" He called foreign-exchange speculation "unnecessary, unproductive and immoral.
Coal is my best example because unlike copper it trades on no exchange, impervious to financial speculation and manipulation.
Or to put it another way, the vast majority of foreign exchange trading was supporting market speculation, not genuine wealth-creating activity by businesses.
Only a relatively small amount of money crosses the exchange as a result of currency speculation ie, betting on future trends.
There has been some speculation that the Intercontinental Exchange (NYSE: ICE) could see interest from a company like NYSE Euronext or LSE, but the ICE is almost as big as NYSE Euronext, so there are significant hurdles there.
He dodged questions about whether NYSE would pursue a deal with the London Stock Exchange, which is the subject of some speculation that it will get a bid from Australia's Macquarie Bank.
He added: "I think that we must, at the international level, argue for a co-ordinated approach that will allow us to have a stable exchange rate... exchange rates should not be subject to moods or speculation, ".
Instead its foreign-exchange reserves are building up because of strong capital inflows, driven by speculation that it will have to revalue its currency.
As speculation as to the timing of the change grew markets pushed the exchange rate up 0.4% above the target in early trading, to its highest level since 1994.
Some observers have also suggested a tax on currency exchange, the so-called Tobin tax, to increase the cost of short-term speculation.
The Exchange said it was planning to speed up delisting of some companies in an effort to avoid wide-eyed speculation and gambling in the markets.
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