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CHAPTER5THEMARKETFORFOREIGNEXCHANGE
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF—CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
1。Giveafulldefinitionofthemarketforforeignexchange。
Answer：Broadlydefined，theforeignexchange(FX)marketencompassestheconversionofpurchasing
powerfromonecurrencyintoanother,bankdepositsofforeigncurrency，theextensionofcredit
contracts.
2。
foreignexchange？
Answer:Themarketforforeignexchangecanbeviewedasatwo-tiermarket。Onetieristhe
wholesaleorinterbankmarketandtheothertieristheretailorclientmarket。Internationalbanks
providethecoreoftheFXmarket.Theystandwillingtobuyorsellforeigncurrencyfortheirown
account。Theseinternationalbanksservetheirretailclients，corporationsorindividuals，in
interbanktradesbetweeninternationalbanks,ornon-bankdealerslargeenoughtotransactinthe
interbankmarket。
3。Whoarethemarketparticipantsintheforeignexchangemarket?
Answer:ThemarketparticipantsthatcomprisetheFXmarketcanbecategorizedintofivegroups：
internationalbanks，bankcustomers,non—bankdealers，FXbrokers,andcentralbanks。
InternationalbanksprovidethecoreoftheFXmarket。Approximately100to200banksworldwide
makeamarketinforeignexchange,i。
IM-1
account.Theseinternationalbanksservetheirretailclients，thebankcustomers,inconductingforeign
commerceormakinginternationalinvestmentinfinancialassetsthatrequiresforeignexchange。Non-
bankdealersarelargenon-bankfinancialinstitutions,suchasinvestmentbanks,mutualfunds，pension
funds，andhedgefunds,whosesizeandfrequencyoftradesmakeitcost—effectivetoestablishtheir
owndealingroomstotradedirectlyintheinterbankmarketfortheirforeignexchangeneeds.
Mostinterbanktradesarespeculativeorarbitragetra
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