Foreign Exchange

We measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period [1997][1998][1999][2000][2001][2002][2003][2004][2005][2006][2007] and explicitly accounts for trading restrictions on foreign capital movements by using nondeliverable forward data. We document that both types of information can be exploited to implement profitable trading strategies. In line with evidence from surveys of foreign exchange professionals concerning the use of fundamental and technical analysis, we find that combining the two types of information improves the risk-adjusted performance of the investment strategies.

We use an agent-based approach to model trading behaviour in high-frequency markets. This study focuses on the Foreign Exchange (FX) market. The initial part of this study is to observe the micro-behaviour of traders to define the stylized facts of their trading activities. This is performed using a high- frequency dataset of anonymised individual traders' historical transactions on an account

Price discovery is a principal function of financial markets. Yet, especially for dealership markets, financial economists know little about how prices are determined. In this paper I analyze the process of price discovery in the multiple-dealer, interbank spot market for foreign exchange. I use DM/$ quotes to calculate interbank dealers’ “information shares,” their proportional contributions to the variance of innovations in the implicit, efficient exchange rate. These information shares are used to analyze relationships between price discovery and dealer characteristics. Unlike the U.S. equity markets, where regional exchanges contribute relatively little to price discovery, less-active interbank dealers play a large role, impounding most of the information into quotes. A pooled analysis of dealers’ intraday information shares indicates that the lower the relative bid-ask spread and the greater the number of regional foreign exchange branches, the higher is a dealer’s contribution...

Since 1997, the agricultural leases on Native land, issued under the 1976 Agricultural and Landlord Tenants Act (ALTA), began to expire. The sugar industry is the main commodity export earner for Fiji, directly contributing about 22% of the national GDP and supporting over 25% of the country's active labor force. Fiji exports 80% of its sugar production, earning on average of $250-300 million in foreign exchange annually. Several options have been suggested, including: non-renewal of leases, with the land reverting to Fijian owners; renewal of ALTA but with land rents pegged to the gross value of production instead of the unimproved capital value; sharecropping and contract wage arrangements; and abolishment of lease arrangement under ALTA with leases to be issued under an institutional arrangement guided by the Native Lands Trust Act (NLTA). The land tenure system adopted will have a significant impact not only on the efficiency of the sugar cane sector but also on Fiji's...

This paper evaluates the systematic risk of foreign exchange by deriving efficient sets of international portfolios from six national viewpoints. The composition of these portfolios is examined and the effect of different exchange rate risks is discussed theoretically and tested empirically. The paper shows that in the context of international portfolios, exchange risk matters much less than would be expected.

The benefits of listing a company's stock on a foreign exchange to achieve better global market integration have been quite extensively examined. What has been overlooked in the finance literature is an attempt to explain why the New York Stock Exchange (NYSE) tends to be bypassed in favor of the London market and other exchanges when firms select foreign exchanges for listing. This paper explains the behavior of firms in their selection of foreign stock markets for listing by using a signalling model. Another purpose of this study is to address the current dispute between the NYSE and the Securities and Exchange Commission (SEC) regarding the desire of the NYSE to relax its registration requirements in order to gain more listings by foreign companies.

Three studies tested the integrated threat theory by examining the causal role that threats play in attitudes toward immigrants. In Study I, students were presented with information about an immigrant group indicating that it posed realistic threats, symbolic threats, both types of threat or no threats to the ingroup. Attitudes toward the immigrant group were most negative when it posed both realistic and symbolic threats to the ingroup. In Study II, information was presented indicating that an immigrant group possessed negative traits, positive traits, or a combination of positive and negative traits. The results indicated that the negative stereotypes led to significantly more negative attitudes toward the immigrant group than the other types of stereotypes. In the third study, group descriptions leading to high levels of intergroup anxiety led to negative attitudes toward foreign exchange students. Empathizing with the foreign exchange students reduced these negative attitudes. The implications of the results of these studies for theory and practice are discussed.

