Chapter
1/ Back in the States: a glance at foreign exchange
2 / A visit to a local bank: what do money changers buy and sell?
3 / How do money changers arrange deals?
4 / Who are the actors in the world’s biggest market?
5 / Where deals are made: historical geography of money changer enclaves
Why do money changers cluster where they do?
The paradox of clustering in a computer-linked world
6 / Professor Smith Gets FXed in Tokyo: could he have profited from a currency forecast?
How predictable are exchange rates?
7 / Inside the trading room: philosophies behind trading strategies
Vision one: ‘it’s all supply and demand’
Vision two: ‘it’s all fundamentals’
Vision three: ‘it’s all technical’
8 / Behind the fish tank:
what causes rates to change?
9 / How currencies are delivered: snapshot of an evolving system
A meeting with a payments systems expert
APPENDIX / diagrammatic notes on currency delivery channels
10 / A visit to CHIPS, the world’s largest currency delivery system in the 1990s
11 / Time to settle up: CHIPS closes the dollar day at the New York Fed
CHIPS upgrades to real time final settlement 2001
Finally, a delivery system safe from foreign exchange settlement risk: Continuous Linked Settlement Bank begins in 2002
Lessons of September 11th for global payments
12 / In the City of London after the Russian default: anatomy of currency market storms of the 1990s
The collapse of the European Exchange Rate Mechanism
The Bank of England loses to the speculators, September 1992
13 / The euro in its infancy
The potential of the euro as a world currency
The euro revolution in stocks and bonds
The transition of the real economy to the euro
14 / Doubts about the euro and the new central bank
A European central banker waits on the sidelines
Doubts about TARGET, the official euro payments system
Reflections on the future of the world monetary system
Wrap-up session with Walter Blass
APPENDIX / Euro developments after the 1999 London interviews
15 / Testing the dollar’s hegemony: will the adjustment be smooth?
How long will foreigners finance US overspending?
Dollar testing episodes and the evolution of market stories
Relief for the dollar: spring and summer 2005
A smooth or turbulent adjustment: Greenspan vs. Volcker
The run on the dollar in the late 1970s
The political economy of sterling’s decline as global currency
Long-run lessons for the dollar’s loss of hegemony
The Money Changers
：A Guided Tour through Global Currency Markets
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