DOCSLIB.ORG

Foreign Exchange Training Manual

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Foreign Exchange Training Manual CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE LEHMAN BROTHERS FOREIGN EXCHANGE TRAINING MANUAL Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356480 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE TABLE OF CONTENTS CONTENTS ....................................................................................................................................... PAGE FOREIGN EXCHANGE SPOT: INTRODUCTION ...................................................................... 1 FXSPOT: AN INTRODUCTION TO FOREIGN EXCHANGE SPOT TRANSACTIONS ........... 2 INTRODUCTION ...................................................................................................................... 2 WJ-IAT IS AN OUTRIGHT? ..................................................................................................... 3 VALUE DATES ........................................................................................................................... 4 CREDIT AND SETTLEMENT RISKS .................................................................................. 6 EXCHANGE RATE QUOTATION TERMS ...................................................................... 7 RECIPROCAL QUOTATION TERMS (RATES) ............................................................. 10 EXCHANGE RATE MOVEMENTS ................................................................................... 11 SHORTCUT ................................................................................................................................ 14 BIDS AND OFFERS ................................................................................................................. 16 THE RULE OF THE LEFT BID -RIGHT OFFER ........................................................ 17 CROSS RATES ........................................................................................................................... 22 BID-OFFER FOR THE CROSS RATES OF CURRENCIES ON SAME TERMS ................................................................................................................. 25 EXCHANGE RATE MOVEMENT REVISITED FOR CROSSES .............................. 26 BID-OFFER FOR CROSS RATES OF CURRENCIES ON DIFFERENT TERMS ............................................................................................................ 27 SUMMARY .................................................................................................................................. 28 SHORTCUTS .............................................................................................................................. 31 TRADING CONVENTIONS AMONG MARKET MAKERS ...................................... 32 SUMMARY .................................................................................................................................. 33 REVIEW PROBLEMS .............................................................................................................. 35 FOREIGN EXCHANGE FORWARDS: INTRODUCTION ...................................................... 38 FXFORWARDS: AN INTRODUCTION TO FOREIGN EXCHANGE FORWARDS ............................... 39 INTRODUCTION .................................................................................................................... 39 WJ-IAT ARE FORWARDS? ..................................................................................................... 39 CALCULATING THE FORWARD RATE ......................................................................... 40 HOW DO YOU CALCULATE FORWARD POINTS? ................................................... 43 PAY AND EARN POINTS ..................................................................................................... 43 SUMMARY .................................................................................................................................. 46 SAMPLE PROBLEMS .............................................................................................................. 46 PREMIUM VS. DISCOUNT POINTS .................................................................................. 51 (r) Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356481 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE TABLE OF CONTENTS (continued) CONTENTS ....................................................................................................................................... PAGE SAMPLE PROBLEMS .............................................................................................................. 52 FORWARD RATE CONVENTIONS .................................................................................. 54 SAMPLE PROBLEMS .............................................................................................................. 55 CALCULATING ODD DATES ............................................................................................ 53 TYPES OF TRANSACTIONS ................................................................................................ 59 HOW DO THE FORWARD POINTS CHANGE? ........................................................... 59 WHICH SIDE OF THE MARKET? ..................................................................................... 60 CURRENCY FUTURES ........................................................................................................... 61 FUNDING .................................................................................................................................. 62 TRADE IDEAS AND HOW THEY ARE FORMED ...................................................... 