Linkstocking: CDSs, IPOs, CME and 'Wait 'Til the Sun Shines, Nellie'

By: Ray Pellecchia

File Under: Liffe derivatives, Miscellaneous

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A Christmas-Eve linkstocking full of news, and not a lump of coal in the bunch.

Regulators Back System to Clear Credit Swaps (WSJ.com)
The SEC gave exemptive relief for NYSE Euronext and our partner LCH.Clearnet Group to clear credit-default swaps in the U.S. "The approval is a first step toward providing greater oversight to the $54 trillion market, which has operated unregulated while its growth has exploded over the past decade. Congress is expected to take up the issue next year as it sorts out a broader review of financial-market oversight. Approving new platforms to process CDSs is part of an effort to reduce risk in a market blamed for exacerbating the financial crisis," the Journal says.
Here's our press release on it.

With IPOs at lowest level since 1977, firms run out of options (USAToday.com)
This article goes beyond the numbers and brings to life the effects of the dearth of initial public offerings on the viability of young companies; the creation of jobs; and the allocation of venture capital.

Technical Problems Halt Electronic Trading at CME (MarketBeat)
"Interest rate traders said open-outcry trading functioned as usual on CME Group’s trading floor, located at the Chicago Board of Trade."
When the machines go down, traders keep on keepin' on.

Internet Overtakes Newspapers as News Source (PewResearch.org)
But what is the main source of news on the Internet? Umm...err...newspapers.
And on a related note:
Online v. print reading: which one makes us smarter? (SciAm.com)
I think you can guess the answer.

Last but not least: If one of the networks puts up a link to the NYSE Trading Floor Members singing the traditional "Wait 'Til the Sun Shines, Nellie," this morning, I'll update this post with the link. It's Christmas Eve, after all. I'm a sucker for the sentimental, and the optimistic. In the meantime here's a great recording of the pop standard, circa 1906 and complete with 78-RPM vinyl scratchiness. Happy holidays to all, and to all a good 1 p.m. close today.