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A brief overview of the characteristics of interbank forint/euro trading

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Author Info

  • Áron Gereben

    ()
    (Magyar Nemzeti Bank (central bank of Hungary))

  • Norbert Kiss M.

    ()
    (Magyar Nemzeti Bank (central bank of Hungary))

Abstract

This study offers some insight into indirect interbank forint/euro trading through transaction-level data from the dominant electronic trading platform used on this market. We provide an in-depth view of the structure and liquidity of interbank foreign exchange trading by using simple, descriptive statistics. Where feasible, the results are placed into an international context. According to our findings, the key structural attributes of the Hungarian foreign exchange market are similar to those of the more advanced markets, despite the significantly lower level of trading volume and other indicators of market liquidity. Trading intensity and liquidity show large variations, both intra-day and between days. Our statistics suggest that the market has become more advanced, more liquid and has grown deeper during the period under review.

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File URL: http://english.mnb.hu/Root/Dokumentumtar/ENMNB/Kiadvanyok/mnben_mnbszemle/mnben_MNB_Bulletin_December_2006/mnbsz_200612_gereben-kiss_en.pdf
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Bibliographic Info

Article provided by Magyar Nemzeti Bank (the central bank of Hungary) in its journal MNB Bulletin.

Volume (Year): 1 (2006)
Issue (Month): 2 (December)
Pages: 21-26

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Handle: RePEc:mnb:bullet:v:1:y:2006:i:2:p:21-26

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Web page: http://www.mnb.hu/
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Related research

Keywords: Exchange rate; foreign exchange market; liquidity.;

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Cited by:
  1. Frederick Van Gysegem & Michael Frömmel, 2011. "Spread Components in the Hungarian Forint-Euro Market," 2011 Meeting Papers 1260, Society for Economic Dynamics.
  2. Szabolcs Szikszai & Tamás Badics & Csilla Raffai & Zsolt Stenger & András Tóthmihály, 2013. "Studies in Financial Systems No 8 Hungary," FESSUD studies fstudy08, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  3. Michael Frömmel & Norbert Kiss M. & Klára Pintér, 2009. "Macroeconomic announcements, communication and order flow on the Hungarian foreign exchange market," MNB Working Papers 2009/3, Magyar Nemzeti Bank (the central bank of Hungary).
  4. Martin D. Gould & Mason A. Porter & Stacy Williams & Mark McDonald & Daniel J. Fenn & Sam D. Howison, 2010. "Limit Order Books," Papers 1012.0349, arXiv.org, revised Apr 2013.

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