Figure 1 plots the bid–ask spreads,

Figure 1 plots the bid–ask spreads, the number of rate changes, and the number of deals over 15-minute intervals. From the plots of the number of rate changes and the number of deals, there is a rate jump at the Tokyo open at Greenwich Mean Time (GMT) 0:00–0:15. After dealers in Tokyo become familiar with the market transaction situation, they reduce their bid–ask spreads to attract trades. Transactions first increase and then decrease after GMT 1:00. The number of deals fall into a trough at lunch time in Tokyo (GMT 3:30). However, the number of deals climb to a second peak at the London market open at GMT 8:00–8:15 (the 33rd interval) for summer daylight saving time. They reach a second trough during the London lunch hour of summer daylight saving time (the 45th interval or GMT 11:00–11:15). They reach their next peak and suddenly the spreads widen at the New York market open at GMT 14:00–14:15 (the 57th interval). The trade gradually decreases and the spreads rapidly widen. Spreads widen to a maximum at the New York time 13:45–14:00 (GMT 17:45–18:00 in summer and GMT 18:45–19:00 in winter). The trade increases slightly and the spreads reach another small peak at the New York market close at GMT 21:45–22:00 (the 88th interval), before dropping to the trench of the day. Trade starts to rise at the Sydney market opening at GMT 23:00 and climbs to a small peak at the Tokyo opening. Bid–ask spreads continuously decline before reaching a trough at the Tokyo open.

Hasil (Bahasa Indonesia) 2:

Gambar 1 plot menyebar bid-ask, jumlah perubahan suku, dan jumlah penawaran selama interval 15 menit. Dari plot dari sejumlah perubahan tingkat dan jumlah penawaran, ada melompat tingkat di Tokyo terbuka di Greenwich Mean Time (GMT) 0: 00-0: 15. Setelah dealer di Tokyo menjadi akrab dengan situasi transaksi pasar, mereka mengurangi bid-ask spread untuk menarik perdagangan mereka. Transaksi pertama meningkat dan kemudian menurun setelah GMT 01:00. Jumlah penawaran jatuh ke palung pada waktu makan siang di Tokyo (GMT 03:30). Namun, jumlah penawaran mendaki ke puncak kedua di pasar London terbuka di GMT 8: 00-8: 15 (interval ke-33) untuk musim panas daylight saving time. Mereka mencapai palung kedua selama jam makan siang di London musim panas daylight saving time (interval ke-45 atau GMT 11: 00-11: 15). Mereka mencapai puncak berikutnya dan tiba-tiba menyebar melebar di pasar New York terbuka di GMT 14: 00-14: 15 (interval 57). Perdagangan secara bertahap menurun dan menyebar dengan cepat melebar. Spread melebar ke maksimum pada saat New York 13: 45-14: 00 (GMT 17: 45-18: 00 di musim panas dan GMT 18: 45-19: 00 di musim dingin). Peningkatan perdagangan sedikit dan menyebar mencapai puncaknya kecil lain di penutupan pasar New York pada GMT 21: 45-22: 00 (interval ke-88), sebelum turun ke parit hari. Perdagangan mulai naik pada pembukaan pasar Sydney di GMT 23:00 dan naik ke puncak kecil pada pembukaan Tokyo. Bid-ask spread terus menurun sebelum mencapai palung di Tokyo terbuka.