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Exchange rate
In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, ¥) to the United States dollar (US$) means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in terms of yen is ¥119, or equivalently that the price of a yen in terms of dollars is $1/119.
Exchange rates are determined in the foreign exchange market,〔(The Economist – Guide to the Financial Markets ) (pdf)〕 which is open to a wide range of different types of buyers and sellers where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
In the retail currency exchange market, a different buying rate and selling rate will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell the currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash (usually notes only), a documentary form (such as traveler's cheques) or electronically (such as a credit card purchase). The higher rate on documentary transactions has been justified to compensate for the additional time and cost of clearing the document, while the cash is available for resale immediately. Some dealers on the other hand prefer documentary transactions because of the security concerns with cash.
==Retail exchange market==
Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and various forms of Bureau de change. These retail outlets source currency off the inter-bank markets which are valued by the Bank for International Settlements at $5.3 trillion-dollar-per-day (). The purchase price is conducted at the spot contract rate. The process of selling currency on to retail clients will involve the charge of commission to cover processing costs while also deriving profit. Additional gains are realised by the quotation of an exchange rate that differs to the original spot rate. This difference is referred to as the bid-ask spread. In determining their own bid and ask price the retail provider is therefore the Market maker of the retail currency market which confirms this market as being determined on discretion.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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