《外汇市场》PPT课件

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1、INTERNATIONALFINANCELecture4&5FunctionandStructureoftheFXMarketTheSpotMarketTheForwardMarketFunctionandStructureoftheFXMarketFXMarketParticipantsCorrespondentBankingRelationshipsTheSpotMarketTheForwardMarketFunctionandStructureoftheFXMarketTheSpotMarketSpotRateQu

2、otationsTheBid-AskSpreadSpotFXTradingCrossExchangeRateQuotationsTriangularArbitrageSpotForeignExchangeMarketMicrostructureTheForwardMarketFunctionandStructureoftheFXMarketTheSpotMarketTheForwardMarketForwardRateQuotationsLongandShortForwardPositionsForwardCross-E

3、xchangeRatesSwapTransactionsForwardPremiumFunctionandStructureoftheFXMarketTheSpotMarketTheForwardMarketOutlineTheFunctionandStructureoftheFXMarketFXMarketParticipantsCorrespondentBankingRelationshipsFXMarketParticipantsTheFXmarketisatwo-tieredmarket:InterbankMar

4、ket(Wholesale)About700banksworldwidestandreadytomakeamarketinforeignexchange.Nonbankdealersaccountforabout20%ofthemarket.ThereareFXbrokerswhomatchbuyandsellordersbutdonotcarryinventoryandFXspecialists.ClientMarket(Retail)Marketparticipantsincludeinternationalbank

5、s,theircustomers,nonbankdealers,FXbrokers,andcentralbanks.CircadianRhythmsoftheFXMarketCorrespondentBankingRelationshipsLargecommercialbanksmaintaindemanddepositaccountswithoneanotherwhichfacilitatestheefficientfunctioningoftheFXmarket.CorrespondentBankingRelatio

6、nshipsBankAisinLondon,BankBisinNewYork.Thecurrentexchangerateis£1.00=$2.00.AcurrencytraderemployedatBankAbuys£100mfromacurrencytraderatBankBfor$200msettledusingitscorrespondentrelationship.BankALondonBankBNYC$200£100CorrespondentBankingRelationshipsAssetsLiabilit

7、ies£depositatB£300mOtherAssets£600mB’sDeposit$1,000mOtherL&E£600mTotalAssets£1,300mTotalL&E£1,300mAssetsLiabilities$depositatA$1000mOtherAssets$800mA’sDeposit£300mOtherL&E$800mTotalAssets$2,200mTotalL&E$2,200m£400m$1,200m$1200m£400m$600mB’sDeposit£200m$600m£depos

8、itatA£200m£100mA’sDeposit$800mBankALondonBankBNYC$200£100$depositatB$800m£100mTheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXtradingCrossRatesSpotRateQuo