Foreign exchange market
Trading in London accounted for 36.7% of the total, making London by far the most important global center for foreign exchange trading. In second and third places respectively, trading in New York City accounted for 17.9%, and Tokyo accounted for 6.2%.
Turnover of exchange-traded foreign exchange futures and options have grown rapidly in recent years, reaching $166 billion in April 2010 (double the turnover recorded in April 2007). Exchange-traded currency derivatives represent 4% of OTC foreign exchange turnover. FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts.
The Foreign Exchange Interbank Market
How does a bank offset risk?
Similar to the way we see prices on an electronic forex broker’s platform, there are two primary platforms that interbank traders use: one is offered by Reuters Dealing and the other is offered by the Electronic Brokerage Service (EBS). The interbank market is a credit-approved system in which banks trade based solely on the credit relationships they have established with one another. All of the banks can see the best market rates currently available; however, each bank must have a specific credit relationship with another bank in order to trade at the rates being offered. The bigger the banks, the more credit relationships they can have and the better pricing they will be able access. The same is true for clients such as retail forex brokers. The larger the retail forex broker in terms of capital available, the more favorable pricing it can get from the interbank market. If a client or even a bank is small, it is restricted to dealing with only a select number of larger banks and tends to get less favorable pricing.
Interbank market
The interbank market is the top-level foreign exchange market where banks exchange different currencies. The banks can either deal with one another directly, or through electronic brokering platforms. The Electronic Broking Services (EBS) and Thomson Reuters Dealing 3000 xtra are the two competitors in the electronic brokering platform business and together connect over 1000 banks. The currencies of most developed countries have floating exchange rates. These currencies do not have fixed values but, rather, values that fluctuate relative to other currencies.
The interbank market is an important segment of the foreign exchange market. It is a wholesale market through which most currency transactions are channeled. It is mainly used for trading among bankers. The three main constituents of the interbank market are
the spot market
the forward market
SWIFT (Society for World-Wide Interbank Financial Telecommunications)
The interbank market is unregulated and decentralized. There is no specific location or exchange where these currency transactions take place. However, foreign currency options are regulated in the United States and trade on the Philadelphia Stock Exchange. Further, in the U.S., the Federal Reserve Bank publishes closing spot prices on a daily basis.
/Electronic_Broking_Services
Electronic Broking Services (EBS) was created by a partnership of the world’s largest foreign exchange (FX) market making banks. Approximately USD 200+ billion in spot foreign exchange transaction, 1.5 million oz in gold and 7 million oz in silver as well as 35,000 ounces of Platinum and Pladium is traded every day over the EBS Spot Dealing System. It was created in 1990 to challenge Reuters’ threatened monopoly in interbank spot foreign exchange and provide effective competition.
EBS’s closest competitor is Reuters Dealing 3000 Spot Matching (aka D2 or D3). The decision by an FX trader whether to use EBS or Reuters D2 is driven largely by currency pair. In practice, EBS is the primary trading venue for EUR/USD, USD/JPY, EUR/JPY, USD/CHF and EUR/CHF, and Reuters D2 is the primary trading venue for all other interbank currency pairs. It’s worth noting that the currency pairs traded on EBS account for the bulk of the spot interbank market.
EBS was the first organisation to facilitate orderly black box or algorithmic trading in spot FX, through an application programming interface (API).
EBS was acquired by ICAP, the world’s largest interdealer broker, in June 2006. The acquisition will combine EBS’ strengths in electronic spot foreign exchange with ICAP’s Electronic Broking business to create a single global multi-product business with further growth potential and significant economies of scale.
This platform will provide customers with more efficient electronic trade execution, reduced integration costs and give access to broad liquidity across a wide product range.
华尔街日报援引数位知情消息人士的话报导称,从事外汇交易的大型全球银行在筹备一个仅供银行使用的交易系统,以赢回失去的外汇交易业务.
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