Active traders were stabilisers during FX shocks, says think-tank

The three largest currency moves of the past 20 years give insight into trading behaviour across segments, says JP Morgan Chase Institute

Mass exit: real-money and corporate clients stayed out of markets during SNB, Brexit and Trump events

Real-money clients and corporates did not participate in the price-discovery process around the three biggest currency moves in the last 20 years, while long-only investors with long-term investment horizons failed to act as a stabilising influence, a report from JP Morgan Chase Institute says.

In contrast, hedge funds and market-makers played a very significant role in establishing a post-event market equilibrium by trading actively right after each news event broke, transacting during

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