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In the weeks following Russia’s invasion of Ukraine, traders began to notice big movements in the foreign exchange options market. A flurry of downside bets on the euro/US dollar resulted in wild price swings, sparking concerns of a liquidity squeeze on one of the most heavily traded contracts in the world.
Real money clients like pension funds and non-financial corporations, as well as hedge funds, were frantically calling their market-makers to hedge their exposures to any Russia-related
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