Foreign exchange market ( )


I.    Introduction     2

II.   The structure of the foreign exchange market 3

  1.   What is the foreign exchange?    3

  2. The participants of the foreign exchange markets    4

  3. Instruments of the foreign exchange markets    5

III.  Foreign exchange rates 6

  1. Determining foreign exchange rates 6

  2. Supply and Demand for foreign exchange   7

  3. Factors affecting foreign exchange rates 11

IV.   Conclusion 13

V.    Recommendations  14

VI.   Literature used  16


      Trade and payments across national borders require  that  one  of  the
parties to the transaction contract to pay or receive  funds  in  a  foreign
currency. At some stage, one party must convert domestic money into  foreign
money. Moreover, knowledgeable investors based in each country are aware  of
the opportunities of buying assets or selling debts denominated  in  foreign
currencies when the anticipated  returns  are  higher  abroad  or  when  the
interest costs  are  lower.  These  investors  also  must  use  the  foreign
exchange market whenever they invest or borrow abroad.
      Id like to add that the foreign exchange market is the largest market
in the world in terms of the volume of  transactions.  That  the  volume  of
foreign  exchange  trading  is  many  times  larger  than  the   volume   of
international trade and investment reflects that  a  distinction  should  be
made between transactions that involve only banks  and  those  that  involve
banks,  individuals,  and  firms  involved  in   international   trade   and
      The phenomenal explosion of activity and interest in foreign  exchange
markets  reflects  in  large  measure  a  desire  for  self-preservation  by
businesses, governments, and individuals.  As  the  international  financial
system  has  moved  increasingly  toward  freely  floating  exchange  rates,
currency prices have  become  significantly  more  volatile.  The  risks  of
buying and selling dollars and other currencies have increased  markedly  in
recent years. Moreover, fluctuations in the  prices  of  foreign  currencies
affect domestic  economic  conditions,  international  investment,  and  the
success  or  failure   of   government   economic   policies.   Governments,
businesses, and individuals involved in international  affairs  find  it  is
more important today than ever before to understand how  foreign  currencies
are traded and what affects their relative values.
      In this work,  we  examine  the  structure,  instruments,  and  price-
determining forces of the world's currency markets.

           The structure of the foreign exchange market

              What is the foreign exchange?

      The foreign exchange markets are among  the  largest  markets  in  the
world, with annual trading volume in excess of $160  trillion.  The  purpose
of  the  foreign  exchange  markets  is  to  bring  buyers  and  sellers  of
currencies together. It is  an  over-the-counter  market,  with  no  central
trading location and no set hours of trading.  Prices  and  other  terms  of
trade  are  determined  by  negotiation  over  the  telephone  or  by  wire,
satellite, or  telex.  The  foreign  exchange  market  is  informal  in  its
operations: there are no special requirements for market  participants,  and
trading conforms to an unwritten code of rules.
      You know that almost every country has its own currency  for  domestic
transactions. Trading among the residents of  different  countries  requires
an efficient exchange of national currencies. This is  usually  accomplished
on a large scale through foreign  exchange  markets,  located  in  financial
centers such as London, New York,  or  Parisin  order  of  importancewhere
exchange rates for convertible currencies are  determined.  The  instruments
used to effect international  monetary  payments  or  transfers  are  called
foreign exchange. Foreign exchange is the monetary means of making  payments
from one currency area to another. The funds available as  foreign  exchange
include foreign coin and currency, deposits  in  foreign  banks,  and  other
short-term, liquid  financial  claims  payable  in  foreign  currencies.  An
international exchange rate is the price of one (foreign) currency  measured
in terms of another (domestic) currency. More accurately, it  is  the  price
of foreign exchange. Since exchange rates are the  vehicle  that  translates
prices measured in one currency into prices measured  in  another  currency,
changes in exchange rates affect the price and,  therefore,  the  volume  of
imports and exports exchanged. In turn the domestic rate  of  inflation  and
the value of assets and liabilities of international borrowers  and  lenders
is influenced. The exchange rate rises (falls) when  the  quantity  demanded
exceeds  (is  less  than)  the  quantity  supplied.  Broadly  speaking,  the
quantity of U.S. dollars supplied to foreign exchange  markets  is  composed
of the dollars spent on imports, plus the amount of funds spent or  invested
by U.S. residents outside the United States. The  demand  for  U.S.  dollars
arises from the reverse of these transactions.
      Many newspapers keep a daily record  of  the  exchange  rates  in  the
highly organized foreign exchange  market,  where  currencies  of  different
nations are bought and sold. For instance, the  Wall  Street  Journal  shows
the price of a currency in two ways: first the price of the  other  currency
is given in U.S. dollars, and second the price of the U.S. dollar is  quoted
in units of the other currency. Pairs of  prices  represent  reciprocals  of
each  other.  These  rates  refer  to  trading  among  banks,  the   primary
marketplace for foreign currencies.

