This is not a drill,

Was last week's Swap de Grand, by the European Central Bank (ECB):

• Trojan Swaps related to currency?
• Serving Opaque global, "Others"?
• End of Year, End of Month turn, prep-azooka?
• Or Black Swan yet to be announced?

Either way, a beyond 8-times increase in dollar swap pull by The ECB is attention getting.

Head on a swivel,

Radar on, 

Volatility Alert.

Stay Tuned.  Book mark the blog.  Check in often.

It's always safe to reach out with questions.

Thanks for reading,

Patrick