Sunday, August 2, 2009
Financial instruments - Spot
A spot transaction is a two-day delivery transaction (except in the case of trades between the US Dollar, Canadian Dollar, Turkish Lira and Russian Ruble, which settle the next business day), as opposed to the futures contracts, which are usually three months. This trade represents a “direct exchange” between two currencies, has the shortest time frame, involves cash rather than a contract; and interest is not included in the agreed-upon transaction. The data for this study come from the spot market. Spot transactions has the second largest turnover by volume after Swap transactions among all FX transactions in the Global FX market.
Financial instruments - Forward
One way to deal with the foreign exchange risk is to engage in a forward transaction. In this transaction, money does not actually change hands until some agreed upon future date. A buyer and seller agree on an exchange rate for any date in the future, and the transaction occurs on that date, regardless of what the market rates are then. The duration of the trade can be a one day, a few days, months or years. Usually the date is decided by both parties.
Financial instruments - Future
Foreign currency futures are exchange traded forward transactions with standard contract sizes and maturity dates — for example, $1000 for next November at an agreed rate [4],[5]. Futures are standardized and are usually traded on an exchange created for this purpose. The average contract length is roughly 3 months. Futures contracts are usually inclusive of any interest amounts.
Financial instruments - Swap
The most common type of forward transaction is the currency swap. In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later date. These are not standardized contracts and are not traded through an exchange.
Financial instruments - Option
A foreign exchange option (commonly shortened to just FX option) is a derivative where the owner has the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date. The FX options market is the deepest, largest and most liquid market for options of any kind in the world.
Financial instruments - Exchange-Traded Fund
Exchange-traded funds (or ETFs) are open ended investment companies that can be traded at any time throughout the course of the day. Typically, ETFs try to replicate a stock market index such as the S&P 500 (e.g., SPY), but recently they are now replicating investments in the currency markets with the ETF increasing in value when the US Dollar weakens versus a specific currency, such as the Euro. Certain of these funds track the price movements of world currencies versus the US Dollar, and increase in value directly counter to the US Dollar, allowing for speculation in the US Dollar for US and US Dollar denominated investors and speculators.
Commercial Companies
An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.
Banks
The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, trading for the bank's own account. Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for small fees. Today, however, much of this business has moved on to more efficient electronic systems. The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeably smaller than just a few years ago.
Market participants
Unlike a stock market, where all participants have access to the same prices, the foreign exchange market is divided into levels of access. At the top is the inter-bank market, which is made up of the largest investment banking firms. Within the inter-bank market, spreads, which are the difference between the bid and ask prices, are razor sharp and usually unavailable, and not known to players outside the inner circle. The difference between the bid and ask prices widens (from 0-1 pip to 1-2 pips for some currencies such as the EUR). This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by the size of the "line" (the amount of money with which they are trading). The top-tier inter-bank market accounts for 53% of all transactions. After that there are usually smaller investment banks, followed by large multi-national corporations (which need to hedge risk and pay employees in different countries), large hedge funds, and even some of the retail FX-metal market makers. According to Galati and Melvin, “Pension funds, insurance companies, mutual funds, and other institutional investors have played an increasingly important role in financial markets in general, and in FX markets in particular, since the early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overall size” Central banks also participate in the foreign exchange market to align currencies to their economic needs.
Investment Management Firms
Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases.
Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. Whilst the number of this type of specialist firms is quite small, many have a large value of assets under management (AUM), and hence can generate large trades.
Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. Whilst the number of this type of specialist firms is quite small, many have a large value of assets under management (AUM), and hence can generate large trades.
Commercial Companies
An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants
Market Size and Liquidity
Presently, the foreign exchange market is one of the largest and most liquid financial markets in the world. Traders include large banks, central banks, currency speculators, corporations, governments, and other financial institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements. Since then, the market has continued to grow. According to Euro-money's annual FX Poll, volumes grew a further 41% between 2007 and 2008.
Of the $3.98 trillion daily global turnover, trading in London accounted for around $1.36 trillion, or 34.1% of the total, making London by far the global center for foreign exchange. In second and third places respectively, trading in New York accounted for 16.6%, and Tokyo accounted for 6.0%. In addition to "traditional" turnover, $2.1 trillion was traded in derivatives.
Exchange-traded FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts.
Several other developed countries also permit the trading of FX derivative products (like currency futures and options on currency futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Most emerging countries do not permit FX derivative products on their exchanges in view of prevalent controls on the capital accounts. However, a few select emerging countries (e.g., Korea, South Africa, India have already successfully experimented with the currency futures exchanges, despite having some controls on the capital account.
Of the $3.98 trillion daily global turnover, trading in London accounted for around $1.36 trillion, or 34.1% of the total, making London by far the global center for foreign exchange. In second and third places respectively, trading in New York accounted for 16.6%, and Tokyo accounted for 6.0%. In addition to "traditional" turnover, $2.1 trillion was traded in derivatives.
