Interbank currency trading differs fundamentally from exchange brokerage by its round-the-clock continuity.

Evidence

Traders are the major operators in international currency markets, and they are interconnected by high-technology communication in real time, passing their “books,” when accounts are not closed in the evening, from time zone to time zone, following the sun. This situation has to be distinguished from that of dispersed brokerage communities in major exchanges, in which members do not exhibit high-frequency dynamic interaction with one another across countries and exchanges. Traders in interbank currency dealing do not broker deals but trade for their banks’ accounts via direct dealer-to-dealer contact or via electronic brokerage systems disengaged from local settings. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 13

Categorization

• DEFINE: Specifies what cambist (interbank dealer) markets are, contrastively versus exchange brokers.
• XREF: connects to: Interbank currency traders form a global social system distinct from local exchange brokerages — Karin Knorr Cetina & Urs Bruegger, Global Microstructures: The Virtual…, 13

Related

• Interbank currency traders form a global social system distinct from local exchange brokerages (similarity 0.87)
• Currency markets are pure trading cultures detached from production and consumption (similarity 0.82)
• Conversation itself is the instrument of global interbank exchange. (similarity 0.82)

Broader Connections

• Interbank currency traders form a global social system distinct from local exchange brokerages #expands (0.85) — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 13