"Nobody knows anything about what is going on," said one trader.
One trader wrote on 10 March 2006: "I don't know how we dispose of the slops and I don't imply we would dump them, but for sure, there must be some way to pay someone to take them".
Because of the rate of fails, said one trader who insisted on anonymity, dealers are reluctant to use their securities as collateral.
One trader yesterday commented on how different the feeling was compared with the last crisis that riveted attention to the bond market.
One trader, speaking only on the condition of anonymity, said he went to a therapist to overcome his love/hate relationship to risk.
This explosion in the amount of money going into the market has surely had an effect on price; still, as one trader pointed out to DealBook, it is only half the market value of Exxon Mobil.
It opens Tuesday to Saturday (with one trader based there on Sundays) from 5 to 8.30am and you have to get there early to access the best available produce.
Prices for most of the bonds dropped sharply yesterday, to 13 cents on the dollar, according to one trader of distressed securities.
It will be a preventive measure to halt any one trader from building up positions on one exchange to influence the other exchange.
One trader told me that early on Saturday morning, when he'd expect to get the big shoppers getting their groceries for the week, takings were down 50%.
