The euro/dollar exchange rate is just about the most liquid market in the world. It is a sign of the times, then, that since the fall of Lehman Brothers in September 2008, even this market has witnessed the largest one-day moves since the euro started trading in the 1990s. "Bid/ask spreads widened on all foreign exchange (FX) products, and lower liquidity also affected the size of trade that could be done and the impact it had in the market," says Frederic Jeanperrin, head of FX derivatives sales for European corporate clients at Societe Generale Corporate & Investment Bank(SGCIB).
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