Exchange-traded FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts.
Several other developed countries also permit the trading of FX derivative products (like currency futures and options on currency futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Most emerging countries do not permit FX derivative products on their exchanges in view of prevalent controls on the capital accounts. However, a few select emerging countries (e.g., Korea, South Africa, India have already successfully experimented with the currency futures exchanges, despite having some controls on the capital account.
Foreign Exchange Market
The foreign exchange market (currency, forex, or FX) trades currencies. It lets banks and other institutions easily buy and sell currencies.
The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars.
In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.
The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars.
In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.
Saturday, June 13, 2009
Algorithmic trading in foreign exchange
Electronic trading is growing in the FX market, and algorithmic trading is becoming much more common. According to financial consultancy Celent estimates, by 2008 up to 25% of all trades by volume will be executed using algorithm, up from about 18% in 2005. An algorithmic trader needs to be mindful of potential fraud by the broker. Part of the weekly algorithm should include a check to see if the amount of transaction errors when the trader is losing money occurs in the same proportion as when the trader would have made money.
Retail foreign exchange brokers
There are two types of retail brokers offering the opportunity for speculative trading: retail foreign exchange brokers and market makers. Retail traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated by the CFTC and NFA might be subject to foreign exchange scams. At present, the NFA and CFTC are imposing stricter requirements, particularly in relation to the amount of Net Capitalization required of its members. As a result many of the smaller, and perhaps questionable brokers are now gone. It is not widely understood that retail brokers and market makers typically trade against their clients and frequently take the other side of their trades. This can often create a potential conflict of interest and give rise to some of the unpleasant experiences some traders have had. A move toward NDD (No Dealing Desk) and STP (Straight Through Processing) has helped to resolve some of these concerns and restore trader confidence, but caution is still advised in ensuring that all is as it is presented.
Money Transfer/Remittance Companies
Money transfer companies/remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country. In 2007, the Aite Group estimated that there were $369 billion of remittances (an increase of 8% on the previous year). The four largest markets (India, China, Mexico and the Philippines) receive $95 billion. The largest and best known provider is Western Union with 345,000 agents globally.
Forx
The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Monday, June 1, 2009
Fluctuations in exchange rates
A market based exchange rate will change whenever the values of either of the two component currencies change. A currency will tend to become more valuable whenever demand for it is greater than the available supply. It will become less valuable whenever demand is less than available supply (this does not mean people no longer want money, it just means they prefer holding their wealth in some other form, possibly another currency).
Increased demand for a currency is due to either an increased transaction demand for money, or an increased speculative demand for money. The transaction demand for money is highly correlated to the country's level of business activity, gross domestic product (GDP), and employment levels. The more people there are unemployed, the less the public as a whole will spend on goods and services. Central banks typically have little difficulty adjusting the available money supply to accommodate changes in the demand for money due to business transactions.
The speculative demand for money is much harder for a central bank to accommodate but they try to do this by adjusting interest rates. An investor may choose to buy a currency if the return (that is the interest rate) is high enough. The higher a country's interest rates, the greater the demand for that currency. It has been argued that currency speculation can undermine real economic growth, in particular since large currency speculators may deliberately create downward pressure on a currency in order to force that central bank to sell their currency to keep it stable (once this happens, the speculator can buy the currency back from the bank at a lower price, close out their position, and thereby take a profit).
Increased demand for a currency is due to either an increased transaction demand for money, or an increased speculative demand for money. The transaction demand for money is highly correlated to the country's level of business activity, gross domestic product (GDP), and employment levels. The more people there are unemployed, the less the public as a whole will spend on goods and services. Central banks typically have little difficulty adjusting the available money supply to accommodate changes in the demand for money due to business transactions.
The speculative demand for money is much harder for a central bank to accommodate but they try to do this by adjusting interest rates. An investor may choose to buy a currency if the return (that is the interest rate) is high enough. The higher a country's interest rates, the greater the demand for that currency. It has been argued that currency speculation can undermine real economic growth, in particular since large currency speculators may deliberately create downward pressure on a currency in order to force that central bank to sell their currency to keep it stable (once this happens, the speculator can buy the currency back from the bank at a lower price, close out their position, and thereby take a profit).
Nominal and real exchange rates
The nominal exchange rate e is the price in foreign currency of one unit of a domestic currency.
The real exchange rate (RER) is defined as , PER = e(P/Fp) where Pf is the foreign price level and P the domestic price level. P and Pf must have the same arbitrary value in some chosen base year. Hence in the base year, RER = e.
