London hedge fund manager George Papamarkakis says speculators who have bet as much as $65 billion on koruna gains may be in for a rude awakening. When the Czech central bank relinquishes its cap on currency appreciation sometime after March, the market reaction will be far from a repeat of the Swiss franc’s surge in January 2015, according to the chief investment officer of North Asset Management. That’s because investors flooding into the koruna may struggle to close their trades in an economy a quarter of the size of Switzerland’s, he said. “People are using the wrong koruna template, which is the Swiss...