【学习笔记】International Finance 国际金融论研究 学习笔记-21
Part I
Basics ofInternational Finance --21
Ch5 --5
TheMarket for Foreign Exchange
Cross Rates
Spot Foreign Exchange Microstructure
1. Marketmicrostructure refers to the mechanics of how a marketplace operates.
2. The bid-ask spreads in the spot FX market:
1) Increase with FX exchange rate volatility.
2) Decrease with dealer competition.
3. Private information is an important determinant of spotexchange rates.



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