This page has been archived and commenting is disabled.

Futures Flash Crash As ES Plummets To Limit Down

Tyler Durden's picture


No, really, there is a big, huge, massive rotation out of those dangerous, inflationary bonds into safe, predictable equities...


Depth of market, or lack thereof, chart from Nanex.


And, the VWAP strange attractor those GETCO algos love so very much:

How shocking! Nope, not really. From November 13:

We can summarize it as follows: the lame duck congress will posture, prance and pout. And it is a certainty that in the 15 (see calendar below) remaining days it is expected to be session it will get nothing done. Which means, that once again, it will be up to the market, just like last August, just like October of 2008, to implode and to shock Congress into awakening and coming up with a compromise of sorts. Only this time, now that Bernanke has shown he will "get to work" at a moment's notice, the impetus to do anything as a result of even a market plunge will be far less. After all why lose face, and put your career in jeopardy when there is the Fed which, supposedly, can offset a market crash, courtesy of the shining example set by Chuck Schumer.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 12/20/2012 - 21:27 | 3084987 mjorden
mjorden's picture

Anyone up for a game of poker?

Thu, 12/20/2012 - 21:27 | 3084990 flacon
flacon's picture

I have full faith and confidence in the US Government..... LOL!

Thu, 12/20/2012 - 21:30 | 3084997 Stackers
Stackers's picture

and the USD is up 50bps against the EUR ?????

Thu, 12/20/2012 - 21:32 | 3085007 ACP
ACP's picture

Maybe es will test the 1391.25 low it made just now, tomorrow.

Edit: I almost forgot...Merry Christmas!

Thu, 12/20/2012 - 21:44 | 3085060 malikai
malikai's picture

Pretty spectacular. I guess this means it's partytime for the next week or so.

Thu, 12/20/2012 - 22:41 | 3085290 THX 1178
THX 1178's picture

What do the Mayans know that we don't...

Thu, 12/20/2012 - 22:45 | 3085302 astoriajoe
astoriajoe's picture

how to grow maise.


Thu, 12/20/2012 - 22:48 | 3085313 TuesdayBen
TuesdayBen's picture

See Iowa.

Thu, 12/20/2012 - 22:57 | 3085344 Tijuana Donkey Show
Tijuana Donkey Show's picture

GMO frankencorn fed with loads of fertilizer is not maize. 

Thu, 12/20/2012 - 23:06 | 3085367's picture

You call it corn, we call it maize.

Thu, 12/20/2012 - 23:45 | 3085490 Spirit Of Truth
Spirit Of Truth's picture

Syria was firing off SCUDs today from Damascus toward a rebel base near Aleppo:

Wonder if there's any intelligence regarding chemical weapons use: 

Fri, 12/21/2012 - 00:18 | 3085534 Enslavethechild...
EnslavethechildrenforBen's picture

I'm calling the author out on this one.

Our "Politicians" and the "Bankers" are one and the same.

Any argument to the contrary will be met with ridicule and cat calls.

The fat finger throws darts to decide when and what to do.

Are you good at charting where a dart will land?

Fri, 12/21/2012 - 02:37 | 3085957 francis_sawyer
francis_sawyer's picture

Waddell & Reed are Mayan?

Fri, 12/21/2012 - 08:01 | 3086156 GetZeeGold
GetZeeGold's picture



By marriage only.....but yes.

Fri, 12/21/2012 - 00:47 | 3085755 Element
Element's picture



"Syria was firing off SCUDs today from Damascus toward a rebel base near Aleppo:"


You might want to look-up the range and role of Scuds, but do you even know where Aleppo is? 

Ask yourself; why would the Syrian military ever consider using scuds?

Next ask yourself; did they?

Fri, 12/21/2012 - 00:57 | 3085790 jeff montanye
jeff montanye's picture

And say besides, that in Aleppo once,
Where a malignant and a turban'd Turk
Beat a Venetian and traduc'd the state,
I took by the throat the circumcised dog,
And smote him thus.

Fri, 12/21/2012 - 01:31 | 3085834's picture

Author! Author!

Fri, 12/21/2012 - 01:02 | 3085792 jeff montanye
jeff montanye's picture

at the time pretty much only muslims and jews circumcised males.

Thu, 12/20/2012 - 23:28 | 3085444 smlbizman
smlbizman's picture

i cant get my dollar to slide into that chicks top....


Fri, 12/21/2012 - 00:42 | 3085740 HurricaneSeason
HurricaneSeason's picture

And not use it to screw up gasoline.

Thu, 12/20/2012 - 21:32 | 3085011 nope-1004
nope-1004's picture



It was fat finger.  No wait.... selling because of, sorry, it was a short week  .  .  .  next week ? ! ?

Oh shit, I give up. 

Thu, 12/20/2012 - 21:35 | 3085031 ACP
ACP's picture

No, it was Boner's rosy palm.

Thu, 12/20/2012 - 21:41 | 3085047 TruthInSunshine
TruthInSunshine's picture

Stocks can't fall. I expect everything to be markedly green by tomorrow, because The Bernank is on the case, and Santa is coming to town.

The Bernank can't afford to let his "virtuous circle" that has consumed 3 Federal Reserve Notes for every 1 Federal Reserve Note of "market wealth" (i.e. on paper & quite prone to vaporization) break down, as his radical interventionism (Paul Volcker's words; I posted the video of his speech 8 weeks ago) would then be demonstrated to be idiotic and quite destructive for all of time.

"Get To Work, Mr. Chairman".

Thu, 12/20/2012 - 21:42 | 3085058 ACP
ACP's picture

It would interesting to have a Doomsday crash though, as unlikely as it may seem.

