Derivatives: Darth Vader's Revenge Message Board

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Non-Tech : Derivatives: Darth Vader's Revenge

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To: EPS who wrote (418)	10/7/1998 4:47:00 PM
From: EPS	Read Replies (1) of 2794

IMM currency futures end up sharply, yen explodes CHICAGO, Oct 7 (Reuters) - IMM currency futures closed erratic pit trading sharply higher, with the yen exploding upward to huge daily gains in quick trade. Volume in yen was estimated at a heavy 64,645 contracts after hectic action that brokers said featured periods of fast-market trade tied to near-panicked interbank conditions. December yen futures settled up $0.000666 at $0.008387 after it backed off from the session peak at $0.008500. Wednesday's single-session yen surge was largest in the life of the December 1998 contract and among the biggest one-day, unidirectional swings in recent memory, brokers said. The Chicago Mercantile Exchange said it had no records based on the biggest net daily change for currencies. Players contacted in futures and cash markets linked the yen's stunning rise to persistent rumors that a large hedge fund continued to liquidate big short yen positions. ''I think it's got to be a huge underlying position...this hedge fund is closing out,'' said Earl Johnson, foreign exchange economist, Bank of Montreal. ''It's almost a panic move.'' ''It's a lot of that (rumor) and it's just been a lot of riding the wave,'' said a floor broker at a commission house. (Note: this article is ''in progress''; there will likely be an update soon.)

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