JPMorgan Has New Theory About What Really Caused the Flash RallyBy
`Data suggest the cash market broke first,' analyst says
Vanguard Treasuries trader among those using futures more now
Some 16 months after the “flash rally” in U.S. Treasuries blindsided Wall Street traders, little about what exactly went wrong has been resolved. The most common, albeit tenuous, explanation is that the futures market seized up that morning, creating a spillover effect into cash bonds that led to a frenetic 12-minute spike in prices.
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