Foreign Exchange Markets是FRM一級考試中的重要內容，現在也臨近5月FRM考試，考生需要在剩余的時間里認真備考，這樣你才有通過FRM考試的幾率。在考試中Foreign Exchange Markets，考生能學到哪些內容？

After completing this reading, you should be able to:

?Explain and describe the mechanics of spot quotes, forward quotes, and futures quotes in the foreign exchange markets; distinguish between bid and ask exchange rates.

?Calculate a bid-ask spread and explain why the bid-ask spread for spot quotes may be different from the bid-ask spread for forward quotes.

?Compare outright (forward) and swap transactions.

?Define, compare, and contrast transaction risk, translation risk, and economic risk.

?Describe examples of transaction, translation, and economic risks and explain how to hedge these risks.

?Describe the rationale for multi-currency hedging using options.

?Identify and explain the factors that determine exchange rates.

?Calculate and explain the effect of an appreciation/depreciation of one currency relative to another.

?Explain the purchasing power parity theorem and use this theorem to calculate the appreciation or depreciation of a foreign currency.

?Describe the relationship between nominal and real interest rates.

?Describe how a non-arbitrage assumption in the foreign exchange markets leads to the interest rate parity theorem and use this theorem to calculate forward foreign exchange rates.

?Distinguish between covered and uncovered interest rate parity conditions.

完成閱讀后，您應該能夠：

?解釋和描述國外現貨報價、遠期報價和期貨報價的機制外匯市場；區分買賣匯率。

?計算買賣價差，并解釋為什么現貨報價的買賣價差可能與投標價差不同-詢問遠期報價。【資料下載】FRM一級思維導圖PDF版

?比較直接（遠期）和掉期交易。

?定義、比較和對比交易風險、翻譯風險和經濟風險。

?描述交易、翻譯和經濟風險的例子，并解釋如何對沖這些風險。

?描述使用期權進行多種貨幣對沖的基本原理。

?確定并解釋決定匯率的因素。

?計算并解釋一種貨幣相對于另一種貨幣升值/貶值的影響。

?解釋購買力平價定理，并使用該定理計算升值或升值外幣的貶值。

?描述名義利率和實際利率之間的關系。

?描述外匯市場的無套利假設如何導致利率平價并利用這個定理計算遠期外匯匯率。

?區分覆蓋和未覆蓋的利率平價條件。

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