Trades by Arachne

Puzzle explanation

Noting the “volatility” of the Exchange, five down entries (7, 10, 23, 24, 25) went up, while five across entries (12, 13, 16, 30, 31) went down, by L (one pound, it being the London market) each, as traded by the unclued Bulls and Bears. In Derivative trades one or two words must be anagrammed into a new word; in Currency trades an interchange must be made of two of L, S or Y, pound, dollar, yen signs, ignoring the usual crossing lines. Derivative trades: (across) 5, 11, 17, 27, 28, 31, 33; (down) 1, 7, 9, 10, 14, 18, 19, 21, 25, 26. Currency trades: (across) 12 LY, 13 LS, 15 SY, 16 LY, 20 SL, 22 LS, 25 SL, 30 YS, 32 LS; (down) 2 YL, 3 LS, 4 SY, 6 YL, 8 YS, 23 YS, 24 SY, 29 LS. More detail is given in the table below.

Clue explanations

Conventions: * = anagram, < = reversal

No Derivative/Currency Answer Explanation
ACROSS
5 D: Doreen → redone MAENADS (MAD + SANE)*
11 D: gods → dogs ARBITERS AR(e) + BITERS
12 C: yet → let ALGATES LET SAGA*
13 C: Sean’s → Lean’s TINGLE Hidden
15 C: early → earls PEERAGE Homophone PIERAGE
16 C: Yearned → Learned LITERATE LITE + RATE
17 D: Paul → Pula PAPER P(ula) + APER
20 C: Liberia → Siberia DONORS Hidden
22 C: sawyer → lawyer ATTLEE ATT + LEE; reference former Prime Minister
25 C: Louth → South RAUNS A in RUN + S; reference Sir Walter Scott
27 D: Lily’s → Silly SPECIAL PLACE IS*
28 D: settler → letters ETRURIA TRUE* + R(epublic) +I(nduced) + A(nxiety)
30 C: Bells → Belly BUBBLY BUB + B(e)L(l)Y
31 D: grown → wrong SALTIRE REALIST*
32 C: satin → Latin CLARINET CERTAIN* about L
33 D: Char’s → crash SEDATED DEAD SET*
DOWN
1 D: Wee → Ewe BAALIM BAA + LIM(b)
2 C: Len’s → Yen’s URGE Hidden
3 C: setter → letter LITERAL Two definitions
4 C: yon → son STELAE S after TELAE
6 C: lard → yard ARREEDE ARE about REED
7 D: laic there → heretical ARIAN HUNGARIAN – HUNG
8 C: Lads → Lady ANNAPOLIS ANNA + POLIS
9 D: water most → two-master DOGGERY DOGGER + Y
10 D: Listen → Inlets REEKS CREEKS – C
14 D: aged man → managed PERTURBED PER + BRUTE* + D
18 D: nark → rank STATURE STAT + URE; both mean “eminence” or “high-standing”
19 D: bristle → blister VESICLE VEHICLE with S(oftener) for H
21 D: hose → shoe NECKTIE NECK + TIE
23 C: Reads → Ready BRACED BD about RACE
24 C: sneaky → sneaks STEELS Homophone STEALS
25 D: bus → sub SUBER SUB + ER(in)
26 D: race → acre NUBIA NUB + I + A
29 C: ruse → rule BRER BRED with R for D
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