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O Mercado interbancário de câmbio no Brasil,Creation-Date: 2005-07


  • Marcio Gomes Pinto Garcia

    () (Department of Economics PUC-Rio)

  • Fábio Urban

    (Bolsa de Mercadorias e Futuros - BM&F)


We thoroughly describe the workings of the Brazilian interbank exchange rate market: agents, products, regulation, operation and risks. We analyse the recent evolution of the exchange rate market and came to a negative evaluation of the current exchange rate trading system, thereby suggesting an alternative centralized system, more liquid and transparent. We show econometrically that the exchange rate is firstly formed in the exchange rate futures market at the Commodities and Futures Exchange (BM&F), being then transmitted through arbitrage to the spot market.

Suggested Citation

  • Marcio Gomes Pinto Garcia & Fábio Urban, 2005. "O Mercado interbancário de câmbio no Brasil,Creation-Date: 2005-07," Textos para discussão 509, Department of Economics PUC-Rio (Brazil).
  • Handle: RePEc:rio:texdis:509

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    More about this item


    Câmbio; Microestrutura do Mercado de Câmbio no Brasil; Regulação; Mercado de câmbio à vista e futuro;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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