All about ForEx market in the USA by Cross S.Y.

By Cross S.Y.

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S. dollar against European 31 ● The Foreign Exchange Market in the United States main instruments: over-the-counter market ALL ABOUT... or Asian currencies, given the time zone differences. Also, pre-spot trades are much less numerous and the market is less liquid. 320 million for credit to Bank A’s account at a bank in Germany, and Bank A will pay $10 million for credit to Bank B’s account at a bank in the United States. The execution of the two payments completes the transaction. A market maker is expected to quote simultaneously for his customers both a price at which he is willing to sell and a price at which he is willing to buy standard amounts of any currency for which he is making a market.

But there are times when swap points in the foreign exchange market are not precisely equivalent to interest rate differentials in the offshore deposit market, and arbitrageurs can use FX swaps together with deposit borrowing and lending operations to fund in the lower-cost market and invest in the higher-return market. B O X 5 - 4 CALCULATING FX SWAP POINTS A market maker will calculate swap points on the basis of borrowing and lending rates in the offshore deposit markets: 1+ ( ODBRTC x Swap Days) 360 or 365 -1 A.

The volume of OTC options is far greater than that of exchange-traded options; indeed, the OTC market accounts for about four-fifths of the total foreign exchange options traded in the United States. The two options markets, OTC and exchangetraded, are competitors to some extent, but they also complement each other. Traders use both markets in determining the movement of prices, and are alert to any arbitrage opportunities that may develop between the two markets. Dealers in the OTC market may buy and sell options on the organized exchanges as part of the management of their own OTC positions,hedging or laying off part of an outstanding position in an exchange market.

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