Also, we must keep in mind that market participants have an incentive to monitor and limit the impact of dynamic hedging on the underlying market because the interaction makes the hedging less effective. Suppose that the effect of hedging on the underlying market rises substantially from its current low level.
In view of the general outlook that I sketched at the beginning, that seems to us to be appropriate. Having reached that position in a fairly timely fashion, the Board has judged it to be sensible of late to leave the cash rate steady. My colleagues and I look forward to your questions. BIS central bankers’ speeches  3