Fri, 12/21/2012 - 00:22 | 3085640 JPM Hater001
JPM Hater001's picture

Never Stop believing...

Never...Until 4.01 PM EST

Then you can start believing in change...

Fri, 12/21/2012 - 00:34 | 3085706 TruthInSunshine
TruthInSunshine's picture

Volcker publicly said Quantitative Easing & Large Scale Asset Purchases were major monetary policy failures just 8 weeks ago while speaking at NYU's Stern School of Business-

At 0:50:25:

Volcker Shreds Bernanke & The Radical Federal Reserve (says they're using "extreme measures" that are ineffective)

I'm sure most of you know this, but it's incredible for a former Fed Head to so savagely & publicly rip a current Fed Head and the other members of the Fed.

Fri, 12/21/2012 - 01:44 | 3085856 Freddie
Freddie's picture

Volcker is a lifelong Dem and ran the world bank.  He is a stooge for the elites.  Volcker does know more about economics than The Benank and that evil fool and idiot Kurgman.

Fri, 12/21/2012 - 02:30 | 3085947 Pinto Currency
Pinto Currency's picture


Volcker loves open and clear discussion about his affiliations:

Thu, 12/20/2012 - 21:46 | 3085090 Ineverslice
Ineverslice's picture
yes, but let us rejoice...if not, but for some fleeting moments as we hear those nostalgic words, limit down...takes us back to Christmas Past, where price discovery could be had.   Merry Christmas.
Fri, 12/21/2012 - 01:04 | 3085801 flacon
flacon's picture

May 6th, 2010 we had a REAL LIMIT DOWN. 

Thu, 12/20/2012 - 23:15 | 3085404 The trend is yo...
The trend is your friend's picture

"paging mr chairman, mr chairman"

Fri, 12/21/2012 - 00:27 | 3085675 algol_dog
algol_dog's picture
Goldman Sachs: Stocks Are the New Bonds

Fri, 12/21/2012 - 08:03 | 3086157 Al Gorerhythm
Al Gorerhythm's picture

No, it was Boner's palm, Rosy.

Fri, 12/21/2012 - 03:19 | 3085982 123dobryden
123dobryden's picture

shit is shit, this morning this particular shit stinks a bit less, but wait there is a cliff for a dinner, next morning better come with gas mask

Thu, 12/20/2012 - 23:55 | 3085533 The trend is yo...
The trend is your friend's picture

perhaps the mayans had it right...I new beginning...a more cleansed world...only if

Fri, 12/21/2012 - 01:17 | 3085592 algol_dog
algol_dog's picture

A new beginning is right, but to get there the Mayans had to start sacrificing people to appease the angry blood-lust Gods. So who shall we sacrifice first ....?

Fri, 12/21/2012 - 08:02 | 3086158 negative rates
negative rates's picture

I think it was the financial end for many, and when that includes the psychiastrist, you know it's a real end. So he's the first to go!

Fri, 12/21/2012 - 00:03 | 3085560 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

"I have full faith and confidence in the US Government..... LOL!"

Me too!

The complete question is to do what!

Fri, 12/21/2012 - 00:07 | 3085568 Enslavethechild...
EnslavethechildrenforBen's picture

A complete set of instructions is preserved in original copies of the Declaration of Independance...

Fri, 12/21/2012 - 00:38 | 3085719 Stoploss
Stoploss's picture

It appears the little Mayans may have messed up on the calendar by putting the M upside down as to be read as a W.

12/21/2012 is the end of the Market, not the world.

So, congratulations on surviving the end of the world, and good luck trying to survive the end of the market tomorrow.


And Merry Christmas.

Fri, 12/21/2012 - 01:46 | 3085816 Cash2Riches
Cash2Riches's picture

The Madness continues. This whole thing may blow apart soon. Keep stacking your gold and silver. Get the word out to friends and family. Get them in the only thing that will protect them!

Thu, 12/20/2012 - 21:30 | 3084998 ihedgemyhedges
ihedgemyhedges's picture

I'm always willing to poker.  What's her name???????

Thu, 12/20/2012 - 21:42 | 3085065 ZeroAvatar
ZeroAvatar's picture

Hillary.  Hillary Napolitano.

Thu, 12/20/2012 - 21:55 | 3085133 Marge N Call
Marge N Call's picture

Does up arrow mean I agree, or does up arrow mean I agree they are both disgusting??? Forgive me I am US public school product. i know all about homosexual parents though!!! Please, ask me a question about homosexual parents or social justice, please!


Thu, 12/20/2012 - 22:24 | 3085239 knukles
knukles's picture

I stared at the line to ask you about homosexual parents or social justice and for the life of me, I could not come up with a single fucking question.
And they have entire courses on this stuff.

Jesus, we are sooooooo screwed.

Who was it the other day said they used to spend time protesting about Clinton not going to jail for lying to Congress?
Oh. things have gone all to shit in such a short period of time.

Thu, 12/20/2012 - 22:58 | 3085353 Tijuana Donkey Show
Tijuana Donkey Show's picture

Nowdays, you go to jail for not lieing to congress.

Thu, 12/20/2012 - 22:47 | 3085311 moonstears
moonstears's picture

Quip o' the day, Marge +1

Fri, 12/21/2012 - 01:51 | 3085876 Freddie
Freddie's picture

God. I feel like Amerika morphed into O's Zimbabwe gulag in the past few years. 

People here on ZH have developed this dark cynical and depressing humor that Russians had during the USSR and Stalin. 

I guess they used it to cope with full time ENDLESS lying propaganda (ALL of TV and Hollywood) and insane political corruption.

