GM Breaks For Trading
Human traders finally appear on the NYSE floor for the first time in years to allow the biggest flip in history to begin. And courtesy of the green shoe, Wall Street's underwriters are about to make $2 billion. Free lunch for everyone. Ironically, Getco's DMM status being fully tested as HFT moves entirely to trading GM. Some very appropriate commentary from a desk: "20% OF ISSUE SIZE TRADED IN 10 MINUTES. THIS IS THE MOST AMAZING CHURN I HAVE SEEN IN MY LIFE."