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Flair For The Drachma-tic: ICAP Preparing For Return Of Greek Currency

Tyler Durden's picture


As if we needed another reason to send the ES higher by a few more percent in the premarket session on 10 or so ES contracts, the news that ICAP is already preparing for the end of the Euro should do it:

  • ICAP Testing Trades In Greek Drachma Against Dollar, Euro
  • ICAP has reloaded old drachma templates for spot foreign exchange and derivatives (NDFs)
  • ICAP Drachma Tests Are Only Precautionary
  • Drachma Currency Pairs Not Yet Launched For Trading, May Never Be Used - Execs
  • ICAP Testing Trades In Greek Drachma Against Dollar, Euro - Executives

Via Dow Jones


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Sun, 11/27/2011 - 19:09 | 1918978 TruthInSunshine
TruthInSunshine's picture

Greece is such a Drachma queen.

While everyone is watching Italy & (now) Germany (failed auctions, closer scrutiny of their alleged fiscal 'health'), look towards both the France and England.

There will be fireworks.

Sun, 11/27/2011 - 19:10 | 1918988 devo
devo's picture

Or China and the U.S.

Sun, 11/27/2011 - 19:13 | 1918996 TruthInSunshine
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Greece has a mere 4% or 5% out of the 100% (God knows what the actual number is, but it is rather high) of the unpayable debt owed by PIIGSFUK (not even counting private banking/sector debt nor derivative liabilities owed or to be owed soon).


Sun, 11/27/2011 - 19:17 | 1919019 Ag1761
Ag1761's picture

US lending them even more, makes PIIGSFUK-US

Sun, 11/27/2011 - 19:20 | 1919038 TruthInSunshine
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Technically, I'd argue it's Red Shield Partners, PLLC, a far more global and specialized NGO...


"Red Shield Partners, PLLC, because we'll make you a deal you simply can't refuse."

Sun, 11/27/2011 - 19:27 | 1919070 Ahmeexnal
Ahmeexnal's picture

GMOs will subdue any insurrection by the sheeple.

German BASF to carpet bomb Europe with GMO potatoEs:


Europeans have made it abundantly clear time and time again that they want nothing to do with genetically-modified organisms (GMOs). But chemical giant BASF refuses to take no for an answer, and is once again pushing for EU approval of a “Frankenpotato” known as Fortuna that, if approved, would represent the EU’s second new legalized GMO in more than a decade.

Sun, 11/27/2011 - 20:19 | 1919253 chubbar
chubbar's picture

Like what? You didn't think that the WTO/codex alimentarius, BASF and Monsanto didn't all have something in common? You think this is some sort of coincidence? Come on, man!

Sun, 11/27/2011 - 21:40 | 1919548 Socratic Dog
Socratic Dog's picture


Absolutely classic comment.

Sun, 11/27/2011 - 19:17 | 1919022 paarsons
paarsons's picture

On the bright side...

Black Friday went well.  Sales are up despite the pepper-spray.

Sun, 11/27/2011 - 19:45 | 1919141 paarsons
paarsons's picture

Perhaps we can go back to the days of yester-year and arm the citizens with Thompson machine guns.

Now that's Christmas!

Sun, 11/27/2011 - 19:25 | 1919054 WhiteNight123129
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China has a banking crisis, not a sovereign crisis, different animals. External debt is not an is in China, (no safety net on healthcare and pension = no entitlement debt). China faces banking crisis and hard lending not a sovereign crisis. US does not face a sovereign debt crisis as it can print, it faces a potential renewed banking crisis with knee deep exposure to Europe and derivatives, it for sure has a serious potential for a currency (collapse) crisis medium term. Euro collapse is actually bullish for dollar  (Bric assets unwinding from eurozone and central banks revisiting reserve currency allocations.


Sun, 11/27/2011 - 20:29 | 1919284 earleflorida
earleflorida's picture

"China has a banking crisis, not a sovereign crisis, different animals."

one thing is for certain - the opium trade is on steroids in the entire country - he who forgets his 'boxer's', is once again caught naked swimming upstream!


