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Marketiva Tutorial, Study Marketiva Step by step, Tutorial Forex Trading Step by Step

Introducing a business trading foreign currencies or better known as the Foreign Exchange (FOREX). Marketiva is a broker international, professional and legal in Switzerland, this company has been granted permission to the international no. IBC CAP.291 REG.NO. 646819th

Now through Marketiva you do not need to have more money with a large number of soon to be able to invest in foreign currency trading, but just 10 $, 50$, or up to 70 $ in accordance with the desire and financial ability of your course. Even more extreme is you can immediately make a continental trade without money, because once you're done registering you will be given prizes of U.S. $ 5 as the initial capital.
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Marketiva are a Swiss company based in Lausanne and have recently launched their Forex Trading Platform fully integrated with e-currencies. It is a state of the art platform with many advanced features but really user friendly for beginners with 24 hour live support via their onboard chat room.

So join marketiva , you got nothing to loose and lots to gain. Spend some time on the website and you just might surprise yourself by how much you learn and in six months or a year from now you could be trading for a living.

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STEP-STEP REGISTRATION To Join Marketiva

1.Marketiva Register to the site
Click the banner below to open the official site Marketiva

2. Click on the link "Open an Account" and then the registration form will appear

Fill out the registration form in accordance with the ID that you have

Description:

1. All marked * must be filled;
2. Username: select the name or call you a unique, because this will be used to berchatting Marketiva with the other members;
3. Password in the body of at least 8 characters, to combine with a number;
4. Frist Name: your first name;
5. Midle Initial: initial middle name if you have;
6. Last Name: your last name;
7. Street Address: fill in your address in accordance with ID;
8. City: your city name on the ID;
9. ZIP / Postal Code: Postal Code;
10. State: provinces that you tempati;
11. Country: Select Australia;
12. Phone: enter the house or no telp HP that is still active;
13. E-mail: fill in your email address is still active and there is often use, because each notification and confirmation will be sent to the E-mail address that you fill now;







After you have finished filling the form above, click "Continue". both form and conten




In the "User Template" there are two options, namely "Standard Forex Trader" and "Compact Forex Trader", that is the option to type memeilih Marketiva streamer software. Both the software is basically the same menu - menu just for the "Compact Forex Trader" is much more simple so that it does not take place on the windows.
you select one of the types of software mentioned above.



There are the coupons, where the function of this coupon can be as a discount card, member chat, and many more others. to get the coupon, you can obtain on this site

Coupons can be seen in the bottom of the main web page (see the main page bottom)

For while the "Recovery Question" and "Recovery Answer" please fill in your match that you remember and like, because this will be asked if you forgot your password Marketiva.
Click "Next" to go to the appointment and confirmation with Marketiva
On this page, is a procedural broker to the company's investors. It is a duty to notify the company's risk - the risk of trading in foreign currency so that the Investor does not feel aggrieved if there is a loss so great, and does not require the company because the company only as a facilitator pialan only

Stetment and then on the next, from the Investor that the Investor has its own understanding of all agreements made with Marketiva.

Click "Finish" as a symbol that you agree with the existing agreement. and then you will be direct to the "Get Streamer" to download the software from Marketiva

Click "Streamer TM instalation Package" after that please you install on your computer.

The registration process has been completed.

3.Identity Verivikasi Up

After the registration process is complete, then you have enjoined on to upload data for verivikasi the data you have provided earlier. it aims not to occur because of multiple accounts you can only create one account only. if you do not verivikasi then in a few days your account will be closed.
Data is a need in the Image ID, so you must first scan your ID and berformatkan JPEG.
Example:

1. Image ID: Scan your ID card at the berfoto;
2. Image Address: Scan the ID cards that have lamatnya (must be in accordance with the data)

as notes, scan data is to be colored and each file size of 100kb, so when you scan in the set to be 70 - 100 dpi only.

How verivikasi:

Click here to direct the process to verivikasi Marketiva

after you click the link above you will be asked usernama and password terebih first.
enter the username and password that you've made before, and then click "Login"

Or

Open your email and click on the link for the identification

or

You go with the first site to www.marketiva.com
and enter the Username and Password click the "Login"
click on "Service" on the top-right corner
click on "Identify Yourself" and upload your ID

upload ID: both boxes must be uploaded in the same ID even though ID

4. Running the Program Marketiva has been installed in
After Verivikasi Up finished ID can make trading, after the program is installed, do not do trading or run the program before the Verivikasi ID is made, because the registration must be repeated because at approximately your data is not valid.

Coupon Marketiva

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Forex Glossary Dictionary - Marketiva 2009


Above The Market: The command to sell securities or securities on the market price at that time.

Acceleration Theory: The theory that says that the change in the level of consumption will lead to changes in the even larger number of purchases and production level. This action is seen as a supporter of inflation.

Acceptance: Agreement to buy or sell securities / contracts on a particular currency a certain date and the price of a certain future.

Account: All bookkeeping records concerning a variety of customer transactions, including credit or debit balance, floating loss / profit and value of real books.

Account Balance: Difference between debit and credit in a bank account. When debitnya greater than the credit, the account is said to have a negative balance. In other term is called a deficit. Meanwhile, vice-called surplus.

Account Executive: An employee of the company's broker / dealer of a company's stock broker / forex, abbreviated AE. AE compact submit orders to buy or sell securities / currencies, and allowed to manage client accounts. In countries that have been developed, the position must have the permission AE / certification from the body nasiobal local exchanges.

Account Statement: Report periodically the status of the various transactions to buy / sell securities / contracts of a customer's currency.

Accounting Rate of Return: The level of accounting profits. Profit generated during an accounting period divided by the amount of money invested during the same period.

