３倍になる witching hour 始める，決める to spook City

By MICKEY CLARK FOR MAILONLINE
Updated: 00:00 BST, 19 December 2002

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IF YOU are still under the impression that this is the season of 好意／親善, it might be best to give the 株式市場 a wide 寝台／地位 on Friday for the ３倍になる witching hour. This 示すs the expiry of the December 一連の 索引 選択s, 索引 未来s and 在庫／株 選択s which is いつかs 責任がある wild movements in 株 prices as 会・原則s and 仲買人s 急ぐ to unwind the ir open positions.

It can result in the London 在庫／株 交流's computerised 貿易（する）ing systems 存在 stretched to the 限界. In the past it has also led to 告発（する），告訴（する）／料金s of market 巧みな操作. This occurs when a daft 企て，努力，提案, or 申し込む／申し出, is entered into the computer by 仲買人s hoping to take advantage of wild price movements.

This week the 財政上の Services 当局 told 仲買人s to 警告する their （弁護士の）依頼人s about the 可能性 of volatility in the market-place during the half-hour it takes to 完全にする the ３倍になる witching.

During the last one in September, a dozy 仲買人 at one of the big American houses 追加するd to the 混乱 by 圧力（をかける）ing the wrong 重要なs and turning a $3m sale programme into a $3bn 操作／手術. During the next few minutes the FTSE 100 索引 耐えるd a 306-point swing as a 記録，記録的な／記録する £4.6bn 価値（がある） of 株 was 貿易（する）d. The system almost ground to a 停止（させる）. One European house is reckoned to have lost more than £100m.

The picture this time will be clouded by the 最近の sharp 落ちる in 株 values. Most 年金 基金s and life assurers have moved to 反対する that in 最近の months and hedged their positions by buying put 選択s from the big 投資 banks. As a result, some of the 投資 banks have also been 軍隊d to buy put 選択s ーするために hedge their own open positions.

Come the ３倍になる witching hour, the 会・原則s and 安全s houses will have to decide whether to roll-over those positions, or の近くに them and take a 利益（をあげる）. Most of them will no 疑問 choose to の近くに, その為に creating those sharp movements in the market that have become associated with ３倍になる witching. 売買業者s say it could 生成する some short-称する，呼ぶ／期間／用語 伸び（る）s for the market.

The Americans will have to 耐える their own ３倍になる witching just before the の近くに of 商売／仕事 on Friday night.