NEW YORK/ TOKYO: Ian Burdette stared at his computer screens on Thursday afternoon in New York and could hardly believe his eyes.
Everywhere that the head of term-rates trading at Academy Securities Inc. looked, there were massive anomalies and signs of unprecedented stresses in markets.
This is the first major test for the markets since reforms that were introduced after the financial crisis curtailed banks and brokerages from being able to provide liquidity during a turmoil -- in other words, to be a buyer and seller to clients when they need it most. "We were just trying on Monday to trim a long position in the 30-year Treasury because it had moved so far in our favor and we were unable to get bids from several major dealers, ” said Mark Holman, chief executive officer at TwentyFourAsset Management in London, who has been working in the business since 1989.
Even the usually quiet world of municipal bonds saw eye-popping volatility. Vanguard mutual funds that invest in municipal bonds from New Jersey and California suffered their worst one-day declines on record, while a New York state muni fund had its worst decline since 1987. "Thursday was a perfect paradigm of the situation we are in, ” said Tad Rivelle, chief investment officer for fixed income at asset manager TCW Group Inc."Basically everything was sold: stocks, all forms of debt, Bitcoin, gold. It looked like a big margin call. You are seeing a large shift in investor preference away from anything besides cash.”
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