The IMF classifications of the Central and Eastern European exchange rate arrangements are heterogeneous. While one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate flexibility. Based on the recent discussion about the accuracy of IMF exchange rate arrangement classifications, low-and highfrequency exchange rate stability in Central and Eastern Europe is explored here. In this paper we find that de facto exchange rate stabilization is much more prevalent in Central and Eastern Europe than suggested by de jure exchange rate classifications. Most of the CEE countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless, as exchange rate stabilization against the euro is pursued with different degrees and with different long-term drifts, intra-regional exchange rates are still far from being unified.

The Hong Kong dollar is the only Asian currency to be anchored to the dollar using a currency board. The fact that the currency was able to resist speculative attacks during the recent financial crisis should not hide the weaknesses of the foreign exchange regime. A detailed analysis of these episodes indicates that a particular form of speculation emerged in

Banking sector is one of the largest and important sector for a nation’s economy. Bank provides enormous and quality services to its customers so that a person or an institution can have a safety of their money, financial assurance and most of all they have a financial backup for their own life or business. In my internship period I have great opportunity to join myself to a most successful and above all fully Bangladeshi entrepreneurs based established Bank which name is National Bank Limited. National Bank Limited is a fast growing private bank in our country. It focuses on providing high quality customer service at a very competitive price. In my internship period I was assigned to learn about and work in the foreign exchange division of this bank. In my internship period I was exposed before so many foreign exchange activities and export import procedures of this bank. So I have prepared this report based on Foreign Exchange Activities of National Bank Limited. In my whole internship period I was tried to focus on the foreign exchange documentations, procedures and other relevant activities which were performed or occurred in a foreign exchange activity. So this report focuses Three months working experiences of foreign exchange division National Bank Limited, Banani Branch, Dhaka. This report will give a clear idea about the procedures of Foreign Exchange Activities and also the items and documents are needed during a foreign exchange activity in National Bank Limited. In our countries current economic condition it is very important and necessary to develop foreign exchange and make sure that our country gets more foreign remittance from this exported products. As I said before that our country is a developing country and most of our economy is dependent on Exporting products. Thus Foreign Exchange Activities of any bank is very important for a countries economy.

In this paper we explore the ethics of business-to-business electronic commerce, with a focus on the banking sector. A case study of online foreign exchange developments at an investment bank is used to help illustrate some key moral issues. Important areas identified for further research include freedom of choice, trust and transparency of business-to-business transactions and limits to responsibility with regard to the facilitation of fraud. It is concluded that only with careful consideration of a broad range of management issues will traditional companies effectively address the challenges of electronic commerce. The barriers to be dealt with are far from being just technical solutions to doing business in cyberspace.

Ghana's cocoa production has declined in the past 25 years from half the world market share to about one tenth of the market. This has been partly due to policies that overvalued the domestic currency and heavily taxed cocoa exports. This study addresses the dilemma Ghana's government faces: how to provide enough producer incentives to stimulate the cocoa exports Ghana

The purpose of this paper is to review the evidence on the profitability of technical analysis. The empirical literature is categorized into two groups, 'early' and 'modern' studies, according to the characteristics of testing procedures. Early studies indicate that technical trading strategies are profitable in foreign exchange markets and futures markets, but not in stock markets. Modern studies indicate that technical trading strategies consistently generate economic profits in a variety of speculative markets at least until the early 1990s. Among a total of 95 modern studies, 56 studies find positive results regarding technical trading strategies, 20 studies obtain negative results, and 19 studies indicate mixed results. Despite the positive evidence on the profitability of technical trading strategies, most empirical studies are subject to various problems in their testing procedures, e.g. data snooping, ex post selection of trading rules or search technologies, and difficulties in estimation of risk and transaction costs. Future research must address these deficiencies in testing in order to provide conclusive evidence on the profitability of technical trading strategies.

