Ive been doing research on past markets and was figuring what could cause a breakdown in the correlation of ED's to FF? I know this has become an increasingly popular trade due to their respective maturities and nature, however, we know these products are actually quite different. Ive already learned that a crash of the banking system could be one substantial reason (which is why the ED's always trade with a credit risk). And obvisouly the further back you go, supply and demand becomes an issue. But what else? Anybody have any thoughts? Please, serious posters only. Thanks!