Korean banks share info on FX derivatives
The move by the Financial Supervisory Service (FSS) and the Korea Federation of Banks came as the won hit a 10-year low against the US dollar, which pushed some exporters to the brink of bankruptcy due to losses on oversized derivatives positions.
On November 20, the won breached the 1500 level against the greenback, trading around 1508.72 by 2:05pm GMT.
Banks are sharing information to prevent exporters conducting derivatives trades with multiple dealers that ultimately leave them with outsized
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