With the formalities out of the way and all three key rates unchanged (much to the relief of the SNB and the Riksbank we're sure), the ECB can now move on to the Draghi presser, where the market i) hopes to get some manner of QE extension, and ii) will be keen to parse every last sentence to get an idea of just how dovish the governors are feeling these days. As a reminder, virtually everyone is looking for PSPP to be extended in the not-so-distant future although, as we noted on Wedensday evening, they may have to get creative once the program moves beyond 2016 as the universe of eligible assets shrinks. In short, the question is this: Will Draghi merely expand the monetization limit per security, as he did in early September, will he increase the universe of eligibile securities, or will he simply extend the maturity of the non-open ended QE from September 2016 to some indefinite date (full preview here)? Find out below. (live feed)