复旦大学投资学原理讲义 孙立坚

nternational Investment
Chapter One Foreign Exchange Markets
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        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)

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