Stony silence in Mexican Brady market

Headline: Stony silence in Mexican Brady marketSource: EuromoneyDate: February 2001Author: Felix Salmon On a late-January afternoon, a group of settlements clerks, Brady bond traders, inter-dealer brokers, and other footsoldiers of the emerging-markets universe straggled into a small conference room on the 28th floor of JP Morgan Chase in Manhattan.         Chamberlin: “chill […]

Headline: Stony silence in Mexican Brady market
Source: Euromoney
Date: February 2001
Author: Felix Salmon

On a late-January afternoon, a group of settlements clerks, Brady bond traders, inter-dealer brokers, and other footsoldiers of the emerging-markets universe straggled into a small conference room on the 28th floor of JP Morgan Chase in Manhattan.

       
Chamberlin: “chill out”

They were invited there by the Emerging Markets Traders Association (EMTA) to discuss the trading of Mexican Value Recovery Rights (VRRs). What wasn’t said, what didn’t need to be said, was that nearly everybody in the room expected the Brady market to be hit by utter chaos in a matter of days.






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