【学习笔记】International Finance 国际金融论研究 学习笔记-18

Part I

Basics ofInternational Finance --18

Ch5 --2

TheMarket for Foreign Exchange

FX Market Participants

1.    The FX market is a two-tiered market:

        1）–Interbankmarket (wholesale)

            （①）  About 100-200banks worldwide stand ready to make a market in foreign exchange.

            （②）  Nonbank dealersaccount for about 40% of the market.

            （③）  There are FXbrokers who match buy and sell orders but do not carry inventory and FXspecialists.

        2）–Clientmarket (retail)

2.    Market participants include international banks, theircustomers, nonbank dealers, FX brokers, and central banks.