Saturday, August 15, 2009

Foreign Exchange and Money Markets

Although this book is called Foreign Exchange and Money Markets,the chapters on the money markets come first. This is because there are some money market ideas which it might be useful to have covered before some of the material on foreign exchange.

The term money market is used to include all short-term financial instruments which are based on an interest rate, whether the interest rate is actually paid (as in a cash deposit) or only implied in the way the instrument is priced and settled (as in an FRA). Longer-term instruments are covered by the term capital market.

Throughout the book, we have generally used ISO codes (also used by the SWIFT system) to abbreviate currency names – for example,GBP for sterling, USD for US dollars and EUR for euros.
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