Fri, 12/21/2012 - 03:51 | 3085999 Things that go bump
Things that go bump's picture

Another Christmas of Agony -

“Mischa the dog lies dead in the bog.

The children cry over the carcass.

The mist chokes my heart, covers the mourners.

At least this year we eat.”

From the TV show Cheers.

Fri, 12/21/2012 - 09:24 | 3086289 Marge N Call
Marge N Call's picture

The US has become ungovernable, which was probably the intent of the Founders. Except that they imagined I suppose, through checks and balances, limits of power, and a critical citizen media, the States would govern themselves by default, instead of a Federal thug/parasite "government" worse in many ways than a Monarchy. In the end they knew the people couldn't hold on to liberty and freedom for long, hence the 2nd Amendment.

All the scare tactics and shrieking from the politicians (on both sides) are to make sure people forget that the ENTIRE purpose of the people bearing arms was to keep the POLITICIANS in DC in check. Of course we never hear them say that. Forget the fact that any "arms" a US citizen can get is a pea-shooter compared to the arsenal that Fed and state goverments have.

Still don't believe it? My brother lives in Newtown CT. Within hours of that sick fuck massacring those little kids, he said all kinds of combat-style vehicles were coming out of the woodwork, loaded with CT state troopers. He had no idea how many military-type "assets" the little state of CT has, ready to be deployed in minutes. Of course that's just in case of terrorists, right? Think they DON't have armed drones?

I'm not a gun-nut, but my brother is. You could hear the gears in his head spinning as he told me a about the crazy shit the State police/HMS has, like "holy shit they basically have a shadow military ready and waiting to be unleashed on the citizenry".

Seems like TPTB know exactly where the future is headed, and it's not pretty for us common folk. Hope I'm wrong, but look around you; we, the citizens, are being conditioned to accept more and more "security" and less and less freedom and privacy. Of course it's ok for our politicians to launch drones on some third-world children, that's different, they are just collateral damage in the course of keeping us safe from the bad guys. Not a fucking peep from our so-called Fourth Estate. It sickens me. I think it's the first time both my radical left wing and crazy right wing friends agree: the government is getting us ready for SOMETHING.

Merry Christmas!!!




Thu, 12/20/2012 - 21:30 | 3085001 Shizzmoney
Shizzmoney's picture

Sure, we can play HU on PokerStars, table name......oh....wait.

DJIA Futures down 250 in pre-trading.  Merry Christmas, guys!

Thu, 12/20/2012 - 21:51 | 3085107 Mactheknife
Mactheknife's picture

It's GOOD to be short!

Thu, 12/20/2012 - 21:32 | 3085010 tmosley
tmosley's picture

How about a game of global thermonuclear war?

Fri, 12/21/2012 - 00:05 | 3085396's picture

Life would have been so much simpler if Matthew Broderick had decided to stop playing with his modem and play with Ally Sheedy instead.

Fri, 12/21/2012 - 00:07 | 3085566 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

Strange game, the only way to win is not to play!

Fri, 12/21/2012 - 00:44 | 3085747 Diet Coke and F...
Diet Coke and Floozies's picture

What about not being on the planet during the exchange?

Thu, 12/20/2012 - 21:39 | 3085044 Silver Bug
Silver Bug's picture

The markets are on the verge of complete utter collapse.

Thu, 12/20/2012 - 22:04 | 3085174 AllWorkedUp
AllWorkedUp's picture

Good, I hope the whole thing collapses, unless of course gold crashes with it. What sucks is if recent history is any guide, it probably will.

and then we'll be told they are liquidating gold to raise cash for redemptions.


Thu, 12/20/2012 - 22:17 | 3085212 michiganmaven
michiganmaven's picture

unlike equities though Gold would be a GREAT buy on a big dip !

Thu, 12/20/2012 - 22:58 | 3085351 AllWorkedUp
AllWorkedUp's picture

Well I guess that's true for anyone who's not in. I've been in for the last 8-9 years and I've had about enough of these great dip buying opportunities.

No offense meant.

Thu, 12/20/2012 - 21:39 | 3085045 erg
erg's picture

Jokers are wild and everything are jokers.

Thu, 12/20/2012 - 21:41 | 3085053 LongSoupLine
LongSoupLine's picture

It's just Pelosi and Reid covering their positions.


Stupid fucks, putting them through a fucking woodchipper would be an insult to the woodchipper industry.

Thu, 12/20/2012 - 21:53 | 3085125 ball-and-chain
ball-and-chain's picture

Invest in ammo and canned chili.

Buy a school bus.

Live on the road.

We are screwed.

The only thing holding up this Ponzi Scheme is worthless paper.

Thu, 12/20/2012 - 22:23 | 3085236 Freddie
Freddie's picture

God I hope Apple is okay. Apple is the bestest company ever.

It is a shame Jobs did not have an iAR15 with iPMags and iAmmo.  Apple would make their quarter then.

Thu, 12/20/2012 - 22:55 | 3085331 DoChenRollingBearing
DoChenRollingBearing's picture

iAK-47 would be cheaper and even more idiot-proof!

iAmmo, iMags, +++++++++++++++

Thu, 12/20/2012 - 23:01 | 3085359 Tijuana Donkey Show
Tijuana Donkey Show's picture

The IFAL,with IOS .308

Thu, 12/20/2012 - 23:00 | 3085360 Freddie
Freddie's picture

AKs - Manufactured by commies like iCrap in China.

Actually poor Chinese slave serf kids "working" for the commie elites like our commie elites.

