A foreign exchange primer:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
J. Wiley
2003
|
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 182 S. Ill., graph. Darst. |
| ISBN: | 0470851627 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents Disclaimer xiii
1 Introduction 1
1.1 The Foreign Exchange Market 1
1.2 Value Terms 1
1.3 Coffee Houses 1
1.4 Spot and Forward Market 2
1.5 Alternative Markets 3
Concluding Remarks 3
PART I: MARKET OVERVIEW 5
2 A Brief History of the Market 7
2.1 The Barter System 7
2.2 The Introduction of Coinage 7
2.3 The Expanding British Empire 8
2.4 The Gold Standard 8
2.5 The Bretton Woods System 9
2.6 The International Monetary Fund and The World Bank 9
2.7 The Dollar Rules OK 10
2.8 Special Drawing Rights 10
2.9 A Dollar Problem 11
2.9.1 The Smithsonian Agreement 11
2.9.2 The Snake 11
2.9.3 The Dirty Float 11
2.10 The EMS and the ERM 12
2.10.1 The European Monetary System 12
2.10.2 The Exchange Rate Mechanism 12
2.11 The European Currency Unit 12
2.12 The Maastricht Treaty 13
2.13 The Treaty of Rome 13
2.14 Economic Reform 14
vi Contents
2.15 A Common Monetary Policy 15
2.16 The Single Currency 15
Concluding Remarks 18
3 Market Overview 19
3.1 Global Market 19
3.2 No Physical Trading Floor 19
3.3 A Perfect Market 20
3.4 The Main Instruments 21
3.5 The Dollar s Role 21
3.6 Widely Traded Currency Pairs 21
Concluding Remarks 23
4 Major Participants 25
4.1 Governments 25
4.2 Banks 25
4.2.1 Central Banks 25
4.2.2 Trading Banks 27
4.2.3 Commercial Banks 27
4.2.4 Regional or Correspondent Banks 27
4.2.5 Investment and Merchant Banks 28
4.3 Brokering Houses 28
4.4 International Monetary Market 28
4.5 Money Managers 29
4.6 Corporations 29
4.7 Retail Clients 29
4.8 Others 30
4.9 Speculators 30
4.10 Trade and Financial Flows 31
5 Roles Played 33
5.1 Market Makers 33
5.2 Price Takers 33
5.3 A Number of Roles 33
Concluding Remarks 34
6 Purposes 35
6.1 Transactions 35
6.1.1 Commercial Transactions 35
6.1.2 Funding 35
6.1.3 Hedging 35
6.1.4 Portfolio Investment 36
6.1.5 Personal 36
6.2 Market Making 36
6.3 Foreign Exchange Exposure 36
6.3.1 Transaction Exposure 36
Contents vii
6.3.2 Translation Exposure 37
6.3.3 Economic Exposure 37
Concluding Remarks 37
PART II: FOREIGN EXCHANGE PRODUCTS 39
7 Spot Foreign Exchange 41
7.1 Spot and Reciprocal Rates 41
7.2 European and American Terms 42
7.3 Spot Transactions 42
7.3.1 Bid Offer Spreads 42
7.3.2 Reading Foreign Exchange Rates 43
7.3.3 Big Figures 44
7.3.4 Spread 44
7.4 Direct versus Brokered Dealing 44
7.5 Cross Rates 44
7.6 Price Determinants 45
7.7 Uses for Spot Transactions 45
7.7.1 Risk Consideration 46
8 Forward Contracts 47
8.1 Interest Rate Differentials 47
8.2 Periods 47
8.3 Premium or Discount 47
8.4 Calculations 48
8.4.1 Bids and Offers 50
8.4.2 To add or to Subtract 50
8.5 How are Forwards Quoted? 50
8.6 Forward Cross Rates 51
8.7 Uses of Forwards 53
8.7.1 Risks Involved 54
Concluding Remarks 54
9 Short and Long Dated Contracts 55
9.1 Short Dated Contracts 55
9.2 Interest Rate Differentials 55
9.3 Long Dated Contracts 56
Concluding Remarks 57
10 Broken Dated Contracts 59
10.1 Calculations 59
10.2 Outright Forwards 59
10.3 A Conversation 60
Glossary of Terms for Chapters 7 to 10 61
viii Contents
11 Non Deliverable Forwards 63
11.1 Fixing Methodology 63
