Claims by Morgan Stanley that Australia's four largest banks
as well as Citigroup and Deutsche Bank are exploiting their
dominance in New Zealand's STIR futures market were last week
scoffed at by traders in the region.
A report in Sydney Morning Herald last week said Morgan
Stanley had issued a client note warning that dominant players
in New Zealand were taking advantage of settlement volatility
in the New Zealand 90 Day Bank Bill futures contract to make
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