In this paper, we study the foreign exchange exposure of US insurance firms, comparing the exposure of life and non-life insurers for the first time. The evidence shows that no systematic difference exists in the foreign exchange risk profiles of these two segments within the insurance industry. This suggests that life and non-life insurers have similar risk exposure management strategies arising from similar risk pooling and financial intermediary functions. The empirical results reveal that a sizable proportion of U.S. insurers are exposed to foreign exchange movements to the seven largest U.S. trade partners in insurance services (these include the U.K., Japan, Switzerland, France, Germany and Canada). The presence of an operational effect is also documented, suggesting that the geographic diversity of multinational insurers correlates with increased hedging activity. This paper also finds that the frequency of foreign exchange exposure increases with the time horizon, thus corroborating with the theory that multinational firms prefer to use derivatives to hedge shorter-term transactional exposure over the longer-term economic exposure that is harder to assess.

Forex Market screener is a one of forex trader's habit. At least 28 currency pairs on every screening which major currency pairs AUD/USD, EUR/USD, GBP/USD, NZDUSD, USDCAD, USD/CHF dan USD/JPY. Leastwise 5 technical indicators mostly used like MA, MACD, RSI, Stochastic dan CCI attached in each 28 pairs charts on certain time frame, to do technical analysis of price change and movement, that generate which currency pairs to trade. However, the fact, traders faced many false signals and miss analysis. One caused by single time frame analysis without comparing others, which less precision, late entry and exit signal, less profit and more loss risk. Data mining might a solution, where mined data would provide current and recent market condition, price change and movement analysis, the most suggestion pairs to trade, all in one dashboard. Forex market screener data mining resulting more precision analysis, early entry and exit signal, more profit and less loss risk.

Tourism is an activity that is mainly carried out for recreational and leisure purposes. This activity has proved vital for many countries-developing as well as developed countries .It has been proved in the case of India. The growth in tourism sector is expected to rise further in the coming decades as the sector is expanding fast. Several establishments are included in the tourism industry whose products are mainly sold to visitors. Railways, Waterways, Roads and other amenities like Electricity, supply of Water, Sewage Dranage, and other facilities like Accommodation, Aviation Sector Recreational facilities, Restaurants and Shopping facilities etc. are one of them. As all these components creates the foundation of tourism industry the Government of India and Ministry of Tourism with the help of state and U.T. Goverenments are launching and developing various development schemes to improve the present situation of infrastructure in India.Present paper highlights the role of tourism industry in social and economical development of country,contribution of Goverenment, Ministry of Tourism and other tourism related organization in infrastructure development, Books, Magazines, Journals, E-Journals, Internet, Reports of WTO, Ministry of Tourism, and World Travel and Tourism Council etc. To analyse all these fact three research questions have been prepared:-a) is tourism industry a boon or a curse to the society? b) are initiatives taken by government to increase the tourist inflow and to develop the tourist infrastructure in india, sufficient or need some amendments? c)do increased economic benefits of tourism industry has created a place for India on world tourism map or not ?.After analyzing all the facts it can be concluded that tourism industry is expanding day by day and contributing a lot towards the economic development of society by providing employment opportunities and huge increase in foreign exchange earning.Though it has some negative sides too but this problem can be eliminated by the joint efforts of government, tourism organizations, media, and of course local communities.

We propose a new benchmark for FX which we call SIREN. This benchmark is designed to be a fair benchmark to use for settling large FX transactions and an alternative to the WMR Fix which has been the subject of recent FX controversies. We argue that FX fixing issues have arisen because the fix neglects to reflect how FX is traded in large volumes leading to collusion between market-makers and potential front-running to reduce trading risk. SIREN uses the concept of optimal execution to both reflect the risk of trading larger notionals and to spread out the trading activity around the benchmark. In addition, the SIREN benchmark is calculated over a longer window allowing the market to better absorb the volume traded against the benchmark. We believe this approach improves results for both the buy-side and the sell-side. This whitepaper will first look at existing benchmarks and associated issues before discussing optimal execution and explaining the SIREN methodology. We graphically compare the various benchmarks before investigating real-world effects using a case study of over 3000 fixing trades executed by a pension fund.

