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Monday, November 03, 2008
Fitch: US Credit Card Losses May Hit Historic Levels In 2009
Michael Kitchen
MarketWatch Pulse
NEW YORK -- Fitch Ratings said Monday that U.S. credit card portfolio losses will increase in the year ahead, with measures of credit continuing to deteriorate into 2009, and with some issuers surpassing historical loss peaks before 2009 is over. "A turn in the cycle will be heavily dependent upon the duration of an economic downturn and the severity of the increase in the unemployment rate," it said. It cited rising job losses, volatile energy prices and the absence of refinancing options such as low-rate balance transfers and home equity loans.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
