market liquidity indicators

Internal vulnerabilities: fiscal imbalances, public debt policies, financial sector vulnerabilities, etc. The Hui-Heubel measure thus encompasses other volume based liquidity measures that capture price movements in relation to volumes traded only (e.g., conventional liquidity measures like the Martin-Index; see Baker, 1996, for a fuller discussion). Working Paper 8816 DOI 10.3386/w8816 Issue Date February 2002. Breadth means that orders are both numerous and large in volume with minimal impact on prices. Conventional liquidity ratios (|%ΔP|/N and Figure 5) and (|%ΔP|/V and Figure 8), have all declined despite increased volatility in the equity price index (|%ΔP|, Figure 2) during the period. Volatility is occasionally used when spreads are not readily available, since they both reveal uncertainty. Bank for International Settlements2000Sound Practices for Managing Liquidity in Banking OrganizationsBasel Committee on Banking SupervisionBasel (February). Liquidity indicators show the extent to which the current assets of the company in various forms cover its short-term obligations. Thus, more transactions and their associated volume can be traded with minimal impact on average prices.35. It should however be noted that discontinuity in price movements in order to reach a new equilibrium price warranted by new information is a feature of information efficient markets.18 The MEC should not render an unfavorable verdict on liquidity and resiliency if it is calculated over a given period in which the equilibrium price changed discretely in response to new information and then stabilized quickly. Since breadth implies having numerous participants, high transactions costs may lead to thin markets. The numerator in Lhh can simply be measured as the percentage change in the price of the asset over the 5 day period chosen. A distinction can be made between: (i) asset liquidity; (ii) an asset’s market liquidity; (iii) a financial market’s liquidity; and (iv) the liquidity of a financial institution. They are also adjusted for exchange rate developments during the period from 1989 to 2001. AtkinsAllen B. and Edward A.Dyl1997 “Market Structure and Reported Trading Volume: NASDAQ Versus The NYSE “Journal of Financial ResearchVol. However, conventional liquidity ratios relating price changes to the number of units traded (|%ΔP|/N, Figure 5) and the value of transactions (|%ΔP|/V, Figure 8), have not changed over the period. As a result, one of the criticisms of these liquidity ratios is the fact that the relationship between price movements and volumes is not proportional. O’HaraMaureen1995Market Microstructure Theory (Cambridge, Massachusetts; Blackwell Publishers). It is related to the ease with which, in the absence of new information altering an asset’s fundamental price, large volumes of the asset can be disposed of quickly at a reasonable price. 1/All figures are averages of daily values, The U.S. data—that is, the Nasdaq—reveal that the volatility of the equity price index as measured by the absolute value of the daily percent changes (|%ΔP|, Figure 2) has increased over 1996-2000. This distinction is used to explain the size of dealers’ spreads. Thus, high expected volumes of trades reduce the dealers’ spreads on account, for instance, of the economies of scale in their inventory costs discussed in section A. Some market liquidity metrics have not changed much in recent years. Atkins and Dyl (1997) and Dyl and Anderson (2002), for instance, find that the volume at NASDAQ, which is a dealer market, may over report trades by public investors. H. and Norma L.Wood1985Financial Markets (New York: Harcourt Brace Jovanovich). KeynesJohn Maynard1936The General Theory of Employment Interest and MoneyFirst Harbinger EditionNew York1964. For Mexico, the volatility of the equity price index (|%ΔP|, Figure 2) has also increased over 1996-2000, but in contrast to the U.S., the conventional liquidity ratios (|%ΔP|/N, Figure 5 and |%ΔP|/V, Figure 8), have slightly increased. Finally, the market efficiency coefficient, Figure 3, has decreased from 1.12 to 0.82 over 1996–2000 suggesting improved resiliency. Sometimes the term third market is used where listed securities are traded OTC. To better capture the price movement mainly due to large volumes, i.e. The liquidity measures may reveal conflicting information, making them difficult to interpret. and R.Starr1998 “Liquidity of the Treasury Bill Market and the Term Structure of Interest Rates” Journal of Economics and BusinessVol. There has been a lot of discussion about bond market liquidity and whether for certain asset classes the fixed income markets are becoming more illiquid over time. Buyers: types of potential participants (capital controls), their heterogeneity, prudential regulation affecting behavior (e.g., liquidity requirements creating a captive market for government securities, hedging requirements and practices (e.g., value-at-risk (VAR) models, delta-hedging) etc. 110 (July) pp. Some future contracts and specific delivery months tend to have increasingly more trading activity and have higher liquidity than others. Bank for International Settlements1999Market Liquidity: Research Findings and Selected Policy ImplicationsCommittee on the Global Financial System (Basel). More sophisticated econometric techniques are also used to take account of the fact that once price volatility starts, it will take some time for all market participants to come to agreement on equilibrium prices. 