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In Treasury trading yesterday, prices ended lower for the fourth straight session.
"People don't want to sell" Treasuries, with stocks falling and traders ambivalent on the reports, said Vinny Verterano, head of Treasury trading at Nomura Securities International.
Then, the violation of Treasury trading rules by Paul W. Mozer was only a major symptom of a bigger internal ailment, which led all the way to the top.
"The monthly jobs report was probably the single most disturbing piece of data" among many items suggesting that the economy is sputtering, said Rich Bryant, head of Treasury trading at MF Global.
"When you see a 10-year Treasury trading at 1.7 percent, the market is telling you that real growth over the next 10 years is going to be zero.
C. G. Lai, the managing director of fixed- income and treasury trading at BNP Paribas in Taipei, Taiwan, echoed this point, saying, "If anyone can look at this kind of situation and correct it, it's the Americans".
Similar(44)
About 50 people were dismissed from the Liberty Treasury trading operation on Friday, including traditional brokers, e-traders at LibertyDirect and support and back-office employees.
Also: Torture Team trading cards!
The UBS trading scandal echoes past cases.
In Nasdaq trading, M.C.G.
Electronic trading is a great example.
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Justyna Jupowicz-Kozak
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