复旦大学投资学原理讲义 孙立坚 |
nternational Investment
Chapter One Foreign Exchange Markets Preview Why foreign exchange is needed? Who are players in FX markets? How long does the FX market open? Do you know the daily trading volume? How is the trading and how are the exchange rates formed? Where are the differences between each trading activities? What kind of risks exists in FX trading? Is foreign exchange trading a zero-sum game? Which factors determine the FX? What are the methods of FX forecast? How do the offshore markets works? 1. Function and Structure of The FX Market General Knowledge • 24h open (overlap) [附1] • Three major segments: Tokyo, Hong Kong; London, Frankfurt; New York, Chicago, etc. • Trading volume (>$1 trillion; UK: $464 per day) Function • Currency exchange • Deposits of FX • Trade financing • Derivative FX-trading Players [附2]: • International bankers: dealer (BIS reports) Long and short positions; risk exposing • Corporate clients (MNCs) • Institution investors (investment banks, etc.) • FX brokers (commission, indirect dealing) • Personals (speculators) • Central banks (cooperation intervention) Two-tier Market (OTC, disperse): • Interbank market (wholesale) • Client market (retail) 下载地址 链接:http://pan.baidu.com/s/1bGwT0U
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