Forget equities: the far more important funding markets are locking up.

Between today's surge in FRA/OIS which briefly rose to the highest level since the financial crisis, confirming the biggest dollar funding shortage in the interbank market in over a decade...

... to the explosion in the 3-month EUR cross-currency basis is 36 basis points wider, the largest move since 2008 on a closing basis which send the global basis swap crashing...