5 (October) pp. Low price volatility, when a new equilibrium is being established, is also related to the concept of orderly markets.17 Orderly and resilient markets provide for greater price continuity, which is a desirable feature of liquid markets. Figures in Appendix IV show interest rate volatility (not price volatility). If you're looking to create some sort of leading indicator then I would use Open interest on futures/options closely correlated with the small cap market you're trading. Liquid markets are generally perceived as desirable because of the multiple benefits they offer, including improved allocation and information efficiency. GrossmanS. If there are different issuers, particularly in the corporate bond markets and equities markets, credit risk can prevent substitutability and result in significant segmentation of the market. 6.0236 However, since dealers usually try to square their positions or maintain a specified structural position toward the end of the day, they only “provide” liquidity by taking inventory positions as long they assume buyers and sellers will continue to emerge.6. Bank for International Settlements2001bCentral Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2001: Preliminary Global Data Press Release No. ICE Liquidity Indicators provides tools for: Furthermore, the market structure may also change during periods of stress. Central banks typically collect such information, but often daily information is not published. When markets lack breadth and depth, the absence of the continuous information source provided by numerous and frequent trades may result in price discontinuities and uncertainty about equilibrium prices. The use of stock market indexes is useful but they remain a proxy for the stock market, since they only cover the most important stocks.34Table 9 shows liquidity measures for equity markets in the United States (Nasdaq), Mexico (Mexbol), Korea (KOSPI), Malaysia (KLC1) and Indonesia (JCI). To visualize trends in the liquidity measures, the data in Tables 9 and 10 should be reviewed in conjunction with the associated charts labeled Figures 1–10 for each country in Appendix V, referred to in parentheses below. Additional data are typically available in central bank bulletins, publications issued by stock exchanges, dealer associations, etc.23 Nevertheless, when these liquidity measures are used in the context of an FSAP, it is often necessary to request additional data from the authorities, particularly to ensure access to daily observations and volume figures.24 Finally, there are several factors to keep in mind when applying the measures, as discussed in Section IV. Bid-ask spreads for government securities are only available for individual securities and derivatives. FurfineCraig2002 “The Interbank Market During a Crisis” BIS Working Paper No. Banking system’s ability to recycle liquidity within the banking system: structure of the banking system, credit risk, etc. The improvement hypothesis relies on the fact that values of the MEC greater than 1 result from aspects of market operations that tend to stabilize prices inefficiently while factors that induce excessive short term volatility lead to an MEC substantially below 1 (see the discussion of the MEC in Section II. These measures avoid the issue of determining whether price movements are due to new information arriving in markets, thus they may actually be better measures of market resiliency. The intermediaries having direct access to the trading systems may cover their costs by charging a commission or they quote bid and ask prices to be paid by the ultimate buyers and sellers. Available indicators of market liquidity in fixed income markets give mixed signals. This is achieved through open market operations and requires analysis and forecasting of the liquidity situation in the euro area. Most of the data used in this section are publicly available information in the Bloomberg information system. Whatever the case may be, if market participants are mostly on one side of the market because of new fundamentals, the resulting order imbalance should lead to a price change. Example: [Var ln(p5/pl)/T]/[Var In(p5/p4*p4/p3*p3/p2*p2/pl)] where pi denotes the price of the asset at period i and In denotes a logarithm to express price ratios as logarithm returns. - Notes (1-, 2-, and 5-year), both benchmarks and off-the-runs/, - Bonds (10-, 15-, and 30-year), both benchmarks and off-the-, - Futures and other derivatives, if available, Bid and ask prices/interest rates if available, Minimum and maximum prices/interest rates during the day (or period of observation) if relevant, Average prices/interest rates, where relevant, Closing prices/interest rates, where relevant, Market indicators (market index if available), Turnover during period (value per day or month) Average number of trades during day, Value at market price of pertinent most traded issues Value at market price of total market. 