62 TRADING EURODOLLAR FUTURES .............................................................................. 64 TRADING SPREADS INVOLVES ANALYZING YIELD CURVES ......................... 65 EXAMPLE OF A POSITIVE CARRY TRADE ................................................................. 66 FORWARDS REVIEWPROBLEMS .................................................................................... 67 FOREIGN EXCHANGE SWAPS: INTRODUCTION ................................................................. 69 WHAT IS A SWAP ............................................................................................................................ 70 VALUE DATES ......................................................................................................................... 71 BID-OFFER SPREADS ........................................................................................................... 77 CALCULATING SWAP POINTS ......................................................................................... 82 RULES OF THUMB ................................................................................................................. 84 PAY OR EARN THE POINTS .............................................................................................. 86 THE RATIONALE BEHIND THE CHART ..................................................................... 88 LEARNING POINTS ............................................................................................................... 92 SUMMARY .................................................................................................................................. 92 FOREIGN EXCHANGE OPTIONS: INTRODUCTION ........................................................... 94 FXOPTIONS: AN INTRODUCTION TO FOREIGN EXCHANGE DERIVATIVES .......................... 95 INTRODUCTION .................................................................................................................... 95 VANILLA OPTIONS ............................................................................................................... 95 PAYOFF OF A LONG AND SHORT CALL OPTION .................................................. 96 PAYOFF OF A LONG AND SHORT PUT OPTION ..................................................... 96 THE GREEKS ............................................................................................................................ 97 DELTA RANGES FROM 0% (DEEP OTlvf) TO 100% (DEEP ITlvf) ......................... 99 TRADING GAMMA ON A LEHMAN CALL OPTION .............................................. 102 P&L ON GAMMA HEDGING EXAMPLE ..................................................................... 103 (rr) Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356482 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE TABLE OF CONTENTS (continued) CONTENTS ....................................................................................................................................... PAGE SECOND ORDER GREEKS ............................................................................................... 106 FACTORS AND THEIR EFFECTS ON OPTION VALUE ........................................ 107 EXOTIC OPTIONS ................................................................................................................ 107 TRADING CONVENTIONS .............................................................................................. 110 TRADING STRATEGIES ..................................................................................................... 111 GLOSSARY ............................................................................................................................... 123 (m) Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356483 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS
Load more

Recommended publications
  • Chapter 13 * February 2021
    DoD 7000.14-R DoD Financial Management Regulation Volume 5, Chapter 13 * February 2021 VOLUME0B 5, CHAPTER 13: “FOREIGN DISBURSING OPERATIONS” SUMMARY OF MAJOR CHANGES All changes are in blue font. Substantive revisions are identified by an asterisk (*) symbol preceding the section, paragraph, table, or figure that includes the revision. Unless otherwise noted, chapters referenced are contained in this volume. Hyperlinks are in bold, italic, blue, and underlined font. The previous version dated April 2019 is archived. PARAGRAPH EXPLANATION OF CHANGE/REVISION PURPOSE All Updated hyperlinks and formatting to comply with current Revision administrative instructions. 130203 Added guidance to the paragraph titled “Currency Custody Addition Accounts” from the Treasury Daily Reporting Policy Memo (FPM 19-14). 130402.F Added guidance to the subparagraph titled “Gains and Addition Deficiencies by Revaluation” from the Treasury Daily Reporting Policy Memo (FPM 19-14). Figure 13-1 Replaced Figure 13-1, which displayed the sample for Revision Department of Defense (DD) Form 2664, (Currency Exchange Record) with a sample form of the “Certificate of Change in Purchase Rate.” The DD Form 2664 can be found at DD Forms Management (https://www.esd.whs.mil/Directives/forms/). Figure 13-2 Replaced Figures 13-2, which displayed the sample DD Form Revision 2668, (Request for Bid (Purchase/Sale)) with a sample form of the “Certificate of Adjustment Due to Rounding.” The DD Form 2668 can be found at DD Forms Management (https://www.esd.whs.mil/Directives/forms/). Figure 13-3 Removed Figures 13-3, which displayed the sample DD Form Deletion 2668, (Request for Bid (Purchase/Sale) – Sale Purchase) from the chapter.