The RER is only a theoretical ideal. In practice, there are many foreign currencies and price level values to take into consideration. Correspondingly, the model calculations become increasingly more complex. Furthermore, the model is based on purchasing power parity (PPP), which implies a constant RER. The empirical determination of a constant RER value could never be realised, due to limitations on data collection. PPP would imply that the RER is the rate at which an organization can trade goods and services of one economy (e.g. country) for those of another. For example, if the price of a good increases 10% in the UK, and the Japanese currency simultaneously appreciates 10% against the UK currency, then the price of the good remains constant for someone in Japan. The people in the UK, however, would still have to deal with the 10% increase in domestic prices. It is also worth mentioning that government-enacted tariffs can affect the actual rate of exchange, helping to reduce price pressures. PPP appears to hold only in the long term (3–5 years) when prices eventually correct towards parity.
More recent approaches in modelling the RER employ a set of macroeconomic variables, such as relative productivity and the real interest rate differential.
NRi = (RRi + 1) (Expected Inflation + 1) - 1
The real exchange rate (RER) is defined as , PER = e(P/Fp) where Pf is the foreign price level and P the domestic price level. P and Pf must have the same arbitrary value in some chosen base year. Hence in the base year, RER = e.
The RER is only a theoretical ideal. In practice, there are many foreign currencies and price level values to take into consideration. Correspondingly, the model calculations become increasingly more complex. Furthermore, the model is based on purchasing power parity (PPP), which implies a constant RER. The empirical determination of a constant RER value could never be realised, due to limitations on data collection. PPP would imply that the RER is the rate at which an organization can trade goods and services of one economy (e.g. country) for those of another. For example, if the price of a good increases 10% in the UK, and the Japanese currency simultaneously appreciates 10% against the UK currency, then the price of the good remains constant for someone in Japan. The people in the UK, however, would still have to deal with the 10% increase in domestic prices. It is also worth mentioning that government-enacted tariffs can affect the actual rate of exchange, helping to reduce price pressures. PPP appears to hold only in the long term (3–5 years) when prices eventually correct towards parity.
More recent approaches in modelling the RER employ a set of macroeconomic variables, such as relative productivity and the real interest rate differential.
NRi = (RRi + 1) (Expected Inflation + 1) - 1
(Ex-Rate) Free or Pegged
If a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks, around the world. A movable or adjustable peg system is a system of fixed exchange rates, but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only country to do this; from the end of World War II until 1966, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system.
(Ex-Rate) Quotation
An exchange system quotation is given by stating the number of units of "term currency" (or "price currency" or "quote currency") that can be bought in terms of 1 "unit currency" (also called "base currency"). For example, in a quotation that says the EURUSD exchange rate is 1.4320 (1.4320 USD per EUR), the term currency is USD and the base currency is EUR.
There is a market convention that determines which is the base currency and which is the term currency. In most parts of the world, the order is: EUR – GBP – AUD – NZD – USD – others. Thus if you are doing a conversion from EUR into AUD, EUR is the base currency, AUD is the term currency and the exchange rate tells you how many Australian dollars you would pay or receive for 1 euro. Cyprus and Malta which were quoted as the base to the USD and others were recently removed from this list when they joined the euro. In some areas of Europe and in the non-professional market in the UK, EUR and GBP are reversed so that GBP is quoted as the base currency to the euro. In order to determine which is the base currency where both currencies are not listed (i.e. both are "other"), market convention is to use the base currency which gives an exchange rate greater than 1.000. This avoids rounding issues and exchange rates being quoted to more than 4 decimal places. There are some exceptions to this rule e.g. the Japanese often quote their currency as the base to other currencies.
Quotes using a country's home currency as the price currency (e.g., EUR 0.63 = USD 1.00 in the euro zone) are known as direct quotation or price quotation (from that country's perspective) [1] and are used by most countries.
Quotes using a country's home currency as the unit currency (e.g., EUR 1.00 = USD 1.58 in the euro zone) are known as indirect quotation or quantity quotation and are used in British newspapers and are also common in Australia, New Zealand and the eurozone.
direct quotation: 1 foreign currency unit = x home currency units
indirect quotation: 1 home currency unit = x foreign currency units
Note that, using direct quotation, if the home currency is strengthening (i.e., appreciating, or becoming more valuable) then the exchange rate number decreases. Conversely if the foreign currency is strengthening, the exchange rate number increases and the home currency is depreciating.
Market convention from the early 1980s to 2006 was that most currency pairs were quoted to 4 decimal places for spot transactions and up to 6 decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a "pip.") An exception to this was exchange rates with a value of less than 1.000 which were usually quoted to 5 or 6 decimal places. Although there is no fixed rule, exchange rates with a value greater than around 20 were usually quoted to 3 decimal places and currencies with a value greater than 80 were quoted to 2 decimal places. Currencies over 5000 were usually quoted with no decimal places (e.g. the former Turkish Lira). e.g. (GBPOMR : 0.765432 - EURUSD : 1.5877 - GBPBEF : 58.234 - EURJPY : 165.29). In other words, quotes are given with 5 digits. Where rates are below 1, quotes frequently include 5 decimal places.
In 2005 Barclays Capital broke with convention by offering spot exchange rates with 5 or 6 decimal places on their electronic dealing platform[2]. The contraction of spreads (the difference between the bid and offer rates) arguably necessitated finer pricing and gave the banks the ability to try and win transaction on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have now followed this.