Sun, 11/27/2011 - 19:14 | 1919003 hungrydweller
hungrydweller's picture

Watch it now, you.  I majored in Drachma.

Sun, 11/27/2011 - 21:22 | 1919470 ToNYC
ToNYC's picture

Keep your eye on the hanging, the pickpockets are working 24/7

Sun, 11/27/2011 - 19:09 | 1918982 Wixard
Wixard's picture

Can i borrow billions in USD then offter to pay it back in monopoly money?

Sun, 11/27/2011 - 19:11 | 1918990 achmachat
achmachat's picture

you do realize that monopoly money is real physical paper?  

Sun, 11/27/2011 - 19:13 | 1918998 Wixard
Wixard's picture

Well thats true. But my point was can i just borrow billions then pay it back in a currency i print in my basement?



Its just silly how the fiat system operates. 

Sun, 11/27/2011 - 19:15 | 1919011 navy62802
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On a similar note, what happens if you borrow billions of Euros just before the currency dies?

Sun, 11/27/2011 - 19:17 | 1919026 cossack55
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Buy stuff quick!!!!

Sun, 11/27/2011 - 19:22 | 1919046 scatterbrains
scatterbrains's picture

Same thing you would do just before the dollar dies.. rush off to Sam's club, stock up on shit paper and spam.. charge it all on the bac card and haul ass up out of there.


Sun, 11/27/2011 - 19:48 | 1919150 Ceteris paribus
Ceteris paribus's picture

why wait untill the dollar dies do it now  and fuck the cards off.

Sun, 11/27/2011 - 19:14 | 1918991 HUGE_Gamma
HUGE_Gamma's picture

how else are they gonna pay for that big fat greek wedding?

Sun, 11/27/2011 - 19:12 | 1918993 Captain Kink
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Good for the Greeks.  It will be tough for a number of years, but they will be better off in the end.

Sun, 11/27/2011 - 19:24 | 1919012 TruthInSunshine
TruthInSunshine's picture

Contrary to Paul Krugman's advice, Iceland took the red pill and they swear it's worked wonders for them.

After all, it's not good practice to stiff people who provide real work or goods to you, but by all means, hold your chin high and even extend the middle figure to any sorcerer who conjures money from thin air and tries to stuff it into your pocket (along with some alleged contract obligating you to pay it back or give them the true things of value you own).

Give those conjurers the beat down.


Sun, 11/27/2011 - 19:16 | 1919017 High Plains Drifter
High Plains Drifter's picture

tough for a number of years? that is the understatement of the year, no doubt.......


hello amerika and learn...........

Sun, 11/27/2011 - 20:19 | 1919249 RiverRoad
RiverRoad's picture


I'm packin' for Santorini......packin' for, la, la!

Sun, 11/27/2011 - 19:15 | 1919005 Boilermaker
Boilermaker's picture

Can I get 30 handles....40?  50?

Maybe they can turn it into a show like Storage Wars?

Sun, 11/27/2011 - 19:15 | 1919007 rambler6421
rambler6421's picture

That'd be good if that happened (if they returned to the Drachma).

Sun, 11/27/2011 - 19:15 | 1919009 High Plains Drifter
High Plains Drifter's picture

so what are they going to do? jetison the piigs and let them wither on the vine?  

Sun, 11/27/2011 - 19:59 | 1919183 CPL
CPL's picture

Not until they have all the money that they can steal from the IMF and the US taxpayer first.


Money first then they get the boot.

Sun, 11/27/2011 - 20:20 | 1919260 High Plains Drifter
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i am thinking some kind of imf bailout is in the works and we all know who funds the imf.........

Sun, 11/27/2011 - 19:16 | 1919015 Smithovsky
Smithovsky's picture

Should make for a nice arbidrachmage.  

