Foreign exchange
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Foreign exchange
Exchange Group ratesCurrency fixed exchange rate regime floating rate rateLinked futures market for currency exchange retail forex futureNon ProductsCurrencyCurrency Delivery Options Exchange swap foreign swapCurrency See also "bureau currency / exchange office (Office) Exchange (Forex, FX or FX market) is a diversified global retail foreign exchange trading in financial markets. world's major financial centers of trade between several different buyers and sellers every day except on weekends. The stock market to determine the relative value of different currencies. [1] The main purpose is to help the currency of international trade and investment to convert one currency to another currency. For example, for U.S. companies to import British goods and pay pounds, although its revenues in U.S. dollars. It supports the speculation, and this would further carry trade where investors to invest and nyzkodohidni (investment), foreign exchange, high performance, and because (he said) could lead to a loss of competitiveness in several countries. [2] common currency transaction, the buyer of the money amount of the payments in another currency. The modern foreign exchange market began in 1970 when the country gradually transferred to a floating exchange rate with the previous set at the Bretton Woods system. The foreign exchange market is unique because * Net sales for large, highly liquid • Geographic distribution Continuous: 24 hours a day, except on weekends, or 20:15 GMT on Saturday and trafficking 22:00 GMT Friday Forums · Exchange rates of various factors its revenues and lower profits for the public compared with other fixed-income markets • Use leverage to grow the entire domain Since he was described as close to the ideal of perfectly competitive markets, but central banks manipulate the market.[Edit], Bank for International Settlements [3] average daily turnover in foreign exchange markets in the world of about 3.98 trillion U.S. dollars, which in April 2007. Million $ 3,210,000 allocated as follows: · Billion transactions in 1005 "spot" is · 362 billion in · 1.714 million million currency swaps · Report estimated gaps 129000000000 Contents [hide] • 1 size and market liquidity for market participants Bankso • 2 2.1 2.2 2.3 2.4 Central Trade companieso Bankso hedge funds, investment management, speculators 2.5 2.6 Retail bank does not replace the two brokers, 7 Remittances companieso August 2 / Company sales performance • 3 • 4 FX Exchange Rates depend on the political economic conditions of limiting factors 4.2 4.1 4.3 · Market conditions psychology, the five algorithmic trading currency · Financial Instruments June 6.1 6.2 6.3 6; 4 Spoto 6.5 Future Forward SVAPO alternately · speculation August 7 EAR aversion of foreign See Notes 9 • 10 ° • 11 External links [Edit] Market size and liquidity
The largest foreign exchange gains, measured in billions of dollars in 1988-2007. FX market is the largest and most liquid financial market in the world. Sellers are large banks, central banks, currency speculators, corporations, governments and other financial institutions. The average daily number of global markets and more foreign currencies are linked. daily circulation reported in the United States for more than $ 3200000000000 in April 2007 the bank to make international payments. [3] Subsequently, the market continues to grow. Studies have shown that the FX evromanis an annual capacity of 41% from 2007 to 2008 [4]. Georgia 3.98 million million dollars of the total daily trade turnover in London around 1360 billion, or 34.1% of the total, which is far from central London, the world's currency markets. The second and third place was registered trademarks of New York, 16.6%, and Tokyo, and is reported as 6.0%. [5] In addition, the volume of business, "traditional" is 2.1 million was traded derivatives. Stock Exchange, where futures contracts were introduced in 1972, the Chicago Mercantile Exchange and the City compared to most other futures contracts. Several other countries, and marketed products to solve the FX (foreign exchange contracts and currency options in the future), its exchange. All these developed countries are already fully convertible capital account. Most beginners do not allow the exchange of currency derivatives is the comprehensive management of capital flows. But some people in some countries (eg Korea, South Africa, India [1] [2]) has been successfully tested in the currency Futures Exchange, despite control of the capital. FX futures volume is growing rapidly in recent years and is about 7% of the total, The Wall Street Journal Europe (05/05/2006, p. 20). 