Isda pans Korean courts over options rulings
SEOUL - The International Swaps and Derivatives Association (Isda) has attacked South Korean court rulings on FX barrier options, for undermining the contractual commitments of the over-the-counter derivatives market.
The cases involve FX knock-in/knock-out (Kiko) options contracts that Korean investors bought between 2007 and last year, to protect them against won appreciation, with many opting for the cheaper barrier options. However, when the US dollar made a turnaround last year, corporates
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