Thu, 12/20/2012 - 23:35 | 3085474 MachoMan
MachoMan's picture

Actually, as sad as it is, chinese AKs/SKSs are not that bad...  and some models are even fairly sought after for...  gasp...  craftsmanship.  Even a blind hog finds an acorn every once and a while I guess...

Thu, 12/20/2012 - 22:27 | 3085242 treasurefish
treasurefish's picture

Somebody at the highest levels of government and international finance might have a pair of aces:

The father of Newtown Connecticut school shooter Adam Lanza is Peter Lanza who is a VP and Tax Director at GE Financial. The father of Aurora Colorado movie theater shooter James Holmes is Robert Holmes, the lead scientist for the credit score company FICO. Both men were to testify before the US Senate in the ongoing LIBOR scandal. The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. 16 international banks have been implicated in this ongoing scandal, accused of rigging contracts worth trillions of dollars. HSBC has already been fined $1.9 billion and three of their low level traders arrested.



They might have killed two birds with one stone.  One:  If these men are involved in the LIBOR scandal, they can manipulate their testimony.  Two:  they get gun control.  How very, very clever and efficient of them, right? 


Thu, 12/20/2012 - 22:47 | 3085308 Freddie
Freddie's picture

1 in a quadrillon.  The Japanese know what quadrillion is.

Thu, 12/20/2012 - 22:56 | 3085342 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 quintillion, we'll all know what that is before really long.

Fri, 12/21/2012 - 02:27 | 3085940 cornedmutton
cornedmutton's picture

That's some real Six Degrees of Kevin Bacon shit right there...

Thu, 12/20/2012 - 22:53 | 3085327 blunderdog
blunderdog's picture

Well, it already happened, so I guess "the chances" were 100%....

The question is, what could this MEAN?

Thu, 12/20/2012 - 23:05 | 3085371 Orly
Orly's picture

MK/Ultra Psyops?

Fri, 12/21/2012 - 00:30 | 3085699 Yen Cross
Yen Cross's picture

 Just be yourself ORLY. +1  I went short last Sunday, and sold the bumps. There is a squeeze coming next week, before she heads down. Keep up the good posts :-)

Fri, 12/21/2012 - 01:00 | 3085776 Element
Element's picture

Looks like someone just flicked the switch on the Infinite-Improbability-Drive again.

Hate it when that happens.


Fri, 12/21/2012 - 01:09 | 3085807 Yen Cross
Yen Cross's picture

 I caught that Element/ No sense in adding fuel to the fire. It's all par for the course/

   Just keep posting your " tactile, well thought out comments"...  ;-)   The forum will decide.

Fri, 12/21/2012 - 01:14 | 3085814 Element
Element's picture

oh, ... you were watching that ... heh  ;)

Fri, 12/21/2012 - 01:27 | 3085830 Yen Cross
Yen Cross's picture

 I was grabbing a handfull of "Goldfish" crackers from Costco, when I accidentially turned my head...

  Any good [Witness Protection programs] are welcome.

Thu, 12/20/2012 - 23:19 | 3085421's picture


The father of Newtown Connecticut school shooter Adam Lanza is Peter Lanza who is a VP and Tax Director at GE Financial. The father of Aurora Colorado movie theater shooter James Holmes is Robert Holmes, the lead scientist for the credit score company FICO. Both men were to testify before the US Senate in the ongoing LIBOR scandal.


This story is ultimately sourced to a video by "Fabian4Liberty" who provides no evidence whatsoever.

Fri, 12/21/2012 - 00:23 | 3085649 Lost Wages
Lost Wages's picture

Yeah, this particular story is a fraud. 

Thu, 12/20/2012 - 23:08 | 3085380 Chupacabra-322
Chupacabra-322's picture

ICE to buy NYSE Euronext for $8.2 billion

(Reuters) - In October, Jeff Sprecher, chief executive of upstart IntercontinentalExchange, approached NYSE Euronext CEO Duncan Niederauer with a modest proposal to team up on clearing trades in London.


As the men continued talking, Sprecher grew bolder, instead suggesting that ICE buy NYSE in what became an $8.2 billion deal announced on Thursday.


The deal will link up two powerful derivatives exchange and clearing house operators, but threatens to further reduce the clout of the New York Stock Exchange. While the New York Stock Exchange has stood for 200 years as an iconic symbol of U.S. capitalism, it is almost an afterthought in this deal.

For ICE, the crown jewel of NYSE Euronext is Liffe, Europe's second-largest derivatives market, analysts said. Niederauer had long felt that NYSE's shareholders did not appreciate the true value of the London-based futures and options exchange, and had talked to bankers about how to improve NYSE's stock price, a person familiar with the matter said.

Liffe will help ICE compete against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading remains highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts.

The stock market businesses are less valuable to ICE. The company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor. Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as "dark pools."

ICE's Sprecher will be CEO of the combined organization, and the NYSE Euronext CEO will be president, a ceremonial title at many U.S. companies. In an interview, Niederauer said he would remain at least through 2014 as an "important senior member" of Sprecher's management team.

Niederauer will also be CEO of the NYSE Group. The combined company will be based in New York and Atlanta, where ICE is headqurtered.

Sprecher and Niederauerhave been friends for years, but the two stopped talking for about six weeks in 2011 when ICE teamed up with Nasdaq OMX Group to make an unsolicited bid for NYSE Euronext. That bid came even as the New York Stock Exchange operator was trying to sell itself to Deutsche Bourse. Regulatory concerns killed both deals.

Without the Nasdaq or Deutsche Bourse's huge equity operations, ICE alone has far less overlapping business and should face easy approvals, antitrust lawyers said.

