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By Paul Einzig

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6) If a ruse is repeated frequently it is apt to be discounted. On the other hand it might work as a double bluff. For instance, it is always possible that, if a bank has acquired the reputation for putting on junior dealers to initiate the first instalment of a major transaction, it might let the same dealer handle a deal representing the sum total of the intended transaction. In that case the rival might be misled into suspecting it, wrongly, that the operation in question would be once more merely the first instalment of a larger transaction and might respond accordingly, adjusting its quotation in a sense that suits the other bank.

This practice involves no undue risk when the rates are steady so long as dealers are in close touch with the market and adjust their quotations to the prevailing trend. But on hectic days rates are liable to move suddenly and in whichever direction they move the bank, having quoted two-way rates, is liable to suffer a loss if the other bank accepts its quotations immediately. It has the following defences against such losses: (l) Acceptance must be immediate. No excuse for delay (such as faulty telephone line) need be accepted.

All dealers naturally prefer the other party to fire the first shot by quoting opening rates. They circle each other, figuratively speaking, like boxers in the ring, awaiting their opportunity to strike. Dealers wanting to buy or sell, whether to initiate the transaction or to undo positions previously entered into, have the choice between awaiting quotations to be communicated by brokers or contacting brokers to inform them at what rates they are prepared to deal. In the majority of 30 How the Market Works instances both banks and brokers make two-way quotations - they quote buying rates and selling rates at the same time.

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