면책 고지: CFD는 복잡한 금융상품으로, 레버리지로 인해 빠르게 손실이 발생할 수 있는 높은 위험을 수반합니다.
CFD의 작동 방식을 이해하고 있는지, 그리고 자금 손실의 높은 위험을 감당할 수 있는지 신중히 고려하시기 바랍니다.
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Repo Market
The repo market is the vast, largely invisible marketplace where banks, funds, and dealers borrow and lend cash overnight against collateral, using repurchase agreements. It is where the financial system funds itself, trillions of dollars changing hands each day so that institutions can meet their short-term cash needs cheaply and safely.
Most of the time it hums along unnoticed, but when it seizes up, the whole system feels it.
Example: In September 2019, the US repo market suddenly convulsed, with the cost of overnight borrowing spiking dramatically as cash unexpectedly ran short. The Federal Reserve had to step in and pump in tens of billions of dollars to calm things down, a vivid reminder that this obscure corner of finance is not obscure at all: it is the beating heart of short-term funding, and a jam there can threaten to freeze markets far beyond it, which is why central bankers watch repo rates like hawks.
Request For Market (RFM)
A request for market, RFM, is a way of asking a dealer for a price without revealing which way you want to trade. Instead of asking to buy or to sell, you ask for a two-way quote, both a bid and an offer, so the dealer has to price the instrument blind, not knowing your intention.
This protects you from being given a skewed price the moment your direction is known. It is common in less liquid markets and in bond and derivatives trading.
Example: A fund wanting to trade a large, illiquid bond sends dealers a request for market rather than a request to buy, forcing each to quote a genuine two-sided price. Only after seeing the quotes does the fund reveal whether it is buying or selling, hitting whichever side is best. By keeping its hand hidden until the last moment, it stops dealers from shading the price against it, which is the whole point of asking for a market rather than a one-way quote.
Reserve Bank of Australia (RBA)
The Reserve Bank of Australia, the RBA, is Australia’s central bank, the body that sets interest rates and conducts monetary policy. Its decisions carry weight well beyond Australia’s shores, because the Aussie is one of the world’s most traded currencies and a longtime favourite of the carry trade, thanks to the relatively high interest rates Australia has often offered.
The RBA’s key concerns include inflation and the health of an economy tightly bound to commodity exports and to China.
Example: When the RBA raises interest rates to cool inflation, the Australian dollar may strengthen as higher yields draw in global investors, and traders across Asia and beyond adjust their positions on the news. Because Australia sells so much iron ore and coal to China, the RBA also keeps a close eye on the Chinese economy, and its statements are parsed for any hint of worry about demand from Australia’s major trading partner.
Reserve Bank of New Zealand (RBNZ)
The Reserve Bank of New Zealand, RBNZ, is New Zealand’s central bank, and this fuller heading duplicates the RBNZ entry elsewhere on the sheet. The essentials are the same: it sets interest rates, manages the New Zealand dollar, and made history in 1989 as the first central bank in the world to adopt a formal inflation target, a model widely copied since.
Its rate decisions move the Kiwi, a currency global investors hold largely for its yield.
Example: A carry trader who has borrowed cheaply in Japanese yen to buy higher-yielding New Zealand dollars watches every RBNZ meeting nervously, because the whole trade rests on the interest-rate gap the RBNZ helps set. If the bank signals rate cuts ahead, that gap narrows and the Kiwi can fall, threatening the trade, so even for someone thousands of miles away, the decisions of New Zealand’s small but influential central bank land directly on the bottom line.
Reserve Currency
A reserve currency is one that central banks and governments around the world hold in bulk as part of their foreign-exchange reserves, and that is widely used to price global trade and settle international deals. The US dollar is the world’s dominant reserve currency, making up the majority of the world’s reserves, with the euro a distant second and the yen, pound, and yuan trailing further behind.
Reserve status brings potential economic and financing advantages to the country that holds it.
Example: Because the dollar is the world’s reserve currency, countries everywhere stockpile it, oil and most commodities are priced in it, and the United States can benefit from relatively strong global demand for its currency and government bonds, which can help lower its borrowing costs. This so-called exorbitant privilege is a commonly cited advantage of reserve status, and it is why talk of any currency one day challenging the dollar draws such intense interest.
Reserve Demand Elasticity (RDE)
Reserve Demand Elasticity, RDE, is a relatively new gauge the New York Fed uses to judge whether the banking system has enough reserves. Technically it measures the slope of the demand curve for reserves, how much the key overnight interest rate moves when the supply of reserves changes by a little.
The reading tells policymakers where they sit: when reserves are scarce, small changes can cause significant rate movements; when reserves are ample or abundant, rates tend to move less.
Example: The Fed watches RDE as it shrinks its balance sheet through quantitative tightening, using it as one potential warning indicator. As long as RDE stays near zero, reserves may be relatively abundant and the Fed can keep draining them; but if the measure starts to steepen, showing rates growing more sensitive to reserve shifts, it may signal that reserves are approaching scarcity, potentially prompting the Fed to reconsider the pace of tightening to reduce the risk of a funding squeeze like the one that hit in 2019.
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