This article highlights the main issues raised in 13 articles that were selected from papers presented at the 12th Australasian Finance and Banking Conference held in Sydney in December 1999. It also analyses the issues related to global financial coordination and integration for the new millennium. It highlights the cost associated with foreign exchange volatility and the significance of macroeconomic coordination at the global level for further integration of the financial market. It also highlights the challenges facing international institutions such as the International Monetary Fund (IMF) and the need for global financial institutions with greater influence, which could address the major financial challenges facing the new millennium.

In the dynamic global economy, the accuracy in forecasting the foreign currency exchange (Forex) rates or at least predicting the trend correctly is of crucial importance for any future investment. The use of computational intelligence based techniques for forecasting has ...

The National Australia Bank (NAB), one of Australia's largest banks, announced losses in 2004 of AUD$360 million due to unauthorised foreign currency trading activities by four employees who incurred and deceptively concealed the losses. The NAB had in place risk limits and supervision to prevent trading desks ever reaching positions of this magnitude. However, the risk management policies and procedures proved ineffective. The purpose of this paper is to analyse the deceit, via a content analysis of official investigative reports and other published documents, to determine the extent to which the Bank's culture and leadership may have influenced the rogue traders' behaviour. The findings suggest that cultural issues, and the role played by the Bank's leaders, were influential in creating a profit-driven culture that ultimately impacted the Bank's foreign exchange operating activities.

The Information and Communication Technology and foreign exchange market is a vast subject. This Article considers the impact of technological advances on the foreign exchange management and focus on transparency to determine exchange rates, transparency relates to how efficiently dealers can aggregate information in foreign exchange. There are of course many other uses of information and communication technology (ICT) that have obviously influenced the markets like, it will focus on how to manage risk in Volatile condition of foreign exchange (Fx) rates with the help of technology and take appropriate decisions to avert risk and lead to profitability in the area of Marketing, Production and finance in international marketing.

This is my internship report that I have completed for the partial requirement of my MBA degree. This report is thoroughly monitored and supervised by Md. Mahmudul Huq sir. I have created this report based on my internship at Southeast Bank Ltd (14th February - 12th May 2022). This report is based on foreign exchange, foreign trade, imports, exports, analyses, remittances, etc.

Firm value is influenced in many direct and indirect ways by financial risks which consist of unexpected changes in foreign exchange rates, interest rates and commodity prices. The fact that a significant number of corporations are committing resources to risk management activities is, however, only an indication of the potential of corporate risk management to increase firm value. This paper presents a comprehensive review of positive theories and their empirical evidence regarding the contribution of corporate risk management to shareholder value. It is argued that because of realistic capital market imperfections, such as agency costs, transaction costs, taxes, and increasing costs of external financing, risk manage-Ž . ment at the firm level as opposed to risk management by stock owners represents a means to increase firm value to the benefit of the shareholders.