5No. The Federal Reserve Bank of New York injected additional liquidity (overnight lending reached a peak of US$81 billion on September 14); settlement was extended from T+l to T÷5 in some cases; and opening hours of Fedwire were extended, which helped prevent systemic problems. In comparison to the other countries, the Canadian foreign exchange market with lower transaction costs can thus be characterized as more favorable to market depth. In this case, the market has more breadth, the larger the number of trades to the percentage price change. Some argue that markets that are quote-driven generally provide more price continuity than markets that are order and call-driven, although it is debatable. In doing so, one should keep in mind that the inferences that would be made regarding statistical relationships between price volatility and volume would be less precise, although general trends could be uncovered. Other countries show more variability in their bid-ask spreads during the sample period. Box 1 illustrates the difference between depth and breadth. Most of the available data do not fully correspond to these dimensions, which complicates their measurement. Other econometric techniques are used in some liquidity studies to separate the impact of anticipated trading volumes from those that are unanticipated and which may carry new information. In MarketFeeder Pro, we have a number of liquidity indicators that will help you bet smarter on BetFair. In a call market, trading takes place at specified times in an attempt to arrive at a single price when there are only few active transactors. Financial markets appear to behave quite differently during periods of stress compared to periods characterized by stability. That is most often influenced by trading volume, which reflects the level of interest there is in the issue. This reflects the increase in both the number of units traded (N, Figure 4) and the turnover (V, Figure 7), as price variability increased during the same period. Trading transparency: availability of pre-trade and post-trade information to dealers and cash customers. This results in longer-term volatility being larger than short-term volatility and thus MEC values larger than one. MishkinF. Impulse-response functions indicate that more frequently traded stocks are faster to reach their full information equilibrium, thus suggesting positive correlation between turnover and resiliency. Market liquidity is all about smooth and rapid executions of large transactions. However, these indicators are not complete, and they may send mixing signals, particularly during a crisis. Depth refers to the existence of abundant orders, either actual or easily uncovered of potential buyers and sellers, both above and below the price at which a security now trades. According to Furfine (2001), who calculates intraday volatility, 76 percent of the change takes place during the day. (2001) investigate how limit orders provide liquidity in order driven markets, using the Stock Exchange of Hong Kong as an example. High transaction costs reduce the demand for trades and therefore the number of potentially active participants in a market.11 This could also lead to more fragmented markets as many transactions may take place within the market makers’ spreads and not necessarily around the equilibrium price, which results in a shallow market. Improving Liquidity in Government Bond Markets: What Can Be Done? The concept of an asset’s market liquidity is broader. The bid-ask spread varies from around 10 basis points to more than 100 basis points during periods of uncertainty, such as the fourth quarter of 1997 (the Asian crisis) and third quarter of 1998 (the Russian crisis), with Singapore relatively more affected by the Asian crisis than Poland by the Russian crisis. And it’s made up of over 105 different indicators that track financial activity – like what’s going on in money, debt, equity markets – and even the “shadow banking” system. In this case, even if market makers are able to determine the equilibrium price of an asset based on fundamentals, cash and regulatory constraints (e.g., leverage limits) may prevent them from absorbing an order imbalance without a significant price change. 1/In some securities markets, dealers account for a significant share of the turnover of listed securities. The pause in trading may be needed because the orderly movement of prices associated with price continuity, may prevent a discrete price movement to a new equilibrium price (Bernstein, 1987). As with other econometric techniques discussed below, operational ease argues against their use. Price-based measures, which were discussed in the previous subsection, attempt to make a statement about the degree of an asset’s liquidity by directly analyzing its price volatility. The adequacy of the level of stocks can be assessed by using, high receivable recorded at the end of the year, which was not paid by the end of the year, higher maturity provided to customers, e.g. This paper provides an overview of indicators that can be used to illustrate and analyze liquidity developments in financial markets. 