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Voice brokers over telephone systems matched buyers and sellers in the early days of interbank forex trading, but were gradually replaced by computerized systems that could scan large numbers of traders for the best prices.

Trading systems from Reuters and Bloomberg allow banks to trade billions of dollar at once, with daily trading volume topping $6 trillion on the market's busiest days.

However, New York (regular trading times) and Tokyo trading times do NOT overlap. Importance of London Measuring FOREX Market Activity: Average Electronic Conversations Per Hour Greenwich Mean Time 10 AM In Tokyo Lunch Europe opening In Tokyo Asia closing Americas London open closing Afternoon in America 6 pm Tokyo In NY opens Market Participants n Five broad categories of participants operate within the foreign exchange market. Contracts which call for more than two business day settlements.

And, London trading in the morning corresponds with Tokyo trading in the late afternoon (5 to 6 pm). As noted this would be: q q n n London (pm) and New York (am) overlap London (am) and Tokyo (pm) overlap Thus, nearly two-thirds of New York foreign exchange trading activity occurs during New York morning hours (when London market is open). q Market participants look to the combined liquidity of two major centers to provide them with the best prices and quickest transactions. q q Outright Forwards n q Exception: North America trades of USD and CAD are 1 day.

Commercial banks are the major institutions in this market. q q n NYSE-Euronext currently running about $40 billion per day. Trades take place through a network of computer and telephone connections all over the world. 34% of all trades take place through London (New York second at 17%). 1973: $ 10 to 20 billion 1989: $ 590 billion 1992: $ 820 billion ( 39%) 1995: $1. Electronic Versus Voice Transactions n n n 60 percent of spot interdealer trading today is done on electronic platforms (2005 data). Geographically, the foreign exchange market spans the entire globe, however: The major foreign exchange markets as a percent of 2007 daily turnover (2004) are: n n q q q q U. q n n When loan matures, bank will receive the 10, 000 euros from the corporate borrower which provides it with the euros to be delivered at that time to complete the forward agreement.

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n They act on behalf of their customers (retail market) and for their own accounts (wholesale market). The spot dealer-client market is less electronic, at 43 percent. Thus, the lending bank assumes no exchange risk during the 90 day period. The interbank market is the global network utilized by financial institutions to trade currencies between themselves.While some interbank trading is done by banks on behalf of large customers, most interbank trading is proprietary, meaning that it takes place on behalf of the banks' own accounts.The interbank market for forex serves commercial turnover of currency investments as well as a large amount of speculative, short-term currency trading.According to data compiled in 2004 by the Bank for International Settlements, approximately 50% of all forex transactions are strictly interbank trades. 4%) Trading Times for the Market n n Foreign exchange trades on a 24 hour basis, with major financial centers open Monday through Friday.Transactions by Type of Trade, 2007, % of Total n n Spot: 33% Outright Forwards: 12% q q q n Up to 7 days: 7 days to up to 1 year: Over 1 year: FX Swaps: q q q 43% 55% 2% 55% Up to 7 days: 7 days to up to 1 year: Over 1 year: 78% 21% 1% Which Currencies are Traded; 2004 and 200 Data n Average daily turnover as a % share of total q q q q n USD EUR JPY GBP CHF AUD CAD 2004 88. The Foreign Exchange Market Defined n The market where one currency is traded (exchanged) for another currency. q Accounts for 86% of all trades (euro second at 27%). q q 54 central banks and monetary authorities participated in this recent survey, collecting information from approximately market participants (banks, brokers…) Most of the data in this lecture comes from these BIS surveys. Trend among institutional investors to hold internationally diversified portfolios. (New York): Switzerland: Japan (Tokyo): Singapore: Hong Kong Australia (Sydney): 34. A swap transaction is used to provide bank clients with needed foreign exchange for a specified period of time (e. Bank negotiates in interbank spot market to purchase 10, 000 euros, which in turn are lent to the corporate. q q For example, purchasing pounds by selling dollars. FX transactions do not involve moving physical currency (exception: tourist market), but rather represent shifts in commercial bank deposits. n See last two slides for information on the BIS What is Estimated Size of the Foreign Exchang Market? Increase in technical trading (impact on spot markets). Bank simultaneously sells 10, 000 euros 90 days forward (i. , for delivery in 90 days) in the interbank market. Quick Review of Market Characteristics n World’s largest financial market. Trading platforms include: EBS, Reuters, FXConnect, FXAll, Currenex, Hot. The bank’s return is the interest on the loan, minus any spot/forward spread not in it’s favor. Source of Data on Foreign Exchange Mark n The Bank for International Settlements (BIS) conducts a Central Bank Survey of the foreign exchange markets every three years. The latest (7 th) survey was completed in April 2007. 210 trillion ( 71%) Reasons for the recent increase: q q q q q n n n Growing role of hedge funds in the market. q Both purchase and sale are usually conducted with the same counterpart (i. , the same global bank) The most common FX swap is a spot against forward q A bank buys FX in the spot market and simultaneously sells the same amount back in the forward market q Since the swap transaction is an offset, the bank incurs NO exchange rate exposure. Example of FX Swap n n n Corporate approaches its bank wanting to borrow 10, 000 euros for 90 days.

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