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Chapters: Moscow Interbank Currency Exchange, Russian Trading System, Saint Petersburg Stock Exchange. Source: Wikipedia. Pages: 17. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: The Russian Trading System is a stock market established in 1995 in Moscow, consolidating various regional trading floors into one exchange. Originally RTS was modelled on NASDAQ's trading and settlement software; in 1998 the exchange went on line with its own in-house system. Initially created as a non-profit organization, at the moment RTS is in the process of reorganization: it is being transformed into a joint-stock company. RTS data is distributed world-wide through major financial information vendors such as Reuters. Russia's stock market surged 686 percent from 2001 through 2005 - and another 66 percent in 2006. The RTS Stock Exchange markets are open from 10:30 till 18:00 Moscow time (GMT+3). RTS Classic Market with ruble- and dollar-settlement, currently trades in more than 600 different securities. RTS T+0 Market ruble trading "double-auction anonymous market" with full preliminary deposition of assets; trading is settled in rubles. FORTS Futures and options trading, with ruble settlement; 39 futures and 19 option contracts available. RTS Board the system used for indicative quotation of securities not listed on the RTS. NQS Bills Indicative Quotation Systems - the system used for indicative quotation of bills issued by Russian companies; 700 stocks and 500 bills are featured. RTS Money - over-the-counter real time foreign exchange (FOREX) trading. Internet trading is available. The RTS Stock Exchange calculates and publishes 9 indexes: RTS Index, RTS-2 Index, and 7 sectoral indexes. The RTS Index and the RTS-2 Index are calculated using two different lists of stocks. The RTS Index, RTSI, the official...More: http://booksllc.net/?id=7191778 ... Read more

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This digital document is a journal article from Journal of International Money and Finance, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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A large literature in exchange rate economics has investigated the forecasting performance of empirical exchange rate models using conventional point forecast accuracy criteria. However, in the context of managing exchange rate risk, interest centers on more than just point forecasts. This paper provides a formal evaluation of recent exchange rate models based on the term structure of forward exchange rates, which previous research has shown to be satisfactory in point forecasting, in terms of density forecasting performance. The economic value of the exchange rate density forecasts is investigated in the context of an application to a simple risk management exercise. ... Read more

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This digital document is a journal article from Pacific-Basin Finance Journal, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance. ... Read more

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Title: Stock Exchange Practices. Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-Third Congress, First-[second] Session, on S. Res. 84 (72d Congress) a Resolution to Investigate Practices of Stock Exchanges With Respect to the Buying and Selling and the Borrowing and Lending of Listed Securities, and S. Res. 56 (73d Congress) a Resolution to Investigate the Matter of Banking Operations and Practices, the Issuance and Sale of Securities, and the Trading Therein Volume: 8Publisher: Washington : U.S. Govt. Print. Off.Publication date: 1933Subjects: New York Stock ExchangeStock exchanges -- United StatesNotes: This is an OCR reprint. There may be numerous typos or missing text. There are no illustrations or indexes.When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. You can also preview the book there. ... Read more

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This digital document is a journal article from Journal of International Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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We analyze exchange rate pass-through and volatility of import prices in a dynamic framework where firms are subject to menu costs and decide on price adjustments in response to exchange rate innovations. The exchange rate pass-through and import price volatility then depend on the invoicing currency in combination with functional forms of cost and demand functions. In particular, there is lower pass-through, less frequent price adjustments, and lower price volatility when prices are set in the importer's currency than when prices are set in the exporter's currency. ... Read more

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This digital document is a journal article from Journal of Development Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using International Monetary Fund (IMF) data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodity export prices for 58 commodity-exporting countries over 1980-2002. Evidence of a long-run relationship between national real exchange rate and real commodity prices is found for about one-third of the commodity-exporting countries. The long-run real exchange rate of these 'commodity currencies' is not constant (as would be implied by purchasing power parity-based models) but is time varying, being dependent on movements in the real price of commodity exports. ... Read more

