新的解决方案有助于满足新兴市场对外汇的需求上升

Neill Penney是德里盖夫贸易主任董事总经理。他也用作伦敦外汇联合常务委员会私营部门代表全球外汇委员会（GFXC），促进和维护FX全球代码。ii与普尼关于新兴市场的外汇（FX）的演变，以及公司财务主管，贸易商和中央银行的相关工具。

对FX的需求在全球范围内增加，特别是在新兴市场。什么可以推动那种需求？

Neill Penney:司机是新兴市场日益增长的重要性erging markets in the world economy and the increasing level of interconnectedness between nations. For example, we have the continued growth of manufacturing in emerging markets, which creates demand for FX to fund those operations and pay for the end products. We have increasing levels of investment in emerging market by financial investors in developed markets. And in the other direction, there are growing levels of wealth in emerging markets, some of which is being invested into developed markets.

Emerging markets always present challenges. What are the critical ones facing FX traders in these markets?

Penney:Liquidity fragmentation, lack of transparency, and financial regulations are among the challenges facing FX traders in the private sector. Asset managers and hedge funds need to consider issues like volatility and the risk-return ratio as part of a broader investment strategy. Corporate treasurers need to understand any special rules in each country, as some currencies are not easily convertible. In Brazil, for example, every FX trade needs documentation that it was conducted for authorized purposes. In this case, the requirement to attach an invoice to every transaction and send it to the central authorities adds time and overhead costs to processes.

Are central banks doing anything to address these issues?

Penney:Many central banks are visibly keen to build a modern market infrastructure. They recognize that global trade is vital to the future of their economies, and want to make the FX process as friction-free as possible whilst ensuring a robust and safe financial market. In many cases, they are leveraging best practices globally. This can include using products from companies like Refinitiv to support access to地方和全球流动性by market participants; operate benchmarks; and collect accurate, timely information on FX trades.

Refinitiv的解决方案如何帮助新兴市场的银行和贸易商？

Penney:We aim to be a trusted partner to central banks and financial institutions in emerging markets. We aim to work at a country level, better enabling the ecosystem of dealers across the country rather than selling to individual participants. The importance of community is something we understand very well from operating our Dealing product, which connects 16,000 of the world’s foreign exchange professionals.

例如，拍卖货币的核心银行可能正在寻找一个在拍卖过程中以全国范围内连接其主要经销商的工具，接收出价级别，设置分配和通信拍卖结果。我们的拍卖产品而不是通过电话执行此操作，而是为所有各方提供更高效和更少的错误过程。

We also offer solutions for human-to-human trading in those markets that have insufficient liquidity to support automated electronic trading. Our Callouts solution allows traders to see the amounts, bringing a higher level of certainty. We released this product in several countries last year, starting with a focus in sub-Saharan Africa. It has proven to be very effective for these purposes. Platforms such as Dealing and Callouts are especially important in markets where liquidity and credit are weak: in these markets, personal relationships are a critical enabler of the transaction process.

中央银行如何感受到外汇全球代码？

Penney:FX全球守则是公共和私营部门之间的独特合作，中央银行和行业参与者在全球范围内聚集在一起，以便在外汇行业期待的期望方面设定期望。正如汤姆森路透社所才能参与其创作，现在就像雷丁人一样，我们继续成为其进化的一部分。正如您所期望的那样，央行高度支持代码，并继续成为主要的赞助和动力。这尤其如此在许多新兴市场，代码提供全球性，“关闭PEG”的工业行为的金标准解决方案。该守则使中央银行能够利用已经进行的工作而不是试图从头开始制定新的规则和法规。

Which emerging markets are most likely to move forward with FX electronic platforms in the next few years?

Penney:每个市场都不同，但有一些普遍的趋势。所有国家都在寻求确保他们的市场以公平有效的方式运营。所有人都希望在他们的国家中创造更多的流动性市场，增加最终用户的选择，并提供更严格的价格。最后，所有人都希望增加贸易自动化水平。这增加了执行效率并减少了错误，从而获得了更便宜，更容易实现最终用户的市场。

That said, different countries are approaching this evolution in different ways and at different speeds. Our FX franchise is truly global, covering 130 countries and connecting over 8,000 FX bank traders in emerging markets. We aim to provide solutions that cover the entire spectrum. I’ll give you some examples to illustrate the diversity of customer needs across emerging markets. In Brazil, we are seeing a growing need by banks for technology that enables them to electronically price their customers; we are fulfilling this through our “ET” rate engine solution. In Malaysia, we are working with banks and large corporations to launchFxall.作为MultiBank FX Trading的解决方案。在乌干达，我们只是推出我们的标注产品，帮助简化两个经销商直接互相交易的流程。

What about the risks of FX trading in emerging markets?

Penney:在越来越多的监管复杂性和对交易流程监督的世界中，市场参与者对操作风险的兴趣萎缩。这在全球范围内是真实的，而不仅仅是在新兴市场。然而，在新兴市场，可能具有更大的波动性和流动性更薄，误差的影响可能更严重。在Refinitiv，我们的特殊重点是帮助确保核心交易过程与尽可能可靠，可靠，高效和抵抗错误的核心交易流程。我们以两种方式这样做。首先，我们希望让我们的客户能够为其交易找到合适的价格，并确保他们在最新的行为标准公平，有效和运作的市场交易。其次，我们的目标是帮助他们自动化交易本身的过程，减少信息的重新键控，精简处理和提供详细报告。

了解有关如何交易您想要的方式的更多信息。

Technology Insights: How to become more productive and create more time to focus on what matters.