11.2 Risk Management Tool 63
11.3 Availability 64
11.4 Examples 64
11.5 Typical Risks Encountered 66
11.6 The Currencies of Emerging Markets 66
11.7 Index Linked Deposits 68
Concluding Remarks 68
12 Foreign Exchange Swaps 71
12.1 The Value of Foreign Exchange Swaps 71
12.2 Calculations 72
12.2.1 Points of Note 73
12.3 Uses of Foreign Exchange Swaps 73
Concluding Remarks 74
13 Currency Swaps 75
13.1 Technique Involved 75
13.2 Interest Payable 76
13.3 Benefits of Currency Swaps 77
13.3.1 Flexibility 77
Concluding Remarks 77
14 Foreign Exchange Options 79
14.1 Definitions 79
14.2 Exchange vs Over the Counter Options 80
14.3 Application of Foreign Exchange Options 81
14.4 Alternatives to Foreign Exchange Options 84
14.5 Parties and the Risks Involved 84
14.6 Users of Foreign Exchange Options 85
14.7 Hedging versus Speculation 87
14.8 Option Theory 87
14.8.1 Delta 87
14.8.2 Gamma 88
14.8.3 Volatility 88
14.8.4 Time Decay (Theta) 89
14.8.5 American versus European 89
14.9 Pricing Theory 90
14.10 Other Considerations 91
14.10.1 Market Conventions 91
14.10.2 Premium Conversions 92
14.10.3 Settlement 93
14.10.4 Risks 93
Concluding Remarks 93
Contents ix
15 Picturing Profit and Loss of Options 95
15.1 Long Call 95
15.2 Short Call %
15.3 Long Put 97
15.4 Short Put 97
15.5 Long Straddle 98
15.6 Short Straddle 99
15.7 Long Strangle 100
15.8 Short Strangle 100
15.9 Bull Spread 101
15.10 Bear Spread 102
15.11 Long Butterfly 102
15.12 Short Butterfly 103
15.13 Long Condor 104
15.14 Short Condor 105
15.15 Call Ratio Spread 105
15.16 Put Ratio Spread 106
15.17 Barriers 107
Glossary of Terms for Chapters 14 and 15 109
16 Foreign Exchange Futures 113
16.1 Two Sided Risk 113
16.2 Exchange Members 114
16.3 Clearing Corporation 114
16.3.1 Major Exchanges 114
16.4 Quoting Currency Futures 115
16.5 Ticks and Delivery Months 115
16.6 Contract Specifications 115
Concluding Remarks 116
17 Exchange for Physical 117
17.1 Examples 117
17.1.1 Example 1 117
17.1.2 Example 2 117
17.2 Point of the Exercise 118
Concluding Remarks 118
PART III: ESSENTIAL KNOWLEDGE 119
18 Foreign Exchange Dealing Rooms 121
18.1 Composition of a Dealing Room 121
18.1.1 Spot Dealers 121
18.1.2 Forward Dealers 121
18.1.3 Money market Dealers 121
x Contents
18.1.4 Treasury Product Dealers 121
18.1.5 Corporate Dealers 122
18.1.6 Research Personnel 123
18.1.7 Position Clerks 123
18.2 BackOffice 123
19 Managing the Relationship with an Institution 125
19.1 Role of the Adviser 125
19.2 Client Adviser Relationship 127
19.3 Marketing Process 127
20 Foreign Exchange Dealings 129
20.1 Asking for a Quote 129
20.2 Examples 129
20.2.1 Example 1 129
20.2.2 Example 2 130
20.3 A Matter of Seconds 131
20.4 Information Needed 131
20.5 Forward Asking 131
Concluding Remarks 131
21 Foreign Exchange Market Orders 133
21.1 Market Orders 133
21.2 At Best Orders 133
21.3 Stop Orders 133
21.4 Discretionary Price Order 134
Concluding Remarks 134
Glossary of Terms for Chapter 21 135
22 Electronic Foreign Exchange Trading 137
22.1 Days Gone By 137
22.2 The Environment Today 137
22.3 Internet Revolution 138
22.3.1 Internet Trading Platforms 138
22.4 What Else to Expect? 139
Concluding Remarks 139
23 Margin Trading 141
23.1 Understand How Margin Works 141
23.2 Simple Example 142
23.3 Recognize the Risks 142
