"Merry Christmas, you've been stopped out of your FX trades." That's the message stop-out Santa sent to currency traders this morning following a session of wild, rollercoaster moves in cable and yen which saw the British and Japanese currencies swing erratically as a handful of algos traded with each other while human were largely away from their desks. According to Bloomberg, which notes that "the currency market has faced bouts of extreme volatility amid thinned liquidity during holidays in recent times", the pound was quoted by ICAP as falling as much as 1% to 1.282 before recovering to 1.296, while Bloomberg's ... (full story)