There is a market convention that determines which is the base currency and which is the term currency. In most parts of the world, the order is: EUR – GBP – AUD – NZD – USD – others. Thus if you are doing a conversion from EUR into AUD, EUR is the base currency, AUD is the term currency and the exchange rate tells you how many Australian dollars you would pay or receive for 1 euro. Cyprus and Malta which were quoted as the base to the USD and others were recently removed from this list when they joined the euro. In some areas of Europe and in the non-professional market in the UK, EUR and GBP are reversed so that GBP is quoted as the base currency to the euro. In order to determine which is the base currency where both currencies are not listed (i.e. both are "other"), market convention is to use the base currency which gives an exchange rate greater than 1.000. This avoids rounding issues and exchange rates being quoted to more than 4 decimal places. There are some exceptions to this rule e.g. the Japanese often quote their currency as the base to other currencies.
Quotes using a country's home currency as the price currency (e.g., EUR 0.63 = USD 1.00 in the euro zone) are known as direct quotation or price quotation (from that country's perspective) [1] and are used by most countries.
Quotes using a country's home currency as the unit currency (e.g., EUR 1.00 = USD 1.58 in the euro zone) are known as indirect quotation or quantity quotation and are used in British newspapers and are also common in Australia, New Zealand and the eurozone.
direct quotation: 1 foreign currency unit = x home currency units
indirect quotation: 1 home currency unit = x foreign currency units
Note that, using direct quotation, if the home currency is strengthening (i.e., appreciating, or becoming more valuable) then the exchange rate number decreases. Conversely if the foreign currency is strengthening, the exchange rate number increases and the home currency is depreciating.
Market convention from the early 1980s to 2006 was that most currency pairs were quoted to 4 decimal places for spot transactions and up to 6 decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a "pip.") An exception to this was exchange rates with a value of less than 1.000 which were usually quoted to 5 or 6 decimal places. Although there is no fixed rule, exchange rates with a value greater than around 20 were usually quoted to 3 decimal places and currencies with a value greater than 80 were quoted to 2 decimal places. Currencies over 5000 were usually quoted with no decimal places (e.g. the former Turkish Lira). e.g. (GBPOMR : 0.765432 - EURUSD : 1.5877 - GBPBEF : 58.234 - EURJPY : 165.29). In other words, quotes are given with 5 digits. Where rates are below 1, quotes frequently include 5 decimal places.
In 2005 Barclays Capital broke with convention by offering spot exchange rates with 5 or 6 decimal places on their electronic dealing platform[2]. The contraction of spreads (the difference between the bid and offer rates) arguably necessitated finer pricing and gave the banks the ability to try and win transaction on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have now followed this.
Exchange Rate
In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency.[1] For example an exchange rate of 102 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 102 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 3.2 trillion USD worth of currency changes hands every day.
The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
FX
The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Presently, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements. Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.
The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.
Presently, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements. Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.
The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.
Friday, May 29, 2009
FOREX
The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Pakistan's Forex Reserves
KARACHI, May 28 (Reuters) - Pakistan's foreign exchange rose by $53 million to $11.19 billion in the week that ended on May 23, a central bank spokesman said on Thursday.
The State Bank of Pakistan's reserves edged up to $7.88 billion from $7.83 billion a week earlier, while reserves held by commercial banks were unchanged from the previous week at $3.31 billion, the spokesman said.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.
The State Bank of Pakistan's reserves edged up to $7.88 billion from $7.83 billion a week earlier, while reserves held by commercial banks were unchanged from the previous week at $3.31 billion, the spokesman said.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.
Friday, February 13, 2009
GCI/Global-View Forex Forum
GCI's Forex Forum, presented in cooperation with global-view.com, provides free access to the most popular forex chat. Traders that have not yet seen this forum are encouraged to register. Hundreds of messages are posted every day by traders actively involved in the forex market. If you feel that you have a valuable recommendation or information to contribute, feel free to post them to the forum.
Online Gold Trading
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Or..
Think gold is overpriced and due for a fall? Sell it short on GCI's trading software and make money as the price of gold falls.
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GCI offers online trading in Gold and Silver - commission free with low margin requirements and free easy-to-use trading software.
Think inflation may go up? Think a speculative rally is underway? Charts look technically bullish? Buy gold on GCI's trading software and make money as the price of gold rises.
Or..
Think gold is overpriced and due for a fall? Sell it short on GCI's trading software and make money as the price of gold falls.
Think inflation may go up? Think a speculative rally is underway? Charts look technically bullish? Buy gold on GCI's trading software and make money as the price of gold rises.
Or..
Think gold is overpriced and due for a fall? Sell it short on GCI's trading software and make money as the price of gold falls.
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Whether referring clients to GCI and letting us do the account opening work, or taking advantage of our "white label" version of the internet trading platform branded with your company logo, IBs can build their business in the way that best suits their client base and their goals.