Sun, 11/27/2011 - 19:17 | 1919024 max2205
max2205's picture

Get under the desk.... This is only a test

Sun, 11/27/2011 - 19:19 | 1919032 Temporalist
Sun, 11/27/2011 - 20:26 | 1919279's picture

And then you must cut down the value of your bond debt by 50% with ... a herring!

Sun, 11/27/2011 - 19:19 | 1919034 I am Jobe
I am Jobe's picture

Is Vaseline optional?

Sun, 11/27/2011 - 19:24 | 1919052 Ag1761
Ag1761's picture

What would Greece mint as their new 1 Oz silver or gold coins to celebrate the return of the Drachma.

Sorry, just make that a new copper 1 Oz, getting carried away with myself there.

A 1 Oz Drachma with a pig on the front and a burning Eiffel tower on the back might be nice.

Sun, 11/27/2011 - 19:26 | 1919065 I am Jobe
I am Jobe's picture

That is a novel idea. I wonder if the US Mint might be able to produce that the USSA

Sun, 11/27/2011 - 19:26 | 1919064 bob_dabolina
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Too bad we aren't testing California on the Peso

Sun, 11/27/2011 - 19:42 | 1919126 I am Jobe
I am Jobe's picture

CA is testing with IOU's for now.

Sun, 11/27/2011 - 19:33 | 1919079 merchantratereview
merchantratereview's picture

Maybe the NWO loses after all. And I'd be biased long Mark/Drc.

Sun, 11/27/2011 - 19:36 | 1919104 Franken_Stein
Franken_Stein's picture

That would be brilliant.

But these people have big stamina.

They won't give up easily.

Not before half of us are killed.

Sun, 11/27/2011 - 19:33 | 1919091 surf0766
surf0766's picture

In the end doesn't this mean the euro is worthless?  I don't understand the ramp tonight.

Sun, 11/27/2011 - 19:35 | 1919102 Franken_Stein
Franken_Stein's picture

Have you also heard the news about DeLaRue ?

Sun, 11/27/2011 - 19:37 | 1919107 Mark123
Mark123's picture

The best minds on  wall street, using the biggest computers in the world, have determined there will be a rally.  A Santa Claus rally.


Thank God for that.

Sun, 11/27/2011 - 19:39 | 1919113 rufusbird
Sun, 11/27/2011 - 19:57 | 1919176 Missiondweller
Missiondweller's picture

Thanks.I didn't even know what it was and didn't see it in the ZH glossary.

Sun, 11/27/2011 - 19:39 | 1919114 I am Jobe
I am Jobe's picture

Greece needs to have Walmart and experiment with Black Friday Sales.

Sun, 11/27/2011 - 19:49 | 1919132 High Plains Drifter
High Plains Drifter's picture

iranian jews are perplexed about why the world is so anti iranian.  they refuse to leave their homeland.  something you won't read in any newspaper anywhere, that is for sure.........


"islamic theology is in complete harmony with judaism"  .........hmmmm?  



Sun, 11/27/2011 - 19:44 | 1919135 I am Jobe
I am Jobe's picture

UPDATE: Friends Remember Shopper Who Collapsed on Black Friday







Sun, 11/27/2011 - 19:47 | 1919146 Franken_Stein
Franken_Stein's picture


WalMart surely isn't the place where I would want to draw my last breath.

Sun, 11/27/2011 - 19:45 | 1919139 Franken_Stein
Franken_Stein's picture


All the "-isms" were/are inventions of the illuminati, the Freemasons of the 33rd degree.

1. Communism
2. Nihilism
3. Zionism
4. Fascism
5. Feminism
6. Progressivism

They are oozing artifice.
They are academic in nature.
You can almost smell it.

