Again it has been all about Italy starting the beginning of the week, a little bit about what is going on in Greece with the search of a new Prime Minister, who is going to be in place for perhaps a hundred days before the get a new government that would be put in place. Everyone is focusing on what’s going on in Italy.
When the bond market opened last night, we had yields just blowing up. They traded for about 6.78%, which is pretty much the highest level since they’ve been in the Euro since 1999. The pushed right up to about 7.48%, about 5.50% spread versus bonds. This was caused by a few factors, one of which is LCH Clearnet, one of the biggest clearers in Europe putting up initial margins from 6.6% up to about 11.6%. Thi
