Argentina has stuck to the exchange rate fixed with the dollar under the institutional arrangement adopted for the peso. Since the devaluation of 1994, China has maintained a close link with the US currency. The swings in share prices in the countries hit by the crisis have paralleled those in exchange rates but have generally been more pronounced.
It is also possible that markets that more readily lend themselves to high-speed trading may be characterized by relatively greater concentration over time. Achieving the speed necessary for high-frequency trading requires large technology investments that necessarily may support a relatively more limited number of market participants. Greater concentration in turn might be associated with lower resilience at times of stress.