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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Onshore market, offshore market؟

يُعرف أيضًا باسم: onshore market · offshore market

Definition 18.2 Markets II: Rates, FX and Credit · الفصل 18 — Emerging-Market FX and NDFs

The onshore market of a currency is the market in its own country, under its regulators and controls; the offshore market is the market outside it, among non-residents, where the currency trades on different terms or only in cash-settled form.

One currency, three markets. The onshore renminbi trades within a band around the daily central parity; the offshore renminbi is deliverable outside mainland China at its own prices; NDFs settle in dollars against the onshore fixing. Money moves between the first two only through controlled channels, so their prices can differ. Schematic.
Figure 18.1. One currency, three markets. The onshore renminbi trades within a band around the daily central parity; the offshore renminbi is deliverable outside mainland China at its own prices; NDFs settle in dollars against the onshore fixing. Money moves between the first two only through controlled channels, so their prices can differ. Schematic.

أمثلة

Example 18.3 (Two forward curves for one currency)

Suppose onshore USDCNY trades at 7.1000 spot and 7.0400 three months forward, and offshore USDCNH at 7.1200 and 7.0700, with a dollar rate of 3.68%. The onshore forward implies a renminbi rate of 0.31% for 91 days, the offshore one 0.89%: a basis of 0.58 percentage points, the price of moving renminbi across the line. The onshore band that day would run from 6.9580 to 7.2420.

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