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I Foreword X I I I
I I P r e f a c e X I V
1 . Fundamentals of Foreign Exchange 1
Foreign Exchange 1
Exchange Rate 2
Evolution Of Exchange Rate System 2
The Gold Standard - (1880 - 1914) 2
Period From 1918 — 1939 3
Gold Exchange Standard 1944 - 1970 3
Smithsonian Agreement - 1971 4
Collapse of Bretton Woods - 1973 4
Euro Market 5
Euro – Yesterday, Today and Tommorrow 6
On the road to EMU 6
Exchange Rate Systems 7
Fixed Exchange Rates 7
Floating Exchange Rates 7
Managed / Dirty Float 8
Participants In The Foreign Exchange Market 8
Central Banks 8
Commercial Banks 8
Multinational Corporations, Importers, Exporters 9
S p e c u l a t o r s 9
Foreign Currency Accounts 9
Nostro Account 9
Vostro Account 1 0
Loro Account 1 0
Foreign Exchange Transactions 1 0
Exchange Quotation 11
Direct Quotation 11
Indirect Quotation 1 2
Mechanism Of Currency Trading 1 3
Types Of Transactions 1 5
Spot and Forward Transactions 1 5
Arbitraging Between Banks 1 7
Cross Exchange Rates 1 8
Condition for cross exchange 1 9
Ready Exchange Rates 2 1
Basis For Merchant Rates 2 1
Exchange Margin 2 2
Principle Types Of Buying Rates 2 2
T. T. Buying Rate 2 2
Bill Buying Rate 2 3
Principal Types Of Selling Rates 2 5
T. T. Selling Rates 2 5
Bills Selling Rates 2 6
Calculation Of Ready Rates Based On Cross Rates 2 7
Buying Rates 2 7
Selling Rates 2 8
Card Rates 2 9
S p r e a d 3 0
Forward Exchange Contracts 3 0
Date Of Delivery 3 0
Fixed and Option Forward Contracts 3 1
Exchange Control Requirement 3 1
Foreign Exchange Swap Deal 3 4
Roll Over Contract 3 7
Mechanics of Rollover cover 3 7
To Cover or not to Cover 3 8
2 . Interbank Forex Operations 3 9
G e n e s i s 4 0
Inter bank dealing operations 4 0
P o s i t i o n 4 0
Balances abroad 4 1
Maturity mismatches 4 1
Interbank sales and purchases 4 1
Sales and purchase in overseas markets 4 1
Inter bank foreign currency deposits 4 1
Merchant transaction 4 1
Inter bank transaction 4 2
Overseas transactions 4 2
Function of inter-bank market 4 2
Liquidity and risk management 4 3
Breaking up of maturity transformation 4 3
Spreading risks among different institutions 4 4
Sub -contracting lending risks 4 4
Examples of informal risks and maturity sharing... 4 5
3 . Forex Dealing Room – A Set-up 4 7
G e n e s i s 4 7
S e g r e g a t i o n 4 7
Dealing operations 4 8
Selection and training of dealers 4 8
Electronic data processing (EDP) 4 9
Duties of Chief dealer 4 9
Roles and functions of the dealers 5 1
Dealing procedure 5 3
Voice recording 5 4
Rotation of dealers 5 4
Code of Conduct 5 4
Back Office 5 4
Back office Management in practice 5 5
Profit budgeting 5 5
Middle Office 5 6
4 . Role of Brokers in Dealing Operations 5 7
Exchange Brokers – Prohibitions 5 7
Deals Through Brokers – Confirmation 5 7
Nomination of Brokers 5 7
Brokers’ Panel 5 7
C o m p l a i n t s 5 8
Payment of Brokerage Claims 5 8
Brokerage Statements 5 8
Malpractices by Brokers 5 9
Threat to Brokers 5 9
5 . Forex Dealing Operations and
Risk Management 6 1
Forex market in India 6 1
Risks in forex 6 1
RBI - Guidlines for Control 6 2
Position or Rate Risk 6 2
Overnight Limit 6 3
Day Light Limit 6 4
Cut Loss Limit 6 4
Credit risk 6 5