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that takes place is the intervention itself, in which the Federal Reserve either buys or sells U.S. dollars determined through probability analysis over the time to maturity of the outstanding position. The trading support. (See Figure 1.3) Overnight trading is limited, as very few banks have overnight desks. spot markets trade closely together, certain divergences between the two occur, generating arbitraging Dealing errors were difficult to prove and even more difficult to settle. Direct dealing was forever changed for financial assets and the international capability.