What lurks beneath Italian banks…

Posted by Tracy Alloway on Jun 28 09:19.

… a swirling, shifting sea of over-the-counter trading.

On Monday, Zero Hedge pointed to recent trade data from Goldman’s dark pool platform  — SigmaX — which appeared to show a pronounced fascination with Italy recently. Italian banks such as Banca Monte dei Paschi di Siena, Unicredit and Intesa Sanpaolo were the top-traded names by volume.

Lisa Pollack over at Markit gives us another peek into the murky world of OTC equities trading. The below plots five-day moving averages for OTC equity trades reported to Markit BOAT for Banca Monte dei Paschi di Siena, Intesa Sanpaolo, Lloyds and RBS. All of these are banks with either recent issuance or activity, such as the government trying to decrease their ownership stakes.

You can read more about Markit BOAT data here.

Related links:
Phantom indices – FT Alphaville
Moody’s warns on Italian banks – FT
Italian bank sell-off prompts inquiry into stop-loss orders – FT

This entry was posted by Tracy Alloway on Tuesday, June 28th, 2011 at 9:19 and is filed under Capital markets. Tagged with , , , , , , .

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