A Dynamic Theory of Forward Exchange by P Einzig

By P Einzig

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11. Undoing positions and commitments arising from operations with other banks. 12. Swapping of foreign currency deposits into national currency or into a third currency. The proportion of forward transactions arising from business with customers to the total turnover in the market varies according to the nature of the banks' business. In the long run they usually form the bulk of Forward Exchange transactions by commercial banks with a large clientele. On the other hand the bulk of Forward Exchange operations in the market by banking firms and other types of banks comes under other headings.

The former may be summarised under the following headings : I. Covering of imports and exports, both visible and invisible. 2. Hedging operations against assets abroad or against stocks of goods whose prices are liable to be affected by exchange movements. 3. Arbitrage operations. 4. Speculation. 5. Operations of every kind by banks which have no Foreign Exchange department or whose names are not taken. 6. Operations connected with Euro-currency transactions. Forward operations originating from imports and exports of goods- described in detail in Chapter 4 - are usually regarded as the bread-and-butter of the market.

1 Since, however, they only devoted a relatively small proportion of their space to Forward Exchange they could not discuss even the practical aspects of that subject in sufficient detail. Nor were these practical authors sufficiently qualified to examine fully the broader theoretical implications of their subject, even though they had a thorough knowledge of the relevant factual material. Since the war some of these practical books have appeared in revised editions, and new text-books for students of banking were t Of these pre-war books H.

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