Reliable monthly payments from an industry leader.
GCI depends on Introducing Brokers for a large part of its trading volume. As such, we highly value all our IB relationships and have considerable administrative resources dedicated to making sure you are paid on time and in full.
Outstanding compensation based on trading volume
Many companies and individuals have built lucrative IB businesses with GCI, enjoying the benefits of monthly revenue payments while letting GCI manage the expense and maintenance of back office systems, trading software, and 24 hour dealing. And for IBs with an existing business, we will exceed your current compensation schedule if you move your business to GCI.
Introducing Brokers
GCI offers an outstanding opportunity to qualified introducing brokers ("IBs"). Our IB program supports brokers, traders and industry participants in creating or enhancing a lucrative Forex or Share Trading business. Advantages of introducing business to GCI include:
Trading Managers
GCI has devoted considerable dealing and technological resources to accommodating fund managers and trading managers.
GCI's online trading software is designed to facilitate trading and managing multiple accounts from a single login window. Trading managers can trade each sub-account separately, or pre-configure the number of lots that each account will be allocated from a block trade (click here for detailed instructions). The back office is fully automated for each sub-account and can be viewed individually online by each of the trading manager's clients.
Furthermore, GCI's dealing desk is also staffed by former chief dealers of major banks. We can accept orders via telephone or online 24 hours a day, and work orders or provide market insight that many funds are accustomed to receiving only from the world's top money center banks.
Please contact info@gcitrading.com for further information on trading with GCI.
GCI's online trading software is designed to facilitate trading and managing multiple accounts from a single login window. Trading managers can trade each sub-account separately, or pre-configure the number of lots that each account will be allocated from a block trade (click here for detailed instructions). The back office is fully automated for each sub-account and can be viewed individually online by each of the trading manager's clients.
Furthermore, GCI's dealing desk is also staffed by former chief dealers of major banks. We can accept orders via telephone or online 24 hours a day, and work orders or provide market insight that many funds are accustomed to receiving only from the world's top money center banks.
Please contact info@gcitrading.com for further information on trading with GCI.
Online Chat and Mobile Trading
While GCI's online software is preferred, Live clients have access to trading via both online chat and mobile telephone. Please direct non-dealing related inquiries to "Customer Support".
Account Statements
Your GCI Account has built in real-time account statements. This means that the statements are updated online the second a trade is executed or a deposit or withdrawal is made. These reports can be accessed directly from your trading platform, or from this web page.
Funding your GCI Account
You can fund your GCI account with a Bank Wire Transfer, Credit Card, or major online e-payment. Click below for detailed instructions:
Bank Wire Transfer - Commerzbank. Electronic bank transfer from your bank to Commerzbank in Germany. Funds usually credited to your GCI account in one business day.
Bank Wire Transfer - Commerzbank. Electronic bank transfer from your bank to Commerzbank in Germany. Funds usually credited to your GCI account in one business day.
Account Forms
Online FormsClick Here to open an individual account. No printing necessary.
Click Here to open a corporate account. No printing necessary.
Printable Forms
Download the account forms by clicking on the icon below(Adobe Acrobat Reader Required. Get it free here):
Click Here to open a corporate account. No printing necessary.
Printable Forms
Download the account forms by clicking on the icon below(Adobe Acrobat Reader Required. Get it free here):
Open a Live Account
To open an account, please select from one of the application methods below. You will be able to specify on the account application whether you are opening a Standard Forex, Mini Forex, or CFD/Share Trading account (click here for details on each account type). Opening a live account with GCI is quick and easy and can be done online or via fax:
Free Demo Account
Receive a free demonstration version of our online trading software by submitting the form below. This software allows investors to trade and manage a demo account in real time over the internet. Since no money is actually at risk, this is an excellent way to evaluate our trading software and online execution.
