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Heterogeneity and segmentation of participants on the Czech foreign exchange market
Paleček, Jiří ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
The work focuses on the history and development of the foreign exchange market, and consequently the overall characteristics of the foreign exchange market. Then this work compares retail and wholesale foreign exchange market. In examining the volume and structure of the turnover on the foreign exchange market. Access to the information of individual entities, where wholesale participants have a huge benefit because of the many advantages, mainly financial benefits. Determining whether the market is centralized or decentralized, it depends on the subject, retail market is decentralized and wholesale is centralized. It was also examined the behavior of the marginal individual entities, there are large differences between small and large entities. And that's also true for their influence, but to this I came up with Noise Trader theory, which shows that the situation can be reversed and retail traders streamlines the market. The work points out that problem when retail market penetrate on the wholesale market. And finally, the work offers insights into the problem of the missing middle market, or a stronger segmentation of market. The last point is the nightly news, and how individuals respond to them.
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