"Fear index" hits high as Ted spread breaks 4%

Used as a measure of perceived counterparty risk, the Ted spread leapt from 3.56% at close of trading on Tuesday. The so-called ‘fear index’- the Chicago Board Options Exchange Volatility Index or VIX, which measures the implied volatility of S&P 500 index options- also increased to unprecedented levels, hitting 53.16 at 1530 BST today.

Overnight US dollar Libor increased sharply to 5.37% at its fixing this morning from 3.94% yesterday. But the trend was not reflected in Europe - the sterling

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