10 currency traders [6]% May 2010 NAME market 1 Deutsche Bank 18.06% 2 UBS AG 11.30% 11.08% 3 Barclays Capital 4 Citi 7.69% 5 Royal Bank of Scotland 6.50% 6 JPMorgan: 6.35% 7 HSBC 4.55% 8 Credit Suisse 4.44% 9 Goldman Sachs 4.28% 10 Morgan Stanley 2.91% Net income increased 38% in April 2005 and April 2006 and has more than doubled since 2001. This is mainly due to the increasing importance of foreign currency assets, asset management, fund growth, including hedge funds and pension funds. A variety of places, has made it easy for retailers' stores. In 2006 retail trade by about 2% of the total FX market, average daily trading volume of over U.S. $ 50-60 (see retail formats) [7]. Since the exchange counter, where brokers / dealers negotiate directly with each other, without a national government or the exchange agent. The largest mall in the geographic United Kingdom, mainly in London, who estimates that IFSL increased its share of total traditional transactions by 31.3% in April 2004, 34.1% in April 2007. Given the power of the London market, including pricing coins tend London market. For example, the International Monetary Fund in the calculation of the SDR, the day the market price of London in the afternoon. The ten most active traders in 77% of revenues, 2010 - Research FX evromanis. [8] This large international banks continually provide the market bid (buy) and ask (sell) prices. Race / ask spread difference between the price of a bank or market maker to sell ("ask" or "punishment") and the price is the market to buy ("buy") and wholesale and retail. Users buy a market maker at the highest level "ask" price and sell the "Offer" lowest price "refusing" to share the cost of closing down a lot. Distribution of the least traded currency pairs is normally in 0-3 points. For example, the proposed listing Ask EUR / USD 1.2200/1.2203 be wholesalers. Minimum trade is normally about 100,000 units of base currency, which is a "party" standard. Spread does not apply to private customers in banks, which tend to differ from the labeling program 1.2100/1.2300, 1.2000/1.2400, or even cash or travelers checks. Spot market prices for the various producers, but EURUSD, usually not more than 3 pixels wide (ie 0.0003). Competition has increased in large enterprises, and reduce the use of steam gallery big as small as 1 or 2, Bert. [Edit] Operators Financial markets Public Market was organized marketSecurities The bond market Real Income corporate bond peasant government, municipal bonds, variable rate valuationHigh Handbag StockPreferred common stock stockRegistered shareVoting Exchange Derivatives Market SecuritizationHybrid security of credit Futures Exchange OTC-organized; Place market forward swap options Foreign exchange rateCurrency Talk Other Markets marketCommodity MarketReinsurance housing market with real money Commercial ParticipantsClearing House Financial Rules Finansbank series, and Banking, Corporate Finance Personal Finance Service V D • • E Unlike the stock market, Forex market is divided into the level of access. The interbank market to the top, where the big commercial banks and securities markets. interbank market, are used, which differs from the demand and price range, clear and not publicly available, and it is unclear if the players outside the inner circle.The difference between purchase price and the offer extended (0 / 1 2.1 Icon now certain currencies, including euros). This is because the amount. If a trader can guarantee large numbers of transactions in large amounts, say, a small price difference between buying and selling is better known as the spread. Levels of access which is the foreign exchange market determine the value of "line" (the amount for which they work). Higher than the interbank market, the floor is 53% of all transactions. So in general relatively small banks, multinational companies, (the coverage and pay employees in different countries), hedge funds and some large foreign exchange market Retail metals. According to Galati and Melvin "Pension funds, insurance companies, in general, and other institutional investors have an important role in the financial markets, currency markets in general and particularly since early 2000." (2004) In addition, he said: "Hedge funds grew considerably during the period 2001-2004 in terms of number and size of the" Central banks also participate in the currency market, currency straightened economic needs. [Edit] Banks interbank market works on most commercial sales and a lot of speculative trading every day. Large commercial banks may be billions of dollars every day. Some of the activities performed on behalf of clients, and a lot to the table, the trade balance. Until recently, foreign brokers, a number of business support and other trade-related anonymous man for a small fee. But today, moved most of the company to more efficient electronic systems. Squawk box brokers allow traders sitting at banks and heard in most trading rooms, but a turnover of less than a few years ago. [Edit] Commercial enterprises An important part of this market is an economic activity seeking foreign exchange to pay for goods or services. Commercial companies often trade very small compared to banks or speculators and their trade is often a low interest rate for short-term market. But an important factor for long-term direction of trade. Some multinational companies can have unintended effects when very large positions include effects that are not normally aware of other players. [Edit] Banks National central banks play an important role in currency markets.They try to control inflation or interest in money, and often the official or unofficial target rates of their currencies officer. They can use their often substantial foreign exchange reserves to stabilize the market. Milton Friedman argued that the best stabilization strategy would central banks to buy when prices are low and sell when the price is too high, it means that the gains to trade more detailed information. But the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses to other players, and