The deal values each NYSE Euronext share at $33.12, a 28 percent premium to the stock's closing price on Wednesday. NYSE Euronext stock rose 34 percent to end at $32.25 on Thursday. ICE's shares fell as much as 4 percent but finished regular trading at $127.60, up 1.4 percent on the day.

ICE said it would pay annual dividends of $300 million to the companies' shareholders once the deal closes, about what NYSE pays its shareholders now.


The deal reflected Niederauer's inability to get his company's share price out of the doldrums. Before the latest ICE offer emerged, NYSE Euronext's shares had fallen by nearly a third since ICE and Nasdaq launched their thwarted joint bid.

Further consolidation of exchanges was "inevitable" and ICE was a "great partner," Niederauer said on a call with analysts, so continuing on alone did not make sense.

"We can sit here and keep slugging away and keep working hard, but the bottom line is we had not delivered, in my mind, sufficient returns to shareholders," Niederauer said. NYSE bought Euronext, including Liffe, for 8 billion euros in 2007.

Sprecher incorporated the stalled stock price - and the unrecognized value of Liffe - as part of his pitch.

"The reason that we were prepared to pay $33 a share for a company that was trading at $24 a share was that there is a $33 company in here and the market was just not either seeing it or willing to give credit for," he said in an interview. "We said, ‘let's just force the credit.'"

The two sides negotiated in secret for about eight to 10 weeks, the two CEOs said. In options markets, there were some signs that word might have leaked out, with a sudden upswing in the demand for call options on NYSE, which perform well when a company's share price rises.

ICE started out as an online marketplace for energy trading before Sprecher initiated a string of acquisitions from the London-based International Petroleum Exchange in 2001, to the New York Board of Trade and, most recently, a handful of smaller deals, including a climate exchange and a stake in a Brazilian clearing house.

ICE's current main operations are in energy futures trading and, it has steered clear of stocks and stock-options trading, key businesses for NYSE Euronext.

"This deal is probably not going to generate a lot of concern from an antitrust perspective," said Warren Rosborough, a veteran of the U.S. Justice Department's antitrust division who is now with the law firm McDermott Will & Emery.

In clearing, ICE has a popular U.S. over-the-counter and listed business, while Liffe's operation is strong in futures and based in Europe.

Concerns over a small amount of competing derivatives business could be addressed with straightforward divestitures, Rosborough said. "It's an open question about whether it will generate questions," he added. "If there is a fix, it will be relatively easy fix."

Sprecher said the deal had been "well received" by regulators after he and Niederauer completed a "whirlwind tour" in the United States and Europe ahead of Thursday's announcement. Officials at the European Commission, the Department of Justice and Securities and Exchange Commission declined to comment.

Last year, Justice Department objections blocked ICE and Nasdaq OMX's $11 billion bid on concerns the tie-up would dominate U.S. stock listings. The rival $9.3 billion bid by Deutsche Boerse fell afoul of European regulators.

A combined ICE-NYSE Euronext would leap-frog Deutsche Boerse to become the world's third-largest exchange group with a combined market value of $15.2 billion. CME Group has a market value of $17.5 billion, Thomson Reuters data shows.

Hong Kong Exchanges and Clearing is the world's largest exchange group with a market cap of $19.5 billion.

ICE said it expected to achieve $450 million in cost savings from the takeover. In the first year after the deal closes, additional earnings of 15 percent are expected.

Long-time Wall Street traders saw the potential takeover of the venerable stock exchange by a 12-year-old derivatives upstart as fraught with symbolism.

"It's the end of an era," said a director on the board of a rival exchange who did not have clearance to speak to the press and asked not to be named. "I think ultimately the floor will be closed, because Jeff (Sprecher) has shut every floor he's ever had," the person said.

With the deal still a long way from completed, Sprecher and Niederauer said they planned to keep the high-profile NYSE trading floor running. "The floor has value and in particular, it has a lot of brand value," Niederauer said. "So we are committed. Jeff is committed."

The exchange was prepared to shut down the floor temporarily during superstorm Sandy and trade completely electronically, Wall Street executives said.

Shareholders will have the option of accepting $33.12 in cash per NYSE Euronext share or 0.2581 ICE share or a mix of $11.27 in cash and 0.1703 ICE share, subject to a maximum cash consideration of $2.7 billion.

Morgan Stanley was the lead financial adviser to ICE, with assistance from BMO Capital Markets Corp, Broadhaven Capital Partners, JPMorgan Chase & Co, Lazard Group LLC, Societe Generale Corporate & Investment Banking, and Wells Fargo Securities LLC. ICE legal advisers are Sullivan & Cromwell LLP and Shearman & Sterling LLP.

The main financial advisers to NYSE Euronext are Perella Weinberg Partners and BNP Paribas. Further financial advice to NYSE Euronext was provided by Blackstone Advisory Partners, Citigroup, Goldman Sachs & Co. and Moelis & Co. Legal advisers to NYSE Euronext are Wachtell, Lipton, Rosen & Katz, Slaughter & May, and Stibbe NV.

