Usually when markets break, we learn about it only after the fact. This time, however, we get a heads up in advance that Europe's critical derivatives market - especially critical today with massive bond derivatives volumes coming through as a result of this morning's latest rout which has managers scrambling to reposition - is about to break, courtesy of the Euronext Derivatives Market.
To wit from Euronext [3]:
Members are advised that due to technical issues with CCG configurations, members might experience a disconnection as from 13:10 CET during a shorty period of time.
This operation will be conducted over a short period of time, and customers should be automatically reconnected at the end of the process.
And by short period, it is likely that they mean the usual: until the selling stops.
[4]
Needless to say, expect this morning Bund rout to halt and/or reverse as a result of this market "intervention"
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Update: the "shorty" period of time is over, and the selling has ended. Time to go back online:
[5]