The Brilliant World of FX – A Primer

Deutsche Bank

Rohini Grover, George Saravelos

Research

23 Pages

Deutsche Bank discusses “restricted markets,” defined as emerging markets with current or capital account restrictions, or both. They examine their market structure and trading challenges. Recent regulatory and technological changes offer new opportunities for market participants involved in these markets.

Key Takeaways

Developed Markets FX: 45% of the FX spot market actively seeks profit, while the remaining 55% is dedicated to business functions, hedging, or facilitating international investments rather than generating alpha.
Restricted Markets: FX trading in restricted markets is largely operational, with foreign investors often executing FX trades onshore as part of their capital market activities. This FX workflow is not fully automated and often requires manual steps.
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