2. Devizový trh

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2. Devizový trh. Tematické okruhy. Organizace devizového trhu Obchodní systémy Velkoobchodní a klientský trh Základní typy operací Důvody pro obchodování na devizovém trhu Evropská a americká kotace, křížový kurz. Organizace devizového trhu. Globální trh OTC charakter - PowerPoint PPT Presentation

Transcript of 2. Devizový trh

2. Devizov trh

2. Devizov trhTematick okruhyOrganizace devizovho trhu

Obchodn systmy

Velkoobchodn a klientsk trh

Zkladn typy operac

Dvody pro obchodovn na devizovm trhu

Evropsk a americk kotace, kov kurz Organizace devizovho trhuGlobln trh

OTC charakter

Vysok mra koncentrace obchod

24 hodinov trh

Kolsajc obchodn aktivita

Postaven USD v rmci finannho systmu

Aktivita obchodovn bhem obchodnho dne

Obchodn systmyVelkoobchodn trhKlientsk trh

Pm obchodovnmono bankovn systmyReuters Dealing 3000 DirectChief Dealer (Citibank)EBS TraderNatWest Global Banking & Markets

E-brokermulti-bankovn systmyReuters Dealing 3000 SpotFxall, Currenex, eSpeed,EBS Spot 360 Treasury System, Lava FXFX ConnectE-burzaE-burzaFX MarketSpace HotSpotFX

EBS Spot E-broker

Velkoobchodn a klientsk trhPrice making vs. price taking

Objemy obchod

Finann instituce v pozici klienta

Postaven hedge fond

Procentn podl a dynamika hlavnch segment na klientskm trhu(ClientKnowledge)

Zkladn typy operacSpotov operace

Termnov kontrakty

Den obchodovn vs. den vypodn

Cena termnovho kontraktu (devizov kurz vs. rokov mra)

Dvody pro obchodovn na devizovm trhuZmna denominace likvidity

Spekulace

Hedging

Arbitr

Evropsk kotace outright kotace mal sla bazick mna 25,264 CZK/EUR

Evropsk kotacektovan mnavelk sla Americk kotaceoutright kotace mal sla

bazick mna 0,0322 EUR/CZK

Americk kotace ktovan mna velk sla

List1 (2)United Kingdom36.7%United States17.9%Japan6.2%Singapore5.3%Switzerland5.2%Honk Kong4.7%Australia3.8%France3.0%Denmark2.4%Germany2.1%Canada1.2%Others11.5%88.5%

Graf1 (2)0.3670.1790.0620.0530.0520.0470.0380.030.0240.0210.0120.115

Reported foreign exchange market turnover structure by geographical distribution(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf10.390.480.13

Reported foreign exchange market turnover by counterparty(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf20.35938253740.11456825860.42571152920.01037144240.04992764110.0400385914

Reported global foreign exchange market turnover by transaction type(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)Exchange traded futuresand options2%

Graf30.280.140.090.040.050.060.030.03

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mn(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf3 (2)0.280.140.090.060.050.040.030.030.020.26

Reported foreign exchange market turnover structure by currency pair(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf40.280.140.090.060.050.040.030.030.020.26

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mnovch pr(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf50.34758052810.63475453390.017664938

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

Graf60.47780226350.36220160730.07502320280.03303818460.01457709280.037357649

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

List1with reporting dealers142239%with other financial institutions135848%with non-financial customers59313%celkem3373Spot transactions149036%Outright forwards47511%FX swaps176543%Currency swaps431%Currency options2075%Exchange traded futures and options1664%celkem4146USD/EUR28%USD/JPY14%USD/GBP9%USD/AUD6%USD/CAD5%USD/CHF4%EUR/JPY3%EUR/GBP3%EUR/CHF2%Other26%100%international bond and note marketfloating rate79020.3475805281straight fixed rate14430.70.6347545339equity related401.60.017664938total22734.3EUR10862.50.4778022635USD8234.40.3622016073GBP1705.60.0750232028JPY751.10.0330381846CHF331.40.0145770928Others849.30.037357649Total (excl. Others)21885

List2

List3

List1 (2)United Kingdom36.7%United States17.9%Japan6.2%Singapore5.3%Switzerland5.2%Honk Kong4.7%Australia3.8%France3.0%Denmark2.4%Germany2.1%Canada1.2%Others11.5%88.5%

Graf1 (2)0.3670.1790.0620.0530.0520.0470.0380.030.0240.0210.0120.115

Reported foreign exchange market turnover structure by geographical distribution(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf10.390.480.13

Reported foreign exchange market turnover by counterparty(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf20.35938253740.11456825860.42571152920.01037144240.04992764110.0400385914

Reported global foreign exchange market turnover by transaction type(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)Exchange traded futuresand options2%

Graf30.280.140.090.060.050.040.030.03

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mn(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf3 (2)0.280.140.090.060.050.040.030.030.020.26

Reported foreign exchange market turnover structure by currency pair(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf40.280.140.090.060.050.040.030.030.020.26

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mnovch pr(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf50.34758052810.63475453390.017664938

