New Forex Guidelines Limit Hedge Funds In FX, May Damage Liquidity
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LONDON--New FX guidelines issued last week to limit speculative trading in the FX markets could damage liquidity, say some market participants.
The guidelines, issued by a group of 16 global commercial and investment banks, are aimed at preventing excessive speculation in emerging markets currencies. The group was set up in response to a Financial Stability Forum Working Group, which examined the role of highly-leveraged institutions in the Asian and Russian crises of 1997 and 1998.
"Speculative
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