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Iraq and let's go to that is Herbert ray Hennessey and just get his quick takes -- what we've been saying on this -- what do make of it.
Yeah I mean I I like your conversation about is this the end of the floor it's unlikely that the end of the floor right I mean I I think the floor still has a purpose but.
They're obviously going to be questions -- at this end and and you know you talk about the regulatory approval.
There -- significant concerns about all the consolidation when this whole issue came up last time with who's gonna by the NASDAQ is now has sickened by -- is going to be that back aboard this.
What what kind of deals the MYSE going to do you.
And and the regulators at that time you know they had some very significant concerns about the consolidation of where we trade stocks in this also comes in terms.
Yeah it's -- thing about they'd be competitive environment though is.
The competitors to traditional trading platforms like Dyson and MI -- even NASDAQ.
-- these dark pools Connell and and when you when you think about that.
Those -- competitors you don't even see men and and that provides a new sort of regulatory problem when it when it comes to evaluating one of these deals.
But it also provide such a competitive.
Problem for for folks like ice and -- that they.
Really have felt that they they need to combine.
I'm also interest in this idea of speeding up Euronext if -- remember the NYSE Euronext deal that was you know that was.
Oh we're gonna -- -- cross border in their scale in this.
This very much is is it seems to be a US focused deal this is about US trading this is about what happens here in Atlanta with -- and in New York with with the in my SE.
And they'll unlock the value of your next but if -- remember when that deal happened we had this feeling that you know there would be these global exchanges that that would be everywhere.
This deal with sort of you know is is not part of that that team in that discussion anymore so it'll be interesting to see what kind of demand there is for that -- -- -- IPO and.
Hang in there for second Gramm is gonna -- run through the economic data that's all coming at once here for -- -- today as we've just passed -- 30 eastern and we had.
The jobless claims come for the week in terms of people that are filing initial claims 361000.
Of them did so.
For the first time last week.
That's up 171000.
From Bob the week before and we also have a revision to the gross domestic product the overall economic growth number for -- third quarter.
And the revision is up to three point 1%.
Much better than expected at a -- rate percent.
I hope that we can break that down for you open little little bit on that look under the -- as the saying goes -- with components -- concern it might be government spending driving that GDP increased.
As it -- in the the first -- takes of the three takes if you have recorder on the GDP race still with that I have a question for you as a way that I -- -- So you know you mentioned this issue of the dark pools.
With this deal obviously we've had a stream of trading glitches.
The flash crash obviously being the headliner and that that says consolidation like this eliminate -- this -- of the regulatory issue.
I don't know that eliminates that it just puts it it you just have fewer people to blame when it happens reading.
You know the DI electronic trading is generally safe then and we've we've had these anomalies -- you've had.
Tom odd trades come through we just heard in in -- just a hearing recently in in congress were all this was discussed in.
And you know we we did here was from the NYSE of their clothes that kill switch.
In order to stop some of these these these trading anomalies.
But I don't think that you know -- that this doesn't and eliminated I I think what you you know there's going we hear about in Washington has balanced approach to to fiscal things as a balanced approach to trading to right.
I think the NYSE has been able to find that balance out -- far more toward electronic you know we talk about is this the depth of the floor and and all that stuff.
And you don't think this is that this is sort of the beginning of the end for the.
Iconic New York Stock Exchange floor traders running around -- -- shout you know we've we've been talking about the very beginning of the end for for a long time.
Look there are still few people trading on the floor of the New York Stock Exchange in that were before.
It may -- -- any type of the beginning -- the end.
And maybe it's sort of the middle of the end but how long that and goes you know who who knows I mean.
There may be many code is two to the trade -- but.
You know again I I think history shown that you do need somebody you do need people in in some cases -- you do avoid some problems and when -- people stepping in and and you know the -- isn't the last bastion of of traditional or floor trading go to Chicago Chicago's fund and a way to balance that.
With a lot of commodities trades in enter interest rates so.
You know I I think.
You know you you've you've got a situation where.
You're you're putting a very well known electronic platform together with with with that with a -- platform form but I think it's a misnomer to -- -- NYSE.
Is still sort of a floor trader.
Business anyway so much of that is electronic now and you can see it by just how few people trade on the floor.
Well let me go back to the economy here is switching back and forth.
Just to talk because we to be mentioned the jobless claims -- -- are what they are -- 60000.
But on the growth numbers that come again is -- pointed out at the better than expected rate three point 1% at an annual rate is a few things in -- just getting a chance to look through at that.
That aren't going to last just from of the commerce department decided hearing -- significant up turns to say in private inventory investment federal.
Problem government spending are much -- you know so.
I guess they don't forget that that number came -- original number was 2.0 percent -- Take -- you have that and the result system -- you mentioned inventory.
If you're a -- last revision was there was it was all Eric portrayed everything also narrowing of the trade deficit at least -- which gonna help that step up.
But -- you did see a significant amount of of government spending that is gone out on onto this.
None of that is necessarily sustainable however for those who look at procession from the standpoint where GDP is -- there still some people who who do that.
You do have a lot more will wiggle room is he going to into next year.
And it'll it'll be interesting to see how far we've come down in the fourth quarter when we look at this because you do have this distraction in the fiscal cliff and you -- signs.
Both on the consumer side the people aren't spending as much anymore because of that and certainly on the corporate side where you've had many corporations come in and and say.
We just don't want to do anything until we know where that where this economy is headed.
So it's it's good news but it may be very.
Territory good news and and a blip that sort of one of those things we look at a longer term chart that doesn't matter that talk more about the.
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