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国际财管ch5_外汇市场-english 课件
05;2;4-*;4-*;4-*;Function of foreign exchange market;Foreign exchange market trading time;货币名称; difference between foreign exchange market and stock market;
McGraw-Hill/Irwin Copyright ? 2001 by The McGraw-Hill Companies, Inc. All rights reserved. ;Spot Rate Quotations;Spot Rate Quotations;cross – exchange rate;The Bid-Ask Spread;The Bid-Ask Spread;Bid price means:
buy 1 USD pay ?EUR
Process:
Buy 1 USD need to pay 6.5777 CNY,
Get 1 CNY to pay 1/7.1597EUR
That is:
the purchase price of =6.5777/7.1597=0.9187;*;Case3:A client commissioned the bank to buy 1 million francs, sold Mark exchange rate is FRF/DEM=0.3130, the foreign exchange market opening, foreign exchange quotations:
USD/DEM=2.2330/40
USD/FRF=7.1210/50
Q: at this time, the exchange rate, whether to meet customer requirements?;Arbitrage: also called arbitrage in space 。
Using two or three different foreign exchange market between a currencys exchange rate differences, respectively in the foreign exchange market a buy side selling the currency and earned from exchange rate margins in the form of foreign exchange transactions.
According to the number of involved currency arbitrage, divided into:
Direct arbitrage (also called two points arbitrage)
Indirect arbitrage (also called Triangular Arbitrage) ;Direct arbitrage: also called two points arbitrage Example: at a certain time,
the New York market ：DM1.5025/35/US$1,
the Frankfurt market： DM1.5045/55/US$1.
Is according to the principle of buy low and sell high,
in the New York market ：
according to the 1.5035 sell mark, buying dollars
in the Frankfurt market：
by bought mark in 1.5045, sold $
Sale net sink for $1 =0.0010 mark,
as investors to invest $100 million, profit of 1000 mark. ;Opportunities for profitable trading is very short by direct arbitrage , because the way of arbitrage is to
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