{"id":490470,"date":"2010-03-30T10:34:58","date_gmt":"2010-03-30T14:34:58","guid":{"rendered":"tag:www.economist.com,21005697"},"modified":"2010-03-30T10:34:58","modified_gmt":"2010-03-30T14:34:58","slug":"the-citi-market","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/490470","title":{"rendered":"The Citi market"},"content":{"rendered":"

FILE this<\/a> under things I hadn’t realised: trading in shares of Citi accounted for a quarter of all volume on the New York Stock Exchange on Monday:<\/p>\n

\n

Over the last few months, breaking developments and shifting expectations about the government\u2019s handling of its Citigroup shares have made the bank the only show in town during slow market days.<\/p>\n

So far on Monday, almost 700 million shares in Citi have changed hands. At one point in the day, that volume was more than 27% of New York Stock Exchange composite volume. It has since slipped a smidgen below 25%.<\/p>\n

If the early pace were to hold, that would represent Citi\u2019s biggest share of overall volume since Dec. 17, when 3.8 billion of its shares changed hands, representing an astonishing 47% of composite volume.<\/p>\n<\/blockquote>\n

Felix Salmon explains<\/a>:<\/p>\n

\n

This is not good for the market, and it\u2019s long past time, I think, for that reverse stock split at Citigroup. It\u2019s beyond silly for any company to have 28.5 billion<\/em> shares outstanding; a one-for-10 split would overnight bring Citi volume down to sensible levels, bring the price into line with other Dow components, and prevent some of the crazy speculation going on in Citi stock, where a swing of a few cents per share can mean massive P&L for the day-traders.<\/p>\n<\/blockquote>\n

Meanwhile, Treasury is up $7 billion on its TARP investments in Citi. Next on the to do list: rein in moral hazard and address that too-big-to-fail thing.<\/p>\n","protected":false},"excerpt":{"rendered":"

FILE this under things I hadn’t realised: trading in shares of Citi accounted for a quarter of all volume on the New York Stock Exchange on Monday: Over the last few months, breaking developments and shifting expectations about the government\u2019s handling of its Citigroup shares have made the bank the only show in town during […]<\/p>\n","protected":false},"author":4534,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-490470","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/490470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4534"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=490470"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/490470\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=490470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=490470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=490470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}