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Price discrimination in the FX market and the prediction of corporate markups

Guldhav, Elise Morskogen; Borge, Sophie Lena
Master thesis
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URI
https://hdl.handle.net/11250/2827264
Date
2021
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  • Master of Science [1116]
Abstract
This paper explores price discrimination in the foreign exchange market and the

explanation of corporate markups by studying currency trades of Scandinavian

corporations. The study takes advantage of unique data, including detailed

information on individual clients and the relevant dealer, enabling us to research

price discrimination on a client-by-client level. We perform empirical analysis to

establish a relationship between different variables and the applied markup. We

find that corporate clients can achieve lower trading costs by having several

counterparties, trading more frequently, trading in larger volumes, and obtaining

information. Furthermore, we conclude that dealers rationally exercise price

discrimination based on customer characteristics and between types of customers,

where perceived market sophistication is the primary driver.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2021
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Handelshøyskolen BI

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