The Thais that bind

A few years ago, Thailand was unpopular with foreign derivatives bankers. As the Thai baht went through a period of increasing volatility, regulators became more and more restrictive regarding the sale of derivatives, telling banks to submit lists of products they wanted to sell for approval. But Thailand’s stringency on derivatives paid off when markets turned nasty. “In the two years or so before the global financial crisis, every new structure you wanted to bring out, you had t

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