A Textbook on Foreign Exchange by Paul Einzig

By Paul Einzig

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In Switzerland many branches are to a very large degree independent of their 43 A Textbook on Foreign Exchange head offices and their foreign exchange departments have a free hand to operate both with customers and in the market with very little reference back to their head offices. This practice is made possible by the arrangement under which rates are fixed in advance every day for transactions with customers. The spread between buying and selling rates is wide enough to safeguard banks against losses through minor fluctuations in the course of a day.

A great many of them have come to address each other by their Christian names, even though they may have never met. They are prepared to go out of their way to observe strict fair play, and even to go beyond that, in a spirit of camaraderie, outbidding each other in their willingness to comply with the opponents' wishes at times even at the cost of some sacrifice to their own banks. On the other hand there is an incessant struggle for the survival of the fittest, in the course of which dealers do their utmost to outwit each other in so far as this is possible without actually offending against the letter of the accepted rules.

This assists them in being informed about what their colleagues are doing. Brokers confine their foreign exchange operations to banks in the local market. They have no contacts either with nonbanking clients or with foreign banks in foreign centres. But since 1968 they are entitled to deal in Euro-currencies with foreign banks and also with foreign non-banking customers. In some countries, such as France, brokers may have direct contact with business firms. A. they are permitted to do so. Already before the War some brokers combined their functions with those of money brokers, acting as intermediaries for credits to Local Authorities.

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