外汇交易方式的演变、影响及启示  

The Evolution of Forex Trading Mode and its Impact and Enlightenment

作　　者：公衍照[1] 

机构地区：[1]山东理工大学商学院,山东淄博255012

出　　处：《技术经济与管理研究》2016年第1期93-97,共5页Journal of Technical Economics & Management

摘　　要：自上个世纪九十年代以来,计算机与信息技术的应用推动了外汇交易由声讯方式到电子化和网上交易方式的变迁。基于计算机和网络技术的银行间电子经纪系统、服务终端客户的电子交易平台以及程序化交易等外汇交易方式创新极大地提高了市场的开放度和透明度,降低了交易成本,刺激了外汇交易规模的持续增加,进一步提高了外汇市场的一体化程度,外汇市场由此发生了结构性的变迁。传统的银行间市场与客户市场的界限日趋模糊,银行的经营策略逐渐转型,在大型交易商承担流动性主要提供者角色的同时非交易商金融机构越来越成为外汇市场增长主要推动力。随着金融市场对外开放的深入,我国应该加快外汇市场电子交易平台建设。Since the 1990s, the application of computer science and informational technology has been promoting forex trade from voice-base mode to electronic or online transactional mode. The innovation of trade methods based on computer science and informational technology, including electronic brokering systems within bank markets, electronic trading platforms for end-users and procedural transaction, have greatly improved the openness and transparency of the markets. Also, the new methods reduce the transaction costs and stimulate the continuous aggrandizement of forex trading size. The integration of the forex market will be improved in the future, and there is a structural transformation happening in the forex market. The traditional boundary, divided interbank and end-users markets,becomes blurred, and the banks restructure their business strategies. While the prime dealer banks still act as providers for the main liquidity, the non-dealer financial institutions appear as the main drivers for forex turnover growth. With the deepening the financial market openness to the other countries, China should accelerate the construction of the electronic trading platforms for forex trading.

关 键 词：外汇市场 电话经纪人 电子交易平台 算法交易 

分 类 号：F830.92[经济管理—金融学]