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more risk. Inflation, interest rates and securities prices are now more subject to influence by events hundreds and even thousands of miles away. The derivatives market, which is now popular in investment banking, is one end result of these changes as traders seek to hedge the risk of interest rate increases in one area versus another. This has been a boon to investment bankers, who earn fees regardless of the outcomes of transactions, but some bankers have consolidated their operations as a result of losses in foreign exchange marke

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