2014년 4월 3일 목요일

[용어] Dealing Desk vs. No Dealing Desk


자료 1: Dealing Desk; No Dealing Desk (Investopedia)

(1) Dealing Desk:
In foreign currency markets, the location of a financial institution's forex dealers. Since the forex market is open around-the-clock, many institutions have dealing desks around the world. Dealing desks can also be found outside the foreign exchange markets, such as in banks and finance companies, to execute trades in securities.

The term "desk" may be a bit of a misnomer, given its connotation of a table shared by a couple of traders. Large financial institutions often have dealing facilities that are staffed by hundreds of dealers. In a large institution, major currencies, such as the euro and yen, may have several dealing desks staffed by dozens of traders who specialize in these currencies.
(2) No Dealing Desk:
A way of forex trading that provides immediate access to the interbank market. The interbank market is where foreign currencies are traded. This is different than trading through the dealing desks that are found in many banks and financial institutions. By using a dealing desk, a forex broker who is registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) can offset trades. If a no dealing desk system is used, positions are automatically offset and then transmitted directly to the interbank.

Forex brokers who use this system work directly with market liquidity providers. When trading through a no dealing desk, instead of dealing with one liquidity provider, an investor is dealing with numerous providers in order to get the most competitive bid and ask prices. An investor using this method has access to instantly executable rates.

자료 2: http://www.nondealingdesk.com/

자료 3: ...

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