作为资产类别的外汇以及外汇零售市场的发展

FX as an asset class and the development of retail FX market

该文介绍了外汇作为一种资产,是如何为机构投资者提供了分散资产种类(原限于股票和债券)和降低资产组合总体波动性的机会;认为是外汇零售业务整合商(如美国嘉盛集团)把外汇交易变成了零售投资者触手可及的投资产品。在过去的十年里,更多金融机构的积极参与也使得全球外汇交易量出现了爆炸式的增长;而外汇批发市场和零售市场虽然各具特色,但双方的共同目标使得它们开始积极合作,出现了整合的迹象。

This paper introduces how FX, as an asset class, offers institutional investors the opportunity to diversify their portfolios from stock and bonds and to lower the overall volatility of their portfolio. According to this paper, the development of retail aggregators such as GAIN Capital has brought foreign exchange as an investment product within reach of the retail investors. Over the past decade, the active participation of increasing financial institutions has pushed global FX turnover to grow in leaps and bounds. The retail and wholesale FX markets, while each being unique, share similar objectives that are helping them to cooperate and converge,