TAILIEUCHUNG - Explaining the returns of active currency managers

What can governments do to support and drive these initiatives further? The most important thing is to provide clear and consistent environmental policies which will fix market failures and give institutional investors the confidence to invest in green projects. Without these policies climate finance from the private sector will not be forthcoming. Governments need to ensure that adequate, investment-grade deals at scale come to the market in order to be able to tap the potential pension funds cash. This could include taking subordinated equity or debt positions, providing risk mitigation and issuing green bonds. Support for infrastructure projects more . | Explaining the returns of active currency managers1 Sam Nasypbek2 and Scheherazade S Rehman3 1. Introduction Currency markets have soared to have a trading volume of over 4 trillion a day. The 4 trillion is a 20 gain in the global foreign exchange markets from trillion in Over the years the players in currency markets the world s largest financial markets 5 have changed. Traditionally foreign exchange markets were mostly only a network of bank dealers and electronic trading systems used by a investors or corporations needing currency conversion to buy and sell financial instruments . stocks bonds etc. repatriate profits home from abroad and or offset currency risks as part of their daily operations b banks converting cash borrowed from foreign investors c mutual-fund managers managing portfolios and using currency derivatives to offset the risk of currency swings and d currency speculators mostly interbank . Historically the interbank market has accounted for the lion s share of daily volume large banks not only have provided liquidity to multinational firms and global investors but also have engaged in speculative activities through their proprietary trading desks. With the rise of globalization and electronic trading non-bank players such as hedge funds6 have emerged as major players in the currency market with their share of daily volume matching the interbank as of 2007 Gallardo and Heath 2009 . With hedge funds and other types of investors more active in currency markets banks traditional role as intermediaries in currency markets has diminished in terms of trading volume. Perhaps even more important is that all types of funds from hedge funds to mutual funds are increasingly now using currency markets as a distinct asset class and not just a venue for an investment to be priced in another currency . Non-interbank non-dealer trading increased by 49 to trillion a day while trading in the interbank market amongst dealers grew by only 11 to

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