Trader’s remarks: It seems that the extremely high stock volatility at the beginning of this year has frozen the IPO market. The S&P 500 started off the year with its worst monthly performance since August and second-worst in three years. Confidence was lost in the market during the second half of last year as volatility in stocks escalated and decreased investor risk appetite, leading some companies to delay going public. Big names that have gone public recently such as Twitter, GoPro and Fitbit are all trading below their IPO price, which could be scaring off investors from taking bets on companies with no track record. It is, therefore, not a surprise that all the major investment banks are reporting destitute revenues from trading and M&A advisory for the first quarter of 2016.