    [Show full text]
  • This Version: July 6, 2017 MY PAPERS in ECONOMICS: an ANNOTATED BIBLIOGRAPHY Edmar Bacha1
    1 This version: July 6, 2017 MY PAPERS IN ECONOMICS: AN ANNOTATED BIBLIOGRAPHY Edmar Bacha1 1. Introduction Since the mid-1960s, I have written extensively on development economics, the economics of Latin America and Brazil’s economic problems. My papers include essays on persuasion and reflections on economic policy-making experiences. I review these contributions roughly in chronological order not only because of the variety of topics but also because they tend to come together in specific periods. There are seven periods to consider, identified according to my main institutional affiliations: Yale University, 1964- 1968; ODEPLAN, Chile, 1969; IPEA-Rio, 1970-71; University of Brasilia and Harvard University, 1972-1978; PUC-Rio, 1979-1993; Academic research interregnum, 1994-2002; and IEPE/Casa das Garças since 2003. 2. Yale University, 1964-1968 My first published text was originally a term paper for a Master’s level class in international economics at Yale University. In The Strategy of Economic Development, Albert Hirschman suggested that less developed countries would be relatively more efficient at producing goods that required “machine-paced” operations. Carlos Diaz-Alejandro interpreted machine-paced as meaning capital-intensive 1 Founding partner and director of the Casa das Garças Institute of Economic Policy Studies, Rio de Janeiro, Brazil. With the usual caveats, I am indebted for comments to André Lara- Resende, Alkimar Moura, Luiz Chrysostomo de Oliveira-Filho, and Roberto Zahga. 2 technologies, and tested the hypothesis that relative labor productivity in a developing country would be higher in more capital-intensive industries. He found some evidence for this. I disagreed with his argument.
    [Show full text]
  • On the Effectiveness of Exchange Rate Interventions in Emerging Markets
    On the effectiveness of exchange rate interventions in emerging markets Christian Daude, Eduardo Levy Yeyati and Arne Nagengast CID Working Paper No. 288 September 2014 Copyright 2014 Daude, Christian; Levy Yeyati, Eduardo; Nagengast, Arne; and the President and Fellows of Harvard College Working Papers Center for International Development at Harvard University On the effectiveness of exchange rate interventions in emerging markets Christian Daude Organisation for Economic Co-operation and Development Eduardo Levy Yeyati Universidad Torcuato Di Tella Arne Nagengast Deutsche Bundesbank Abstract We analyze the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-2011. Using an error-correction model approach we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks. JEL-classification: F31, F37 Keywords: exchange rate; FX intervention; equilibrium exchange rate 1 1. INTRODUCTION Few macroeconomic policy topics have been as hotly debated as the exchange rate
    [Show full text]
  • Charles River Trader - Equity Full Order and Execution Management
    Charles River Trader - Equity Full Order and Execution Management Consolidate Systems in a Single Platform Available as a stand-alone module or as part of the Charles River Investment Management Multi-Asset Class Support Solution (Charles River IMS), Charles River Trader provides order management and • Equities execution management in a single, fully customizable user interface that gives traders • Fixed Income complete market visibility. Users can monitor real-time data and create, place and execute • Rate and Credit Derivatives orders. • Foreign Exchange Charles River Trader is integrated with more than 150 trade and liquidity providers and 550 • Options global Charles River FIX Network brokers. Interfaces with more than 60 algorithmic brokers • Commodities offer direct access to over 600 global and regional trading strategies. • Futures . Key capabilities include: • Manage single stock and list/portfolio execution strategies • Monitor real-time market, order, and analytic data, including order P&L • Quickly organize orders based on multiple criteria, with spreadsheet-like filtering, grouping and sorting • Monitor compliance throughout the entire order lifecycle • Easily add new brokers, strategies, and placement templates • Synchronize all multi-monitor displays to active order Traders can customize multiple blotter displays to show all necessary trade information on one or more monitors – real-time Level I and Level II pricing, pre-trade TCA, order benchmarking, time and sales, and watch lists – saving keystrokes and enabling faster order execution. Order and Execution Management (OEMS) Charles River Trader provides a real-time dashboard for managing daily trading operations, OMS Capabilities workflows and execution. Dynamic Trader Blotter columns visually show real-time data • Direct Brokerage changes – execution status, order status and gain/loss – via color and magnitude displays.
