If the current-account deficit is reduced through an increase in household saving, spending on non-traded as well as traded goods will drop.
Bank loans and deposits, as well as traded financial instruments with easily obtainable prices, would be marked to market.
The shares that trade in New York are depository receipts, equal to five common shares as traded in London.
This will make it possible for the company, which produced natural gas as well as traded in gas and electricity contracts as well as financial derivatives, to continue operating under different ownership.
In the ruling issued Friday, the arbitrator Kenneth Dam, a professor of law at the University of Chicago, agreed with the union's position: that players claimed on waivers should be treated the same as traded players and keep their Bird rights.
The initial offering of BATS, which would have been the first company to be listed as well as traded on the exchange, would have represented the evolution from a tiny upstart to a serious competitor, rivaling the New York Stock Exchange and Nasdaq.
