l was just reading in the paper that amp AMP has recently established one of the largest, if not the largest, derivative positions ever taken out by an Australian company. It has hedged the exposure it has through the $7 billion of capital it has tied up in its troubled UK insurance operations to the UK stock
All that is known about those arrangements outside AMP is that late last year it initially took out cover against the possibility that the UK's FTSE could fall below 3000 points. When AMP's new chief executive, Andrew Mohl, announced the detail of the group's $1 billion loss last month, he indicated that early this year AMP had taken out additional cover at levels below 3000.
This to me sounds like someone knows what they are doing?
value at $3.28 (maybe), page-6
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