FX fact: Bankhaus Herstatt
MARKET NEWS
Veteran forex dealers call it the worst day in the FX markets -- and even those unconnected to the markets were shocked at the events of June 25, 1974. Following the collapse of the Bretton Woods system in 1973, the FX market was growing quickly and in a volatile state. The spring of 1974 was awash with rumours of huge losses at several major international banks’ FX operations and the situation finally came to a head that June.
In the European trading afternoon of June 25, the authorities closed
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