    [Show full text]
  • Brut FIX Specifications
    Brut, LLC Title: Brut ECN Order API with the FIX Protocol. Synopsis: Brut ECN API for the complete handling of orders with the Brut system from an external source. Status: Release 1.29g Date: June 2005 File Name: Brut-fix-standard.doc Version: Release 1.29g Personal And Confidential - Brut's Order API Copyright 2005, The Nasdaq Stock Market, Inc. All rights resewed. Brut is a facility of The Nasdaq Stock Market, Inc. CONTENTS: I. INTRODUCTION 1.1. Order Entry 1.2. Order Cancel 1.3. Order CancelReplace 1.4. Order Brut Only 1.5. Order Through Brut 1.6. Order Cross 1.7. Order Hunter 1.8. Order Market 1.9. Order Discretion 1.10. Order Institutional Handling 1.11. Order Pegging 1.12. Order Directed Cross 1.13. Order Post-Only 1.14. Order Aggressive Cross 1.15. Order Super Aggressive Cross 2. REQUIREMENTS AND PROCEDURES 2.1. Version FIX 4.0 2.2. Header Field 2.3. Session Protocol 3. FIELD AND HEADER DEFINITION 3.1. Field Definition 3.2. FIX Required Fields 3.3. Required Empty Fields 3.4. FIX Header Definition 3.5. Time In Force Definition 3.6. Liquidity Flag Definition 4. IN BOUND MESSAGES 4.1. New Order Single 4.2. Order CancelReplace Request 4.3. Order Cancel Request 5. OUT BOUND MESSAGES 5.1. Execution Report 5.2. Order Cancel Reject 5.3. Inbound Request Resulting with Outbound Messages Personal And Confidential - Brut's Order API Copyright 2005, The Nasdaq Stock Market, Inc. All rights reserved. Brut is a facility of The Nasdaq Stock Market, Inc.
    [Show full text]
  • Pfsvx Statement of Additional
    LITMAN GREGORY FUNDS TRUST PartnerSelect SBH Focused Small Value Fund - Institutional Class – PFSVX STATEMENT OF ADDITIONAL INFORMATION Dated July 23, 2020 This Statement of Additional Information (“SAI”) is not a prospectus, and it should be read in conjunction with the prospectus dated July 23, 2020, as it may be amended from time to time, of PartnerSelect SBH Focused Small Value Fund (the “Focused Small Value Fund” or the “Fund”), a series of the Litman Gregory Funds Trust (the “Trust”), formerly known as the Masters’ Select Funds Trust until August 2011 and the Masters’ Select Investment Trust until December 1997. Litman Gregory Fund Advisors, LLC (the “Advisor” or “Litman Gregory”) is the investment advisor of the Fund. The Advisor has retained an investment manager as sub-advisor (the “Sub- Advisor”), which is responsible for portfolio management of the Fund’s assets. A copy of the Fund’s prospectus and the Trust’s most recent annual report may be obtained from the Trust without charge at 1676 N. California Blvd., Suite 500, Walnut Creek, California 94596, telephone 1-800-960-0188. The Trust’s audited financial statements for the fiscal year ended December 31, 2019 are incorporated by reference to the Trust’s Annual Report for the fiscal year ended December 31, 2019. The Fund is not included in the Trust’s most recent Annual Report because it commenced investment operations after December 31, 2019, but will be included in the Trust’s next report to shareholders following such date. 1 TABLE OF CONTENTS FUND HISTORY .......................................................................................................................................................... 3 INVESTMENT OBJECTIVES, POLICIES AND RISKS ...........................................................................................
