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Assignment 2. Match the two halves of the sentences
| 1. While not a part of the interbank market, forex dealers | d) but market-makers assume this risk to give consistent, competitive pricing 24 hours a day to individual traders. |
| 2. Interbank prices sometimes have large gaps (times when large money centers are closed, times of low liquidity, or times of greater risk exposure), | b) are on the outer perimeter and can sometimes quote tighter prices than their larger bank counterparts. |
| 3. These competitive prices are based on, amongst other things, exchange rate differentials, supply and demand for a currency in the interbank market, | f) provide a two-sided market. |
| 4. Furthermore, forex dealers that are primary market-makers | a) thus enhancing the liquidity of the forex market. |
| 5. Because they are willing to buy and sell at the currency prices they quote, it keeps the spread (the difference between the two prices quoted) between the bid and offer small, | c) and anticipation of new economic events or current events that have an unforeseen affect on the financial markets. |
| 6. Conversely, spreads in the interbank market change often and can sometimes rise and fall dramatically, | e) creating the potential for substantial profits and losses. |
(Source: GFT’s Introductory Forex Trading Guide)
Assignment 3. Match the following words and collocations in A with their definitions in B:
| A | B |
| 1. Forex 2. interbank market 3. to execute 4. competitive pricing 5. the spread 6. capital requirement 7. exchange rate differentials | a. to do a piece of work, perform a duty, put a plan into action b. the difference between the bid and offer c. the foreign exchange market d. a loose network of currency transactions negotiated between financial institutions and other large companies e. a marketing-oriented strategy whereby prices are set on the basis of the prices charged by competitors. f. differences in exchange rates. g. the amount of cash and easily liquidated assets that a broker/dealer or bank needs for successful operation. |
Assignment 4. Read the text below and unscramble the words and collocations printed in bold.
The forex market follows the sun around the world, beginning in Sydney and moving as the business day begins in each 1. alcianfin retnec. For example, when the markets in Japan and Singapore begin to slow, the European markets open. These markets are then followed by the North American markets of the United States, Canada and Mexico. As these markets slow down for the evening, the 2. gdintra ccley in Australia begins again. Unlike any of the other financial markets, 3. torsculaspe can respond to 4. rencurcy tiofluctuans caused by economic, social and political events at the time they occur, day or night.
Forex 5. gnidtra is the process of simultaneously buying one currency and selling another, and is traded in pairs, such as EUR/USD or USD/JPY. When you buy one 6. curncyre, you must give up something (another currency) in exchange, similar to how you would give up money to buy shares of a company in the 7. cksto chaexnge. Therefore, you would never refer to buying or selling any one currency by itself, because you always 8. deart in irspa. It is important to understand that the 9. chaexnge etra between two currencies specifies how much one currency is worth in terms of the other. The first currency is the 10. seab rencurcy, and the second currency is the 11. cingpri curncyre. A 12. edquot exchange rate indicates the amount of pricing currency that can be exchanged for one unit of the base currency.
For example, an exchange rate of 120 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that 120 JPY is worth the same as 1 USD. For speculators and traders, the best trading prospects are with the most commonly traded currencies, called “the 13. jormas. ” More than 85% of all daily 14. ionsacttrans involve trading the majors, including the US dollar, Japanese yen, euro, British pound and the Swiss franc.
Forex is quoted on a 15. “ ibd ” and “ reffo ” price system. For instance, the bid is the price at which a dealer is willing to buy (and customers can sell) the base currency for a counter currency. The offer price, on the other hand, is the price at which dealers will sell (and customers can buy) the base currency for the counter currency.
With this type of quoting system, there is a difference between the bid and offer prices, which is called the16. dareps. The spread is measured in 17. s ipp. A pip is one unit of price change in the bid/offer prices of a currency pair. Looking at any currency pair, you can see that the last decimal place quoted in the exchange rate is a pip. In the above example, the EUR/USD is quoted at 1.1951/1.1954, so the selling price is 1.1951 and the buying price is 1.1954. This makes the spread 3 pips or.0003 EUR.
It is important to note that most forex dealers have fixed spreads that do not change. Spreads among banking institutions in the interbank market, however, are sometimes quoted as much 200 pips 18. deiw or more. Thus, the prices and spreads quoted by primary market-makers are much more appealing to individual forex traders.
(Source: GFT’s Introductory Forex Trading Guide)
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