Валунтият пазар: участници, инситтуции и механизми на функциониране

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Страници: 174-182

Резюме:

The foreign exchange market represents one of the most dynamic and sensitive segments of the international financial system. Far from being merely a technical facility for currency conver sion, it serves as a critical infrastructure that connects international trade, capital flows, monetary policy and market confidence. This paper adopts an institutional approach to analyze the structure, participants and operational logic of the forex market. It begins by examining the decentralized, over-the-counter nature of the market, emphasizing how this structure generates high liquidity and continuous functioning across time zones. Subsequently, the study provides a systematic overview of the key market participants — commercial and investment banks, central banks, non-financial corpo rations, institutional investors and retail traders — highlighting their distinct objectives and the roles they play in price formation and liquidity provision. Special attention is devoted to central banks, which are not ordinary participants but institutions that shape the very conditions under which the market operates through monetary policy, foreign exchange interventions and the establishment of credible exchange rate regimes. The paper also explores the technological transformation of the forex market, discussing how electronic trading platforms, algorithmic strategies and automation have increased market speed, accessibility and sensitivity. The findings suggest that the modern foreign exchange market is best understood as a complex institutional ecosystem where economic funda mentals, expectations, institutional credibility and technological infrastructure continuously interact.

Ключови думи:

foreign exchange market; market participants; central banks; exchange rate regime; fi nancial infrastructure.

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