The Benelux Worm, Which Feeds On FX Trading Profits, Has Been Sighted Again

BROKERS

Analysts say that the worm raised its head on May 21 when the Belgian National Bank disclosed that it intends to keep its currency very close to its central rate with the Deutsche mark, eschewing the EMS trading limits of 2.25 percent either side of parity. As this emulates the Dutch practice, traders say the Benelux currencies are now trading as a currency bloc within a currency bloc.

Veterans will remember that when the EMS trading arrangements were established in April 1972, Brussels

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