    [Show full text]
  • Order Approving a Proposed Rule Change to Add a New Discretionary Limit Order Type Called D-Limit
    SECURITIES AND EXCHANGE COMMISSION (Release No. 34-89686; File No. SR-IEX-2019-15) August 26, 2020 Self-Regulatory Organizations; Investors Exchange LLC; Order Approving a Proposed Rule Change to Add a New Discretionary Limit Order Type Called D-Limit I. Introduction On December 16, 2019, the Investors Exchange LLC (“IEX” or the “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change to adopt a new order type, the Discretionary Limit order (“D-Limit”). The proposed rule change was published for comment in the Federal Register on December 30, 2019.3 On February 12, 2020, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.4 On March 27, 2020, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change (“OIP”).5 This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 See Securities Exchange Act Release No. 87814 (December 20, 2019), 84 FR 71997 (“Notice”). Comments on the proposed rule change can be found at https://www.sec.gov/comments/sr-iex-2019-15/sriex201915.htm. 4 See Securities Exchange Act Release No. 88186 (February 12, 2020), 85 FR 9513 (February 19, 2020). 5 See Securities Exchange Act Release No. 88501 (March 27, 2020), 85 FR 18612 (April 2, 2020).
    [Show full text]
  • Currencies Come in Pairs
    Chapter 1.2 Currencies Come in Pairs 0 GETTING STARTED CURRENCIES COME IN PAIRS You know the advantages of trading forex, and you are excited to start Everything is relative in the forex market. The euro, by itself, is neither trading. Now you need to learn what this market is all about. How does it strong nor weak. The same holds true for the U.S. dollar. By itself, it is work? What makes currency pairs move up and down? Most importantly, neither strong nor weak. Only when you compare two currencies together how can you make money trading forex? can you determine how strong or weak each currency is in relation to the other currency. Every successful forex investor begins with a solid foundation of knowledge upon which to build. Let’s start with currency pairs—the For example, the euro could be getting stronger compared to the U.S. building blocks of the forex market—and how you will be using them in dollar. However, the euro could also be getting weaker compared to the your trading. British pound at the same time. In this first section, we will explain the following to get you ready to place Currencies always trade in pairs. You never simply buy the euro or sell the your first trade: U.S. dollar. You trade them as a pair. If you believe the euro is gaining strength compared to the U.S. dollar, you buy euros and sell U.S. dollars at What a currency pair is the same time. If you believe the U.S.
    [Show full text]
  • Arbitrage-Free Affine Models of the Forward Price of Foreign Currency
    Federal Reserve Bank of New York Staff Reports Arbitrage-Free Affine Models of the Forward Price of Foreign Currency J. Benson Durham Staff Report No. 665 February 2014 Revised April 2015 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the author and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author. Arbitrage-Free Affine Models of the Forward Price of Foreign Currency J. Benson Durham Federal Reserve Bank of New York Staff Reports, no. 665 February 2014; revised April 2015 JEL classification: G10, G12, G15 Abstract Common affine term structure models (ATSMs) suggest that bond yields include both expected short rates and term premiums, in violation of the strictest forms of the expectations hypothesis (EH). Similarly, forward foreign exchange contracts likely include not only expected depreciation but also a sizeable premium, which similarly contradicts pure interest rate parity (IRP) and complicates inferences about anticipated returns on foreign currency exposure. Closely following the underlying logic of ubiquitous term structure models in parallel, and rather than the usual econometric approach, this study derives arbitrage-free affine forward currency models (AFCMs) with closed-form expressions for both unobservable variables. Model calibration to eleven forward U.S. dollar currency pair term structures, and notably without any information from corresponding term structures, from the mid-to-late 1990s through early 2015 fits the data closely and suggests that the premium is indeed nonzero and variable, but not to the degree implied by previous econometric studies.
