国际金融实务Word格式文档下载.docx
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国际金融实务Word格式文档下载.docx
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•泰国铢THB新西兰元NZD
•Manycurrenciesareexpressedbyslang.For
•example:
•GreenbackBuckUSDCableGBP
•FundsCADCopyDKK
•TTHKDSwissyCHF
•StockySEKOsloNOK
•OzzieAUD
TheForeignExchangeMarket
•Foreignexchangemeansthemoneyofaforeigncountry;
thatis,foreigncurrency,banknotes,checksanddrafts.
•Aforeignexchangetransactionisanagreementbetweenabuyerandasellerthatafixedamountofonecurrencywillbedeliveredforsomeothercurrencyataspecifieddate.
•Foreignexchangerateissimplythepriceofonecurrencyintermsofanother.Thispricecanbeviewedastheresultoftheinteractionoftheforcesofsupplyanddemandfortheforeigncurrencyinanyparticularperiodoftime.
•Foreignexchangemarketistheworldwidenetworkofmarketsandinstitutionsthathandletheexchangeofforeigncurrencies,anditalwaysconsistsofsuppliers,demandersandbrokers.
•TheForeignExchangeMarketprovides:
——Thephysicalandinstitutionalstructurethroughwhichthemoneyofonecountryisexchangedforthatofanothercountry
——Thedeterminationrateofexchangebetweencurrenciesinwhichforeignexchangetransactionsarephysicallycompleted
•TheForeignExchangeMarkethastwotypes:
–Thetangiblemarketwhichhasbeenassignedthespecifictransactionplacesandbusinesstime.
-Theinvisiblemarketinwhichpeoplearelinkedthroughtheelectroniccommunicationsnetwork
Geography
•Theforeignexchangemarketspanstheglobe,withpricesmovingandcurrenciestradingsomewhereeveryhourofeverybusinessday.
•Asthenextexhibitwillillustrate,thevolumeofcurrencytransactionsebbsandflowsacrosstheglobeasthemajorcurrencytradingcentersopenandclosethroughouttheday.
•Exhibit8.1MeasuringForeignExchangeMarketActivity:
AverageElectronicConversationsPerHour
TransactionTime
•Tradersshouldpaycarefulattentiontothosetimesinatransactionday:
opentimeofAsianmarketinthemorning;
opentimeofEuropeanmarketintheafternoon;
opentimeofNewYork’smarketintheeveningandtheclosetimeofNewYork’smarketatdawninthenextday.
•Tradersalsoshouldconcernaboutthosetimesinaweek:
opentimeofSydney’smarketintheMondaymorning;
theclosetimeofNewYork’smarketatdawnontheFriday.
FunctionsoftheForeignExchangeMarket
•TheforeignexchangeMarketisthemechanismbywhichparticipants:
–Transferpurchasingpowerbetweencountries
–Obtainorprovidecreditforinternationaltradetransactions
–Minimizeexposuretotherisksofexchangeratechanges
Chapter9ParticipantsintheForeignExchangeMarket
MarketParticipants
•Theforeignexchangemarketconsistsoftwotiers:
–Theinterbankorwholesalemarket(multiplesof$1MMUSorequivalentintransactionsize)
–Theclientorretailmarket(specific,smalleramounts)
•Fivebroadcategoriesofparticipantsoperatewithinthesetwotiers;
bankandnonbankforeignexchangedealers,individualsandfirms,speculatorsandarbitragers,centralbanksandtreasuries,andforeignexchangebrokers.
BankandNonbankForeignExchangeDealers
•Banksandafewnonbankforeignexchangedealersoperateinboththeinterbankandclientmarkets.
•Dealersintheforeignexchangedepartmentoflargeinternationalbanksoftenfunctionas“marketmakers.”
•Thesedealersstandwillingatalltimestobuyandsellthosecurrenciesinwhichtheyspecializeandthusmaintainan“inventory”positioninthosecurrencies.
•IndividualsandFirms
•Individuals(suchastourists)andfirms(suchasimporters,exportersandMNEs)conductcommercialandinvestmenttransactionsintheforeignexchangemarket.
•Theiruseoftheforeignexchangemarketisnecessarybutneverthelessincidentaltotheirunderlyingcommercialorinvestmentpurpose.
•Someoftheparticipantsusethemarketto“hedge”foreignexchangerisk.
•SpeculatorsandArbitragers
•Speculatorsandarbitragersseektoprofitfromtradinginthemarketitself.
•Theyoperateintheirowninterest,withoutaneedorobligationtoserveclientsorensureacontinuousmarket.
•Whiledealersseekthebid/askspread,speculatorsseekalltheprofitfromexchangeratechangesandarbitragerstrytoprofitfromsimultaneousexchangeratedifferencesindifferentmarkets.
•CentralBanksandTreasuries
•Centralbanksandtreasuriesusethemarkettoacquireorspendtheircountry’sforeignexchangereservesaswellastoinfluencethepriceatwhichtheirowncurrencyistraded.
•TheymayacttosupportthevalueoftheirowncurrencybecauseofpoliciesadoptedatthenationallevelorbecauseofcommitmentsenteredintothroughmembershipinjointagreementssuchastheEuropeanMonetarySystem.
