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ChapterOne
ForeignExchangeMarkets
Preview
◼Whyforeignexchangeisneeded?Whoareyers
inFXmarkets?
◼HowlongdoestheFXmarketopen?Doyou
knowthedailytradingvolume?
◼Howisthetradingandhowaretheexchangerates
formed?
◼Wherearethedifferencesbetweeneachtrading
activities?
◼WhatkindofriskistinFXtrading?
◼Isforeignexchangetradingazero-sumgame?
◼WhichfactorsdetermheFX?
◼WhatarethemethodsofFXforecast?
◼Howdotheoffshoremarketsworks?
1.FunctionandStructureofTheFXMarket
◼GeneralKnowledge
–24hopen(overlap)
–Threemajorsegments:Tokyo,;London,Frankfurt;New
York,Chicago,etc.
–Tradingvolume(>$1trillion;UK:$464perday;CA:lessthan5%)
◼Function
–Currencyexchange
–DepositsofFX
–Tradefinancing
–DerivativeFX-trading
◼yers:
–Internationaers:dealer(BISreports)
Longandshortpositions;riskexposing
–Corporates(MNCs)
–Institutioninvestors(investmentbanks,etc.)
–FXbrokers(commission,indirectdealing)
–als(speculators)
–Centras(cooperationintervention)
◼Two-tierMarket(OTC,disperse):
–Interbankmarket(wholesale)
–market(retail)
2.ExchangeRateTrading
◼TheSpotMarket
–Tradingprocessandtradingformat:Herstattrisk
–Direct(Americanterm):$/RMBandindirectquotation(European
term):RMB/$<<popular
–Bid-askspread(costoftrans:operation,overhead,risk,profit-margin)
Quotationconventions(40-42,etc.)
Concern:volume>margin(1hand=1,000,000)retailandinterbank
–Cross-ratetrading(currencycurrencytrade:twosteps)
◼TheForwardMarket
–
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