      2. The participants of the foreign exchange markets

      The foreign exchange market is extremely competitive so there are many
participants, none of whom is large relative to the market.
      The central institution in modern  foreign  exchange  markets  is  the
commercial bank.  Most  transactions  of  any  size  in  foreign  currencies
represent merely an exchange of the deposits of one bank  for  the  deposits
of another bank. If an individual or business firm needs  foreign  currency,
it contacts a bank, which in turn secures a deposit denominated  in  foreign
money or actually  takes  delivery  of  foreign  currency  if  the  customer
requires it. If the bank is a large money center institution,  it  may  hold
inventories of foreign currency just to  accommodate  its  customers.  Small
banks  typically  do  not,  hold  foreign  currency  or  foreign   currency-
denominated deposits. Rather, they contact large correspondent banks,  which
in turn contact foreign exchange dealers.
      The major international commercial  banks  act  as  both  dealers  and
brokers. In their dealer role, banks maintain a net long or  short  position
in a currency, and  seek  to  profit  from  an  anticipated  change  in  the
exchange rate. (A long position means their holdings of  assets  denominated
in  one  currency  exceed  their  liabilities  denominated  in   this   same
currency.) In their broker function, banks compete to obtain  buy  and  sell
orders from commercial customers, such as the multinational  oil  companies,
both to profit from the spread between the rates at which they  buy  foreign
exchange from some customers and  the  rates  at  which  they  sell  foreign
exchange to other customers, and to sell other types of banking services  to
these customers.
      Frequently, currency-trading banks do  not  deal  directly  with  each
other but rely on foreign exchange brokers.  These  firms  are  in  constant
communication with the exchange trading rooms of the  world's  major  banks.
Their principal function is to bring currency buyers and sellers together.
      Security brokerage firms, commodity traders, insurance companies,  and
scores of other nonbank companies have come to play a growing  role  in  the
foreign exchange markets today. These Nonbank  Financial  Institutions  have
entered in the wake of deregulation of the  financial  marketplace  and  the
lifting of some foreign controls on international investment, especially  by
Japan and the United Kingdom. Nonbank traders now  offer  a  wide  range  of
services to  international  investors  and  export-import  firms,  including
assistance  with  foreign  mergers,  currency  swaps  and  options,  hedging
foreign  security  offerings  against  exchange   rate   fluctuations,   and
providing currencies needed for purchases abroad.
      In main all participants of an exchange market are usually divided  on
two groups. The first  group  of  participants  is  called  speculators;  by
definition, they seek to profit from anticipated changes in exchange  rates.
The second group of participants is known as arbitragers.  Arbitrage  refers
to the purchase of one currency in a certain market and  the  sale  of  that
currency in another market in response to differences in price  between  the
two markets. The force of arbitrage generally keeps foreign  exchange  rates
from getting too far out of line in different markets.

