Forward Markets 'Shut Down' In London On Black Wednesday, Say Corporates
CORPORATIONS
Despite the enormous volumes during the turbulent markets of the last two weeks, corporate customers in London complain that liquidity--particularly in forwards--completely disappeared on the most hectic days. When customers could get prices at all, spreads were enormously wide, they say.
"It was truly unprecedented, unparalleled since the second World War--the swaps and forwards markets were just shut," says Stephen Crompton, treasury director of SmithKline Beecham, about what the British media
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