New York and London foreign exchange market is the world's major foreign exchange market have equal shares of the foreign exchange market, it is not only U.S. domestic foreign exchange trading center, and is the hub of the world foreign exchange settlement.
New York foreign exchange market - History
Wall Street, New York foreign exchange market in 1978, the U.S. foreign exchange market transactions carried out three reforms,
A change in the past foreign exchange transactions between banks must practice through a broker, allowing direct transactions between banks;
Second, the United States beginning in the international foreign exchange broker brokerage activities, foreign banks can accept the foreign exchange quotations and bids;
Third, the exchange rates of price change method, a direct quotation from the past to indirect quotation, exchange rates reduced the inconvenience.
These reforms make New York foreign exchange market trading conditions and methods of improvement, and thus effectively promote the expansion of the foreign exchange market operations. In addition, Continental Europe
New York foreign exchange market, some of the major currencies (such as the British pound, euro, Swiss franc, French franc, etc.), and Canadian dollar, Japanese yen, and HK in New York foreign exchange market is also a large number of investment transactions. Currently, the New York foreign exchange market in the world, occupies an important position on the foreign exchange market, it actually has become the center of the world the liquidation of U.S. dollar transactions, with any in the world foreign exchange markets the U.S. dollar clearing center can not be replaced and the allocation of functions. Foreign exchange market opening and closing prices are subject to the New York foreign exchange market.
New York foreign exchange market - Trading characteristics
New York, the world's foreign exchange market foreign exchange market there is no fixed timetable for the market place, are invisible market. Is the world's largest foreign exchange market, it is not only America's foreign exchange trading center, is the hub of the world's foreign exchange settlement.
The dollar traded around the world, including Europe, U.S., Asian dollar transactions, must be in the United States (mainly in New York) commercial bank account payment, transfer, United States, other foreign exchange trading foreign exchange market should be transferred through the New York foreign exchange market . Therefore, the New York foreign exchange market trading into a clearing center for the U.S. dollar. As the U.S. dollar is the main reserve currency, an important international means of payment, the New York foreign exchange market in the world enjoys a pivotal position.
New York foreign exchange market without a fixed exchange, through the telecommunications network to complete the transaction, and the rest of the world's foreign exchange market to maintain 24-hour business contacts, market participants can easily and quickly and safely deal.
New York foreign exchange market - trading products
Copper cattle markers Wall Street's business mainly in spot foreign exchange trading, foreign exchange forward and swap transactions.
Trading currency, according to their market share as follows:
Euro, British pound, Swiss franc, Canadian dollar, Japanese yen and French franc.
New York foreign exchange market - exchange price
New York foreign exchange market on the domestic foreign exchange trading still used in direct quotation, but in the international foreign exchange trading, Bank of America to use an indirect quotation, that is, a unit of U.S. dollar as the base to a number equivalent to the number of foreign currencies, whether premium or discount dollar units unchanged, but the number of corresponding changes in foreign currency.