      3. Instruments of the foreign exchange markets

 . Cable and Mail Transfers
      Several financial instruments are used to facilitate foreign  exchange
trading. One of the most important is the cable transfer, an  execute  order
sent by cable to a foreign bank holding a  currency  seller's  account.  The
cable directs the bank to debit the seller's account and credit the  account
of a buyer or someone the buyer designates.
      The essential advantage of the cable transfer  is  speed  because  the
transaction can be carried out the same day or within one  or  two  business
days. Business firms selling their goods in international markets can  avoid
tying up substantial sums of  money  in  foreign  exchange  by  using  cable
      When speed is not a  critical  factor,  a  mail  transfer  of  foreign
exchange may be used. Such transfers are written orders from the  holder  of
a foreign exchange deposit to a bank  to  pay  a  designated  individual  or
institution on presentation of a draft. A mail transfer may require days  to
execute, depending on the speed of mail deliveries.
 . Bills of Exchange
      One of the most important of all international  financial  instruments
is the Bill of Exchange. Frequently today the word draft is used instead  of
bill. Either way, a draft or bill of exchange is a written  order  requiring
a person, business firm, or bank to pay a specified  sum  of  money  to  the
bearer of the bill.
      We may distinguish sight bills, which are payable on demand, from time
bills, which mature at a future date and are  payable  only  at  that  time.
There  are  also  documentary   hills,   which   typically   accompany   the
international shipment of goods. A documentary bill must be  accompanied  by
shipping  papers  allowing  importers  to  pick  up  their  merchandise.  In
contrast, a clean hill has no accompanying documents and is simply an  order
to a bank to pay a certain sum of money.  The  most  common  example  arises
when an importer requests its  bank  to  send  a  letter  of  credit  to  an
exporter in another country. The letter  authorizes  the  exporter  to  draw
bills for payment, either against the importer's bank or against one of  its
correspondent banks.
 . Foreign Currency and Coin
      Foreign currency and coin itself (as opposed to bank deposits)  is  an
important instrument for payment in the foreign exchange  markets.  This  is
especially true for tourists who require pocket money to  pay  for  lodging,
meals, and transportation. Usually this money  winds  up  in  the  hands  of
merchants accepting  it  in  payment  for  purchases  and  is  deposited  in
domestic banks. For example, U.S. banks operating  along  the  Canadian  and
Mexican borders  receive  a  substantial  volume  of  Canadian  dollars  and
Mexican pesos each day. These funds normally are routed through the  banking
system back to banks in the country of issue, and  the  U.S.  banks  receive
credit in the form of a deposit denominated  in  a  foreign  currency.  This
deposit may then be loaned to a customer or to another bank.
 . Other Foreign Exchange Instruments
      A wide variety of  other  financial  instruments  are  denominated  in
foreign currencies, most of this small in amount.  For  example,  traveler's
checks denominated in dollars and other convertible currencies may be  spent
directly or converted into the currency of the country where  purchases  are
being made. International investors frequently receive interest  coupons  or
dividend  warrants  denominated  in  foreign  currencies.  These   documents
normally are sold to a domestic bank at the current exchange rate.

           Foreign exchange rates

      1. Determining foreign exchange rates

      As Ive already mentioned the prices of foreign  currencies  expressed
in terms of other currencies are called foreign exchange  rates.  There  are
today three markets for foreign exchange: the spot market,  which  deals  in
currency for immediate delivery; the  forward  market,  which  involves  the
future delivery of foreign currency; and the currency  futures  and  options
market, which deals in contracts to hedge against future changes in  foreign
exchange rates. Immediate delivery is defined as one or  two  business  days
for most transactions. Future delivery typically means one,  three,  or  six
months from today.
      Dealers and brokers in foreign exchange actually set not one, but two,
exchange rates for each pair of currencies. That is, each trader sets a bid
(buy) price and an asked (sell) price. The dealer makes  a  profit  on  the
spread between the bid and asked price, although that  spread  is  normally
very small.

      2. Supply and Demand for foreign exchange

      The underlying forces that determine the  exchange  rate  between  two
currencies  are  the  supply  and  demand  resulting  from  commercial   and
financial transactions (including speculation). Foreign-exchange supply  and
demand schedules relate to the price, or exchange rate. This is  illustrated
in Figure 1, which assumes free-market or flexible exchange rates.