23.4 General Margin Rules 142
23.5 Margin Calls in Volatile Markets 142
Concluding Remarks 143
Contents xi
PART ]V: FUNDAMENTALS AND TECHNICAL ANALYSIS 145
24 Fundamental versus Technical Approaches 147
24.1 Fundamental Approach 147
24.1.1 Subjective Interpretation 148
24.2 Technical Approach 149
Concluding Remarks 149
25 Fundamental Analysis 151
25 1 Purchasing Power Parity 151
252 Interest Rate Parity 151
25 3 Balance of Payments Model 151
25 4 Asset Market Model 152
25 5 Economic Influences on the Market 152
25.5.1 Consumer Price Index 152
25.5.2 Durable Goods Orders 152
25.5.3 Gross Domestic Product 153
25.5.4 Housing Starts 153
25.5.5 Payroll/employment 153
25.5.6 Producer Price Index 153
25.5.7 Retail Sales 153
25.5.8 Trade Balance 154
Concluding Remarks 154
26 Key Factors Impacting Currencies 155
26.1 Factors Affecting the Yen against the Dollar 155
26.2 Factors Affecting the Swiss Franc against the Dollar 156
26.3 Factors Affecting the Euro against the Dollar 157
26.4 Factors Affecting sterling against the Dollar 158
26.5 Factors Affecting the American Dollar 159
27 Technical Analysis 163
27.1 Assumptions 163
27.2 The Basic Theories 164
27.2.1 Fibanacci Retracement 164
27.2.2 Elliot Wave 164
27.3 What to Look For 164
27.4 Drawing Lines 165
27.5 Head and Shoulders Formation 165
27.6 Formation Patterns 167
27.6.1 The Symmetrical Triangle 167
27.6.2 The Descending Triangle 167
27.6.3 The Right angle Triangle 168
27.6.4 The Wedge 168
xii Contents
27.6.5 The Channel 168
27.6.6 Flags and Pennants 168
27.7 Examples 169
27.8 Technical Indicators 171
27.8.1 Relative Strength Index 172
27.8.2 Moving Average 172
27.8.3 Bollinger Bands 172
27.8.4 Moving Average Convergence Divergence 172
27.8.5 Stochastics 173
Concluding Remarks 173
Glossary of Terms for Chapters 24 to 27 175
28 Final Remarks 177
28.1 And What of the Future? 178
Index 179
|
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| illustrated | Illustrated |
| indexdate | 2024-07-09T19:08:30Z |
| institution | BVB |
| isbn | 0470851627 |
| language | English |
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| spelling | Shamah, Shani Verfasser aut A foreign exchange primer Shani Shamah Hoboken, NJ J. Wiley 2003 XII, 182 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Foreign exchange futures Foreign exchange market Devisenmarkt (DE-588)4139011-8 gnd rswk-swf Devisenmarkt (DE-588)4139011-8 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010070006&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Shamah, Shani A foreign exchange primer Foreign exchange futures Foreign exchange market Devisenmarkt (DE-588)4139011-8 gnd |
| subject_GND | (DE-588)4139011-8 |
| title | A foreign exchange primer |
| title_auth | A foreign exchange primer |
| title_exact_search | A foreign exchange primer |
| title_full | A foreign exchange primer Shani Shamah |
| title_fullStr | A foreign exchange primer Shani Shamah |
| title_full_unstemmed | A foreign exchange primer Shani Shamah |
| title_short | A foreign exchange primer |
| title_sort | a foreign exchange primer |
| topic | Foreign exchange futures Foreign exchange market Devisenmarkt (DE-588)4139011-8 gnd |
| topic_facet | Foreign exchange futures Foreign exchange market Devisenmarkt |
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