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European Regulators Suspend Trading In Greek Bonds Citing "Trading Harmony"
Regulators across Europe are beginning to curtail trading in Greek assets as the country’s stock market remains closed and Greeks grapple with capital controls and prepare for a default to the IMF at midnight.
Luxembourg’s market regulator has suspended trading in bonds issued by National Bank of Greece, Alphabank, Eurobank, Piraeus Bank, Eurobank, the Hellenic Railways Organisation and the Hellenic Republic.
“The request for the suspension of trading came from the Luxembourg regulator- the ESSF. A spokesperson for the Bourse said that since the Greek stock exchange was closed meaning trading was not possible in Greece, the Luxembourg regulator said trading should be suspended in Luxembourg too in the interests of European trading harmony,” FT says.
"There's a variety of reasons and criteria as to why we would be asked to suspend. I can't remember the last time we were asked, it would have been a while ago. The one I can remember was a request for Banco Espirito Santo when we were asked to suspend trading in shares and bonds,” an exchange official told Reuters.
Meanwhile , the UK’s FCA has asked Tradeweb to block Greek bond trading.
So while some regulatory bodies are indeed concerned about the idea of “trading harmony”, Global X apparently isn’t because the FTSE Greece 20 ETF is still trading despite the "holiday" in Athens, meaning any retail investors hoping to BTFD ahead of a "Nai" Greferendum outcome are effectively trading a CEF without knowing it.
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The woodwinds are spontaneously combusting! That's not harmonious, stop the program. Am I reading this right? Is life this absurd?
slowly by surely this farce is being unmasked for what it is ------>SHIT SHOW ILLUSION
If they want harmony, all they have to do is float some of them rainbow bonds. Problem solved.
It has long been an absurdist comedy.
Welcome to the audience - we sell popcorn.
This one yes, the next one, not so much.
Oh yea, it's all very harmonious right now.
Clearly...that harmony being to lock everyone into what's left of their Greek positions until ECB/Draghi can delcare it fixed. Driving the final nail into theat quaint notion of , "...perfect knowledge and perfect mobility".
Miss a debt payment to your bank and simply explain you've gone to "close only" mode for the purposes of ensuring your financial stability and to ensure the harmonious treatment of your creditors pending your equitization and spontaneous combustion with no expense to taxpayers.
And off in the distance, somewhere to the west, a faint, though oddly harmonious wail of bank executives could be heard...
"There won't be a crash. One day they'll just shut it all down. Sorry, casino's closed, thanks for playing. And that will be that."
Doc Engali, NoDebt, others.
The economy will still have to function one way or another...illegal or not folks gotta make a living.
Shutting down the banks and stock exchanges "forecloses" that option I would think...but I am not on the ground there so I can't say for certain what in fact is going on.
Sure looks like this left wing clown is a total nut though whatever his "populares." Folks having their livelihoods destroyed by this will obviously be blamed on someone other than him and obviously the EU's response (other than convincing the IMF to blow forty billion) has been catastrophic.
I'm sure "Gwrmany will be fine" of course too...
and with that..they take the ball away
Price discovery? But that would be telling.
We plan to hold this toxic waste to maturity. Have a great day!
When that Greek stock exchange re-opens you'll get "price discovery" all right!
Someone is on an epic apeshit crazy buying spree in energy commodities this morning.
And I proceeded to tell him the story of the Alice's Restaurant Massacre,
with full orchestration and five part harmony and stuff like that
Arlo Guthrie
https://www.youtube.com/watch?v=m57gzA2JCcM
Harmony = Hardmoney !