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Lecture Financial institutions, instruments and markets (6/e): Chapter 15 - Viney

Chapter 15 - Foreign exchange: The structure and operation of the FX market. This chapter include objectives: Understand the nature of global FX markets, discuss participants in the FX markets, describe the functions and operations of FX markets, outline instruments traded in FX markets. | Chapter 15 Foreign Exchange: The Structure and Operation of the FX Market 15- Learning Objectives Understand the nature of global FX markets Discuss participants in the FX markets Describe the functions and operations of FX markets Outline instruments traded in FX markets Explain conventions for quotation and calculation of exchange rates and forward exchange rates, and complicating factors Recognise important FX impacts of EMU 15- Chapter Organisation 15.1 Exchange Rate Regimes 15.2 FX Market Participants 15.3 Operation of the FX Market 15.4 Spot and Forward Transactions 15.5 Spot Market Quotations 15.6 Forward Market Quotations 15.7 European Monetary Union and FX Markets 15.8 Summary 15- 15.1 Exchange Rate Regimes Each country or monetary union responsible for determining own exchange rate regime Exchange rate is value of one currency relative to that of another currency Major currencies like USD, GBP, JPY, EUR and AUD adopt floating exchange rate (free float) regime Where exchange rate determined by supply and demand factors in the FX markets 15- 15.1 Exchange Rate Regimes (cont.) Other types of exchange rate regimes include: Managed float Exchange rate held within defined band relative to other currency Crawling peg Exchange rate allowed to appreciate in controlled steps over time Pegged exchange rate Value of currency tied to value of another currency or basket of currencies 15- Chapter Organisation 15.1 Exchange Rate Regimes 15.2 FX Market Participants 15.3 Operation of the FX Market 15.4 Spot and Forward Transactions 15.5 Spot Market Quotations 15.6 Forward Market Quotations 15.7 European Monetary Union and FX Markets 15.8 Summary 15- 15.2 FX Market Participants FX markets Comprise all financial transactions denominated in foreign currency, currently estimated to be over USD3.5 trillion per day Facilitate exchange of value from one currency to another Internationally adopted FX market conventions to improve market functionality . | Chapter 15 Foreign Exchange: The Structure and Operation of the FX Market 15- Learning Objectives Understand the nature of global FX markets Discuss participants in the FX markets Describe the functions and operations of FX markets Outline instruments traded in FX markets Explain conventions for quotation and calculation of exchange rates and forward exchange rates, and complicating factors Recognise important FX impacts of EMU 15- Chapter Organisation 15.1 Exchange Rate Regimes 15.2 FX Market Participants 15.3 Operation of the FX Market 15.4 Spot and Forward Transactions 15.5 Spot Market Quotations 15.6 Forward Market Quotations 15.7 European Monetary Union and FX Markets 15.8 Summary 15- 15.1 Exchange Rate Regimes Each country or monetary union responsible for determining own exchange rate regime Exchange rate is value of one currency relative to that of another currency Major currencies like USD, GBP, JPY, EUR and AUD adopt floating exchange rate (free float) regime .