Loneliness of Kiev Bond Trader Shows Market Was Wiped Out

For 29-year-old Fyodor Bagnenko, a fixed-income trader at Dragon Capital in Ukraine, selling bonds has become a lonely business.

From his seven-story office in central Kiev, about 20 minutes from the barricades on Independence Square that were the epicenter of protests that triggered the worst crisis between Russia and the West since the Cold War, he would trade more than $20 million of bonds a day last year. Since the revolution, there have been days where he couldn’t close a single deal as trading in Ukrainian financial assets dried up.

“We’ve had days where the market’s dropped five points or more and not a buyer in sight,” he said as he headed to his morning meeting March 14. “People have gotten whiplash, with the market jumping from complete indecision to frantic action, with the whole world trying to buy, or sell, simultaneously.”


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