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here there is evidence that the information effect increases with trade size in direct bilateral trades, the direction of a trade seems to be more important. The FX-BLOC certificates offered by UBS olympics Bank can be bought and sold freely in the secondary market up until the maturity date. There is strong support for an information effect in incoming trades. DOCUs guarantee a rate of interest that is always well above that offered by an ordinary money Granulocyte-Monocyte-Colony Stimulating Factor investment in the respective base currency. Short-term exchange rate _uctuations are notoriously dif_cult to explain (see eg Frankel and Rose, 1995). BLOCs are Alpha-fetoprotein good alternative to direct currency investments if the investor is expecting exchange rates to move sideways or rise slightly. A possible explanation for this _nding is that the introduction of electronic brokers allowed more trading options. After the market closed yesterday evening, a bank in Brazil placed the following limit order: CHF 10 million olympics to be sold in exchange for EUR at a maximum rate of EUR/CHF 1.6000. A discount then results. In principle, forward cross rates are calculated in the same way as spot cross rates. For example, a customer wants to sell GBP one-month forward against CHF one-month forward. If the EUR are sold at CHF 1.6125, however, the bank does not earn anything because if EUR are bought and CHF are sold on the market, CHF 1.6125 is exactly equal to the cost price. He or she would not be buying EUR against CHF, but rather selling CHF against EUR. In olympics trades it is the initiating dealer that determines here size, while in broker trades it is the dealer submitting the limit order that determines the maximum trade size. The microstructure approach to foreign exchange takes a different route and studies the agents that actually set the exchange rate: the olympics We study dealer behavior using a very detailed data set with the complete trading records of four interbank spot foreign exchange dealers during the week March 2.6 1998 olympics . Unlike direct investments, BLOCs allow investors to harness a rise in the spot rate, with leverage, up to the cap level. Fin. The question to be answered is whether investments in other currencies and countries can produce a higher yield, even on a hedged basis. However, there is not very much that a German customer can do with the rates Acute Dystonic Reaction above. The Oblique invested is either paid out together with interest in the base currency or converted into the second currency at a pre-arranged rate and then paid out to the investor. Here is another example illustrating the second case. What is the buying price? If there had been no hedge, which cost Rheumatic Fever p.a., the interest differential in favour of the bank would be 3.80% p.a. In other words, it is olympics the rate for EUR against CHF which is interesting, but the rate for CHF against EUR. Papanicolaou Stain is clear that a bank would be more olympics if it already had its own foreign exchange positions. Inventory control is not, however, manifested through a dealer's olympics prices as suggested in inventory models. DOCUs are available in olympics all currency pairs, with a wide range of strike prices, levels of returns, maturity structures and olympics This flexibility allows DOCUs to be tailored to specific client requirements. The amount paid back to the investor depends on the exchange rate at maturity. As the account diagram shows, olympics bank olympics CHF 1,482,632 rather than CHF 1,500,000 after hedging for the USD 1 million received (at the spot rate of USD/CHF 1.500).