本文将以EBS的视角来观察外汇市场结构方面的系统性趋势。虽然包括G3国家目前低利率环境在内的宏观经济因索与我们讨论的系统性因素具有明显的内在联系,但本文主要研究即期市场目前的结构,特别是那些推动市场发展并可能影响其未来结构的因素。一、今日市场一瞥 EBS的主要业务在即期市场,所以它是我们关注的重点。从图1中可以清楚地看到这个市场的各个组成部分。 This article looks at the systemic trends in the foreign exchange market structure from an EBS perspective. While the macroeconomic factors, including the current low interest rate environment in the G3 countries, are clearly intrinsically linked to the systemic factors we are discussing, this paper focuses on the current structure of spot markets, particularly those that drive market growth and may affect its future Structural factors. First, a glimpse of today’s market EBS’s main business in the spot market, so it is our focus. From Figure 1 you can clearly see the various components of this market.