Playing Chicken With The ECB: The Market Has Issued A Boycott On Draghi Until He Prints

If over the past several days the market has seemed as if it is acting more irrational than normal, there is a simple explanation for this: the volumes across all products have collapsed. This includes equities, bonds, single name CDS and index CDS. In essence the market has virtually ground to a halt as the chart below demonstrates. Why? There are two explanations: one is that this gradual shut down of the market is in fact an unintended and delayed consequence of the MF Global

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