                                                                    Figure 1

      Before  examining  this  figure,  we  need  to   define   two   terms.
Depreciation (appreciation) of a  domestic  currency  is  a  decline  (rise)
brought about by market forces in the price of a domestic currency in  terms
of a foreign currency. In contrast, devaluation (revaluation) of a  domestic
currency is a decline (rise) brought about  by  government  intervention  in
the official price of a domestic currency in terms of  a  foreign  currency.
Depreciation or  appreciation  is  the  appropriate  concept  to  deal  with
floating, or flexible, exchange rates, whereas  devaluation  or  revaluation
is appropriate when dealing with fixed exchange rates.
      In the dollar-pound exchange market, the demand  schedule  for  pounds
represents the demands of U.S. buyers of British goods,  U.S.  travelers  to
Britain, currency speculators,  and  those  who  wish  to  purchase  British
stocks and securities. It slopes downward because the dollar price  to  U.S.
residents of British goods  and  services  declines  as  the  exchange  rate
declines. An item selling for 1 in Britain would cost $2.00 in the U.S.  if
the exchange rate were 1/$2.00 U.S.  If  this  exchange  rate  declined  to
1/$1.50 U.S.,  the  same  item  is  $.50  cheaper  in  the  United  States,
increasing the demand for British goods and thus the demand for pounds.  The
supply schedule of pounds represents the pounds supplied by  British  buyers
of U.S. goods, British travelers, currency speculators, and those  who  wish
to purchase U.S. stocks and securities. It slopes upward because  the  pound
price to British residents of U.S. goods and services rises as the  $  price
of the  falls. Assuming an exchange rate of 1 /$2.00 U.S.,  a  $2.00  item
in the U.S. costs 1 in Britain. If this exchange rate declined to  1/$1.50
U.S., the same item is 33 percent more expensive in Britain, decreasing  the
demand for dollars to buy  U.S.  goods  and  thus  reducing  the  supply  of
pounds. The equilibrium exchange rate in  Figure  1  is  1/$2.00  U.S.  The
amounts supplied and demanded by the market participants are in balance.

                                                                    Figure 2


      To understand better the schedules, several of the factors that  might
cause these curves to shift are discussed next. If there is  a  decrease  in
national income and output in one country relative to others, that  nation's
currency tends to appreciate relative to others. The domestic  income  level
of any country is a major determinant of the demand for  imported  goods  in
that  country  (and  hence  a  determinant  of  the   demand   for   foreign
currencies). Figure 2 shows the effects of a decline in national  income  in
Britain (assuming all  other  factors  remain  constant).  The  decrease  in
British income implies a decrease in demand for  goods  and  services  (both
domestic and foreign) by  British  people.  This  reduction  in  demand  for
imported goods leads to a reduction in the supply of pounds, which is  shown
by a leftward shift of  the  supply  curve  in  Figure  2  (from  S[pic]  to
S[pic]). If the exchange rate floats freely, the British  pound  appreciates
against the U.S. dollar. If the exchange rate is artificially maintained  at
the  old  equilibrium  of  1/$2.00  U.S.,  however,  a  balance-of-payments
surplus (for Britain) likely results.

                                                                    Figure 3


      In Figure 3, an initial exchange-rate equilibrium of 1/$2.00 U.S.  is
assumed. Now presume the rate of price inflation in Britain is  higher  than
in the United States.  British  products  become  less  attractive  to  U.S.
buyers (because their  prices  are  increasing  faster),  which  causes  the
demand schedule for pounds to shift leftward  (D[pic]  to  D[pic]).  On  the
other hand, because prices in Britain are rising faster than prices  in  the
U.S., U.S. products become more attractive to British buyers,  which  causes
the supply schedule of pounds to shift to the right (S[pic] to  S[pic]).  In
other words, there is an increased demand for U.S. dollars in  Britain.  The
reduced demand for pounds and the increased supply (resulting  from  British
purchases of U.S. goods)  mandates  a  newer,  lower,  equilibrium  exchange
rate. Furthermore, as long as the inflation rate in  Britain  exceeded  that
in the  United  States,  the  British  pound  would  continually  depreciate
against the U.S. dollar.
      Differences in yields on various short-term and  long-term  securities
can influence portfolio investments among different countries and  also  the
flow of funds of large banks  and  multinational  corporations.  If  British
yields rise relative to others, an investor wishing  to  take  advantage  of
these higher interest rates must first obtain  British  pounds  to  buy  the
securities. This increases the demand for British pounds  shift  the  demand
schedule in Figure 4 to the right (D[pic] to D[pic]). British investors  are
also less inclined to purchase U.S. securities, moving the  supply  schedule
of pounds to  the  left  (S[pic]  to  S[pic]).  Both  activities  raise  the
equilibrium exchange rate of the British pound in terms of U.S. dollars.

