【精品】multinational financial management(跨国公司财务)ch07 foreign exchange market operation and mechanics(可编辑).ppt
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1、Multinational Financial Management(跨国公司财务管理)ch07 Foreign Exchange Market Operation and MechanicsPART I.INTRODUCTIONI.INTRODUCTIONA.The Currency Market:where money denominated in one currency is bought and sold with money denominated in another currency.INTRODUCTIONB.International Trade and Capital T
2、ransactions:facilitated with the abilityto transfer purchasing powerbetween countriesINTRODUCTIONC.Location1.OTC-type:no specific location2.Most trades by phone,telex,or SWIFTSWIFT:Society for Worldwide Interbank Financial Telecommunications PART II.ORGANIZATION OF THE FOREIGN EXCHANGE MARKETI.PARTI
3、CIPANTS IN THE FOREIGN EXCHANGE MARKET A.Participants at 2 Levels1.Wholesale Level(95%)-major banks2.Retail Level-business customers ORGANIZATION OF THE FOREIGN EXCHANGE MARKETC.Participants by Market1.Spot Mmercial banksb.brokersc.customers of commercial and central banksORGANIZATION OF THE FOREIGN
4、 EXCHANGE MARKET2.Forward Marketa.arbitrageursb.tradersc.hedgersd.speculatorsORGANIZATION OF THE FOREIGN EXCHANGE MARKETII.CLEARING SYSTEMSA.Clearing House Interbank Payments System(CHIPS)-used in U.S.for electronic fund transfers.ORGANIZATION OF THE FOREIGN EXCHANGE MARKETB.FedWire-operated by the
5、Fed-used for domestic transfersORGANIZATION OF THE FOREIGN EXCHANGE MARKETIII.ELECTRONIC TRADINGA.Automated Trading-genuine screen-based market ORGANIZATION OF THE FOREIGN EXCHANGE MARKETB.Results:1.Reduces cost of trading2.Threatens traders oligopoly of information 3.Provides liquidityORGANIZATION
6、OF THE FOREIGN EXCHANGE MARKETIV.SIZE OF THE MARKETA.Largest in the world2004:US$1.9 trillion dailyorUS$475 trillion a yearIn 1999 the US GDP was US$9.1 trillionORGANIZATION OF THE FOREIGN EXCHANGE MARKETB.Market Centers(2004):#1:London=$753 billion daily#2:New York=$461 billion daily#3:Tokyo=$199 b
7、illion dailyPART III.THE SPOT MARKETI.SPOT QUOTATIONSA.Sources 1.All major newspapers2.Major currencies have four different quotes:a.spot priceb.30-dayc.90-dayd.180-dayTHE SPOT MARKETB.Method of Quotation1.For interbank dollar trades:a.American termsexample:$1.21/b.European termsexample:Peso1.713/$T
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