With two minutes to go, aggregate volume on the NYSE was running almost 30% below its average run-rate for the year-to-date. We ended the day with the worst volume of the year so far, down 25% below its average YTD. What should be more worrisome is banks' revenues which are being hurt by lower risk-weighted inventories, decreasing net interest margins thanks to the Fed, and now mind-numbingly low equity trading volumes (-19% QoQ sequential for the past two quarters) - especially as we are granted access to the Fed's stress tests this week (and the inevitable PR-driven requests for dividends and their following hype).
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Charts: Bloomberg