คำเตือน: CFD เป็นตราสารที่ซับซ้อนและมีความเสี่ยงสูงที่จะสูญเสียเงินอย่างรวดเร็ว เนื่องจากการใช้เลเวอเรจ
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Fiscal Dominance
Fiscal dominance occurs when government debt and deficits reach a level at which fiscal policy effectively overrules the central bank’s monetary policy. In a fiscally dominant environment, the central bank is under explicit or tacit pressure to maintain interest rates low in order to cut the government’s borrowing costs—pushing bond prices up and making debt servicing manageable—even if this runs afoul of its inflation mission.
This is the polar opposite of the goal of most developed economies: an independent central bank that makes policy decisions only in reaction to evolving economic circumstances, not to the needs of the government’s budget.
Example: A country that runs huge, chronic deficits ends up with a debt load so large that increased interest rates would render sovereign debt service absolutely impossible. But the central bank is wary of raising rates aggressively, given the risk of a government collapse or a fiscal crisis amid rising inflation.
This restriction is fiscal supremacy in practice, whether or not it is explicitly acknowledged: debt dynamics fully determine monetary policy.
Fiscal year
A 12-month period that a company or organisation uses for financial and accounting purposes, which may or may not coincide with the calendar year.
Fisher effect
The Fisher effect is an economic theory introduced by Irving Fisher that describes the relationship between nominal interest rates and inflation expectations. It’s a basic idea: nominal interest rates go up or down to reflect expected inflation, so that the return in real dollars, or the real interest rate, is generally stable over time.
If they forecast inflation at 3%, investors will want a nominal rate that covers the expected inflation rate. Both bond markets and central banks have to consider the Fisher Effect when thinking about an optimal level of interest rates relative to inflation.
Example: If a government bond pays 4% interest and inflation is 1%, then a bond investor receives a real interest rate of 3%. If inflation predictions climb to 3%, the bond will still pay a fixed 4% coupon, leaving a real return of 1%, which is less attractive.
This means new bonds must pay higher yields to compensate, and the prices of existing bonds drop. That adjustment process is the Fisher Effect in action in the market.
Fitch
Fitch Ratings is one of the “Big Three” credit rating organizations, along with Moody’s and S&P Global Ratings. The agency provides ratings on the financial strength of governments, financial institutions, and enterprises and assigns credit ratings that express the probability that a borrower will satisfy its debt commitments.
It runs from AAA at the top, the best credit quality and lowest default risk, down through investment-grade territory and into speculative or “junk” grade below BBB-.
The importance of these ratings is that many institutional investors have firm mandates that do not allow them to keep debt that falls below a certain rating. So a downgrade can lead to forced selling by institutions, making it far more expensive for the issuer to borrow in the future.
Example: In August 2023, Fitch cut the United States’ long-term credit rating from AAA to AA+, citing a worsening budgetary outlook and frequent political squabbling over the debt ceiling.
But what touched off the market turmoil that followed was not the anticipation of a cataclysmic default just around the corner, but the fact that a major agency had downgraded the issuer of the world’s principal reserve currency, forcing global bond markets to reconsider the parameters of sovereign risk more broadly.
Fix
A fix is a method for establishing an exchange rate for currencies at a particular time of day, used by banks, asset managers, and corporations to value portfolios, execute large currency trades, and settle contracts. The most quoted is the WM/Reuters fix, which is set at 4:00 pm London time.
Several fund managers will direct their banks to transact at the fix, as it provides a single market-wide reference point for comparing the value of their portfolios. This turned out to be a hot-button issue when it was discovered that several traders at big banks were involved in a chilling scheme to rig the rate in the minutes leading up to and following the rate window – one of the biggest FX scandals in the last ten years, with billions in fines imposed.
Example: A global index fund has to rebalance its currency exposure at the end of the month. It tells its custodian bank to execute the necessary FX trades at the 4:00 p.m. London fix. The 4:00 p.m. fix rate doesn’t have to be the best possible rate of the day; it is simply the rate the fund receives. It is not about optimizing prices but about ensuring transparency and consistency across the industry.
FIX API
FIX API stands for Financial Information eXchange Application Programming Interface and is a standard message protocol that enables financial institutions, brokers, and trading platforms to communicate electronically. It was introduced in 1992 and became the industry standard because it allowed trade orders, executions, and market data to be exchanged in a single language, regardless of the internal systems each firm uses.
The FIX API may offer a trading interface to more professional traders or institutions, but transactions are made faster than through the standard interface, and there is better control over order routing. It can be directly integrated with their custom trading systems.
Example: A firm that trades with algorithms and has a trading technique that places hundreds of orders concurrently on different venues. Too sluggish and too inflexible would be to link to a normal web-based trading platform. Their solution interfaces seamlessly with their broker’s FIX API, enabling millisecond communication, accurate order routing based on the algorithm, and real-time execution confirmation, all of which are critical for institutional-level trading.
เราใช้คุกกี้เพื่อทำความเข้าใจว่าคุณใช้งานเว็บไซต์ของเราอย่างไร และเพื่อให้คุณได้รับประสบการณ์ที่ดีที่สุด คุณสามารถหาข้อมูลเพิ่มเติมได้โดยดูนโยบายคุกกี้ของเรา
