Foreign Exchange: The Complete Deal - James McDowell. Sharpe

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exchange, however, is still relationship-based and while customers use e-commerce tools (dealing platforms) in volatile markets, ideas (market colour) can only be provided direct from the dealing room. This is invaluable.

      The BIS figures in Table 3.2 show that the foreign exchange market continues to grow. It is without doubt the largest and most liquid market available, and is likely to be spared undue regulation in the future, unlike derivatives. It is apparent, however, that liquidity, if we take turnover as a proxy, is limited to a small group of currencies and is concentrated within a very small number of banks. I shall be talking more about liquidity later, in chapter 11.

      The underlying message of this book is that with floating exchange rates comes extreme volatility and with that comes an increasing need to hedge or manage that volatility. The data we looked at above (again, in Table 3.2) suggest that hedging is indeed increasingly employed, with vanilla products (spot and forwards) still the favoured method. I will discuss these vanilla products in depth for this very reason.

      The growth of sovereign wealth funds, hedge funds and international funds in general has certainly driven foreign exchange activity for portfolio diversification and trading. The foreign exchange market is probably going to be a larger focus for investors in the years ahead given all of the above and because increasing government debt issuance globally will require some element of overseas buyers.

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