Today’s global stock sell-off really started on Friday, when the U.S. suffered its worst bank failure of 2009. Alabama-based Colonial Bank gasped its last breath late Friday. With roughly $25 billion in assets, it was the biggest bank failure since Washington Mutual back in September.

The big board started the week off in fine form but the junior bourse continued to face a lack of buyers as the traditional summer slowdown hit full stride during Monday trading on the Canadian markets.