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Given forex their record appreciation over the preceding few years, such marine banking services bets probably appeared risk-less. Emerging Markets Currencies Hurt by Derivatives Emerging Market currencies are becoming the latest victims of financial derivatives, proving Avrom Buffet’s claim that such contracts represent forex broker “financial weapons of mass destruction.” Apparently, companies throughout the developing world (although predominantly in Latin America) had used derivatives to bet on the strength of their home currencies, relative to the US Dollar.