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The US treasury market reaches breaking point

The US treasury market reaches breaking point

The structural issue that could cause the world's market of last resort to grind to a halt

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Monday, September 1, 2008

Stock trade shrinks in August.





Stock trade shrinks in August. The trade value on the Prague Stock Exchange (PSE) shrunk by 44.2% y/y to CZK 79.9bn (EUR 3.2bn) in August. Trading with shares decreased by 55.3% y/y to CZK 47.5bn. Most of the transactions are booked with CEZ, Erste Bank, Komercni Banka and Telefonica O2. The trade value of bonds declined by 11.7% y/y to CZK 32.4bn. In August were signed 216 contracts for trades with the 6 futures on the bourse worth CZK 28.2mn, down by 84.1% y/y; the number of trades with investment certificates was 219 and were worth some CZK 3.5mn, down by 72.5% y/y. The market capitalisation of all listed companies reached CZK 1,857bn at end-August, up by 6.9% y/y. Domestic issues accounted for 62.8% (CZK 1,166bn), while the foreign ones amounted to CZK 691.3bn. The three largest issues in terms of market capitalisation were CEZ (CZK 756.8bn, up by 18.7% y/y), Erste Bank (CZK 321.2bn, down by 30.6% y/y), and Telefonica O2 (CZK 168.6bn, down by 13.7% y/y). The stock exchange main PX index lost 17.4% y/y to 1,478.2 points on Aug 28.







The market is totally unregulated and those who hold the contracts do not know whether their counterparties have adequately protected themselves

George Soros

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