NISM Series XIII Common Derivatives Certification Exam Notes
Page 104 Of 303
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US Dollar Role: Dominant as investment, reserve, transaction, invoice, intervention, and vehicle currency, simplifying global trade.
Vehicle Currency Benefit: Reduces number of exchange rates needed; e.g., 10 currencies need 45 pairs, but using USD as vehicle needs only 9.
Euro: Official currency of 20 EU countries; second most traded globally.
Japanese Yen: Third most traded; used for carry trades; highly liquid.
Pound Sterling: Fourth most traded; known as ‘cable’; significant reserve currency.
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