The system was also implicated in a payment crisis which hit the Calcutta stock exchange in March, when a sharp fall in stock prices left a group of brokers with big carry forward positions unable to honour their financial commitments.
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At 1381 the benchmark Philippine Stock Exchange index, which doubled in 1999 from its 1998 Asia crisis lows, is now back down almost to crisis levels.
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The Italian stock exchange has also temporarily banned short selling of MPS in a similar move from previous crisis.
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