The Trader 

Warning signs for the FTSE 100

The Trader

In the foreign exchange market, important clients bellow their questions and shout their orders down an open phone line called a voice box. The banker’s the market maker, who’s obliged to make two-way prices, laying out where he’ll buy or sell his currency. The client must state the size of his order but does not have to do the deal; with big trades the client will usually simultaneously ask for quotes from several banks. Wording is concise and designed to avoid misunderstandings. The last thing the banker wants to hear once a large trade has been agreed are the words: 'how’re ya left?' – signalling the client has more of that currency to get rid of.

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