    [Show full text]
  • Decreto Del Direttore Amministrativo N
    Corso di Laurea magistrale (ordinamento ex D.M. 270/2004) in Economia e Finanza Tesi di Laurea Gli strumenti derivati ed il loro utilizzo in azienda: l’importanza di gestirne i vantaggi e le complessità Relatore Prof. Guido Massimiliano Mantovani Laureando Ambra Moschini Matricola:835318 Anno Accademico 2013 / 2014 Sessione straordinaria 2 Indice Indice delle Figure ....................................................................................................................... 6 Indice delle Tavole ...................................................................................................................... 7 Introduzione ................................................................................................................................. 8 Capitolo 1 - Il concetto di rischio ............................................................................................. 11 1.1. Definizione .................................................................................................................. 12 1.2. La percezione del rischio in azienda ........................................................................... 16 1.3. Identificazione delle categorie di rischio .................................................................... 24 1.3.1. Rischi finanziari .................................................................................................. 26 1.3.1.1. Rischio di mercato ............................................................................................... 28 1.3.1.1.1. Rischio di
    [Show full text]
  • Trading in Foreign Exchange Markets
    Trading in Foreign Exchange Markets Four Essays on the Microstructure of Foreign Exchange Dagfinn Rime Dissertation for the Degree of Dr. Polit. in the Norwegian School of Management BI’s Doctoral Program in collaboration with the University of Oslo. Series of Dissertations 2/2001 Norwegian School of Management BI Department of Economics Dafinn Rime: Trading in Foreign Exchange Markets: Four Essays on the Microstructure of Foreign Exchange ã Dagfinn Rime 2001 Series of Dissertations 2/2001 ISBN: 82-7042-432-3 ISSN: 1502-2099 Norwegian School of Management BI P.O.B. 580 N-1302 Sandvika Phone: +47 67 55 70 00 Printing: Nordberg Hurtigtrykk To be ordered from: Juul Møller Bøker Phone: +47 67 55 74 51 Fax: +47 67 55 74 50 Mail: [email protected] CONTENTS 1 Overview and Introduction 1 2 FX Trading . LIVE! Dealer Behavior and Trading Systems in Foreign Exchange Markets 25 3 Customer Trading and Information in Foreign Exchange Markets 63 4 Private or Public Information in Foreign Exchange Markets? An Empirical Analysis101 5 U.S. Exchange Rates and Currency Flows 149 iii iv CONTENTS PREFACE Writing this dissertations has been like a long journey. In the beginning everything was new and exciting, with plenty of paths to follow, all leading down to the Great Big Beach of Doctoral Courses. Down at the beach I met this really cool guy (Geir), and after a couple of beers and deciding on a topic, I felt like I was cruising in a red Ferrari on the Highway to Completion. However, that was only in my too optimistic mind.
    [Show full text]
  • Recent Characteristics of FX Markets in Asia —A Comparison of Japan, Singapore, and Hong Kong SAR—
    Bank of Japan Review 2020-E-3 Recent Characteristics of FX Markets in Asia —A Comparison of Japan, Singapore, and Hong Kong SAR— Financial Markets Department WASHIMI Kazuaki, KADOGAWA Yoichi July 2020 In recent years, turnovers of Foreign Exchange (FX) trading in Singapore and Hong Kong SAR have outweighed those of Japan, and the gap between the two cities and Japan continues to stretch. The two cities consolidate trading of G10 currencies by institutional investors and others by advancing electronic trading. Additionally, a number of treasury departments of overseas financial/non-financial firms are attracted to the two cities, contributing to the increasing trading of Asian currencies in tandem with expanding goods and services trades between China and the ASEAN countries. At this juncture, FX trading related to capital account transactions is relatively small in Asia partly due to capital control measures. However, in the medium to long term, capital account transactions could increase, which would positively affect FX trading. Thinking ahead on post-COVID-19, receiving such capital flows would positively impact on revitalizing the Tokyo FX market, thereby developing Japan’s overall financial markets including capital markets. to understand market structures and revitalize the Introduction Tokyo FX market, it would be beneficial to investigate recent developments in these centers. The Bank for International Settlements (BIS), in Based on above understanding, this paper compares cooperation with the world’s central banks, conducts the FX markets in Tokyo, Singapore, and Hong Kong the Triennial Central Bank Survey of Foreign SAR. The medium- to long-term outlook for Asian 1 Exchange and Over-the-counter Derivatives Markets .
    [Show full text]