Maintain banks' balances on deposits in foreign banks.
What does a Foreign Exchange Dealer do?
Maintains bank’s balances on deposit in foreign banks to ensure foreign exchange position, and negotiates prices at which such exchanges shall be purchased and sold, based on demand, supply, and stability of currency: Refers to international bank market rate to determine foreign exchange rates. Establishes local rates based upon international bank rates, size of transaction involved, stability of market, and bank’s balances available to fund customer requirements. Negotiates purchase and sale of foreign exchange drafts on foreign exchange market and calculates U.S. dollar equivalents, using calculator or computer. Adjusts deposit balances with foreign banks. May direct foreign exchange personnel in transactions relating to international monetary business.