Hacıoǧlu Hoke, Sinem; Ostry, Daniel; Rey, Hélène; … - National Bureau of Economic Research - 2026
Drawing on 100 million transactions, we show how speculators, hedgers, and market makers interact in the world's largest FX derivatives market, and that derivatives trading can affect exchange rates. Firms in the largest client sectors--pension and investment funds, insurers, and...