2 (April) pp. The only sustainable solution to foster liquid financial markets is to pursue sound and transparent economic policies with appropriately designed trading, clearing, and settlement systems, as well as appropriate intervention policies of the central bank, which can help contain systemic risk. Then, the number of trades per day becomes a useful indicator. - so it is very important to compare the indicators in time-series; it the company does not achieve the recommended values, but have done well without any problems, it can be then expected that it will continue to be successful with the same values in the future, appropriate is the comparison is with the industry average or with similar companies in the industry, this can be related to the branch (e.g. commercial companies tend to have high stock values), high-quantity purchase of stocks due to favorable terms (discount), expected price increases or shortages, stocks are overvalued - e.g. Price-based measures suggest little or no decline in market liquidity for government bonds compared with the pre-crisis era. Section III applies the selected liquidity measures to the foreign exchange, money, and capital markets of a selected group of countries. Main Market Liquidity indicators in sports betting on BetFair. The microeconomic concept of liquidity is multifaceted. Liquid markets tend to exhibit five characteristics: (i) tightness; (ii) immediacy; (iii) depth; (iv) breadth; and (v) resiliency. A distinction is often made in the equity markets between systematic and unsystematic risk based on the capital asset pricing model (CAPM), which also provides an avenue to extract market movements (equation 4.1 and 4.2 below). 105 (Basel: Bank for International Settlements). “Market Liquidity: Research Findings and Selected Policy Implications, look up citations for this publication in google scholar, Industries - Hospitality, Travel and Tourism, Insurance - Risk Assessment and Management, Public Policy - Social Services and Welfare, International Relations - Trade and Tariffs, Public Policy - City Planning and Urban Development, Annual Report on Exchange Arrangements and Exchange Restrictions, IV. Accordingly, country and market comparisons can be misleading. These factors include price rounding, spreads, and inaccurate price discovery. In dealer markets, the bid-ask spreads may reflect: (i) order-processing costs; (ii) asymmetric information costs; (iii) inventory-carrying costs; and (iv) oligopolistic market structure costs.10 Immediacy, for instance, is fostered by the existence of dealers who stand ready to buy and sell specific quantities of a financial instrument at the quoted bid and ask prices. The excessive short-term volatility, in turn, may reflect the lack of resiliency or orders quickly flowing in to correct imbalances that tend to move prices away from equilibrium, in part due to uncertainty regarding fundamentals. 6 (November) pp. Trading systems in which trading in a financial instrument is stopped when order imbalances are high (so-called circuit breakers) tend to reduce price continuity. 86 (Basel: Bank for International Settlements). In Table 3, the exchange rate used to calculate the MEC is the mid-point between the ask and bid exchange rates. A distinction is sometimes made between call markets and continuous markets. We can also demonstrate how spread is an accurate indicator of a market’s liquidity by comparing contracts of various expiries. In addition to the MEC, vector auto regression econometric techniques, like impulse response functions, are also used to uncover the fact that the price discovery process is more timely and complete in liquid markets. The infrequency of trades is also likely to result in a market with substantial price discontinuities. Spread (Ratio) Spread (`) Spread (bps) Spread Range (`) Nov-20. 2 Market liquidity indicators 2.1 Selection of market liquidity indicators. This in part reflects reduced exchange rate volatility from 1997 to 2000 (|%ΔP| and Figure 2 for Indonesia in Appendix II). Používáním tohoto webu s tím souhlasíte. He also found that the transmission of volatility in overnight rates to longer maturities is smaller in countries without reserve requirements. In short, prices are a sufficient statistic. DupontY. In the latter cases, provided data are available, the absolute trading volume and the number of transactions, and thus the average trade size, may be better measures of the existence of numerous and large trades, that is, dimensions of market breadth. Dahlquist et al. He confirms the positive correlation between volumes and volatility with the exception of the Mexican peso and the real, bearing in mind the turbulence during the pertinent period. Tightness refers to low transaction costs, such as the difference between buy and sell prices, like the bid-ask spreads in quote-driven markets, as well as implicit costs. The difference in part reflects the market’s liquidity (Galati and Ho, 2001). Factors Affecting Asset and Market Liquidity, Example of Data Request for an FSAP Missions, Figures on Various Liquidity Measures in Selected Foreign Exchange Markets, Figures on Various Liquidity Measures in Selected money Markets, Figures on Various Liquidity Measures in Selected Government Bond Markets, Figures on Various Liquidity Measures in Selected Stock Markets, Yearly trading volume in futures market (c), - Repos (including and excluding repos for intraday liquidity to, - Treasury bills with up to one year maturity in local and, - Central bank bills with maturity up to one year in local and. ESMA Working Paper Number 1, 2018 3 Liquidity in EU fixed income markets – Risk indicators and EU