At present, the international influence is basically in the western industrial developed countries.
Major markets in the world are: London, New York, Zurich, Frankfurt, Paris, Tokyo, Hong Kong and Singapore.
In addition to the above eight markets, there are Bahrain, Milan, Amsterdam, Montreal and other foreign exchange markets, they also have a greater impact.
The New York Foreign Exchange Market is the largest foreign exchange market in the United States.
The New York foreign exchange market does not have a fixed place, and customers do not gather in a fixed place to trade, but through telephone, telegraph, telex and other modern communication equipment.
At present, the foreign exchange market is established in New York is the most modern computer system, its computer system and monitoring system in foreign exchange trading and credit control all procedures, through the foreign exchange market price of electric control center control electronic equipment, customers can stay abreast of the world’s major currency at the spot, and, and feel free to contact and business bank maintained close,
This link makes up the New York interbank foreign exchange market.
Because of its special position in the system, the United States has no restrictions on foreign exchange business, and the government does not designate special foreign exchange banks. Foreign exchange business is mainly handled through commercial banks, which play an important role in foreign exchange transactions.
In 1978, the United States carried out three reforms on foreign exchange market transactions. First, it changed the practice that foreign exchange transactions between banks must be conducted through brokers in the past, and allowed banks to trade directly with each other.
Second, foreign exchange brokers in the United States began to engage in international brokerage activities, and can directly accept foreign banks and bids;
Third, the pricing method is changed from the past to reduce the inconvenience.
These reforms led to the improvement of trading conditions and methods in the New York foreign Exchange market, thus giving a strong impetus to the expansion of foreign exchange market business.
In addition, some major continental European currencies (e.g., the French franc, etc.), as well as the Canadian dollar, etc., are heavily traded in the New York foreign exchange market.
At present, the New York foreign Exchange market occupies an important position in the world foreign exchange market. In fact, it has become the clearing center of the world dollar transaction, and has the functions of clearing center and allocation of the dollar that can not be replaced by any foreign exchange market in the world.
The opening and closing prices of the foreign exchange market are based on the New York Foreign Exchange market.
At 4:00 a.m. Beijing time, the last trading price in the New York foreign exchange market is the previous day’s closing price, and the first trading price after that is the opening price of the day.
London Foreign Exchange Market London Foreign Exchange Market is the world’s largest foreign exchange market with a long history, large trading volume and advanced modern electronic communication network.
The London Foreign Exchange Market is made up of foreign exchange banks and foreign exchange brokers appointed by the Bank of England. Foreign Exchange banks and foreign exchange brokers form the self-regulatory bodies of the industry, namely the London Foreign Exchange Bankers Committee and the Foreign Exchange Brokers Association respectively.
London as the center of the European money market, a large number of foreign banks have set up branches in London, currently there are more than 200 banks engaged in, most of them foreign banks.
The London Foreign Exchange Market, where banks and other financial institutions dealing in foreign exchange are all equipped with advanced electronic communication equipment, is the center of Eurodollar trading and plays an important role in the trading of sterling, euro, Swiss franc and Japanese yen against the US dollar.
Tokyo Foreign Exchange Market Since the 1970s, Japan has carried out the policy of financial liberalization and internationalization. Since December 1980, the new “Foreign Exchange Amendment Law” has been implemented, completely abolishing the freedom of residents and borrowing, as well as the basic freedom of securities issuance, investment and capital transactions.
With the evolution of foreign exchange management system, Tokyo foreign exchange market has developed rapidly from a regional foreign exchange trading center to the third largest foreign exchange market in the world after London and New York, with the annual trading volume ranking the third in the world.
The Tokyo foreign Exchange market consists of the interbank market and the customer market.
The interbank market is the core of the foreign exchange market. Its members are foreign exchange dealers, brokers and (central bank).
There are about 200 foreign exchange dealers, including city banks, long-term credit banks, trust banks, local banks and foreign banks in Japan.
In principle, transactions between foreign exchange dealers must be conducted indirectly through brokerage firms.
But since the requirement that Yen-dollar swaps be traded through a designated brokerage was removed in 1985, about half of the foreign-exchange transactions between banks are conducted directly.
Tokyo’s foreign exchange market is diversifying.
The biggest trade in the market is still Yen-dollar swaps because most Japanese trade is denominated in dollars and Japan holds most of its assets overseas.
In the 1990s, due to the slow growth of the yen against the dollar, the growth rate of the yen against the euro declined, and the volume of yen against the euro increased significantly.
Singapore foreign exchange market the main participants in Singapore foreign exchange market are :(1) domestic banks.
Large domestic banks are prudent in buying and selling foreign exchange, mainly for commercial foreign exchange needs, while some small banks and offshore banks often take risks to speculate and earn the difference in foreign exchange trading.
