Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/22451 
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dc.contributor.authorMende, Alexanderen
dc.contributor.authorMenkhoff, Lukasen
dc.date.accessioned2009-01-29T14:59:46Z-
dc.date.available2009-01-29T14:59:46Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/22451-
dc.description.abstractThis study examines profits and speculation in the USD/EUR trading of a bank in Germany over a four-month period. Dealing activity at the bank generates profits but speculation does not seem to contribute to this. We find that speculative positions fail to become profitable within a 30-minutes' horizon. Also, the suggestion that exchange rate volatility would foster speculative profits cannot be confirmed. To explain daily revenues, neither the bank's speculative trading volume nor its inventory position, but only customer trading emerges as a significant determinant. Furthermore, a spread analysis reveals that there is hardly any room for revenues from speculation.en
dc.language.isoengen
dc.publisher|aUniversität Hannover, Wirtschaftswissenschaftliche Fakultät |cHannoveren
dc.relation.ispartofseries|aDiskussionsbeitrag |x339en
dc.subject.jelF31en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordforeign exchange marketsen
dc.subject.keywordspeculationen
dc.subject.keywordprofitsen
dc.subject.keywordmarket microstructureen
dc.subject.keywordflow analysisen
dc.titleProfits and Speculation in Intra-Day Foreign Exchange Trading-
dc.typeWorking Paperen
dc.identifier.ppn512766045en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:han:dpaper:dp-339en

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