(Additional reporting by Luke Jeffs and David Brough in London, Jessica Toonkel, Jed Horowitz, Jonathan Spicer, David Gaffen and Karen Brettell in New York, Sarah N. Lynch and Diane Bartz in Washington and Ann Saphir in Chicago; writing by Carmel Crimmins and Aaron Pressman; Editing by Philippa Fletcher and Steve Orlofsky)

Thu, 12/20/2012 - 23:17 | 3085412 Chupacabra-322
Chupacabra-322's picture

 Worry about a little covered news story that broke this morning In a nutshell the European based Intercontinental Exchange has proposed an $8.2 billion buyout of of the NYSE! Yes you read that right. ICE has an office in atlanta but the bulk of the company’s holdings are located in The City of London, specificlly the Bank of London which is the UK State Bank operated by the Rothschild Dynasty. The NYSE/Euronext buyout is likely to be approved by U.S. and European regulators, meaning the UK House of Lords, their Chancellor of the Exchequer and the US Senate and our Sec of the Treasury will APPROVE the deal! What does this mean? It transfers US stock market holdings, including YOUR investments to the Bank of London operated by the Rothschild Family who reports directly to The British Royal Family and The Queen of England. This will complete the sellout of America to Foreign Banking interests, mainly based in the UK and the C of L. Timing is everything! With 75% of AmeriKans diveted attention to the shootings in CT and the rest of AmeriKans just too plain stupid to realize the incredible ramifications of this event, it’s no wonder this BARE FACE sellout of America’s Financial Markets to the EU and UK is it any suprise this will be approved quietly by the TRATORs in Washington DC? It all now suddenly makes sense. Don’t believe me! Look it up for yourself it’s all over the business networks. While joe six-Pack watches sports and 20yo sitcomm re-runs. Un-be-flocking-lieveable!!!

Thu, 12/20/2012 - 23:51 | 3085516 helping_friendl...
helping_friendly_book's picture

quatzequatel will stop them tomarrow.

Fri, 12/21/2012 - 01:11 | 3085811 Element
Element's picture

We need more threads about guns though! You're not against that are you?!!!

If only smallsville USSA gave as much of a crap about laser guided bombs getting dropped on wedding-parties and banning fighter jets.


Just think of it as an investment in HFT IP.

Fri, 12/21/2012 - 04:54 | 3086058 Yen Cross
Yen Cross's picture

We need a mentally "conjugal"  visit between you and that crazy eyed smart ass, with a black head! Your alter ego)

Fri, 12/21/2012 - 05:38 | 3086085 Element
Element's picture

lol ... that could be awkward ... try the Morton bay bugs ...

Fri, 12/21/2012 - 05:45 | 3086089 Yen Cross
Yen Cross's picture

Port Douglas(imported) bugs are just fine/ I'm busy( Local bay prawns)

Fri, 12/21/2012 - 06:03 | 3086097 Element
Element's picture

I bet they aren't, you can catch bugs all up and down the coast there with a trawl. ;)

Thu, 12/20/2012 - 23:31 | 3085457 scatterbrains
scatterbrains's picture

speaking poker that Nanex chart kinda looks like a torn rectum... what's that black hole thing in the middle of the chart ?

Thu, 12/20/2012 - 23:46 | 3085498 Jumbotron
Jumbotron's picture

mjorden said...

Anyone up for a game of poker?


Why.....haven't you been poked in the ass enough by these motherfuckers ?   LOL

Thu, 12/20/2012 - 21:31 | 3084992 Quinvarius
Quinvarius's picture

Capital flight from USA 1987 style.

Thu, 12/20/2012 - 21:30 | 3084996 ugmug
ugmug's picture

It looks like the Mayan Cliff is real!


Thu, 12/20/2012 - 21:55 | 3085141 LongSoupLine
LongSoupLine's picture

This deserves the good stuff...



I just put away the Macallan and broke out the Milwakee's Best.  I'm just gonna drink 'till I shit myself then throw it at the fucking TV like a fucking monkey.

Thu, 12/20/2012 - 21:58 | 3085145 cougar_w
cougar_w's picture

That's just beautiful, man.

Thu, 12/20/2012 - 22:29 | 3085251 The Gooch
The Gooch's picture

Poetry, even.


Thu, 12/20/2012 - 22:44 | 3085298 ihedgemyhedges
ihedgemyhedges's picture

Awesome.  You broke out the Beast!!  Now just put on some R.E.M.'s "It's The End of the World As We Know It" and you will be reenacting my college days..............

Thu, 12/20/2012 - 22:48 | 3085317 cougar_w
cougar_w's picture

Oh! I am so going to do that! REM that's the ticket. "Automatic for the People" is so full of hurt. My teenage kids will think I've lost my mind ... but ... fuck'em if they can't handle it. Dad was rocking like a big dog before they were even thought about in the abstract.

Thu, 12/20/2012 - 23:07 | 3085381 Tijuana Donkey Show
Tijuana Donkey Show's picture

My kid would be cool until the shit throwing, then it would just get weird. Worse, he might start asking about the glass coffee table, and some german words.....

Fri, 12/21/2012 - 01:24 | 3085825 Yes_Questions
Yes_Questions's picture

I love you guys.

Thu, 12/20/2012 - 22:05 | 3085161 Jason T
Jason T's picture


Thu, 12/20/2012 - 22:05 | 3085180 H E D G E H O G
H E D G E H O G's picture

me too....

Thu, 12/20/2012 - 22:08 | 3085188 chump666
chump666's picture


Thu, 12/20/2012 - 22:43 | 3085294 Yen Cross
Yen Cross's picture

 You kick ass LongSoupLine. 

I can't stop laughing! You have saved  a few laptops from imminent destruction.

Thu, 12/20/2012 - 23:02 | 3085362 THX 1178
THX 1178's picture

MMhhmmm. Me and my close friend, Mr. Lyman Rummincoak have a hot date tonite...

Thu, 12/20/2012 - 23:16 | 3085409 natty light
natty light's picture

In supermarkets in France like Auchan you can buy a fabric softener called Soupline;why it's called that I don't know.

Fri, 12/21/2012 - 06:18 | 3086101 StandardDeviant
StandardDeviant's picture

"Souple" is a French word meaning "supple" or "flexible".

