" He called foreign-exchange speculation "unnecessary, unproductive and immoral.

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Coal is my best example because unlike copper it trades on no exchange, impervious to financial speculation and manipulation.

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Or to put it another way, the vast majority of foreign exchange trading was supporting market speculation, not genuine wealth-creating activity by businesses.

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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.

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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.

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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, ".

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Instead its foreign-exchange reserves are building up because of strong capital inflows, driven by speculation that it will have to revalue its currency.

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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.

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Some observers have also suggested a tax on currency exchange, the so-called Tobin tax, to increase the cost of short-term speculation.

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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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