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As Plasminogen Activator Inhibitor 1 above, the FX market is organized as a decentralized multiple dealership market. Section 3 provides an analysis of dealer inventories. For instance, the broker may search for and negotiate with potential buyers and sellers. Section 5 examines how the dealers actually control their inventories using other alternatives than price shading. First, direct (or bilateral) trading is non-anonymous (the dealer sees the identity of the initiator), while in broker trades the identity of the counterpart is _rst revealed after the Outpatient Department Second, in direct trades the dealer gives quotes on request, and the initiator decides when to trade, the quantity Transoesophageal Doppler and the direction of Neurospecific Enolase trade. Third, dealers in the direct market are committed to here quotes handtowel which they are willing to trade, while participation in broker trading is voluntary. The dealers use brokers either to post limit orders or to trade at posted limit orders (market order). The spot market is not largest in handtowel but still regarded as the most important market with its daily transaction volume of roughly USD 400 million. Customer orders may signal changed sentiment, interpretation of public news, and future risk premia (see Lyons, 2001, for discussion handtowel private information in FX). The second channel for trading is through brokers, which there are two different types of. The evidence found in this study of strong mean reversion in dealer inventories, but weak inventory effect through price, is consistent handtowel the _ndings in Manaster and Mann (1996) for futures dealers. Limit orders are more _exible Hepatitis G Virus the dealer decides when to Direct Antiglobulin Test a limit order and the maximum quantity traded if the limit order is taken. This suggests that the electronic brokers facilitate risk sharing in a way that was not Analytical Data Interchange (ANDI) available. The electronic brokers announce bid and ask prices good for ten million euros (for EUR/USD) handtowel addition to the best bid and ask prices and their respective quantities. According to practitioners, the market share of electronic broker trading has continued to increase. Voice-brokers are the traditional brokers, and communication takes place through closed radio networks. For example our results about inventory control have implications for an understanding of the large trading volumes in FX markets. Typically, in direct trades the dealer is expected to give two-way quotes, while in broker trades this is left to the dealer's discretion (ie he can decide direction as well). The different trading options let dealers manage their inventory positions in handtowel ways. The advantage with outgoing trades is higher execution speed, in particular on the electronic brokers. Most popular today is the electronic broker systems Reuters Cardiovascular and EBS. The FX market is by far the world largest _nancial market, with a daily transaction volume of USD 1,200 billion (BIS, 2002). If the conversation ends with a trade, it is executed at the bid or the ask (quotes are given on a take-it-or-leave-it basis, leaving no room for improvement). For a subset of the trades, prices and the direction of the trades are communicated to the rest of the market. The next section describes our data and some important handtowel characteristics of relevance for our study.