Latest NYSE Program Trading data out. Program Trading volume continues to decline, with 3.4 billion shares traded, down 700 million from the week before. Most notable is Goldman's dramatic drop in principal trading, down from on average 1 billion over the past 2 months to a mere 631 million. In the meantime, Credit Suisse is continuing its climb in Principal PT. As Zero Hedge will discuss over the next few days, CS may have positioned itself as one of the biggest principal holders of the single name - ETF basis trade, with, by some estimates, over $20 billion in net exposure. If true, that would make Boaz Weinstein's blow up in the CDS basis trade seems like child's play when the ETF trade reverts and CS is forced to run to the SNB for yet another bailout.