An integral part of the international monetary system is foreign exchange market. The modern foreign exchange market - a system of stable economic and institutional relations between the participants of international payments over not only foreign exchange and foreign trade, services, investment and other activities that require the exchange and use of various foreign currencies.

It should also be noted that in the foreign exchange market by a wide range of operations, tourism, migration of capital, labor, which include foreign currency buyers, sellers, brokering and banking institutions and companies. Exchange market operations also covers insurance exchange risk, diversification of currency reserves and the transfer of monetary liquidity, different measures of foreign exchange intervention.

The main subjects of the foreign exchange market perform large multinational banks that have an extensive network of branches and widely used current measures of communication, computer equipment. Role of different currencies in the market is determined by their place in svitohospodarskyh Relations. Most of the transactions accounted for U.S. Dollar, Pound Sterling and Euro.

The main part of foreign exchange transactions conducted in the form of cash, ie, current and term bank accounts and only a small part of the market accounted for on trade coins and exchange of cash. With currency markets tied to a large banking and currency exchange centers (London, Paris, New York, Frankfurt am Main, Tokyo, Singapore, Hong Kong, Amsterdam, Brussels).

For currency markets characterized such basic operations:

Operation SPOT provide immediate production of currency at a rate fixed in the agreement.

Operation "forward" - a transaction in which the parties agree to set a specific amount of currency through the agreed term agreed at the time of the operation rate.

Operation autrayt means that the seller is obliged to sell, and purchases - to buy the currency in time for pre-recorded course.

Operation "option" when the customer pays the bank a premium and receives the right to buy the currency at any time period established by agreement with the reported signing an agreement rate, or abandon the sale if an agreement for a course in this interval of time is for him more disadvantageous than the loss of funds for the prize.

What currency markets exist?

Eurocurrency market - an international exchange market of Western Europe, where operations are carried out in euros. Objective cause and development Eurocurrency market is deepening integration processes in Western Europe, the role of transnational corporations, the growth needs in international credit money, and important prerequisite was the introduction of mutual konvertovanosti rates. Thus were created the conditions for stable monetary and financial relationships of a group of countries and the euro.

Known as Market yevrodepozytiv. It expresses the stable monetary and financial relations on the formation of deposits in foreign currency in large commercial banks of Western countries at the expense of over-the Eurocurrency market.

There are also market Evrokredite, which expresses strong credit ties with international loans in the Eurocurrency major commercial banks of countries with developed market economies. Borrowers Euro serve mostly large companies that need loans to finance major projects in this country and abroad, as well as the state with obvious deficits. Typically, international Eurocurrency loans granted large national banks of individual countries a period of 2 to 10 years with floating interest rates. Market Evrokredite promote EU integration processes, stimulates the development of exports, expansion of foreign investment and is an important factor in forming a single market.

Problem in monetary and financial sphere, in which Ukraine currently found associated primarily with non-policy in the external sector, inadequate legislation and regulations on exchange control and the return of foreign exchange earnings. Should be more flexible policy on protectionism and liberalism in foreign exchange regulation. By the protectionist measures are a form of direct state intervention in the monetary sphere, as foreign exchange restrictions. Latest related to prohibition of national exporters to sell foreign currency generated in the market (they must donate it in exchange for national official exchange rate) may be limited transfer of currency abroad and to export.

Applicable state and amount of foreign exchange restrictions directly related to currency convertibility. For Ukraine, it is extremely important in terms of effectiveness include the national economy in the world, the use of the advantages of international division of labor, migration capital. Since Ukraine is now in its motion focuses on the formation of a civilized market economy, ensuring konvertovanosti hryvna becomes inevitable.