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

Graf60.47780226350.36220160730.07502320280.03303818460.01457709280.037357649

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

List1with reporting dealers142239%with other financial institutions135848%with non-financial customers59313%celkem3373Spot transactions149036%Outright forwards47511%FX swaps176543%Currency swaps431%Currency options2075%Exchange traded futures and options1664%celkem4146EUR/USD28%USD/JPY14%USD/GBP9%USD/AUD6%USD/CAD5%USD/CHF4%EUR/JPY3%EUR/GBP3%EUR/CHF2%Other26%100%international bond and note marketfloating rate79020.3475805281straight fixed rate14430.70.6347545339equity related401.60.017664938total22734.3EUR10862.50.4778022635USD8234.40.3622016073GBP1705.60.0750232028JPY751.10.0330381846CHF331.40.0145770928Others849.30.037357649Total (excl. Others)21885

List2

List3

List1 (2)United Kingdom36.7%United States17.9%Japan6.2%Singapore5.3%Switzerland5.2%Honk Kong4.7%Australia3.8%France3.0%Denmark2.4%Germany2.1%Canada1.2%Others11.5%88.5%

Graf1 (2)0.3670.1790.0620.0530.0520.0470.0380.030.0240.0210.0120.115

Reported foreign exchange market turnover structure by geographical distribution(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf10.390.480.13

Reported foreign exchange market turnover by counterparty(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf20.35938253740.11456825860.42571152920.01037144240.04992764110.0400385914

Reported global foreign exchange market turnover by transaction type(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)Exchange traded futuresand options2%

Graf30.280.140.090.040.050.060.030.03

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mn(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf3 (2)0.280.140.090.060.050.040.030.030.020.26

Reported foreign exchange market turnover structure by currency pair(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf40.280.140.090.060.050.040.030.030.020.26

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mnovch pr(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf50.34758052810.63475453390.017664938

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

Graf60.47780226350.36220160730.07502320280.03303818460.01457709280.037357649

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

List1with reporting dealers142239%with other financial institutions135848%with non-financial customers59313%celkem3373Spot transactions149036%Outright forwards47511%FX swaps176543%Currency swaps431%Currency options2075%Exchange traded futures and options1664%celkem4146USD/EUR28%USD/JPY14%USD/GBP9%USD/AUD6%USD/CAD5%USD/CHF4%EUR/JPY3%EUR/GBP3%EUR/CHF2%Other26%100%international bond and note marketfloating rate79020.3475805281straight fixed rate14430.70.6347545339equity related401.60.017664938total22734.3EUR10862.50.4778022635USD8234.40.3622016073GBP1705.60.0750232028JPY751.10.0330381846CHF331.40.0145770928Others849.30.037357649Total (excl. Others)21885

List2

List3

Graf10.180.070.380.37

List1Corporations18.00%Real money investors7.00%Leverage/higly active investors38.00%Client banks37.00%

Graf1-19.3-55.881.1-2.2

List1Corporations-19.3Real money investors-55.8Leverage/higly active investors81.1Client banks-2.2

List1 (2)United Kingdom36.7%United States17.9%Japan6.2%Singapore5.3%Switzerland5.2%Honk Kong4.7%Australia3.8%France3.0%Denmark2.4%Germany2.1%Canada1.2%Others11.5%88.5%

Graf1 (2)0.3670.1790.0620.0530.0520.0470.0380.030.0240.0210.0120.115

Reported foreign exchange market turnover structure by geographical distribution(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf10.390.480.13

Reported foreign exchange market turnover by counterparty(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf20.35938253740.11456825860.42571152920.01037144240.04992764110.0400385914

Reported global foreign exchange market turnover by transaction type(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)Exchange traded futuresand options2%

Graf30.280.140.090.040.050.060.030.03

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mn(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf3 (2)0.280.140.090.060.050.040.030.030.020.26

Reported foreign exchange market turnover structure by currency pair(Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2010, September 2010, BIS)

Graf40.280.140.090.060.050.040.030.030.020.26

Struktura obrat na svtovm OTC devizovm trhu dle obchodovanch mnovch pr(dle Triennial Central Bank Survey, Foreign exchange and derivatives market activity in 2001, March 2002, BIS)

Graf50.34758052810.63475453390.017664938

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

Graf60.47780226350.36220160730.07502320280.03303818460.01457709280.037357649

Issuance in International Bond and Note Markets (as of December 2008)(BIS International Banking and Financial Market Developments, 2009)

List1with reporting dealers142239%with other financial institutions135848%with non-financial customers59313%celkem3373Spot transactions149036%Outright forwards47511%FX swaps176543%Currency swaps431%Currency options2075%Exchange traded futures and options1664%celkem4146USD/EUR28%USD/JPY14%USD/GBP9%USD/AUD6%USD/CAD5%USD/CHF4%EUR/JPY3%EUR/GBP3%EUR/CHF2%Other26%100%international bond and note marketfloating rate79020.3475805281straight fixed rate14430.70.6347545339equity related401.60.017664938total22734.3EUR10862.50.4778022635USD8234.40.3622016073GBP1705.60.0750232028JPY751.10.0330381846CHF331.40.0145770928Others849.30.037357649Total (excl. Others)21885

List2

List3