ECB Reportedly Exchanges Greek Bonds

According to Dow Jones (citing an unnamed source) the European Central Bank has completed its exchange of Greek bonds. Market futures were little changed on the news. This event could be positive for the Greek debt situation, as it would put the bonds under Greek law and potentially lead to savings for Greece. As of this time, the story has not been confirmed. If it is confirmed, traders may anticipate a rally in the markets and a stronger euro, as prior positive Greek stories have supported the market and the euro. European markets are broadly trading up, going into the final two hours of their trading session.