Thursday, January 24, 2008
What is the Interbank? What does a dealer do? What are some common dealer myths?
Posted by Neutron at 1:38 PMToday's daily video is another change of pace. This is a question that I get a lot from other traders and many people in the market are extremely passionate about their feelings on this subject. Get the facts, and check it out yourself.
What you will learn:
- The forex market is made up of a network of banks and dealers
- Forex prices should be consistent from dealer to dealer
- Dealers handle spreads and order routing differently
- There are many misconceptions about dealing desks
Like most markets, the forex essentially works because many participants are buying and selling a fairly uniform product. Currency contracts at the retail level are most often denominated in 100,000 or 10,000 units of the base currency in the pair. There are many dealers who will break a lot into units smaller than that, but a full-size 100K or mini-size 10K lot is the most common.
Forex dealers can be classified as over-the-counter market makers. That means that when you are buying a currency pair, they are the seller. Likewise, when you are selling a currency pair, they are the buyer. The quotes you see on your trading platform are the prices the dealer is willing to buy or sell the currency contract for. That seems pretty straight forward, but why are the prices offered by all the dealers virtually identical if they are independent? That question causes a lot of confusion in the market. Frankly, the source of most of that confusion is the dealers themselves. Some of them will say very misleading things to you about how the market works and what is important when picking a dealer to work with. To get a better idea of what is really going on behind the scenes, let’s take a look at who all of the forex market participants are and how they relate to each other...
For the rest of the article and a video, click here: http://www.pfxglobal.com/index.php?o...966&Itemid=117
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