What Is Foreign Exchange Market? Definition And Meaning
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If the UK had an interest rate of 5% and the USA had a rate of 4%, the trader would receive a payment of 1% on their position because they were buying the currency from the nation with the higher interest rate – if they were selling this currency, then they would be charged 1% instead.
The CFTC and Securities and Exchange Commission (SEC) filed an action in U.S. District Court for the Northern District of Texas and the TSSB filed an administrative action charging PIC and its principals with engaging in an illegal $11 million forex operation.
Geographically, the world’s largest and arguably most mature FX market, Continental Europe, was the only region to notch a meaningful decline in the share of foreign exchange volume executed electronically last year, as a modest increase in online volume failed to keep pace with a bigger jump in total FX trading volume and e-FX fell to a total 68% from 73%.
Foreign currencies can be transacted on a ‘spot’basis for immediate delivery (see SPOT MARKET ), or can be bought and sold for future delivery (see FORWARD MARKET ). Some two-thirds of London’s foreign exchange dealings in 2000 were spot transactions.
Accordingly, the focus of intervention evolved towards responding to episodes where the exchange rate was judged to have ‘overshot’ the level implied by economic fundamentals and/or when speculative forces appeared to have been dominating the market.
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However, the floating of the exchange rate meant that changes in world prices no longer had a direct effect on domestic prices: not only did it break the mechanical link between domestic and foreign prices, but it meant that the Reserve Bank was now able to implement independent monetary policy.
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