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MARKETS
Commercial paper at 3-year low
The amount of unsecured short-term debt, or commercial paper, sold by U.S. firms fell 8% to $1.322 tril at the end of '02 from last year, the Federal Reserve said. It's the lowest month-end total since Oct. '99. Falling credit quality and firms' move to other capital markets such as asset-backed debt and long-term debt contributed to the decline.
NYSE to revamp composite index
On Jan. 9, the NYSE will replace the index with a version that has about 700 fewer components and a value about 5000 instead of 500. Closed-end mutual funds, unit trusts and other investment products that are not publicly traded stocks will be taken out, leaving about 2,100 members. The new index will keep the current symbol NYA; the old index will list as NYZ until Sept. '03.
** NYSE plans an exchange-traded fund for its new NYSE composite.
Cash the new currency of M&As