Live prices in Forex, options, shares, indices, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately. Demo accounts are valid for 30 d
Live prices in Forex, options, shares, indices, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately. Demo accounts are valid for 30 d
Available Products and Pip Values per lot
Product
Symbol
Standard
Mini
Currencies
Euro/US Dollar
EUR/USD
.0001 = $10
.0001 = $1
US Dollar/Yen
USD/JPY
.01 = $8
.01 = $0.8
US Dollar/Swiss Fr
USD/CHF
.0001 = $7
.0001 = $0.7
British Pnd/USD
GBP/USD
.0001 = $10
.0001 = $1
Euro/Yen
EUR/JPY
.01 = $8
.01 = $0.8
Euro/British Pound
EUR/GBP
.0001 = $16
.0001 = $1.60
Euro/Swiss Franc
EUR/CHF
.0001 = $7
.0001 = $0.7
Euro/Swedish Krona
EUR/SEK
.0001 = $1.40
Not Offered
USD/Swedish Krona
USD/SEK
.0001 = $1.40
Not Offered
British Pound/Cdn Dollar
GBP/CAD
Not Offered
.0001 = $0.9
British Pound/Yen
GBP/JPY
.01 = $8
.01 = $0.8
British Pnd/Swiss Fr
GBP/CHF
.0001 = $7
.0001 = $0.7
Brt Pnd/New Zealand Dlr
GBP/NZD
not Offered
.0001 = $0.7
Swiss Franc/Yen
CHF/JPY
.01 = $8
.01 = $0.8
Australian/USD
AUD/USD
.0001 = $10
.0001 = $1
Australian/Cdn Dollar
AUD/CAD
Not Offered
.0001 = $0.9
Australian Dollar/Yen
AUD/JPY
.01 = $8
.01 = $0.8
Australian Dollar/N.Z. Dlr
AUD/NZD
Not Offered
.0001 = $0.7
Symbol
Standard
Mini
Currencies
Euro/US Dollar
EUR/USD
.0001 = $10
.0001 = $1
US Dollar/Yen
USD/JPY
.01 = $8
.01 = $0.8
US Dollar/Swiss Fr
USD/CHF
.0001 = $7
.0001 = $0.7
British Pnd/USD
GBP/USD
.0001 = $10
.0001 = $1
Euro/Yen
EUR/JPY
.01 = $8
.01 = $0.8
Euro/British Pound
EUR/GBP
.0001 = $16
.0001 = $1.60
Euro/Swiss Franc
EUR/CHF
.0001 = $7
.0001 = $0.7
Euro/Swedish Krona
EUR/SEK
.0001 = $1.40
Not Offered
USD/Swedish Krona
USD/SEK
.0001 = $1.40
Not Offered
British Pound/Cdn Dollar
GBP/CAD
Not Offered
.0001 = $0.9
British Pound/Yen
GBP/JPY
.01 = $8
.01 = $0.8
British Pnd/Swiss Fr
GBP/CHF
.0001 = $7
.0001 = $0.7
Brt Pnd/New Zealand Dlr
GBP/NZD
not Offered
.0001 = $0.7
Swiss Franc/Yen
CHF/JPY
.01 = $8
.01 = $0.8
Australian/USD
AUD/USD
.0001 = $10
.0001 = $1
Australian/Cdn Dollar
AUD/CAD
Not Offered
.0001 = $0.9
Australian Dollar/Yen
AUD/JPY
.01 = $8
.01 = $0.8
Australian Dollar/N.Z. Dlr
AUD/NZD
Not Offered
.0001 = $0.7
Forex Account Types
The Standard Forex Account is designed for traders wishing to trade currencies and other major financial products on one of the most sophisticated and full-featured trading platforms in the industry. Narrow spreads and rapid execution are consistent in all market conditions.
$5,000 To open
100,000 Currency units per lot
Currencies, Equity Indices, Crude Oil, and Metals
200:1 Leverage
2 pip spreads
ICTS trading software
$5,000 To open
100,000 Currency units per lot
Currencies, Equity Indices, Crude Oil, and Metals
200:1 Leverage
2 pip spreads
ICTS trading software
Forex Account Types
The Standard Forex Account is designed for traders wishing to trade currencies and other major financial products on one of the most sophisticated and full-featured trading platforms in the industry. Narrow spreads and rapid execution are consistent in all market conditions.
$5,000 To open
100,000 Currency units per lot
Currencies, Equity Indices, Crude Oil, and Metals
200:1 Leverage
2 pip spreads
ICTS trading software
$5,000 To open
100,000 Currency units per lot
Currencies, Equity Indices, Crude Oil, and Metals
200:1 Leverage
2 pip spreads
ICTS trading software
Contract Specifications
Approximate Value of 1 Lot(in $)
Tick Value per Lot(in $)
Trading Hours (EST / New York Time)
Margin (per Lot)(in $)
Stock Market Indices
S&P 500
60,000
0.25 = 12.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
500
Nasdaq 100
34,000
0.25 = 5.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
500
Dow Jones Ind.
110,000
0.10 = 10.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
1,900
Russell 2000
70,000
0.10 = 10.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
600
QQQQ (Nasdaq 100 Trust)
200 shares
0.01 = 2.00
9:30AM - 4:00PM
250
DAX 30
244,900
0.50 = 19.75
2:00AM - 4:00PM
2,500
DJ Euro Stoxx 50
51,975
1.00 = 15.75
2:00AM - 4:00PM
500
CAC 40
68,800
0.50 = 8.00
2:00AM - 4:00PM
500
FTSE 100
108,000
0.50 = 10.00
3:00AM - 4:00PM
500
IBEX 35
18,400
5.00 = 8.00
3:00AM - 11:35AM
200
Swiss Market Index (SMI)
98,000
1.00 = 14.00
3:00AM - 11:20AM
500
Nikkei 225
12,500
1.00 = 1.00
6:45PM - 9:15PM & 10:15PM - 1:25AM
200
SPI 200 (S&P ASX 200)
120,000
1.00 = 24.00
1:10AM - 4:00PM & 5:50PM -
Tick Value per Lot(in $)
Trading Hours (EST / New York Time)
Margin (per Lot)(in $)
Stock Market Indices
S&P 500
60,000
0.25 = 12.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
500
Nasdaq 100
34,000
0.25 = 5.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
500
Dow Jones Ind.