Thu, 12/20/2012 - 23:50 | 3085515 SpeakerFTD
SpeakerFTD's picture

Best ZH comment ever?

Fri, 12/21/2012 - 01:49 | 3085874 fuu
fuu's picture

Just your average Thursday night really.

Thu, 12/20/2012 - 22:30 | 3085254 erg
erg's picture

I read an article today about a fiscal Mayan. The edges are becoming blurred to me.

Thu, 12/20/2012 - 21:31 | 3084999 TumblingDice
TumblingDice's picture

The end is nay.

Thu, 12/20/2012 - 22:34 | 3085267 THX 1178
THX 1178's picture


Fri, 12/21/2012 - 03:45 | 3085994 Temporalist
Temporalist's picture

More apt than you knew.


France opens the door to medically-assisted suicide

Fri, 12/21/2012 - 07:51 | 3086149 nmewn
nmewn's picture

Age limited to people approaching or in retirement.

It's how socialists balance their books ;-)

Thu, 12/20/2012 - 21:31 | 3085003 Cursive
Cursive's picture

So the ES is getting a RIMM-job....

Thu, 12/20/2012 - 21:31 | 3085004 UP Forester
UP Forester's picture

Can't blame it on Knight anymore.

Oh, wait....

Thu, 12/20/2012 - 21:32 | 3085015 helping_friendl...
helping_friendly_book's picture

Republicons playing chicken with Harry Reid. Asshole, douchebag fartlicking traitors.

Thu, 12/20/2012 - 21:48 | 3085099 Row Well Number 41
Row Well Number 41's picture

Which ones?  There are so many on all sides.


Thu, 12/20/2012 - 22:14 | 3085199 notadouche
notadouche's picture

Yes if we would just do what Harry Reid wanted day in and day out we would have utopia. 

Thu, 12/20/2012 - 22:25 | 3085243 Freddie
Freddie's picture

Harry Reid has not submitted a budget in 4 years.   Yeah red team blue team but the Dems and O are looting the Treasury.  F Harry Reid and TV and Hollywood who support him.

Thu, 12/20/2012 - 23:00 | 3085356 notadouche
notadouche's picture

You think he's been busy out at the Mustang Ranch?

Fri, 12/21/2012 - 05:30 | 3086082 Disenchanted
Disenchanted's picture



Not that I give a shit about the stealth Mormon Harry Reid, but is he the President now Freddie?


It's up to the President to submit a budget.


The President is required to submit to Congress a proposed budget by the first Monday in February. Although this budget does not have the force of law, it is a comprehensive examination of federal revenues and spending, including any initiatives recommended by the President, and is the start of extensive interaction with Congress.


Jus sayin...

Thu, 12/20/2012 - 22:32 | 3085257 knukles
knukles's picture

The Utopia of Harry Reid:


No budget
No spending limits
No spending authorization necessary
No debt ceiling
Fed automatically buys all newly issued debt for fiat

Thu, 12/20/2012 - 22:59 | 3085355 DoChenRollingBearing
DoChenRollingBearing's picture

Wow, we're there dude!  I feel so much better.

Must be the Bernays...

Thu, 12/20/2012 - 23:12 | 3085391 helping_friendl...
helping_friendly_book's picture

I meant Congress, as a whole, both Cons and Dems are a bunch of Asshole, douchebag fartlicking traitors. Let's add the Prez. while we are at it. 

Thu, 12/20/2012 - 21:32 | 3085016 Body of Lies
Body of Lies's picture

I got caught -13,000 .... damn

Thu, 12/20/2012 - 21:32 | 3085020 e-man
e-man's picture

Playing out like a Vaudeville show, with Reid starring as Snidely Whiplash...

Thu, 12/20/2012 - 21:33 | 3085022 Seasmoke
Seasmoke's picture

i am not leaving my closet for the next 24 hours......its scary out there !

Thu, 12/20/2012 - 21:40 | 3085050 EARLPEARL
EARLPEARL's picture

my closet is full of guns and place to hide

Thu, 12/20/2012 - 23:12 | 3085388 VisualCSharp
VisualCSharp's picture

Well, it was, until you lost it in a tragic, horrible, nearly deadly boating accident...


Thu, 12/20/2012 - 23:32 | 3085463 Piranhanoia
Piranhanoia's picture

sinkhole on dry land.  Boat only good near water.

Thu, 12/20/2012 - 21:33 | 3085024 rubearish10
rubearish10's picture

Now since we're all so seasoned to this shit, expect green by tomorrow morning since PPT should be back from vacation.

Thu, 12/20/2012 - 21:45 | 3085080 cougar_w
cougar_w's picture

No kidding. I'm gonna be there at the open specifically to bottom trawl this bitch.

Thu, 12/20/2012 - 21:34 | 3085027 helping_friendl...
helping_friendly_book's picture



None of the above!!!!!!

Thu, 12/20/2012 - 21:35 | 3085030 nmewn
nmewn's picture

lol...the Stock Market Psych Ward.

Maybe more Ritalin for their kiddies & Prozac for themselves would help ;-)

Thu, 12/20/2012 - 22:49 | 3085319 disabledvet
disabledvet's picture

You can't make this equity market up. And gold is wilting...amazing. Don't even bother looking through the archives for this doesn't exist. Obviously if "the precious" starts to tumble then equities look even more attractive still....especially those with little to no yield, but room to raise. here are two rocket ships: and been singing this song two days now for no apparent reason as well: while most people think the song is about God as love to me this song is about seeing through the eyes of a persecuted "other" in a far away...persecuted place...and feeling profoundly moved by it.

Thu, 12/20/2012 - 21:39 | 3085035 jubber
jubber's picture

DAX did the same OVER 250 points DAX  7704 to 7431  !

