One bad year

A EUR4.9 billion rogue trading scandal, the loss of two major broker-dealers, the freezing up of the interbank market, and government bail-outs of major financial institutions. It has been a year of high drama, unprecedented volatility and bulky trading losses. Risk looks back at the key events of 2008


Few traders will be sorry to see the back of 2008. At the turn of the year, the effects of the financial crisis were still more or less restricted to a small part of the US mortgage market, along with structured credit investors. As the year draws to a close, the crisis has snowballed to gargantuan proportions, decimating all asset classes and leaving two major broker-dealers - Bear Stearns and Lehman Brothers - dead in its wake.

Confidence in bank counterparties has vanished, liquidity has

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