The wave of debt buybacks, the analysts say, is the latest illustration of European banks' quick-fix solution to capital problems, in exchange for potential funding problems down the road.

WSJ: New Tactics Boost Bank Profits

Short notice of NYSE Euronext's plan to run the Big Board on the company's all-electronic Arca exchange posed potential difficulties that brokers weren't prepared to address with a little over 12 hours to go before trading was to begin, according to people involved in the discussions.

WSJ: U.S. Stock, Bond Markets to Close Tuesday

But the notion of sacrificing a limited amount of safety in exchange for upside potential is profoundly relevant to retail investors' needs right now.

WSJ: Stocks Are Riskier Than You Think