Others plunged into markets that were saturated.
Yet it wasn't just retail energy markets that were underperforming in 2010.
In the last decade, however, markets that were once shunned as too small have grown rapidly.
Hayes would then place large bets on financial markets that were sensitive to Libor moves.
Problems are now appearing even in markets that were considered to be safe and staid like municipal bonds.
This abundance, Grimes adds, "was on full display in the markets that were the city's pride and shame".
At that point, it would not just be the credit markets that were frozen, but commerce itself.
The relatively low experience level of Internet buyers created artificial markets that were not sustainable in the long term.
He developed new standards to suit the new techniques, and the new markets, that were his own creation.
Markets in the United States were closed for Labor Day, and volume was light in the markets that were open.
Some markets that were overextended, such as Britain's, are already seeing a retreat for the first time in 15 years.
