中文Week_3ForeignExchangeMarket(new)

1ForeignExchangeMarketsWeek3Chapter3&62外汇市场Week3Chapter3&6•••Theforeignexchange(FX)market•OperationofFXmarket•FXmarketsegmentsandparticipants•Foreignexchangeratesandquotations•Exposuretocurrencyrisk•MeasuringFXratechange•Valueatrisk•ForwardMarket•CrossExchangerate•ExchangeRateSystem4内容•外汇市场，•外汇市场的运作•外汇汇率和报价•外汇风险•风险价值•远期市场•交叉汇率•汇率系统5ImportantPleasereadChapter4ExchangeRateDeterminationinyourtextbook6重要请阅读教材的第四章，汇率的决定。7ForeignExchange(FX)Market•TheFXmarketisthemarketwherenationalcurrenciesareboughtandsoldagainstoneanother.•TheFXmarketencompasses–Conversionofpurchasingpowerfromonecurrencytoanother;–bankdepositsofforeigncurrency;–creditdenominatedinforeigncurrency;–foreigntradefinancing;tradinginforeigncurrencyoptions&futures,andcurrencyswaps•Nocentralmarketplace–World-widelinkageofbankcurrencytraders,non-bankdealers(Banks,insurancecompanies,etc.),andFXbrokers—likeaninternationalOTCmarketWeek3-8外汇市场•外汇市场是各国货币相互买卖的市场.•外汇市场包含–货币之间购买力的转换，–外币银行存款–外币银行贷款–对外贸易融资，外币期权和期货交易，外币互换•没有集中的市场场所–银行货币交易员，非银行交易商和外汇经纪商的世界性联接，像是一个国际场外市场。Week3-9FX-marketCharacteristics•Thelargestandmostperfectmarket.•Neededbecauseeveryinternationaltransactionrequiresaforeignexchangetransaction.•Anover-the-counter(OTC)market.10外汇市场的特点•最大最完善的市场•因为每一国际交易都涉及到外汇交易，所以是必须的市场，•场外市场11FOREIGNEXCHANGEMARKET-ForeignExchangeRate•Foreignexchangerateinamarketisdeterminedbythedemandandsupplyofforeign/localcurrenciesinthemarket.–Localdemandforforeigngoodsandservicescreatethedemandforforeigncurrencies,and–Foreigndemandforlocalgoodsandservicescreatethesupplyofforeigncurrencies–TheequilibriuminthismarketdeterminetheFXrate12外汇市场-外汇汇率•外汇市场上的汇率取决于市场上本外币的供求。–对外国商品和服务的本国需求，创造了对外币的需求–外国对本国商品的需求，创造了外币的供给。–市场的均衡状态决定了汇率水平13FOREIGNEXCHANGEMARKET-ForeignExchangeRate•Foreignexchangerateinamarketaffectedby–Relativeinflationrate–Relative(real)interestrate–Relativeincomelevel–GovernmentcontrolImposingforeignexchangebarriersImposingforeigntradebarriersInterveninginforeignexchangemarketsAffectingmacrovariablessuchasinflation,interestrates,andincomelevels–Expectation–Interactionoffactors14FOREIGNEXCHANGEMARKET-ForeignExchangeRate•市场上的外汇汇率受到以下因素的影响Foreignexchangerateinamarketaffectedby–相对的通货膨胀率，–相对的（实际）利率–相对收入水平，–政府控制实施外汇壁垒实施外贸壁垒干预外汇市场影响诸如通货膨胀利率收入水平等宏观变量–预期–各因素的相互作用15FOREIGNEXCHANGEMARKET-ForeignExchangeRate16FOREIGNEXCHANGEMARKET-ForeignExchangeRate17ForeignExchangemarketSocietyforworldwideinterbankfinancialtelecommunication(SWFIT)•SWIFT–isamember-ownedcooperativethroughwhichthefinancialworldconductsitsbusinessoperationswithspeed,certaintyandconfidence.–providetheproprietarycommunicationsplatform,productsandservicesthatallowourcustomerstoconnectandexchangefinancialinformationsecurelyandreliably.–actasthecatalystthatbringsthefinancialcommunitytogethertoworkcollaborativelytoshapemarketpractice,definestandardsandconsidersolutionstoissuesofmutualinterest.–enablesitscustomerstoautomateandstandardisefinancialtransactions,therebyloweringcosts,reducingoperationalriskandeliminatinginefficienciesfromtheiroperations.–doesnotholdfundsnordoesitmanageaccountsonbehalfofcustomers,nordoesitstorefinancialinformationonanon-goingbasis.18外汇市场，国际银行间金融电联协会•SWIFT–是一个会员联合体，通过它，金融界能够迅速、稳健、安全的进行业务.–提供了一个专有通讯平台、产品及服务，允许他的客户安全可靠地联系和交换金融信息–作为催化剂，能够使金融圈连接在一起，合作以创造更好的市场实践，制定标准，思考互惠问题的方案–使客户能够进行自动化和标准化的金融交易，从而降低成本、减少操作风险和提高运营效率。–不占用资金，不代表客户管理账户，也不定期储存金融信息。19ForeignExchangeMarketSegmentsandParticipantsWholesalemarket/Interbankmarket(Mainlybanksdominateinthissegment)-Dealers(ormarketmakers)Buyandsellatquotedbidandofferprices-BrokersServeasmatchmakers,withoutputtingtheirownmoneyatriskRetailmarket-Governments-Corporations-Smallerfinancialinstitutions-Individuals20外汇市场细分和参与者、批发市场/银行间市场（主要是银行，主导这个部分，）-交易商或做市商按照所报的买入价和卖出价进行买卖-经纪商作为撮合者，并不让自有资金承担风险零售市场-政府-公司-小型金融机构-个人21ForeignExchangeMarket•BanksplayavitalroleinFXmarketbyproviding•Competitivequotes•Specialrelationshipwiththeotherbanks•Speedofexecution•Adviceaboutcurrentmarketconditions•FXForecastingadvice.22外汇市场•由于提供了以下内容，银行在外汇市场中扮演着至关重要的角色•竞争性的报价•与其他银行的特殊关系•执行速度，•关于当前市场状况的信息•外汇预测信息23ParticipantsintheFX-market•Speculators-Apersonwho-tradesderivatives,commodities,bonds,equitiesorcurrencies-withahigher-than-averageriskinreturnforahigher-than-averageprofitpotential,-takinglargerisks,-especiallywithrespecttoanticipatingfuturepricemovements,-inthehopeofmakingquick,largegains.24外汇市场的参与者•投机者-是这样的人-交易衍生品、商品、债券、股权、货币-其回报的风险高于平均水平，意图获得超过平均水平的利润，-承担高风险-特别是通过预测未来价格的变化-希望获得快速的、大量的收益25Participantsinthefx-marketArbitrageurArbitrageurisaperson/anentitywhoareattemptingtomakerisklessprofitbycapitalizingdiscrepanciesinquotedpricesofamarket.Arbitrageurs’actionsinthemarketinfluenceondemandandsupplytocausepricestorealign,suchthatnofurtherrisk-freeprofitscanbemade.26外汇市场的参与者套利者套利者是试图利用市场上（对同一资产）报价的不一致来获取无风险利润的个人，或实体。套利者在市场上的行为对供给和需求产生影响，导致价格重新调整，这样会使无风险的利润消失。27ForeignexchangeMarketSpotmarketForwa