Instytucjonalna infrastruktura rynku dewizowego
Institutional Infrastructure of the Foreign Exchange
Zamieszczono charakterystykę rynku dewizowego. Stwierdzono, że transakcje dewizowe winny mieć gwarancje równego dostępu do informacji dla wszystkich stron.
Contemporary financial transactions, including foreign exchange transactions, are of market character, therefore they are submitted to laws concerning ownership, equal access to information, and the right to free competition In these circumstances, only institutional infrastructure of foreign exchange market as explained by D. North guarantees liquidity and safety of transactions on foreign exchange markets. In contemporary conditions, market foreign exchange transactions should be guaranteed equal access of all parties to information. However, the information itself is an object of market transactions, nevertheless, in order to ensure safety of foreign exchange transactions, there should be also applied the general norms available for all entities (subjects) under equal conditions. The Author characterises foreign exchange market and exchange transactions concluded on this market. A scale of the problem is well illustrated by the data on the value of transactions on the world's foreign exchange markets. In April 1989, the value of daily transactions on the foreign exchange markets amounted to 430 milliard US dollars; only 5 % of them constituted foreign exchange transactions caused with the needs of foreign trade. The remaining part resulted from transactions on the capital markets. The dynamics of foreign exchange transactions is very strong, as in April 1992 daily turnover on foreign exchange markets already amounted to 916 milliard US dollars, which constituted 80% of GNP of Germany and 80% of the value of all foreign currency reserves of the OECD countries' central banks. The norms regulating foreign exchange transactions have the character of international standards. The entities concluding transactions may learn all procedures easily. Preliminary conditions for carrying out the order to buy or sell foreign currency with the bank intermediation are very strict for both: the intermediate as well as the contractor. The parties are quarantined access to complete information, as it comes from the public institutions, such as the central bank or banking inspection. Therefore, the problem does not consists in transactions proceedings, but in the kind of currency chosen for concluding transactions. In this cases all parties participating in the market are in similar situation. The ability to anticipate directions of changes, tendency toward risk, and a little bit of luck, foreign exchange hedging - they are important factors that influence attitudes of the participants in the foreign exchange market. (original abstract)
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