certainly not conclusive evidence that they make a profit trading. World Order or central bank intervention in the hearing may be enough to stabilize the currency, but aggressive intervention might be used in different countries annually dirty floating exchange rate system. Central banks do not always achieve their goals. shared resources, the market can easily destroy all of Central. [9] This was a scenario that few people seem to 1992-1993 ERM collapse, and more recently in South Asia. [Edit] Hedge funds and speculators Approximately 70% to 90% [edit] speculative currency transactions. In other words, a person or organization to buy or sell a currency without actually going to be the availability of foreign currency at the end, but they were just discussing movement of the same coin. Hedge funds have gained a reputation as an aggressive currency speculation since 1996. They control billions of dollars in investments and billions can borrow and thus may overwhelm intervention of central banks to support almost any currency if the economic base of hedge funds, something good. [Edit] investment Investment companies (who typically manage large accounts on behalf of clients such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, manager of international equity portfolio, buying a few pairs to sell foreign currency to pay for purchases of foreign securities. Some investment companies more speculative specialist currency overlay operations, which manages money for clients leverage, which is about profits and reduce risk. The number of such experts, a very small company, many of them have a lot of assets under management (AUM) and thus can occur in large transactions. [Edit] overseas Retail Brokerage Operation Retail (people) is to increase the share of this market size and importance. Currently, they are indirectly involved through a broker or bank. Retail brokers also largely controlled and regulated in the USA and the NFA and CFTC earlier foreign currency fraud. [10] [11] to solve the problem, which started at the NFA and CFTC (2009) are more stringent requirements, including the total net value shall be members. As a result, many small and perhaps questionable brokers are present. There are two main types of private intermediaries FX for the possibility of speculative currency trading, brokers and dealers or market makers. Brokers act as an agent and customer with a larger market for the currency, looking for the best prices in the retail market and represent a client. They inherited, or raise the price of the mining industry. Dealers and market makers are not generally higher-end customers in the store, and they are ready to raise the price agreed upon - you can not work at that price. Validation of foreign exchange, the customer must take into account the consequences if he is the principal or agent. When the service is working with an agent, consumers tend to believe in the value of the most popular domestic price of FX traders. When the service acts as the principal, the Commission has not been paid, but the price can not be the best on the market because the supplier has a different side of the contract is a conflict of interest. [Edit] Talk nonbanking companies Non-bank foreign companies to offer currency exchange and international money transfers for individuals and businesses. This is also known as the foreign exchange market brokers, but different, they are not speculative, but in exchange rates and fees.This is usually the physical delivery of the money from your bank account. Send money home to provide a comprehensive comparison of all services for large enterprises and banks' foreign exchange trading. Possibly, UK, 14% of the transfers or payments of capital [12], business exchanges. [13] point of sale companies usually have a higher or lower than the bank charges the customer. These companies differ from the company's money transfer / surrender, they usually offer a good service. [Edit] money transfer and delivery Remittances to the company / companies engaged in high-volume shipments of low cost, general economic migrants to return home.In 2007, Aite Group estimates that 369 billion U.S. dollars of remittances (8% more than a year ago). The four largest markets (India, China, Mexico and the Philippines) 95 billion dollars. The largest and most famous journalist of Western Union with 345 000 employees worldwide, UAE Exchange and Financial Services Ltd. [Edit] [Edit] Trading characteristics Most currencies in [3], the distribution of the reporting currency, the FX market turnover Name of the ISO 4217 code (Symbol),% market share (April 2007)$ 1 USD ($) 86.3% Euro 2 Euro (€) 37.0% 3 JPY Japanese yen (¥) 17.0% Pound 4 Pound sterling (£) 15.0% 5 Swiss francs, CHF (RR) 6.8% 6 AUD Australian dollar ($) 6.7% 7 Canadian dollars (CAD $) 4.2% 8.9 Swedish kronor (SEK kg) 2.8% $ 8.9 Hong Kong Hong Kong dollars ($) 2.8% 10 NOK Norwegian krone (kg) 2.2% 11 New Zealand dollar NZD ($) 1.9% 1912 MXN Mexican Peso ($) and 1.3% 13 million Singapore dollar ($) 1.2% 1914 South Korean won KRW (₩) 1.1% Other 14.5% Total 200% There is no federal or central square is removed from the majority of FX trading, cross, and very little regulation. In connection with a prescription (OTC) nature of currency markets, but several contiguous markets where different currency instruments are traded.
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