نوع مقاله : مقاله پژوهشی
نویسندگان
1 عضو هیئت علمی گروه اقتصاد دانشگاه اصفهان
2 عضو هیئت علمی دانشگاه اصفهان
3 دانش آموخته کارشناسی ارشد ریاضی مالی
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
This article first analyzes the nature and legitimacy of the online Forex FX market transactions and then models the excessive return on Libor in this market. For this purpose, first, in the context of the Islamic thoughts, and using the concepts of game theory, it describes the bet transaction as a zero sum game, which always has a kind of principle or mechanism for the win and lose, And along with the collateral, the winner's reward or outcome can be certain or indeterminate. It is then claimed that an illusory transaction in this virtual financial market based on an advantage instrument and an automatic trade with the provision of the three top criteria can be regarded as a transaction from the perspective of the Islamic economy. Further, considering the Libor rate (LIBOR) as an indicator for the return on risk-free assets, we first attempt to develop a theoretical model for the likelihood of a surplus return on Libor in the FX Internet financial market at various leverage levels. Finally, based on the data on the exchange of two currency pairs of dollars / euros and dollars / pounds over a chosen period, it is shown that the likelihood of a yield equivalent to the Libor rate on the exchanges of this Internet financial market at high leverage levels despite the adoption of risk The exchanges are negligible. Accordingly, the participation of Iranian users in this market is both non-economic and exposed to the bet doubts.
کلیدواژهها [English]
* قرآن کریم.
10. DraKoln, N.; Winning the Trading Game:Why 95% of Traders Lose and What You Must Do To Win; John Wiley and Sons, 2008.
11. Evans, L. and Turalay, K.; “FOREX Risk Premia and Policy Uncertainty: a Recursive Utility Analysis”, Journal of International Financial Markets; Institutions and Money; No.11, 2004.
12. Gallo, C.; “The Forex Market in Practice: A Computing Approach for Automated Trading Strategies”, International Journal of Economics and Management Sciences; No.3(1), 2014.
14. Giannellis, N. and Papadopoulos, A.; “Testing for Efficiency in Selected Developing Foreign Exchange Markets: An Equilibrium-based Approach”, Economic Modeling; No.26, 2006.
15. http://www.xmarks.com/site/fx.sauder.ubc.ca/data.html.
16. http://www.fedprimerate.com/libor/libor_rates_history.htm.
17. Kitamura, Y. and Hiroya, A.; “Information Arrival, Interest Rate Differentials, and Yen/Dollar Exchange Rate”, Japan and the World Economy; No.18, 2006.
19. Omar, R. and Jones, E.; “Critical evaluation of the compliance of online Islamic FOREX trading with Islamic principles”, International Journal of Islamic and Middle Eastern Finance and Management; No.8(1), 2015.
20. Osborne, M. and Rubinstein, A.; A Course in Game Theory; MIT Press, 2004.
21. Osler, L.; “Stop-loss Orders and Price Cascades in Currency Market”, Journal of International Money and Finance; No.24, 2005.
22. Turocy, L. and von Stengel, T.; “Game Theory”, CDAM Research Report LSE-CDAM-2001-09, available at: http://www.cdam.lse.ac.uk/Reports, 2001.
23. Yamadaa, M. and Ito, T.; “The forex fixing reform and its impact on cost and risk of forex trading banks”, Finance Research Letters; No.21, 2017.