Giriş Bir ülkenin mal ve hizmet hareketleri sonucunda oluşan döviz giriş ve çıkışını, başka bir deyişle parasal hareketliliğinin çerçevesini belirleyen mevzuat kambiyo rejimini oluşturmaktadır. Dünyada hızlı küreselleşme eğilimiyle birlikte artan uluslararası mal ve hizmet ticareti ülkelerin uyguladıkları kambiyo rejiminin öneminin artmasına neden olmuştur. Günümüzde her ülkenin kendi koşullarına göre uyguladığı farklı bir kam-biyo rejimi bulunmakta ve uygulanan bu rejimler de zamanla değişebilmektedir. Ülkelerin kambiyo rejimlerinde ortaya çıkan bu değişiklikler planlı olabildiği gibi, mali piyasalardan kaynaklanan baskılar ve krizler sonucu da gerçekleşebilmek-tedir. Hangi sebeple olursa olsun kambiyo rejimindeki değişiklikler dış ticaret, yabancı yatırımlar veya döviz pozisyonları aracılığıyla hem mali sektör hem de reel sektör üzerinde önemli etkiler yaratmaktadır. Ayrıca bir ülkede ekonomik büyümenin finansmanında kullanılabilecek kaynakların temini o ülkede uygulanan kambiyo rejimiyle yakından ilgilidir. Osmanlı İmparatorluğu döneminde kambiyo istikrarının sağlanmasına iliş-kin sorunlar Tanzimat Fermanı'nın ilanından sonra belirgin bir şekilde ortaya çık-mıştır. Bu dönemde sterlin-kuruş paritesinin sürekli artış göstermesinden dolayı kambiyo istikrarının sağlanması Osmanlı ekonomisinin öncelikli konularından biri haline gelmiştir. Osmanlı yönetimi kambiyo istikrarının sağlanması görevini 1843 yılında iki yıllık bir süre için iki Galata bankerine devretmiş; iki yıllık süre için başlayan bu uygulama 1849 yılında Dersaadet Bankası kuruluncaya kadar devam etmiştir. Ancak Osmanlı İmparatorluğu'nu finanse etmek için kurduğu sistemin çökmesiyle dört yıla yakın faaliyeti sonrasında bu banka kapanmıştır. Dersaadet Bankası'nın kapanmasından sonra kambiyo istikrarı ara sıra bazı tüccarlarla imza-lanan sözleşmeler çerçevesinde yürütülmeye çalışılmıştır. * Yrd. Doç. Dr., Nişantaşı Üniversitesi İktisadi İdari ve Sosyal Bilimler Fakültesi, Ekonomi ve Finans Bölümü.

The Okavango Delta is one of Botswana's leading tourist destination areas, mainly because of the rich wildlife resources it sustains and its scenic beauty. Tourism has stimulated the development of a variety of allied infrastructure and facilities, such as hotels, lodges and camps, airport and airstrips, in the Okavango region. Through its backward linkages, wholesale and retail businesses have also been established, especially in Maun, to offer various goods to the tourist industry. Tarred roads and other communication facilities have also been developed in Ngamiland District partly to facilitate tourism development. Tourism in the Okavango Delta also provides employment opportunities to local communities and it is a significant source of foreign exchange for Botswana. Despite its positive socioeconomic impacts, the industry is beginning to have negative environmental impacts in the area such as the destruction of the area's ecology through driving outside the prescribed trails, noise pollution and poor waste management. This, therefore, suggests that tourism in the Okavango Delta has socioeconomic and environmental impacts, issues which are addressed by this paper based on the concept of sustainability.

The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services. Without the ability to trade in different currencies, companies’ prospects would be limited and global economic growth would suffer. Banks are one of the main element of the financial system of Bangladesh and have a huge impact on the overall economic condition of the country. A banking organization has different departments and functional areas, all of which must operate holistically if the firm is to be successful and one of them is the Foreign Exchange Department. My report shows the performance of Foreign Exchnage Department of Janata Bank Limited

Foreign exchange exposure is defined as the assessment of potential of a firm's profitability, net cash flow, and market value to change due to unpredictable changes of foreign exchange rates, which can be financially unfavorable to the global firm. This paper discusses the three various types of major foreign exchange exposure which are, translation, transaction, and economic; the risks associated with each exposure, and how to minimize specific currency risks.

