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The disintegration of our stock market into chaotic fragmentation is paradigmatic of the disintegration of Western society generally.

At a time when the reputation of the financial industry needs all the support it can get, the ongoing Libor scandal has shaken investor trust even further. As a result, financial firms should prepare for far-reaching regulatory change and stricter rules.

On March 18, markets across Europe began to worry in earnest about a plan for an EU bailout of Cyprus that would involve a hefty tax on bank deposits.

Word is out that the CFTC is considering a reduction in its “minimum five RFQ” rule, which would require investors to solicit a minimum of five quotes in order to transact business on a swap execution facility (SEF).

The attempts to impose financial transaction taxes (FTTs) have a long, if inglorious, history, so it shouldn’t surprise us that the European Union began looking at them recently.

There are many questions surrounding swaps futures. The answers will dictate the winners and losers, not only of the swaps market, but of the macro global economy, and they could determine the nature and severity of the next financial crisis.

The equity rally continued throughout the first three weeks of May, and the iTraxx Europe index traded within a relatively narrow range during that time.

Treasury yields climbed 52 basis points in May of 2013, with the yield on the 10 year note rising from 1.61% on May 1st to close the month at 2.13% after hitting a 14 month high of 2.23 on May 29th.

After months of speculation, the European Central Bank announced on June 5 a set of measures aimed at fighting deflation and saving the Eurozone’s fragile recovery.

The second half of 2013 set the scene for a long-awaited turning point in the course of the global economy.