The market reacted violently after saying that the ECB would strengthen the program for the purchase of assets

On Monday evening, Benoit Coeure told a roof of bankers and hedge-fund managers in London that the European Central Bank will front load its asset-buying program before summer lull.

     The next day, the rest of the market found out, irking investors from Edinburgh to Frankfurt who weren’t in the know as the euro dropped aWhile such events allow the ECB and its peers to maintain a dialog with the investment community, they present a challenge in maintaining a level playing field. Though the remarks by the  central bank’s markets chief signaled a policy move that some market participants had already predicted, the reaction on Tuesday suggests plenty others remained in the dark on a key operational aspect of the ECB’s stimulus program.nd bonds and stocks rallied

The ECB said in a statement that the intention had been to release the remarks on Monday as Coeure spoke, and that a procedural error prevented that happening until Tuesday morning. It also said the speech was covered by Chatham House Rules, meaning it wouldn’t normally be published Coeure spoke after a day of discussions open to about 125 participants, including representatives of central banks, comme Market Selloff The comments followed a bond-market selloff that pushed the German yield curve to the steepest in five months and wiped more than $400 billion off the value of global fixed-income markets.rcial banks and asset managers, and academics. Maintaining Caution

“There is definitely a problem in communication here,”said Christoph Kind, head of asset allocation at Frankfurt Trust, which manages about $20 billion. “The market reaction is very strong, so you might say it’s not the best way to communicate this kind of information.”

 Varchev Traders