Thu, 12/20/2012 - 22:24 | 3085234 TruthInSunshine
TruthInSunshine's picture

The difference between now and 2008/2009 is that we fully expect a hot beef injection ramp due to outright manipulation by the PPT...oops, my bad...I mean the President's Working Group on Financial Markets, which means that it probably won't happen (but who knows).

The Bernank's radical "virtuous circle" experiment hangs in the balance. He'll be one disgraced mofo if he can't get the indexes 200% higher by 2014. let alone if he actually leaves his position with the markets close to where they were in nominal terms as when he found them (and 65% lower in real terms, not even including any adjustment for survivorship bias).

Thu, 12/20/2012 - 22:55 | 3085337 you enjoy myself
you enjoy myself's picture

and that's exactly why it'll be ramped.  the moment confidence disappears that Ben has got everyone's back, everything collapses immediately.  apart from the flash crash, we've had just one week (one!!!) since 2009 that inspired any sort of real fear - when the US got downgraded late summer 2011.  and even then, the total SPX loss from the friday of the downgrade to the following friday close was just 21 points. 

Thu, 12/20/2012 - 23:09 | 3085385 Orly
Orly's picture

I bet it'a time for Dr. Bernanke to teach a lesson...

or two.


Fri, 12/21/2012 - 00:38 | 3085720 helping_friendl...
helping_friendly_book's picture

Midnight is when the Kabalist get up, study the Zohar and stir their angry God to do their takes complete and total commitment to stir the Shekhinah to advance to higher Sephirotical dimension.

Bernanke is preparing for midnight to raise the Shekhinah.

The Sophia will stop him.

Thu, 12/20/2012 - 21:40 | 3085037 muppet_master
muppet_master's picture


hedged my SHORT my "proprietary contrarian indicators " the good ol shoe shine boys was MASSIVELY BULLISH !! = me maintain shorts and do nothing

yesterday (12-19-12) this shoe shine boy (ONE OF MANY) was super bullish..exactly when spx @ closed @ 1438...and today (12-20-12) closed @ 1444...yawn !!! i called the TOP @ 1447 baby !!!!!


Thu, 12/20/2012 - 21:47 | 3085092 helping_friendl...
helping_friendly_book's picture

I have been sitting on a short position since oct 2011 and getting my face ripped off. no hedge except an oil position which helps a little. Praying these losers live up to their ilk and S&P dances down to 888.

Flying to Bejing tomorrow bitchz!

I'll be exchanging some currency while I'm there. Let's see if holding reminbi makes me feel better.

I hope it tanks. They are going to stick it to Obama in spite of our well being and that works for me.

I hope they piss all you gun  people off enough so you will solve our problem.

I'll bet the internet goes down tomarrow!!!!!! You heard it here first but, I won't be able to prove it since the internet will be down and my printer is out of ink.


Thu, 12/20/2012 - 21:53 | 3085126 muppet_master
muppet_master's picture

some rules for newbies:

1) casino AIN'T going straight down

2) scale in...don't go all in one shot

3) don't spend more than 10 minutes/day monitoring casino..

day after QE3 @ spx 1474 I called the TOP here on avg short price WAS NOT 1474...but 1450..i scaled in from 1390 to 1474 = avg price 1450.

covered in phases @ 1380, 1370, 1360, 1354.....avg price = 1360....that's 1450 - 1360 = 90 points

went long @ 1354 GOT OUT @ 1402 = that's 60 points...

recenty spx short position ='s close = 1444......will wait for sub 1300, before covering...REMEMBER its not going to go straight down....QEorganizer and his follower bQE will be there to pump it....after pumps YOU DUMP!!!

Thu, 12/20/2012 - 22:27 | 3085246 helping_friendl...
helping_friendly_book's picture

I fucked up switch hitting from SPXU and then UPRO, playing the volatility. I got stopped out of UPRO and put it in SPXU expecting continued volatility, didn't use a stop after getting punked on UPRO. 14 months later I'm still getting punished. The Bernanke magic is too strong. That bitch is studying the ZOHAR, as we speak, rousing his vengeful ELOHIM.

Down a few k but, learned a lesson and have been piling into cash every since. 

I am investing in plane tickets to travel and see places while I can afford to do so and the USD is still accepted as Fiat.

Fri, 12/21/2012 - 02:01 | 3085888 tickhound
tickhound's picture

Funny how, back in tha day, you couldn't visit this site without someone stating their positions... DAILY.

Nowadays, notsomuch.  And why?? Ask the noobs.  Cuz no matter long or short, left or right, we've all been fucked one way or another.

And a quick hat tip to those who've been long SPY since 03/09... And that's a hat tip to NOONE.  And OUR untouchable taxed out the ass 401k or equivalent payment to the machine don't fucking count.

I've had but TWO solid positions since tha' day.  And we all know what those are.  Tax free too... If you know what you're doin' and accept payment in CASH.

Thu, 12/20/2012 - 21:38 | 3085042 Yen Cross
Yen Cross's picture

That was  FUGLY!

Thu, 12/20/2012 - 21:42 | 3085061 B-rock
B-rock's picture

Fugly to some is beautiful to others...

Thu, 12/20/2012 - 22:02 | 3085112 Yen Cross
Yen Cross's picture

 That be true/  No need for down arrows. You don't know what trades I have open ;-)

Fri, 12/21/2012 - 01:09 | 3085806 CunnyFunt
CunnyFunt's picture

I hope you grabbed some Dec FAZ 16 Calls for $0.02 this afternoon.

Damn! This is great.

Do NOT follow this link or you will be banned from the site!