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四、外汇市场的特征 地理范围 主要功能 市场参与者 日交易量 交易种类包括即期、远期和掉期交易 汇率报价的方式 外汇市场的地理范围 Geographically, the FOREX market spans the globe with prices moving and currencies trading every hour of every business day Major world trading starts each morning in Sydney and Tokyo Then moves west to Hong Kong and Singapore Continuing to Europe and finishing on the West Coast of the U.S. 全球外汇市场的交易活动: 每小时的电子交易量 外汇市场的功能 The FOREX market is the mechanism by which participants Transfer purchasing power between countries This is necessary as international trade and capital transactions normally involve parties living in countries with different national currencies Obtain or provides credit for international trade transactions Inventories in transit must be financed Minimize exposure to exchange rate risk FOREX markets provide instruments utilized in “hedging” or transferring risk to more willing parties 市场参与者 The FOREX market consists of two tiers, the interbank or wholesale market, and the client or retail market Five broad categories of participants operate within these two tiers Bank and non bank foreign exchange dealers Individuals and firms conducting commercial or investment transactions Speculators and arbitragers Central banks and treasuries Foreign exchange brokers Bank and Non-bank Dealers These participants profit from buying currencies at a bid price and then reselling them at an offer or ask price Competition among dealers narrows the spread between the bid and offer rate contributing to the market’s efficiency Dealers on behalf of large international banks often act as market makers, often willing to stand in and buy or sell these currencies without having a counterpart with which to unload the “inventory” Bank and Non-bank Dealers They trade amongst other banks and dealers in order to keep their inventory levels at manageable levels Currency trading is profitable and often contributes between 10% - 20% of a banks’ average net income Small- to medium-sized banks rarely act as market mak
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