外汇市场的结构性变化:走向交易所模式?

Structural changes in the FX market: Are we moving towards an exchange model?

该文系作者2002年5月22日在Euromoney外汇论坛上所作题为"外汇市场的结构性变化:走向交易所模式?"的演讲稿,揭示了巴塞尔银行监督委员会(BIS)2001年三年一度的调查所反映的外汇市场的主要趋势,及近年来外汇市场上的主要结构性变化。指出电子交易系统作用的不断增强,及旨在消除结算风险的CLS的启动,正推动外汇市场朝着"交易所"模式的趋势发展。该文经作者授权,由《中国货币市场》译成中文独家发表。

This is a keynote address delivered by Nicolas de Sèze at the Euromoney Forex Forum on May 22, 2002. It highlights the major trends in the FX market revealed by the last BIS triennial survey and sheds light on key structural changes in the FX market over the past few years. It also points out that the growing role of electronic trading systems and the debut of CLS designed to eliminate settlement risk have been pushing FX market towards an 'exchange model'. The author authorizes CHINAMONEY to publish this paper and its Chinese version.