110,000
0.10 = 10.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
1,900
Russell 2000
70,000
0.10 = 10.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
600
QQQQ (Nasdaq 100 Trust)
200 shares
0.01 = 2.00
9:30AM - 4:00PM
250
DAX 30
244,900
0.50 = 19.75
2:00AM - 4:00PM
2,500
DJ Euro Stoxx 50
51,975
1.00 = 15.75
2:00AM - 4:00PM
500
CAC 40
68,800
0.50 = 8.00
2:00AM - 4:00PM
500
FTSE 100
108,000
0.50 = 10.00
3:00AM - 4:00PM
500
IBEX 35
18,400
5.00 = 8.00
3:00AM - 11:35AM
200
Swiss Market Index (SMI)
98,000
1.00 = 14.00
3:00AM - 11:20AM
500
Nikkei 225
12,500
1.00 = 1.00
6:45PM - 9:15PM & 10:15PM - 1:25AM
200
SPI 200 (S&P ASX 200)
120,000
1.00 = 24.00
1:10AM - 4:00PM & 5:50PM -
Contract Specifications
Approximate Value of 1 Lot(in $)
Tick Value per Lot(in $)
Trading Hours (EST / New York Time)
Margin (per Lot)(in $)
Stock Market Indices
S&P 500
5,200
0.10 = 0.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Nasdaq 100
7,500
0.10 = 0.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Dow Jones Ind.
10,000
1.0 = 1.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Russell 2000
7,000
0.10 = 1.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
QQQQ (Nasdaq 100 Trust)
100 shares
0.01 = 1.00
9:30AM - 4:00PM
50
DAX 30
17,000
0.1 = 0.50
2:00AM - 4:00PM
250
DJ Euro Stoxx 50
5,500
0.1 = 0.20
2:00AM - 4:00PM
50
CAC 40
15,000
0.1 = 0.50
2:00AM - 4:00PM
50
Tick Value per Lot(in $)
Trading Hours (EST / New York Time)
Margin (per Lot)(in $)
Stock Market Indices
S&P 500
5,200
0.10 = 0.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Nasdaq 100
7,500
0.10 = 0.50
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Dow Jones Ind.
10,000
1.0 = 1.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
Russell 2000
7,000
0.10 = 1.00
Sunday 6:00PM - Friday 4:00PM (Closed 5:30PM - 6:00PM each day)
50
QQQQ (Nasdaq 100 Trust)
100 shares
0.01 = 1.00
9:30AM - 4:00PM
50
DAX 30
17,000
0.1 = 0.50
2:00AM - 4:00PM
250
DJ Euro Stoxx 50
5,500
0.1 = 0.20
2:00AM - 4:00PM
50
CAC 40
15,000
0.1 = 0.50
2:00AM - 4:00PM
50
Margin Requirements and Policies
GCI's margin requirements are the most advantageous in the industry:
Standard Forex Account: $500 per lot on all instruments. Equivalent to approximately 0.5% margin or 200:1 leverage.
Mini Forex Account: $50 per lot on all instruments. Equivalent to approximately 0.5% margin or 200:1 leverage.
CFD/Share Account: 2% on individual shares, $50 per lot on indices and other instruments. Click here for exact margin requirements on each product.
GCI is able to maintain these low margin requirements by enabling automatic liquidation of positions once a margin call is reached. This policy also provides for the protection of client account balances in the event of rapid price movements.
A margin call is reached if a client's account equity falls below the required margin. For example, in a Standard Forex account, if a client has 10 lots of open positions a margin call will occur if account equity drops below $5,000. At this point, some or all of the client's open positions will be closed immediately at current prices.
Standard Forex Account: $500 per lot on all instruments. Equivalent to approximately 0.5% margin or 200:1 leverage.
Mini Forex Account: $50 per lot on all instruments. Equivalent to approximately 0.5% margin or 200:1 leverage.
CFD/Share Account: 2% on individual shares, $50 per lot on indices and other instruments. Click here for exact margin requirements on each product.
GCI is able to maintain these low margin requirements by enabling automatic liquidation of positions once a margin call is reached. This policy also provides for the protection of client account balances in the event of rapid price movements.
A margin call is reached if a client's account equity falls below the required margin. For example, in a Standard Forex account, if a client has 10 lots of open positions a margin call will occur if account equity drops below $5,000. At this point, some or all of the client's open positions will be closed immediately at current prices.
