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PAGEPAGE61Eun/Resnick4eEun&Resnick4eCHAPTER5TheMarketforForeignExchangeFunctionandStructureoftheFXMarketInternationalFinanceinPractice:TheMouseTakesOvertheFloorFXMarketParticipantsCorrespondentBankingRelationshipsInternationalFinanceinPractice:WhereMoneyTalksVeryLoudlyTheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXTradingCross-ExchangeRateQuotationsAlternativeExpressionsfortheCross-ExchangeRateTheCross-RateTradingDeskTriangularArbitrageSpotForeignExchangeMarketMicrostructureTheForwardMarketForwardRateQuotationsLongandShortForwardPositionsForwardCross-ExchangeRatesSwapTransactionsForwardPremiumSummaryMINICASE:ShrewsburyHerbalProducts,Ltd.FunctionandStructureoftheFXMarketTheworld’slargestforeignexchangetradingcenteris:NewYorkTokyoLondonHongKongAnswer:c)Onaverage,worldwidedailytradingofforeignexchangeisimpossibletoestimate$15billion$504billion$1.88trillionAnswer:d)TheforeignexchangemarketclosesNever4:00p.m.EST(NewYorktime)4:00p.m.GMT(Londontime)4:00p.m.(Tokyotime)Answer:a)FXMarketParticipantsMostforeignexchangetransactionsarefor:InterventionbycentralbanksInterbanktradesbetweeninternationalbanksornonbankdealersretailtradepurchaseofhardcurrenciesAnswer:b)ThedifferencebetweenabrokerandadealerisDealersselldrugs,brokerssellhouses.Brokersbringtogetherbuyersandsellers,butcarrynoinventory.Dealersstandreadytobuyandsellfromtheirinventory.Brokerstransactinstocksandbonds;currencyisboughtandsoldthroughdealers.NoneoftheaboveAnswerb)Rationale:ifsomeonecomplainsabouta)beingcorrect,askthemwhowouldsellacrackhouseoramethlab.MostInterbanktradesareSpeculativeorarbitragetransactionsSimpleorderprocessingfortheretailclientOvernightloansfromonebanktoanotherBrokeredbydealersAnswera)AtthewholesalelevelMosttradingtakesplaceOTCbetweenindividualsontheflooroftheexchangeMosttradingtakesplaceoverthephoneMosttradingflowsoverReutersandEBSplatformsMosttradingflowsthroughspecialized“broking”firmsAnswer:c
