New York foreign exchange market is not only the center of American foreign exchange business, is the world's most important international foreign exchange market, its daily trading volume of view, ranking second in the world, but also the clearing center of the global US dollar transactions.
New York foreign exchange market is the abstract of the foreign exchange market, it is through the telegraph, telephone, telex, computer terminals at home and abroad to contact, there is no fixed trading places. Participating in market activities are the Federal Reserve Bank, the major commercial banks in the foreign exchange department of the United States, foreign bank branches in the United States and the agency, foreign exchange brokers, consortium of companies and individuals. Federal Reserve Bank to perform the functions of the central bank, many have reciprocity with the National Bank provides credit, you can borrow in various currencies within certain limits, intervention in the foreign exchange market, the dollar remained stable. Largest commercial bank in New York foreign exchange market is the most active financial institutions, foreign exchange trading and payment them at home and abroad by branches and agencies.
New York foreign exchange market consists of three parts. The first is the foreign exchange market between banks and their customers, and the second is the inter-bank foreign exchange market in New York, and the third is the foreign exchange market and foreign banks in New York banks. Wherein the inter-bank foreign exchange market in New York is the most traded market, accounting for 90% of the foreign exchange market trading volume. Therefore, commercial banks play an extremely important role in forex trading, forex trading is mainly handled by the commercial banks.
In terms of business, the United States has no foreign exchange controls, any US commercial banks are free to engage in foreign exchange business.
Currency trading on the New York foreign exchange market, mainly the euro, British pound, Canadian dollar, Japanese yen and other. According to the Reserve Bank of New York to help the two data, in the New York foreign exchange market, the largest trading volume is the euro, accounting for 40%, followed by 23 percent for the yen, the pound 19%, 5% of the Canadian dollar.
New York foreign exchange market is one of the important international foreign exchange market, the daily trading volume after London. New York foreign exchange market is also an invisible market. Forex trading through modern communication and computer network conducted its monetary settlement are available through the New York area interbank clearing system and the Federal Reserve Bank payment system.
Since the United States has no exchange controls, no restrictions on foreign exchange operations, the government does not appoint a special foreign exchange bank, so almost all US banks and financial institutions may engage in foreign exchange business. But the New York foreign exchange market participants, mainly commercial banks, including Bank of America, more than 50 foreign bank branches and more than 200 correspondent banks and representative offices in New York.
Forex trading on the New York foreign exchange market is divided into three levels: Forex Trading between banks and their customers, foreign exchange transactions between banks and their foreign exchange transactions of domestic banks and foreign banks. Among them, the interbank foreign exchange trading mostly handled by the forex broker. New York foreign exchange market have eight brokers, although some specialize in certain foreign exchange trading, but most of them are also engaged in transactions in multiple currencies. Forex Brokers business without any supervision, its trading arrangements do not assume any financial responsibility, but a commission to the seller after the completion of each transaction.
New York foreign exchange market trading activity, but import and export trade-related foreign exchange trading volume is small. It is closely related to a considerable part of foreign exchange and financial futures markets. US companies in addition to financial futures and relations with the foreign exchange market, the less other foreign exchange business.
New York foreign exchange market is a totally free foreign exchange market, the exchange offer both direct quotation (referring to the pound) and use the indirect quotation (refers to the European currency and the currencies of other countries), facilitates the dollar traded in the world. Trading currencies is mainly in continental Europe, North America, Canada, Central and South America, Far East, Japan and other countries currencies.
