Tuesday, January 17, 2012

NYSE Desperation Benefits CNBC

All it needs is the pole.
On the day construction commenced, several CNBC talking heads seemed genuinely surprised to find out that a new set was being built for them at the NYSE.  Not only right in the middle of the NYSE, but also apparently paid for by the NYSE.  Things have come a long way from the first days of live television coverage by CNBC's Maria Bartiromo, considered a pest back then - and subject to some pretty snide looks and remarks from floor traders.  Things have now come full circle.  Contrary to "Uncle Bob" Pisani's assertion that the new set is a sign of "the welcome integration of media" into the NYSE, I see it as a further sign of desperation by the old bourse as competitors steal traditional NYSE business, and trading volumes continue to plummet.  The fact is, after 2008 financial meltdown, the negligence of market regulators and ratings agencies, the advent of HFT (high frequency trading), the Flash Crash, multiple Ponzi schemes, and the Global MF mess, the NYSE and stock markets in general NEED television coverage just to survive.  Trading volumes are waaay down.  Mom and Pop investor are sitting on what's left of their cash and ain't coming back soon.  Trading floors are hoping TV will entice them back.  Good luck.  I hope the finished product looks better than this picture, because all lit up in blue like that makes it look like a pole-dancing stage at a strip club.