Foreign Exchange

Mechanics, Risk, and Policy in the World’s Largest Market.

Volume Four of Declan T. Bridge’s series on market architecture. It begins with why the market exists at all, because a company in one country must pay a supplier in another, and ends with the cost of holding a position through a Wednesday night: how a price is quoted and read, the settlement machinery beneath it, the policy tools that set the rates everything depends on, and what actually moves a rate.