The day government bond trading stopped being boring

Forty-eight hours of carnage in the market has led to long-term changes for the sector

Monday 3 May 2010 at 17:00

Government bond trading used to be dull. Unlike their cousins in the equities or credit markets, where large swings in prices are the norm, government bond traders traditionally operated in a world of low volatility, where changes in fractions of percentage points were considered a big deal.

The treasury bond trading scandal of the 1990s and the Russian default in 1998 were two of the few crises to rock these markets.