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Analyzes FX trading on World Cup days, revealing significant trading behavior changes.
We analyze foreign exchange (FX) trading on FIFA World Cup game days in comparison to “normal” days. The FX market is an interesting case to study, as it has an institutional feature that allows participants to shift their trading needs to a counterparty bank so that the bank executes the trades at the London 4 p.m. fix. This “trade‐shifting” allows the client to avoid actively managing their trades and spend more time on World Cup‐related events. Using data from two different sources (EBS and CLS), we document this behavior and find that the effects are statistically and economically significant.
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Melvin et al. (2026) studied this question.
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