The crisis in the European Exchange Rate Mechanism last week spurred record currency-options volume on the Philadelphia Stock Exchange (Phlx). On Monday, one of the exchange's busiest days ever, a total of 174,493 currency option contracts traded, representing nearly $8 billion in underlying value. Trading in the French franc contract was particularly active, Phlx officials say, totalling 145,587 contracts Monday. French franc open interest reached an all-time high of 578,197 option contract

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