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若然 · 2024年07月06日

NO.PZ2018091706000042

问题如下:

BBQ firm is an American company and exports steel to a firm which is in England. Assume BBQ receives the payment of 3,600,000 GBP now and it wants to change these pounds into dollars. The spot exchange market rate is 1.5500 USD/GBP for bid and 1.5505 for ask. A day after, BBQ calls a dealer who quotes 1.5498 USD/GBP for bid and 1.5507 for ask. Which of the following reasons cannot explain the dealer quote?

选项:

A.

Because it is a small transaction.

B.

Because the New York and London exchange market are not both open.

C.

Because the volatility of market is getting large.

解释:

A is correct.

考点Factors that affect the bid-offer spread

解析:我们观察到交易商A的报价的价差是0.0009( =1.5507-1.5498 )明显高于前一日的市场报价的价差0.0005( 1.5505-1.5500 )。能够把外汇市场卖价差拉大的原因包括:市场风险加大;纽约和伦敦市场没有同时开市,市场流动性减少 ;以及交易量过大,抽干了市场的流动性。A选项说法反了,所以入选不能解释的选项。

强化班老师说过,纽约和伦敦的外汇市场是同时开市的,各自的local time不同而已,我听错了?讲义中那两个时间都是纽约时间?

1 个答案

笛子_品职助教 · 2024年07月08日

嗨,从没放弃的小努力你好:


强化班老师说过,纽约和伦敦的外汇市场是同时开市的,各自的local time不同而已,我听错了?讲义中那两个时间都是纽约时间?

外汇市场都是24小时交易的。

只是local time不同。

纽约的黑夜,是伦敦的白天。

黑夜,市场也可以交易,只是黑夜交易的人少,交易量低。

即使都开市,但只要local time不同,就会拉大价差。



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