,.,.. Copyright 2005 by BookCosmos. All Rights Reserved. Summarized with the Permission from the Publisher. ( ).,.
/ 2005 4 / 356 / 13,000,,.,,,,., CEO. S ho rt S umma ry,,???, 3..,,,,.,,.,. 1, 2 3 4, 5 6 7-2 -
/ 2005 4 / 356 / 13,000 1,, / 70 (Andre Kostolany),,,,,.,., /, /.,.,,,. /,,.,.,, 2,.,.,...,,.,. 100,, 100, 1997-8 100 15 -.,. 2005 2,,.... - 3 -
,..,.,,..,.?. 2 G7 ( ).. - 6, -.,.,. / /,,., 1999 1 5,000,.. CNN, / 1. /.....,,,.,,,,,.. (Department of Commerce) (Department of Labor). 2 /.,,. 300,,, 1,500. CNN CNNFN, CNBC, CBS, TV - 4 -
24. 24, MBN, TV /,,.,,.,. 2003,., ( ).,,,. 1980., 11...,,.,,..,.. 3 /.!. /..,..,, (corporate dealer)., - 5 -
.. / 1020.10/1020.20. 1020.10 (bid), 1020.20 (offer)", 1020.10, 1020.20. 1,000. ( )..,. 1026.00/1026.30, - (TOM) (tomorrow), 1026.00 00, 1,000 -.. / / /. 80,,..,. (bid rate, buying rate) (offer rate, ask rate).,.,,. (basic rate). (T/T : telegraphic transfer rate), ( ).,. (T/T buying rate,. ) (T/T selling rate,, ). (cash rate),,,....,,. - 6 -
,.. 10,.., (negotiation). 4, / 3.., (speculation)... 70, (hedge).., (hedge, ). A 3 100. 3,. 3. (arbitrage).,..,,,,. / /. (accounting exposure) (economic exposure). (transaction exposure) (translaion exposure)...,,.,,,, /, - (matching), (lagginf & leading), (netting), (pricing), (asset & liability management),, -, - (forward exchange transaction), (money market transaction), - 7 -
,, (currency option),,, -.,,. (swap rate), (,. - ). / / / (NDF, Non- Deliverable Forward),, /,. NDF NDF fixing, NDF. 10 1, NDF 1 1. (value date) 10 1, 9 30 (fixing date), 9 30 (MAR, Market Average Rate) (fixing rate). MAR MAR play( ). MAR sell fixing, MAR sell fixing. NDF,, NDF,. NDF. fixing roll- over(r/o).. R/O. NDF,,,.,,. 3, 5, 10,. / /,,.,,,,,.. - 8 -
,.. 2001 / 2 15. 750 (1 250 ), 2001 6 3 (1 5 ) 1,343. 1,350 7 105 (15 X 7 ). (6 2 ), 1,300,?, 15, 1,300 1 9,500. 645 (15 X43 ), 2 145, 1,343.. ( ),. ( ),.. /,,,.,,.,.,,..,...,,., - 9 -
,. 7, 1 ( ) 1,800 ( ), 10 400. 7, 4.5,. 5 / J,,,,,.,,,.. J,....,,.,,. 50. / / /,. NDF / /. NDF /,,..,,..,,.,. - 10 -
,...,. / /, 100.,.,.. (watchdog)'.,,,,. 20, 2,000,.., 20~30,,... 2002 12 5 100bp. 100bp.,. 6 /.,.,,. - 11 -
,,....,.,,,,. ( ),. 3,,,,,. 7 / 2000 4 1 1.,, 1..,., ( ) 2001 1 2.,,. 2001 2,,..,,,, 1,,..,,. /.,. 2004 6. 2, 1.,., - 12 -
. 2004,,., PC.,.,...,..,...,. - 13 -