In the 1980s, Bankers Trust developed index currency opt
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In the 1980s, Bankers Trust developed index currency option notes (ICONs). These are bonds in which the amount received
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In the 1980s, Bankers Trust developed index currency option notes (ICONs). These are bonds in which the amount received by the holder at maturity varies with a foreign exchange rate. One example was its trade with the Long Term Credit Bank of Japan. The ICON specified that if the yen
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