{
  "annotation_id": "f69f2a49-3882-48ba-9b5c-ad386c40b34f",
  "date_created": "2026-03-02T18:00:56.688000Z",
  "date_modified": "2026-03-02T18:00:56.688000Z",
  "file_hash": "16fabdcc1d756722ad0ed0bcfb76c51d14895042545f87318c41d479a009823c",
  "private": false,
  "record": {
    "abstract": "There is intense interest in understanding the stochastic and dynamical\nproperties of the global Foreign Exchange (FX) market, whose daily transactions\nexceed one trillion US dollars. This is a formidable task since the FX market\nis characterized by a web of fluctuating exchange rates, with subtle\ninter-dependencies which may change in time. In practice, traders talk of\nparticular currencies being \u0027in play\u0027 during a particular period of time -- yet\nthere is no established machinery for detecting such important information.\nHere we apply the construction of Minimum Spanning Trees (MSTs) to the FX\nmarket, and show that the MST can capture important features of the global FX\ndynamics. Moreover, we show that the MST can help identify momentarily dominant\nand dependent currencies.",
    "arxiv_id": "physics/0503014",
    "authors": [
      "Neil F. Johnson",
      "Mark McDonald",
      "Omer Suleman",
      "Stacy Williams",
      "Sam Howison"
    ],
    "categories": [
      "physics.soc-ph",
      "cond-mat.stat-mech",
      "q-fin.ST"
    ],
    "doi": "10.1117/12.618875",
    "title": "What shakes the FX tree? Understanding currency dominance, dependence   and dynamics",
    "url": "https://arxiv.org/abs/physics/0503014"
  },
  "schema_id": "dorsal/arxiv",
  "source": {
    "execution_id": "b2ae5afa-e130-41e0-b494-7cbc4f351fa5",
    "id": "arXiv Dataset IDs",
    "type": "Model",
    "variant": "snapshot-2026-03-01",
    "version": "0.1.0"
  },
  "user_id": 1000002
}