(2) Branches of foreign banks established in Singapore.
(3) Foreign exchange brokers.
In Singapore’s foreign exchange market, the vast majority of foreign exchange transactions are direct transactions between banks, and only a small number of foreign exchange transactions are mediated by brokers.
(4) Monetary Authority of Singapore.
It buys and sells the dollar, euro, Japanese yen, British pound, Swiss franc, and so on. Its purpose is to manage the foreign exchange market.
(5) Other participants, such as other government agencies, enterprises and individuals, etc.
The foreign exchange market in Singapore is an intangible market with no fixed trading place and adopts the direct price marking method.
Foreign exchange trading is mainly conducted by domestic and foreign commercial banks and currency brokers.
Due to the time difference, traders linked the market to other major foreign exchange markets around the world, enabling global foreign exchange trading to continue.
Market transactions are mainly spot, forward and speculative transactions are also more frequent.
The Singapore International Financial Futures Exchange is linked to the Chicago Mercantile Exchange.
Zurich Foreign Exchange Market Three major Swiss banks, Credit Suisse and UBS, are the backbone of Zurich foreign exchange market.
In addition, the Swiss National Bank (the Central Bank), branches of foreign banks in Zurich, the Bank for International Settlements and various banks operating international financial business are active participants in the foreign exchange market.
The main characteristics of Zurich foreign exchange market are: first, different from the foreign exchange market in London, New York and Tokyo, foreign exchange transactions are conducted by telephone and telex between banks, rather than indirectly through foreign exchange brokers or foreign exchange middlemen;
Secondly, the US dollar occupies an important position in the Zurich market, expressed not in Swiss francs but in US dollars, with the result that foreign exchange is bought and sold in the foreign exchange market not in Swiss francs but mainly in US dollars.
The vast majority of foreign exchange transactions between European currencies are mediated in dollars;
Professional foreign exchange transactions between banks also mostly use the dollar’s exchange rate with other currencies;
The dollar became an important tool for the Swiss Central Bank to intervene in the foreign exchange market.
The Zurich Foreign Exchange MARKET is well organized and efficient, allowing spot and forward foreign exchange transactions.
Hong Kong is a free port and an important international financial center in the Far East.
Hong Kong’s foreign exchange market has no fixed location, and the market participants are divided into three types: commercial banks, deposit companies and foreign exchange brokers.
Commercial banks mainly refer to HSBC Group and foreign bank Group, which are composed of HSBC Bank and Hang Seng Bank.
The vast majority of market transactions are conducted between banks, accounting for about 80% of the total business in the market. Depository companies, as unique financial entities, have played a positive role in the development of Hong Kong’s foreign exchange market.
During the moratorium on new banking licences (1975-1978), depository companies were an indirect means of establishing banks in Hong Kong.
There are 1 foreign exchange brokers in the Hong Kong Foreign Exchange market. They are members of the Hong Kong Foreign Exchange Brokers Association and their membership gives them recognition by the Hong Kong Association of Banks.
Hong Kong’s 166 licensed banks are only allowed to trade with members of the Hong Kong Foreign Exchange Brokers Association.
Most trades in the foreign exchange market are spot trades, with forwards and swaps accounting for about 20 percent.
The Frankfurt Foreign Exchange Market is home to the German Central Bank (Bundesbank).
As a result of its liberal system for a long time, Frankfurt gradually developed into a major foreign exchange market in the world with the rapid economic development and the enhanced status of the euro.
The Frankfurt foreign exchange market is divided into a pricing market and a general market.
Price in the market by the foreign exchange designated by the official agent in charge of dealmaking, Hamburg, they belong to, Dusseldorf, Frankfurt, Munich, Berlin and five exchange, they receive entrust, if trade imbalance rate will continue to change, change to buy and sell sinks are equal, or central bank intervention to achieve balance, pricing activities did not end,
It was about 12:45 a.m.
The Bundesbank sends a person to participate in the exchange market in Frankfurt to determine the official price of the mark.
The main business of central bank intervention in the foreign exchange market is the dollar-euro trade, of which 70% is spot foreign exchange, 30% is forward foreign exchange, and sometimes foreign currency to intervene in exchange rate movements between foreign currencies.
In addition to facilitating foreign exchange transactions with local banks, foreign exchange brokers also liaise with foreign exchange markets to facilitate foreign exchange transactions between Germany and the rest of the world.
The currencies traded on the Frankfurt Foreign Exchange market are the US dollar, British pound, Swiss franc, Euro, etc.
The dollar stabilizes, gold bulls flee, OPEC looks to ditch Russia, U.S. oil hits 120.
Please pay attention to the specific operation, the market is changing rapidly, investment needs to be cautious, the operation strategy is for reference only.