CFD/Share Trading Software Preview
GCI now offers both ICTS trading software (windows and java-based) and MetaTrader trading software:
ICTS Trading Software
GCI is the first to offer CFD and Share trading on the industry's leading online dealing platform. Trade from the Dealing Rates Table or directly from the integrated real-time charts. You can set alerts, place conditional orders, and take advantage of our AFX news feed, live quotes, comprehensive real-time position and account tracking, and mobile trading access.
ICTS Trading Software
GCI is the first to offer CFD and Share trading on the industry's leading online dealing platform. Trade from the Dealing Rates Table or directly from the integrated real-time charts. You can set alerts, place conditional orders, and take advantage of our AFX news feed, live quotes, comprehensive real-time position and account tracking, and mobile trading access.
CFD/Share Trading
CFD Trading with GCI is an efficient, commission-free way to trade shares, global equity indices, currencies and commodities. Benefits include lower costs, low margin requirements, and state-of-the-art online software. Download a Free Practice Account!
Free CFD/Share Practice Account
Receive a free demonstration version of our online trading software by submitting the form below. This software allows investors to trade and manage a demo account in real time over the internet. Since no money is actually at risk, this is an excellent way to evaluate our trading software and online execution.
Live streaming prices in all CFDs including shares, indices, currencies, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately.
Live streaming prices in all CFDs including shares, indices, currencies, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately.
Free CFD/Share Practice Account
Receive a free demonstration version of our online trading software by submitting the form below. This software allows investors to trade and manage a demo account in real time over the internet. Since no money is actually at risk, this is an excellent way to evaluate our trading software and online execution.
Live streaming prices in all CFDs including shares, indices, currencies, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately.
Live streaming prices in all CFDs including shares, indices, currencies, and commodities. Just click on the price to place a trade.
Easy-to-understand account statements, free real time Charts and News accessible from both Demo and Live accounts.
Instructions and your demo password will be sent to your e-mail address immediately.
Contact GCI
GCI's experienced staff is available to answer questions or provide assistance at all times.
Telephone
General 1:
+ 501 223 1124 (Belize)
General 2:
+ 1 284 494 7738
Telephone
General 1:
+ 501 223 1124 (Belize)
General 2:
+ 1 284 494 7738
The GCI Advantage
Why trade with GCI? Our mission is to offer clients the best combination of advanced trading software, low costs and low margin requirements, efficient and secure back office fund administration, and a broad array of products with high profit potential. Advantages of opening a live account include:
Zero commissions. Client trading performance is enhanced by eliminating all commissions and fees.
Superior trading software. The GCI trading software provides real-time prices in all major currencies, market indices, shares, and commodities. Customers can choose from a Windows-based or Java-based version, and have access to mobile phone trading as well real-time charts and market news. Click here to download a free demo.
Product Offerings. In addition to Forex, GCI offers trading in indices, shares, and commodity CFDs.
Hedging Capability. Clients can open positions in the same instrument in opposite directions, without the positions offsetting and without using additional margin. Clients have complete control over whether they close or hedge their positions to reduce risk.
Zero commissions. Client trading performance is enhanced by eliminating all commissions and fees.
Superior trading software. The GCI trading software provides real-time prices in all major currencies, market indices, shares, and commodities. Customers can choose from a Windows-based or Java-based version, and have access to mobile phone trading as well real-time charts and market news. Click here to download a free demo.
Product Offerings. In addition to Forex, GCI offers trading in indices, shares, and commodity CFDs.
Hedging Capability. Clients can open positions in the same instrument in opposite directions, without the positions offsetting and without using additional margin. Clients have complete control over whether they close or hedge their positions to reduce risk.
GCI - Recommended Broker
GCI Financial Ltd is recommended as a top global broker by many well recognized organizations and major financial portals, including the following:
GCI In the Press
GCI is recognized globally as one of the premier foreign exchange market makers and providers of industry research and analysis. GCI's analysis appears regularly on Multex.com and Reuters, and is subscribed to by major institutions including J.P. Morgan, G.E. Capital, UBS AG, Lazard Asset Management, and Goldman Sachs.
Free Share Trading Demo Account
Trade North American, European and Asia/Pacific shares and indices commission free, with 2% margin requirement. To receive a free demonstration version of our online trading software, please complete the form below. This software allows investors to trade and manage a demo account in real time over the internet, with 50,000 "demo dollar" account balance. Since no money is actually at risk, this is an excellent way to evaluate our software and trade execution.
Live market prices stream into the trading software. Just click on a price to trade indices or shares - including S&P 500, Dow Jones Industrials, DAX 30, IBM, Vodafone, Microsoft, and many more.
Comprehensive account-statements, real-time Account Balance tracking and live charts and quotes.
Complete the form below to try a Free demo account now! Login instructions and Password will appear immediately
Live market prices stream into the trading software. Just click on a price to trade indices or shares - including S&P 500, Dow Jones Industrials, DAX 30, IBM, Vodafone, Microsoft, and many more.
Comprehensive account-statements, real-time Account Balance tracking and live charts and quotes.
Complete the form below to try a Free demo account now! Login instructions and Password will appear immediately
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