Neither does it survive a basic common - sense test: Buying insurance
against a market crash from other market participants is no different than buying a policy against a crash of the insurance industry from an insurance company.
Editor's note: The below is a fictional letter by an imagined banker on how the foreign exchange
market looks
from London's financial district at the end of a week when the pound slumped to a 31 - year low
against the dollar, rounded off by a humiliating «flash
crash» of 6 % in overnight trading on Friday.