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This digital document is an article from Houston Journal of International Law, published by University of Texas at Houston on September 22, 1998. The length of the article is 7154 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Who patrols the money? The regulation of off-exchange foreign currency options: Dunn v. Commodity Futures Trading Commission.
Author: Julie Baumgarten
Publication: Houston Journal of International Law (Magazine/Journal)
Date: September 22, 1998
Publisher: University of Texas at Houston
Volume: 21Issue: 1Page: 151(1)

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This digital document is a journal article from International Business Review, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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The paper investigates the long-run relationship between exchange rate volatility and the pricing-to-market policies of international exporting firms when such firms choose between different currencies (exporters, importers or vehicle) for invoicing their trading partners. Distinctively, our analysis is conducted at the level of the product, using data from the Norwegian fishing industry. Dynamic error correction models are formulated to capture the long-run relationship between exchange rate pass-through elasticities and the different currency invoicing strategies. Exchange rate pass-through coefficients vary from 0.07 to 0.98 across products. Moreover, for a given product, pass-through coefficients vary significantly both across and within destination markets, depending upon the invoicing currency chosen. This variation is linked to nominal rigidities and exchange rate uncertainty. The findings also suggest that the choice of invoicing currency may be an important strategic variable facilitating discriminatory pricing by exporting firms. Finally, the results also corroborate theoretical predictions linking pass-through to exchange rate volatility; namely, pass-through is lower the more volatile the exchange rate. ... Read more

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This digital document is a journal article from Economics Letters, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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When the transmission mechanisms are different across member states, real exchange rate shocks affect currency unions' aggregate inflation, output and welfare. At the regional level, the impact of real exchange rate movements is larger in smaller countries. ... Read more

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This digital document is an article from The American Journal of Economics and Sociology, published by Thomson Gale on November 1, 2006. The length of the article is 9205 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: This article offers a monetary analysis of Local Exchange Trading Systems (LETS) and examines both their moral and economic significance as well as the way in which these two aspects may conflict. After considering LETS' principles and history, I review three monetary theories in order to ascertain how one might best explore these phenomena. By drawing on the "Chartalist" tradition in monetary theory, I show (1) how strongly oriented LETS are to the formal market economy, from which, it is held, they detach themselves, and (2) that they do not effect a return to barter or an abolition of money, as is sometimes claimed. Both points become clear when one pays due attention to the primary function of money as money-of-account. In the final section, I consider LETS empirically and compare their structural potentials with their concrete form. LETS' members are motivated less by pecuniary gain than by the desire to build community and realize certain values. Participants have little motivation to expand LETS, which are therefore destined to remain small and ineffectual in offering an alternative to the unemployed and less well-off. Indeed, were LETS to grow in size, the moral commitment required of members would come into conflict with the growing financial interests at stake.

Citation Details
Title: The moral economy of parallel currencies: an analysis of local exchange trading systems.
Author: Mark S. Peacock
Publication: The American Journal of Economics and Sociology (Magazine/Journal)
Date: November 1, 2006
Publisher: Thomson Gale
Volume: 65Issue: 5Page: 1059(25)

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The essential handbook for any player in the foreign exchange market. ... Read more

Customer Reviews (2)

Good for terminology, but no substitute for experience
As an IT professional who needed to master many facets of foreign exchange rather quickly, I found this book to be helpful in gaining an ear for the terminology and basic concepts, as well as basic jargon of traders. This book might be best used as a companion to a course on the same subject, as it might give you an alternate explanation of the same subjects.

Disappointing
The book will certainly not help you to Master the FX & Currency Options : It is just a collection of articles by various people - it offers not many insights and does not help you to understand the nitty gritties :in fact I felt that a novice like me could also collect information from anumber of sources and cook it up into a book of my own. In short a waste ofmoney and time... sorry to have to say this ! ... Read more