The power of money
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Abstract
The world is awash with money. Every working day of the year $1 trillion are exchanged between dealing rooms spread all over the planet and linked by globe-spanning circuitry of satellites and fibre-optic cable. Around the clock, electronic impulses project in a wink millions of coded financial data on Reuter screens manned by dealers buying and selling currencies, equities, futures, swaps, options, options on options and even swaptions, either as a financial service to customers or in proprietary trading. All the participants — they call themselves ‘players’ — mostly large banks, claim their expertise is based on up-to-the-minute global information and their advice on facts, not guesswork.