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Odd price action in Turkey

How did Morgan Stanley lose a reported $170 million in Turkish lira trades? The US bank's counterparties point to distortions in both two-year and five-year butterflies for TRY/JPY that started to appear in late March 2019. Traders say the former was being quoted too low, and the latter too high. Data for Turkish lira/yen butterflies is hard to find, because they trade sporadically, but the TRY/JPY two- and five-year at-the-money volatility shows how violent the period was.

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