They picked some disgruntled guy to then make their academic vision become reality:

Inventor/academic -> Implementor
1. Mordechai Marx Levy -> Lenin,Trotzky,Stalin,Mao
2. Friedrich Nietzsche -> Gothic/Emo/Pagan subculture
3. Theodor Herzl -> David Ben Gurion
4. Albert Pike himself (Ku Klux Klan) -> Mussolini, Hitler
5. Rosa Luxemburg/Clara Zetkin -> Woman's Lib
6. Rudolf Virchow et al. -> FDR, LBJ, Howard Dean

Yep. Thats the history of the last 250 years.


Sun, 11/27/2011 - 20:06 | 1919208 Catflappo
Catflappo's picture

What about jism ?

Sun, 11/27/2011 - 20:27 | 1919280 chubbar
chubbar's picture

Jism? Jism? I don't know? Let me shoot it past my wife.

Sun, 11/27/2011 - 20:08 | 1919212 GOSPLAN HERO
GOSPLAN HERO's picture

A bunch of horse shit, comrade.

Sun, 11/27/2011 - 20:12 | 1919227 Franken_Stein
Franken_Stein's picture


You just slept on the bench in history lesson.

Sun, 11/27/2011 - 19:47 | 1919145 jstalin
jstalin's picture

What is ICAP and why does it matter?

Sun, 11/27/2011 - 20:25 | 1919277 Seize Mars
Seize Mars's picture

What is ICAP and why does it matter?

It's a big inter-dealer broker. They are a massive place that you've probably never heard of.

They hear every whisper and rumor around the clock.

Sun, 11/27/2011 - 21:19 | 1919449 ToNYC
ToNYC's picture

"They hear every whisper and rumor around the clock." And for every whisper and rumor they go forth and multiply.

Mon, 11/28/2011 - 05:57 | 1920312 reload
reload's picture

Nick Lenoir (remember him?) used to post charts etc here for our entertainment. Was he not one of their T/A team. Like all the IDB shops its a tough place to work, takes a certain type to do well. The Phone jockeys are not traders or descision makers, they just match buyers and sellers. The trick of being a good broker at this type of place is to persuade a powerful trader at a big bank that you are his best friend. The irony of ICAP and its main competitors is that the management dont much like the phone jocks and spend a lot of the revenues they generate trying to make them redundant with electronic platforms!

Sun, 11/27/2011 - 19:56 | 1919173 DeadFred
DeadFred's picture

Any Lira trades out there yet?

Sun, 11/27/2011 - 20:05 | 1919205 Catflappo
Catflappo's picture

Is the ICAP Drachma game for Android/Apple, or is it something for X-Box or PS3 ?    Either way it sounds like fun.

Sun, 11/27/2011 - 20:08 | 1919213 sabra1
sabra1's picture

insiders are selling into the rallies at fever pitch now, ahead of the middle east explosion about to commence!

Sun, 11/27/2011 - 20:15 | 1919241 John Law Lives
John Law Lives's picture

The lastest rumor is the IMF is preparing an $800 Billion aid package for Italn and Spain.

Amazing how the machine lashes out when the wealthy feel threatened.

100% FUBAR.

Sun, 11/27/2011 - 20:23 | 1919272 Georgesblog
Georgesblog's picture

While we were watching other shoes drop, somebody found another shoe. The rumors of Germany printing currency were enough to shake things up. Greece does what it can to counter. This can't be setting up a good commercial environment in Europe.They're choosing not to hang together. Debt may yet hang them all.

Sun, 11/27/2011 - 21:16 | 1919438 ToNYC
ToNYC's picture

ICAP will be shorting GrandMothers before long. If not for the money, they'd have a life.

Sun, 11/27/2011 - 21:17 | 1919441 eddiebe
eddiebe's picture

Paper paper everywhere...

Mon, 11/28/2011 - 03:08 | 1920245 adamas
adamas's picture

why has icap got inside information ? Michael Spencer runs it and was Camerons fundraiser and party chairman. He speaks to Cameron daily .I should know I speak to both of them occasionally.


Mon, 11/28/2011 - 05:53 | 1920308 Sokhmate
Sokhmate's picture

Does this mean in a way Greece is pulling an Iceland here? I'm ignorant.

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