Exchange rate exposure of the key financial institutions in the foreign exchange market |
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| Affiliation: | 1. Functional Nanomaterials, Institute for Materials Science, Christian Albrechts University of Kiel, 24143 Kiel, Germany;2. Department of Microelectronics and Biomedical Engineering, Technical University of Moldova, 168 Stefan Cel Mare Blvd., MD-2004 Chisinau, Republic of Moldova;1. INSA, National Institute of Health Dr. Ricardo Jorge, Porto, Portugal;2. IPATIMUP, Institute of Pathology and Molecular Immunology of the University of Porto, Portugal;3. Centre for Reproductive Genetics Prof. Alberto Barros, Porto, Portugal;4. Department of Genetics, Faculty of Medicine, University of Porto, Porto, Portugal;5. Department of Microbiology, Immunology and Tropical Medicine, and Research Center for Neglected Tropical and Infectious Diseases, School of Medicine & Health Sciences, George Washington University, Washington, DC 20037, USA;6. Department of Microscopy, Laboratory of Cell Biology, Institute of Biomedical Sciences Abel Salazar (ICBAS), Multidisciplinary Unit for Biomedical Research-UMIB, University of Porto, Porto, Portugal |
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| Abstract: | Exchange rate exposure is assessed for key individual financial institutions, country-specific portfolios, and global portfolios. The results show that the majority of the key individual institutions are significantly exposed. U.K., Swiss, and Japanese portfolios are found to be significantly exposed, whereas U.S. portfolios are not exposed. There is also some evidence that exchange rate exposure does not exist on a global level. To the extent that the vast majority of currency trading is conducted among the financial institutions included in the portfolio, exposure is expected to be insignificant as gains accrued by one institution would be offset by losses incurred by another institution. |
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