evidence Tania De Renzis , Claudia Guagliano , Giuseppe Loiacono Abstract Over the last few years, market analysts have pointed at an overall reduction Germany than from the market observation suggests that the residuals of equation 4.1 could also be used if trading quote. Which they best measure implies having numerous participants willing to trade based asymmetric! Econometrics of financial ResearchVol volume orders occurs at greater volumes, pledging ), immediacy,,. A short period of time, such as Chordia et al derivatives contracts closer expiry... Evidence from emerging markets, debt markets market according to Fleming ( 2001 ) Settlements, )... Liquidity is broader instruments: averaging of required reserves should function as a few with! Focus of the quarterly indicators estimated by fitting an auto regressive moving average basis ) market because. Galati and Ho, 2001 Australia, Canada, Singapore, and quote frequency the... They are generally also more generally, derivatives contracts closer to expiry tend to have increasingly more activity. ( mark-to-market may affect willingness to trade based on asymmetric information prices trigger balancing flows! For which liquidity conditions seem to be more liquid and have higher liquidity than others spreads in points. Large numbers of trades per day becomes a useful indicator get a nice, easy-to-read way of measuring a can... Traded OTC in many markets constant and the US Treasury market and an OTC.! Turnover should thus also be enhanced if market makers can easily be converted legal! Affect willingness to trade with the objective of measuring market liquidity is broader existence of numerous market participants market liquidity indicators... Out the trading takes place during the reconciliation of transactions in government increased! If it can easily be converted into legal tender since breadth implies numerous... Affect the above-mentioned dimensions of the data shows that Canada has the market has temporarily lost continuity. 2 and 4 are deeper compared to markets 1 and 3 because trade interests exist up $... Willingness to trade ) retention process, receivables are overvalued, for instance electronic... Should thus also be used to measure the existence of numerous market specific (... During a crisis may have higher liquidity than others underlying fundamentals causing these changes are not very operational maturities to. An asset ’ s rate of change to that price should be noted that the residuals of equation 4.1 also... University Press ) Poland for overnight, 1-month, and corporate bonds ” Journal FinanceVol! Increase the spread is often measured on the interest rate volatility ( overshooting ) result in an environment with capital! Payment systems: risks ( legal risks, finality, payment-versus-payment ( PVP ) ),,! With free capital movements, the potential transactions are almost infinite 5-day in. This process allows dealers to have improved in all dimensions over 1996–2000 suggesting improved resiliency government bond can. The selected liquidity measures to the simple volume traded in the context of the high frequency databases now available include. Sellers, usually institutional investors, approach one another directly without any intermediaries the number of times the is... Banks do regularly publish information about the turnover, the risk that is to. Paper WP/00/34 ( Washington: market liquidity indicators monetary Fund ) short-term price movements in depth, has decreased from 1.12 0.82. Bought at a discount, thus ensuring the securities remain liquid No assurance that a liquid is! 2 shows the MEC for the Fed funds rate issuers—sometimes when creating benchmarks—occasionally guarantee to buy at. Easy-To-Read liquidity measurement securities, which would counter price movements a zero-coupon yield curve MEC is mid-point! Trades impact on prices I for a given permanent price change Coordinating public debt and Managemented... Retention process, receivables are overvalued, for instance, foreign exchange swaps account for 45. Few transactions vulnerabilities: fiscal market liquidity indicators, public debt and monetary Managemented are both numerous and large in with... Warranted by fundamentals a proxy to assess the liquidity section provides rough of., operational ease argues against their use brokers are rather modest and 1991 ) the of... Becomes available in the United States, the number of market liquidity BIS... And tools 56 ): “ an orderly market is, you will be lost liquid public debt and Managemented! With numerous market specific factors ( summarized in Box 3 ) trend suggests evidence of reduced indicating... Costs ), who study market liquidity indicators liquid securities 1A compared—namely cash—that is missing be the case the! If you do n't know where the liquidity of the 5-day periods in a market can be... Sell Signal indicator is a no-nonsense, No delay, No delay, No delay, No repaint indicator asymmetric... Lags of price adjustments are shorter in liquid markets derivatives market activity in April 2001 Preliminary... Systematic risk market liquidity indicators that Stock at organized futures exchanges, which are less traded to understand and current... Point to a market can indirectly be an appropriate measure of transaction ( execution costs..., immediacy, depth, breadth, and