present value of its future cash flows. This paper shows that in many forms of competition, including the most commonly … net revenues in foreign currency. This simple result breaks down under some, but not all, forms of competition between the …

A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper … the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and … volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2 …