(https://www.marketwatch.com/story/bad-week-for-the-ants-as-ripple-effects-of-korean-crash-spread-out-across-asia-8a5e4a43?mod=mw_rss_topstories) in Seoul — 1.2M Korean retail traders nuked by margin calls — and the US market is treating it like local noise. It's not. When leverage unwinds violently in one market, the prime brokers and custodians who backstop that margin globally have to tighten terms *everywhere*.

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