                                                                    Figure 4


      3. Factors affecting foreign exchange rates

 . Balance-of-Payments Position
      The exchange rate for any foreign currency depends on a  multitude  of
factors reflecting economic and financial conditions in the country  issuing
the currency. One of the most important factors is the status of a  nation's
balance-of-payments position. When a country experiences a  deficit  in  its
balance of payments, it becomes a net demander of foreign currencies and  is
forced to sell substantial amounts of its own currency to  pay  for  imports
of goods and services. Therefore, balance-of-payments  deficits  often  lead
to price depreciation of a nation's  currency  relative  to  the  prices  of
other currencies. For example, during most of the  1970s,  1980s,  and  into
the 1990s, when the United States was experiencing deep  balance-of-payments
deficits and owed substantial amounts abroad for imported oil, the value  of
the dollar fell.
 . Speculation
      Exchange rates also are profoundly affected by speculation over future
currency values. Dealers and  investors  in  foreign  exchange  monitor  the
currency markets daily, looking  for  profitable  trading  opportunities.  A
currency viewed as temporarily undervalued quickly brings forth buy  orders,
driving its price higher vis-a-vis other currencies. A  currency  considered
to be overvalued is greeted by a rash of sell orders, depressing its  price.
Today, the international financial system is so efficient and  finely  tuned
that billions of dollars can flow across national boundaries in a matter  of
hours in response to speculative fever. These massive unregulated flows  can
wreak havoc with the plans of policymakers because currency trading  affects
interest rates and ultimately the entire economy.
 . Domestic Economic and Political Conditions
      The market for a  national  currency  is,  of  course,  influenced  by
domestic conditions. Wars, revolutions, the death  of  a  political  leader,
inflation, recession, and labor strikes  have  all  been  observed  to  have
adverse effects on the currency of a nation experiencing these problems.  On
the other  hand,  signs  of  rapid  economic  growth,  improving  government
finances, rising stock and bond prices, and successful economic policies  to
control inflation and unemployment usually lead to a  stronger  currency  in
the exchange markets.
      Inflation has a particularly potent impact on exchange  rates,  as  do
differences in real  interest  rates  between  nations.  When  one  nation's
inflation rate rises relative to others,  its  currency  tends  to  fall  in
value.  Similarly,  a  nation  that  reduces  its  inflation  rate   usually
experiences a rise in the value of its currency.  Moreover,  countries  with
higher real interest rates generally experience an increase in the  exchange
value of their currencies,  and  countries  with  low  real  interest  rates
usually face relatively low currency prices.
 . Government Intervention
      It is known that each national government has its own system or policy
of exchange-rate changes. Two of the most important are floating  and  fixed
exchange-rate  systems.  In  the  floating  system,  a   nation's   monetary
authorities,  usually  the  central  bank,  do  not   attempt   to   prevent
fundamental changes in the rate of exchange between  its  own  currency  and
any other currency. In the fixed-rate  system,  a  currency  is  kept  fixed
within a narrow  range  of  values  relative  to  some  reference  (or  key)
currency by governmental action.
      National policymakers can influence exchange rates directly by  buying
or selling foreign currency  in  the  market,  and  indirectly  with  policy
actions that influence the volume of private transactions.  A  third  method
of influencing exchange rates is exchange controli.e.,  direct  control  of
foreign-exchange transactions.

      Intervention of a central bank involves  purchases  or  sales  of  the
national money against a foreign money, most frequently the U.S.  dollar.  A
central bank is obliged to prevent its currency from depreciating below  its
lower support limit. The central bank  should  buy  its  own  currency  from
commercial banks operating in the exchange market and sell them  dollars  in
exchange. These transactions  are  effectively  an  open-market  sale  using
dollar demand deposits rather than domestic bonds. Such transactions  reduce
the central bank's domestic liabilities in the  hands  of  the  public.  The
ability of a foreign central bank to prevent its currency from  depreciating
depends upon its holdings of dollars, together with dollars  that  might  be
obtained by borrowing.  Even  if  a  national  monetary  authority  has  the
foreign exchange  necessary  for  intervention,  its  need  to  support  its
currency in the exchange market might be inconsistent with  its  efforts  to
undertake a more expansive monetary policy to achieve its domestic  economic
      Also Id like to say a  few  words  about  currency  sterilization.  A
decision by a central bank to intervene  in  the  foreign  currency  markets
will have both currency market and money supply effects unless an  operation
known as currency sterilization is carried out.  Any  increase  in  reserves
and deposits that results from a  central  bank  currency  purchase  can  be
"sterilized" by using monetary policy tools that absorb reserves.  There  is
currently a great debate among economists as to whether  sterilized  central
bank intervention can significantly affect exchange  rates,  in  either  the
short term or the long term,  with  most  research  studies  finding  little
impact on relative currency prices.