•Themotiveisnottoearnaprofitassuch,butrathertoinfluencetheforeignexchangevalueoftheircurrencyinamannerthatwillbenefittheinterestsoftheirciticizens.
Aswillinglosstakers,centralbanksandtreasuriesdifferinmotivefromallothermarketparticipants.
ForeignExchangeBrokers
•Foreignexchangebrokersareagentswhofacilitatetradingbetweendealerswithoutthemselvesbecomingprincipalsinthetransaction.
•Forthisservice,theychargeacommission.
•Itisabrokersbusinesstoknowatanymomentexactlywhichdealerswanttobuyorsellanycurrency.
•Dealersusebrokersfortheirspeed,andbecausetheywanttoremainanonymoussincetheidentityoftheparticipantsmayinfluenceshorttermquotes.
•RulesofForeignExchangeTransactions
•Aforeignexchangerateisthepriceofonecurrencyexpressedintermsofanothercurrency.
•Aforeignexchangequotation(orquote)isastatementofwillingnesstobuyorsellatanannouncedrate.
•ForeignExchangeRatesandQuotations
•Quotationhasthreeways
―Directquotation.Acertainsum(suchas1,100,100000)offoreigncurrencyistransferredtolocalcurrency.
Inchina,USD100=CHY801.56
―Indirectquotation.Acertainsum(suchas1,100,100000)oflocalcurrencyistransferredtoforeigncurrency.
Inchina,CHY100=USD12.48
―USDquotation.AcertainsumofUSDistransferredtolocalcurrency.
Mostforeigncurrenciesintheworldarestatedintermsofthenumberofunitsofforeigncurrencyneededtobuyonedollar.
•Underthedirectquotation,therise/falloftheexchangeratemeanswhat?
•RulesofForeignExchangeTransactions
•OnlythetransactionsonGBP,AUD,NZD(NewZealandDollar),Euroadopttheindirectquotation,othersusethedirectquotation.
•TheunitofthetransactionisalwaysUSD1,000,000.inthetransaction“onedollar”meansUSD1,000,000.
•ForeignExchangeRatesandQuotations
•Interbankquotationsaregivenasabidandask(alsoreferredtoasoffer).
•Abidistheprice(i.e.exchangerate)inonecurrencyatwhichadealerwillbuyanothercurrency.
•Anaskistheprice(i.e.exchangerate)atwhichadealerwillselltheothercurrency.
•Dealersbid(buy)atonepriceandask(sell)ataslightlyhigherprice,makingtheirprofitfromthespreadbetweenthebuyingandsellingprices.
•Abidforonecurrencyisalsotheofferfortheoppositecurrency.
•Howtodistinguishthebidandaskprice?
•Example:
•GBP1=USD1.5980-1.5990
•Manycurrencypairsareonlyinactivelytraded,sotheirexchangerateisdeterminedthroughtheirrelationshiptoawidelytradedthirdcurrency(crossrate).
•Crossratescanbeusedtocheckonopportunitiesforintermarketarbitrage.
Thissituationarosebecauseonebank’s(Dresdner)quotationon€/£
isnotthesameacalculatedcrossratebetween$/£
(Barclay’s)and$/€(Citibank).
Chapter10instruments
TransactionsintheforeignexchangeMarket
•ASpottransactionintheforeignexchangemarketisthepurchaseofforeignexchange,withdeliveryandpaymentisnormallyonthesecondfollowingbusinessday.
•Thedateofsettlementisreferredtoasthevaluedate.
•valuedatehasthreetypes:
ValueSpot/VALSP;
ValueTomorrow/VALTOM;
ValueToday/VALTOD.
•Spottransaction
•ProcedureofSpottransaction
―Inquiry
Whenabankneedstotransactforeignexchangewithotherbanks,tradershouldfirstlyinquiretootherbanksbytelephones,telex
―Quotation
quotationisthelinchpinsegmentofforex,becauseitrelatestowhethertheforexcouldbeboughtorsold.
―Makingadeal
whenquotationbanksreporttheprice,enquirybanksshouldgivethereplywhethertobuyorsell,andthequantity.
―Confirmation
Ifthereplyis“OK,Done”,Thetwopartiesalsoshouldconfirmthesortofcurrencies,exchangerate,quantity,valuedateandsettlementmethodsetc.
Delivery
Spottransactionexample
BankA:
HIBANKOFACALLINGSPOT
GBPAGAINSTUSDPLS
BankB:
65/95
MINEUSD3
OKDONEWESELLUSD3AGAINST
GBPAT1.6765VALUE16/2/06GBP
TOBKLBKFOROURA/C123456
USDTOKKYBKFOROURA/C654321
TransactionsintheforeignexchangeMarket
•Anoutrightforwardtransaction(usuallycalledjust“forward”)requiresdeliveryatafuturevaluedateofaspecifiedamountofonecurrencyforaspecifiedamountofanothercurrency.
•Theexchangerateisestablishedatthetimeoftheagreement,butpaymentanddeliveryarenotrequireduntilmaturity.
•Forwardexchangeratesareusuallyquotedforvaluedatesofone,two,three,sixandtwelvemonths.
•BuyingForwardandSellingForwarddescribethesametransaction(theonlydifferenceistheorderinwhichcurrenciesarereferenced.)
•ForwardtransactionandQuotes
•Forwardratesaretypicallyquotedi
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