The role of foreign direct investment (FDI) in promoting growth and sustainable development has never been substantiated. There isn't even an agreed definition of the beast. In most developing countries, other capital flows-such as remittances-are larger and more predictable than FDI and ODA (Official Development Assistance). Several studies indicate that domestic investment projects have more beneficial trickle-down effects on local economies. Be that as it may, close to two-thirds of FDI is among rich countries and in the form of mergers and acquisitions (M&A). All said and done, FDI constitutes a mere 2% of global GDP. FDI does not automatically translate to net foreign exchange inflows. To start with, many multinational and transnational "investors" borrow money locally at favorable interest rates and thus finance their projects. This constitutes unfair competition with local firms and crowds the domestic private sector out of the credit markets, displacing its investments in the process. Additionally, foreign investors tend to target countries with high tariffs (" tariff jumping "), thus increasing pressure on domestic manufacturers, adversely affecting the country's terms of trade (via capital-intensive imports), and depriving the state of much-needed revenues. As Bhagwati and Johnson noted in the 1950s, under certain conditions which are common in commodity-producing regions of the globe, this can actually lead to immiseration despite growing capital investments and exports. Many transnational corporations are net consumers of savings, draining the local pool and leaving other entrepreneurs high and dry. Foreign banks tend to collude in this reallocation of financial wherewithal by exclusively catering to the needs of the less risky segments of the business scene (read: foreign investors). Additionally, the more profitable the project, the smaller the net inflow of foreign funds. In some developing countries, profits repatriated by multinationals exceed total FDI. This untoward outcome is exacerbated by principal and interest repayments where investments are financed with debt and by the outflow of royalties, dividends, and fees. This is not to mention the sucking sound produced by quasi-legal and outright illegal practices such as transfer pricing and other mutations of creative accounting.

National Bank limited plays a crucial role in import and exports of the country. Without Bank's
adjuvant, it is not possible to run any business or production activity in this eon. Import-Exports
need finance in various stages of their activities. All these facilities are provided by National
Bank limited. For this purpose, NBL considers the borrower's business standing, integrity,
liability with the bank term and conditions of the L/C. NBL is strictly against Money Laundering
as it is one of the core risks in Banking system. There are lot of risks involved in foreign
business. So, NBL clearly justify the customers from a neutral point and gather the current
information about the market. NBL through its steady progress and continuous success has, by
how, earned the reputation of being one of the leading private sector banks of the country. The
bank has shown steady progress in its` Remittance sector. NBL‘s capital adequacy, deposits,
reserves, earning per share, total asset are increasing day by day. Ergo, undoubtedly National
Bank Limited has a great possibility in Banking industry.

The aquarium fish industry in Sri Lanka has become a valuable foreign exchange earner during the past few years, earning Rs. 530 million in 1998. Sri Lankan ornamental fish exports for the international market include locally wild caught marine, brackish-water and freshwater species as well as captive bred freshwater fish. Presently, there are about 18 registered aquarium fish exporters and

CLcqua uCJflqU © UOtCC !1J to IIJC 2OflLCC uot to cxccq tMo bI.1bp2 urnA pc dnotcq iitponi cbJc!t bcuii1ou bLoAqcq ipt njj © 1ÔÔ2 pA ypincc uq KCUUtP ooj vjj LIJ1t2 LccLAq 2POLt 2GCt!01J2 oj tcct LC tpO O tJJC fltjJ0!2 ffuq UOt tJIO2C 0 tJIC WtJOUVJ BflLIT 0 ECOUOUJIC IC2CLCW PJtQLU1t0UJ E!IJUCG uq N1CL0CCOU0UJ1C' uq J0UC1VLA couounc quA ob!u!ou cxbLccq

The decline of the coir fiber industry in Sri Lanka, which brings valuable foreign exchange, has been a subject of concern as Sri Lanka is a main supplier of coir fiber to the world market. The repercussions of this decline on the country are enormous. In this article we analyze this crisis situation to find the causative factors and to propose recommendations for the development and sustainability of the industry. The main factors contributing to the crisis are unfavorable trade policies, trade barriers, human resource problems, poor trade behavior, export barriers, poor product marketing strategy, the high cost of production, poor industry regulation, and threats from the global marketing environment. Recommendations for the development of the industry include policy changes, improved working conditions, trade strategies, product diversification, mechanization, quality assurance, market development, strengthening of market position, and regional cooperation. We present a comprehensive long-term strategy for the future development of the coir fiber industry of Sri Lanka. [EconLit citations: O530, Q130, Q170.] © 2004 Wiley Periodicals, Inc. Agribusiness 20: 495–516, 2004.