Foreign exchange
The eurozone debt crisis in May drummed home to everyone that stumping up for a hedge against tail risk makes a lot of sense. Those that hadn’t got crash protection in place already – and many had – scrambled around looking for possible macro hedges. Their options quickly narrowed. At the end of that month, the German regulator, Bundesanstalt für Finanzdienstleistungsaufsicht, banned naked short selling of eurozone government bonds and credit default swaps referenced to them. The other obvious
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