CMRA Market Experience
“Once in a Life-Time” Financial Shocks and Related CMRA Case Studies
Unexpected financial shocks recur every few years. The charts and timeline below illustrate how these risks have emerged across market cycles, while linking selected crises to related CMRA case studies and press coverage.
Once in a Life-Time Financial Shocks
1987
Stock Market Crash
- Stock Market Crash
1988–1993
Credit, Currency, and Equity Market Stress
- High-Yield Tumbles
- European Currency Crisis
- Nikkei Crash
1994–1995
Rate Shock, Money Funds, and Peso Crisis
- Money Funds Break the Buck
- US Interest Rate Hike
- Mexican Peso Crisis
1997–1999
Emerging Market and Hedge Fund Dislocations
- Russian Crisis
- LTCM
- Brazil Crisis
- Asian Crisis
- Columbus Day Mortgage Massacre
2000–2005
Tech Meltdown, Terrorist Attacks, and Credit Correlation
- 2000 Tech Meltdown
- 2001 Tech Meltdown
- 9/11 Terrorist Attacks
- Bubble Bursts
- GM CDS Correlation
2007
Subprime and Quant Meltdown
- Subprime
- Quant Meltdown
2008
Global Financial Crisis and Liquidity Shock
- Liquidity Crisis
- Bear Stearns
- Lehman
- AIG
- TARP
- CP Funding Facility
- Bailout Squared of AIG
- Goldman and Morgan Stanley become banks
- GSEs
- Bailout Squared of Citi
- Auto Bailout
2009–2010
Post-Crisis Regulation, Sovereign Stress, and Flash Crash
- FAS 166/167
- Goldman Sachs
- Basel 3
- Financial Reform Legislation
- Greece
- Flash Crash
2011–2013
Sovereign Debt, Euro Crisis, and Trading Losses
- US Debt Downgrade
- Euro Crisis
- London Whale
2018
Short-Volatility Shock
- Volmageddon
2020
COVID Volatility Shock
- Covid
2022
Geopolitical Shock, Commodities, and Sovereign Debt
- Russian Invasion Ukraine
- LME Nickel
- Russian Debt Default
2024–2025
Recent Market Shocks
- Liberation Day
- Yen Carry Trade