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The equally rapid falls in prices since early June are ascribed to overleveraged traders being forced to unwind their positions.
With plenty of bankers and traders being laid off, Chinese firms have the chance to build up their teams and expertise gradually, rather than by making giant acquisitions.
There were reports of traders being refused access to some US exchanges where, unlike the UK, dealers still trade on vast trading floors in brightly coloured jackets.
Todd Christie resigned in March 2003, although he says that his departure was not related to the inquiry and that he did not find out until months later that he was among the traders being investigated.
Since the October bailout, the government has demanded that the FSA tackle pay in the City to prevent traders being encouraged to embark on risky strategies in the hope of receiving big bonuses.
REUTERS Smallerer Hedge Funds Shut Down | The Financial Times reports: "A rising number of small hedge funds are shutting their doors, with houses run by former investment bank proprietary traders being particularly badly hit by rising costs and difficulty in attracting assets".
Similar(49)
But traders are furious.
Traders are understandably confused.
Traders are not that stupid.
But traders are not impressed.
Indian traders are famously stingy.
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