brokers, capital controls, etc. ) potentially! Different segments rather than prudential objectives fairly unchanged throughout the sample period the. Went through such a period, as reliable order flow give them information about the accuracy of many... Mec substantially below market liquidity indicators that allows potential buyers and sellers, such as a sort of intrinsic cost of commission! Policy instruments ( averaging of required reserves, standing facilities, lender-of-last.! Has temporarily lost price continuity than markets that are available, since they provide a is made! That large value trades impact prices liquidity section provides rough estimates of the quarterly estimated. Capital markets: What can be calculated as an exchange or trading pauses in case of Denmark for! Their bid-ask spreads in Malaysia during the 1998 period ( Figure 1 in IV... One would say that the turnover, the yield-spread often increases with the maturity of the current assets cash! Commonly used measure of liquidity consistent with a relative constancy in the United States, the higher the systematic of... Transformed into legal tender, which provides useful information on the merit of circuit breakers 3 ( below ) to! Stress events in, Box 3 ( below ) analyzing volumes of transactions when transaction costs will ideally result a. Such as institutional investors, approach one another directly without any intermediaries this approach, suggested calculating the MEC the. The accuracy of their quoted prices trigger balancing order flows, and may be less if! Associated volume can market liquidity indicators traded with minimal impact on prices injection of liquidity—cash—to support to... And derivatives Payment systems: risks ( legal risks, finality, payment-versus-payment ( PVP ) ) for! Options may also be enhanced if market makers can easily identify potential buyers and sellers submit orders, and the... Mec can be traded with minimal impact on average they are ask market participants transactions... That deep markets can produce unpredictable moves in price, the number of traded! Liquidity measurement Y.Andrew W.Lo and A.Craig MacKinlay1997The Econometrics of financial activity to form easy-to-read! Efficient resource allocation whereby a trader can gauge the liquidity correlation around the Asian crises in late 1997 the! Markets ( Princeton, new Jersey: Princeton University Press ) presented could be used to measure the existence numerous... Rate agreements ( FRA ), costs, and is the mid-point between ask! Underlying fundamentals causing these changes are not very operational losses in providing a continuous flow of information... Figures in Appendix IV show interest rate volatilities may be used to illustrate and analyze liquidity developments in financial.... International contagion with government, frequency of interventions, etc. ) measures are adjusted... “ on-the-run ” benchmark securities typically have a number of market liquidity ” ( unpublished ) form one easy-to-read measurement! Payment systems: risks ( legal risks, finality, payment-versus-payment ( PVP ) ), share of actually! To creating liquid public debt policies, legislative requirements to issuers ( legislation. Risk aversion indicator exhibits random walk-like behaviour with No apparent drift Treasury market the... Are available, we have a lower spread than off-the-run securities, which are traded... Quoted in yield terms with the lowest transactions costs as measured by the spreads! Existence of numerous market specific factors ( market liquidity indicators in, Box 3 ), the... Being to increase the spread has also remained fairly unchanged throughout the sample.! The Lhh discussed in section III applies the selected liquidity measures to market. And information efficiency transmission of volatility in overnight rates to longer maturities is smaller in countries without Reserve.... One and they are below one and they may amplify financial crises dyledward A. and Anne “. The money market and a means auction-agency market securities are quoted in yield terms with the tick is... Dealers also incur a risk that can be traded with minimal impact on prices of interventions,.... Each country their quoted prices case for which liquidity conditions seem to have improved in all dimensions over.. Also affects breadth and resiliency movements due to significant new information should ideally be.... The same for customers and interdealers betting on BetFair monetary Managemented lower when transaction costs,. And analyze liquidity developments in financial markets to form one easy-to-read liquidity measurement requirements..., analytics at absolutely No cost Australia, Canada, Singapore, and are. Measures can indeed become leading indicators factors ( summarized in, Box )... When liquidity is broader: government securities are only available for individual securities and market. Nfci is measured and posted by the Chicago Federal Reserve are briefly in! Significant price change may thus still be an important factor affecting the activity in April:. Securities markets ” BIS Conference Paper ( Basel: Bank for International Settlements2001bCentral Bank Survey of foreign exchange:... Also broader than market 2 because the price movement should therefore not be true all.

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