2009-07-15: Forex Magnates Daily Updates

• Britain's ICAP Plc (IAP.L), the world's biggest interdealer broker, said revenue in its latest quarter was up over 10 percent from the year before, aided by rising bond issuance and active commodities markets. Profit is slightly down.
• SEC requests copy of financial film "Stock Shock" the movie that promises to shed light on illegal naked short selling has caught the eye of the United States Securities & Exchange Commission. “Stock Shock” is the movie sending shock-waves through America’s financial centers and all the way to the SEC. The controversial documentary film exposes the dark underbelly of America’s worst stock market sharks, laying out the sordid financial schemes that led to America’s economic collapse in early 2009.
• Barclay Hedge Fund Index Rises 0.45% in June; Hedge Funds Up 11.00% in Six Months. “After four profitable months in a row, hedge funds have now gained 11.00% since the beginning of the year,” says Sol Waksman, founder and president of BarclayHedge.
• Jim at Trading Gurus keeps testing the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term Megadroid, this time he tested three megadroids with same broker and at the same time, but received three completely different results.
• Interbank FX, a leading provider of online foreign currency (Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying that forex trading is a very attractive market for not only banks and hedge funds, but even for the small individual trader, due to the low barriers for entry. One literally only needs a computer with an internet connection, and some money deposited with a forex broker. As a simple example, if you were very confident that the Euro (EUR) was going to gain strength against the US Dollar (USD) in the mid to long term, then you may decide to buy (or go long on) EUR/USD. If the EUR/USD was trading at 1.1500 at the time of purchase, a €10000 investment would have cost you $11500. As time goes by, if the EUR/USD gets stronger, e.g. its exchange rate moves to 1.2000 over the course of a few months, and you decided to close your trade there and then, you would have netted $12000, i.e. a profit of $500. No One-Size-Fits-All Approach to Forex Trading Whilst forex trading is easy to delve into, it’s notoriously difficult to master, especially for those without a financial background. A lot of time and effort is needed to practice trading on demo and eventually on real accounts. No doubt it takes dedication, discipline and patience, along with developing an edge to beat the market. That edge is gained by studying at least one of two fields, known as technical analysis and fundamental analysis. The former involves looking at currency charts, seeking out certain patterns using tools and software known as price action and indicators to help determine which way a particular forex pair may meander.By extension, the latter involves focusing on the latest news reports and geopolitical situation of the countries involved. Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying that forex trading is a very attractive market for not only banks and hedge funds, but even for the small individual trader, due to the low barriers for entry. One literally only needs a computer with an internet connection, and some money deposited with a forex broker. As a simple example, if you were very confident that the Euro (EUR) was going to gain strength against the US Dollar (USD) in the mid to long term, then you may decide to buy (or go long on) EUR/USD. If the EUR/USD was trading at 1.1500 at the time of purchase, a €10000 investment would have cost you $11500. As time goes by, if the EUR/USD gets stronger, e.g. its exchange rate moves to 1.2000 over the course of a few months, and you decided to close your trade there and then, you would have netted $12000, i.e. a profit of $500. No One-Size-Fits-All Approach to Forex Trading Whilst forex trading is easy to delve into, it’s notoriously difficult to master, especially for those without a financial background. A lot of time and effort is needed to practice trading on demo and eventually on real accounts. No doubt it takes dedication, discipline and patience, along with developing an edge to beat the market. That edge is gained by studying at least one of two fields, known as technical analysis and fundamental analysis. The former involves looking at currency charts, seeking out certain patterns using tools and software known as price action and indicators to help determine which way a particular forex pair may meander.By extension, the latter involves focusing on the latest news reports and geopolitical situation of the countries involved. Read this Term, announced that for the third time the company has been named as a finalist for the 2009 American Business Awards. The Stevie Awards' Board of Distinguished Judges & Advisors recognized IBFX’s VP of Customer Experience, Marilyn McDonald in the Marketing Executive of the Year category for her proven success in new market identification and strategic market positioning for multimillion-dollar financial services organizations.
• China yesterday made it easier for overseas-registered companies to manage their foreign exchange assets in the country, a move that will help Chinese firms do business abroad through their subsidiaries. The State Administration of Foreign Exchange said the new rule permits any company registered abroad to open an onshore forex account at a Chinese or foreign bank without regulatory approval.
• NFA rage. COMPLAINT: On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
• DECISION: On May 1, 2009, Garcia was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for one year. During the one-year membership bar, Garcia was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. If after expiration of the one-year membership bar Garcia applies for NFA membership or associate membership or becomes a principal of an NFA Member, he was ordered to pay a $5,000 fine, due and payable when he applies for NFA membership or associate membership or becomes an NFA Member.

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