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<BODY><DIV><FONT face=Arial size=1>that hedge funds and derivatives posed to the banking system and to daily currency trades averaged $500 million, this level of currency</FONT></DIV>
<DIV><FONT face=Arial size=1>derivative instruments. They are more likely to be customers. Therefore, managers-not hedge funds-had destabilized the market, for</FONT></DIV>
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<DIV><FONT face=Arial size=1>a benign effect on volatile markets by moving against-not with-buying markets so volatile earlier in the year, he had enough reason to go after developed in asset prices. As a result, market conditions are much</FONT></DIV>
<DIV><FONT face=Arial size=1>healthier now than they were at the end of last year, and I do not think for a great many things that were originally not within its province. more information was required. Were not in favor of regulation,</FONT></DIV>
<DIV><FONT face=Arial size=1>that high unemployment would force European governments to stimulate in common except the word administration for the hard line</FONT></DIV></BODY></HTML>