I prefer the sale.

我更喜歡出售。

Yeah, but 43 sounds really tight.

是的，但 43 聽起來真的很緊。

So why would you want to reduce your position at such a low level?

那麼，你為什麼要把自己的職位降到這麼低呢？

The thing is, if they're changing their dollars into Saudi, that means they're buying and selling Saudi.

問題是，如果他們把美元兌換成沙特貨幣，就意味著他們在買賣沙特貨幣。

With the central bank. With the central bank.

與中央銀行與中央銀行

My name's Philip Beckel.

我叫菲利普-貝克爾

I'm co-head of the EMEA FX and interest rate trading group at BNP Paribas.

我是法國巴黎銀行歐洲、中東和非洲地區外匯和利率交易部門的聯席主管。

And we're a group of about 25 traders spread across the Europe, Middle East and African time zones.

我們有大約 25 名交易員，分佈在歐洲、中東和非洲時區。

We also have trading hubs in Moscow, Bahrain, Budapest, Warsaw and Sofia.

我們還在莫斯科、巴林、布達佩斯、華沙和索非亞設有貿易中心。

But London is our main centre where we have the highest headcount.

但倫敦是我們的主要中心，也是我們員工人數最多的地方。

The bleeping sound that we keep hearing on our desk is the Reuters dealing machine.

我們桌子上一直聽到的 "嗶嗶 "聲就是路透社的發牌機。

And they're actually incoming calls.

實際上，這些都是來電。

And those calls can come from anywhere from another bank to a counterparty or an even internal call from another BNP Paribas entity.

這些電話可以來自任何地方，從另一家銀行到交易對手，甚至是來自法國巴黎銀行另一家實體的內部電話。

For example, New York, Montreal, Milan.

例如，紐約、蒙特利爾、米蘭。

Everyone has this system.

每個人都有這個系統。

And that's one of the principal methods we use for trading.

這也是我們進行交易的主要方法之一。

BNP Paribas.

法國巴黎銀行

There's a bond auction in Tel Aviv for government bonds.

特拉維夫有一場政府債券拍賣會。

Denominated in Israeli shekels.

以以色列謝克爾計價。

And we're bidding a total of 700 million shekels.

我們的投標總額為 7 億謝克爾。

And the order's just going in through now.

現在訂單剛剛下達。

100 million dollars is 375 million shekels.

1 億美元等於 3.75 億謝克爾。

So it's just about 200 million dollars that we're doing.

是以，我們正在做的事情大約是 2 億美元。

We like these bonds because there's a positive, what's called a positive asset swap.

我們喜歡這些債券，因為它們有一個積極的資產交換機制。

The yield on the bond is higher than an equivalent yield in the money market.

債券收益率高於貨幣市場的同等收益率。

There was an auction in Hungary today for Hungarian government debt.

匈牙利今天舉行了匈牙利國債拍賣會。

A news report came out from Bloomberg, which is a news service.

彭博社（Bloomberg）發佈了一則新聞報道。

And our trader in Budapest was quoted on the report.

報道援引了我們在布達佩斯的交易員的話。

Bloomberg would have telephoned him up and asked his view on the market goings-on.

布隆伯格會打電話給他，詢問他對市場變化的看法。

And he's just been quoted in that report.

該報告剛剛引用了他的話。

The situation in Israel is escalating a bit.

以色列的局勢正在一點點升級。

There's an exchange of fire between Israel and the news report came out about 15 minutes ago.

15 分鐘前，以色列和新聞報道之間發生交火。

And that's typical of the global events that affect our markets.

這就是影響我們市場的典型全球事件。

Particularly since we're sort of hands-on trading.

特別是因為我們是親手交易。

Conflict in Israel is a fact of life.

以色列的衝突是不爭的事實。

What we will be watching is if it escalates and gets worse.

我們將關注的是，事態是否會升級和惡化。

If it does escalate, then we have a problem.

如果事態升級，我們就有麻煩了。

It's not absolutely every day that we have to eat on the desk.

我們並不是每天都要在辦公桌上吃飯。

It's only on an ad hoc basis, depending on how much work we have.

這只是臨時性的，取決於我們有多少工作要做。

Yeah?

是嗎？

What's that?

那是什麼？

As a cross-currency?

作為交叉貨幣？

We just got a request for a price in a Turkish lira cross-currency swap.

我們剛剛收到一份土耳其里拉交叉貨幣互換的報價請求。

It came through our Turkish sales desk through the squawk box here.

它是通過我們的土耳其銷售服務檯，通過這裡的呼叫箱發出的。

It was an 18-month cross-currency swap in 30 million dollars.

這是一項為期 18 個月的 3000 萬美元的交叉貨幣互換。

And we just priced that up, talking to our voice brokers and then using our pricing system here.

我們通過與語音經紀人溝通，然後使用我們的定價系統進行定價。

If Turkish liras move by one basis point, our profit and loss can either go up or down by, say, 10,000 euros.

如果土耳其里拉變動一個基點，我們的損益就會增加或減少，比如說，10,000 歐元。

So we just got the auction results from Israel.

我們剛剛得到以色列的拍賣結果。

We put in competitive bids for up to 600 million shekel.

我們的競標價高達 6 億謝克爾。

And the result was we only got 400 out of that 600 million.

結果，6 億美元中我們只拿到了 4 億美元。

It's a relatively small trade for us because that amounts to just over 100 million dollars.

對我們來說，這是一筆相對較小的交易，因為交易額僅為 1 億多美元。

Because the duration is so short, the actual economic significance of it is quite muted.

由於持續時間太短，其實際經濟意義非常有限。

I mean, the inversion in the curve still doesn't make any sense to me.

我的意思是，曲線的反轉對我來說仍然沒有任何意義。

But it just is wrong. Thanks a lot.

但它就是錯了。非常感謝。

If we were trading any other currency like euros or dollars, it's a 24-hour market.

如果我們交易的是歐元或美元等其他貨幣，這是一個 24 小時市場。

But because our currencies are less liquid, more exotic, it really ends with London.

但是，由於我們的貨幣流動性較差，更具異國情調，是以真正的終點是倫敦。

And tomorrow's another day.

明天又是新的一天