... the foreign exchange market (for example, the regular release of economic data atcertain pre-announced times, the passage of the market through the time zones punctuated by market openings andlunch ... markets with well-defined openingand closing times.costs. Furthermore, the higher spread towards the end of thetrading day, observed in the Deutschemark market but notin the Japanese Yen market, ... interesting feature. In the last part of the day BST time, from about the closing time of the European ex-changes and until the closing time of the New York ex-change, volatility is unusually...