An imbalanced proposition


That in itself is indicative of the capricious year the foreign exchange market has had. Despite holding up well compared with the wider market during the crisis, it was clear in light of the Lehman Brothers collapse there were significant risks the industry was exposed to at times of market stress.

These risks have ranged from market and liquidity to credit risks. Market risk became priced in, liquidity risk was managed by increasingly internalising and warehousing flow, while credit risk saw a

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