, and why no clarity has yet to be attained – for surely if the terms were clearly spelled out – those that bought CDS insurance would prefer to exercise that insurance and not have to take a 50% loss. Something tells me there is a catastrophe looming as sellers of cds do not have the where with all to make good on them.
Members can log in here for rest of that story and update on flows: http://financialfutures.typepad.com/accutic_plus/
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Posted by: lerbabawl | 12/26/2011 at 02:17 AM