An immediate consequence was a sudden drop in the value of foreign debt bonds, among other Venezuelan securities.

Among longer-term securities, prices declined even though the Treasury market continues to benefit from a lack of supply.

Among short-term securities, the price of the new 4.25 percent two-year note was unchanged, with the yield at 4.18 percent.

Those who worked with him over the years describe a mind that could instantly calculate complex mathematical relationships among different securities and financial instruments.

Covariances among securities result from differing responses to macroeconomic factors.

The event is still alive, breeding anxieties among investors and securities dealers that it could happen again.

For example, funds are supposed to trade among themselves only securities with clear market prices, so that no one pays too much or too little.

Dealers said most of the activity was concentrated among short- and long-term securities, with little action in intermediate issues.

Much of the selling yesterday was concentrated among longer-term securities.

But a closer look at the numbers prompted some selling later on, particularly among longer-dated securities.