      A market in national monies is a necessity  in  a  world  of  national
currencies; this market is the foreign-exchange market.  The  assets  traded
in this market are demand deposits denominated in the different  currencies.
Individuals who wish to buy goods or securities in a  foreign  country  must
first obtain that country's currency  in  the  foreign-exchange  market.  If
these individuals pay in their own currency, then the sellers of  the  goods
or securities, use the foreign-exchange  market  to  convert  receipts  into
their own currency.
      One from the most important participants of an exchange  market  is  a
business bank, which act  as  the  intermediaries  between  the  buyers  and
sellers. As already it is known they can  execute  a  role  speculators  and
      Most foreign-exchange transactions entail trades  involving  the  U.S.
dollar and individual foreign currencies. The exchange rate between any  two
foreign currencies can be inferred as the ratio of the  price  of  the  U.S.
dollar in terms of each of their currencies.
      The exchange rates are prices that equalize the demand and  supply  of
foreign exchange. In recent years, exchange rates have moved  sharply,  more
sharply than  is  suggested  by  the  change  in  the  relationship  between
domestic price  level  and  foreign  price  level.  Exchange  rates  do  not
accurately reflect the relationship between the  domestic  price  level  and
foreign price levels. Rather, exchange rates change so that the  anticipated
rates of return from holding domestic securities and foreign securities  are
the same after adjustment for any anticipated change in the exchange rate.
      The major factor influencing to the rate of exchange, is  interference
of government in the person of  central  bank  in  currency  policy  of  the
country.  The value of a nation's currency in the international markets  has
long been a source of concern to  governments  around  the  world.  National
pride plays a significant role in  this  case  because  a  strong  currency,
avidly sought by traders and investors  in  the  international  marketplace,
implies the existence of a vigorous and  well-managed  economy  at  home.  A
strong and stable  currency  encourages  investment  in  the  home  country,
stimulating its economic development. Moreover, changes in  currency  values
affect  a  nation's  balance-of-payments  position.  A  weak  and  declining
currency makes foreign imports more  expensive,  lowering  the  standard  of
living at home. And a nation whose currency is  not  well  regarded  in  the
international  marketplace  will  have  difficulty  selling  its  goods  and
services abroad, giving rise to unemployment  at  home.  This  explains  why
Russia made such strenuous efforts in the early 1990s to  make  the  Russian
ruble fully convertible into other  global  currencies,  hoping  that  ruble
convertibility will attract large-scale foreign investment.


      The problem of  laundering money  is essential with  regard  to  the
exchange market. Id like to add that  the  Russian  exchange  market  comes
first in this respect.
      The origin of this problem directly is connected with activity of  the
organized crime: funds obtained in a criminal way  are  presented  as  legal
capital to introduce them  in  economic  and  financial  structures  of  the
state. Therefore struggle against  laundering money is recognized  in  all
countries as one from major  means  of  a  counteraction  of  the  organized
crime. The sources of dirty money are as follows:
      international drugs traffic;
      mafias  activity;
      illegal trade of  weapon.
      The  use  of  exchange  markets  for  laundering  money  is  not   a
contingency. This process is promoted by absence of restrictions  concerning
 foreign exchange.
      Unfortunately today participation of Russia in international  struggle
against outline problem is limited by signing of the Viennese convention  on
struggle against an international drugs trafficking and  entering  Interpol.
The work on struggle against laundering money in Russia should start  from
the very beginning. The process of developing legislation and mechanisms  of
its application is supposed to give instructions aimed  at  lawful  struggle
against  laundering   money,   developing   bilateral   cooperation   with
countries of European Union, USA and Japan.

      Literature used

1. Money, banking and  the  economy   T.  Mayer,  J.S.  Duesenberry,  R.Z.
      W.W. Norton & company   New York, London 1981
2. Principles of international finance  Daniel R. Kane
      Croom Helm  1988
3. Money and banking  David R. Kamerschen
      College Division South-western Publishing Co.  1992
4. Money and capital  markets:  the  financial  system  in  a  increasingly
   global economy  fifth edition    Peter S. Rose
      IRWIN 1994

"Foreign exchange market ( ) "