Fundamental Analysis: Fundamental Analysis View

Technical Analysis: See technical analysis

Appreciation: Strengthening a currency or stock, as a result of a positive response or Demand is higher than the market participants.

Arbitrage: The purchase or sale of stock / foreign exchange / longam noble / bond / or other comuditas from one market to another market a separate but related. Arbitrage opportunities occur when two companies plan to conduct a merger or when the contract currency ditransaksikan in another type of market, to obtain the balance of the value or the difference between spot exchange rate through the cross.

Arbitrage Bond: Bond-minisipal bonds that are issued with the purpose to fund the bond back before flowering higher bonds can be redeemed. To get advantage bugan tribe, the publication of new funds diinvestasikandalam sekutiras-debt securities of a particular redemption date to arrive.

Arithmatic Investing: Method of reducing the investment risk faced by investors in a way mengestimasi profit levels throughout peroide time.

Around: some points above or below the target price (the price par). For example, when mengkuotasikan premium or spot price to buy / sell. Three three-term means around 3 points below or above the desired price (par).

Asian Development Bank: An international bank headquartered in the Philippines to help the social and economic growth in Asia dengancara provide loans to poor countries.

Ask Price: Price quote a sales contract currencies / shares.

Asset: Anything owned by a company or individual, starting from the building, perlalatan, until that is not tangible assets such as patents and reputation.

Asset Allocation: The allocation of investment in various assets in order to achieve certain objectives such as risk level, the level of benefits, and appreciation potential.

Asset backed security (ABS): Bond-bond is guaranteed (in the back-up) by the creditor, such as credit cards, car, to rent equipment, personal loans without security, home, and other moving assets. Securities are usually designed to get a high credit rating.

Asset Play: A securities / shares interesting, because the price does not reflect the market value of the asset-asset company.

Estimation Asset valuation: the value of an asset that will be the tax base.

At a Discount: Securities sold under the price of par value.

At a Premium: Securities sold with a price above par value.

At Best: The command to purchase the securities on the best available price.

Back Dating: The date on a check or other documents, which date is more than the initial date of actual withdrawal. Also an investor who holds a certificate Reksadana who originally did not sign the Letter of Intent (LOI), LOI can sign this in 90 days since the date of purchase is Reksadana.

Back Office: Department or the division responsible for processing a wide range of financial transactions outside the dealing room department. Usually consists of the Department settlement, accounting, finance.

Back-end Rights Right: to protect the financial interests of shareholders. Tactics are used by management when the company threatened taken over. If the successful transfer of authority to buy some shares outstanding, but not able to complete the appropriate value of takeovers in the management, shareholders can exchange with the right cash, preferen shares, securities or other debt-securities, so that is a party took over.

Bad Debt: Credit jammed, or loans receivable balance that is not tertagih and then dibiayakan by the company.

Bail out: Penalangan.

Balance: Balance.

Balance the Budget: Budget balanced. Reception with the expectation of the expectation for a particular periopde.

Balance of Payment: Balance of payment. The balance sheet to record all financial transactions of an international dengandasar double-entry bookkeeping. Components Balance of payment is a running balance (imports and exports of goods and services), balance sheet capital (investment mobility), and the balance of gold (gold of the mobility). Surplus and deficit is in a different account.

Balance of Trade: The value of exports less imports of a country.

Balance Sheet: Balance Sheet. Financial status of a company or individual at a time tertentu.Komponen-balance components are assets, liabilities and equity.

Ballooning Deficit Effect: The effect of government deficit membumbung high yield with a greater effect on the economy.

The Bank Guarantee Letter: Letter bank guarantee.

Central Bank: See "Central Bank"

Syndicate Bank: Syndicate Bank. Together a group of banks to sell securities or guarantee a particular emissions.

Bar Charts: bar chart. This type of graph shows the opening price, closing highest and lowest of a currency or stock. Changes in value occur from time to time. Usually used by the dealer / trader in the currency / securities to make forcasting, or the estimated price that may appear in the future. In the analysis of bar charts is also known a variety of patterns (chart pattern), which describes the se \ Uatu conditions on the set of prices for a certain period and then the next price movement diantaisipasi according to the pattern that has occurred in the past.

Barrel of Oil: is the standard size barrel crude oil volume in the international oil trade. One barrel equal to 42 gallons of oil at a temperature of 60 degrees Fahrenheit.

Base Currency: In general, this describes a currency that belongs to an investor in neracanya. In forex markets, normally called the U.S. Dollar as the base currency to be traded against various other currencies. Counted every one U.S. dollar per currency counterparties. System exception is the base currency against the Euro, Pound Sterling, Australian dollar and the currency placed in the U.S. dollar on kuotasinya, indicates the currency to be the direct currency.

Bear Market: A condition in which prices continue to decline in the market.

Bearish: The term money market practitioners / stock price trend that indicates a decline.

Transaction Costs: View transaction cost

Bid Rate: The price desired by the trader to buy a particular currency.

Bid / Ask Spread: The difference purchase price and selling at a certain time. Distance / difference between buying and selling price is often used as indication of market liquidity. That is, if the spread is reduced, the higher the market liquidity situation at that time.

Boiler Room: a room packed with the telephone, which is used by marketing staff to offer a variety of speculative securities, and counterfeit securities to prospective infvestor.

Bond: Bond. Securities of long-term debt issued by a company or government, which has a high interest rate and maturity date is fixed. Characteristics of this bond to appear in the bond indenture, which are what interest and principal will be paid to the person listed on the certificate anamnya bonds, or to anyone who holds the bonds, in which case this dsalam bonds is called bond bearrer.

Bottom Price: lowest price that occurred in time.

Cable: The other term that addressed the global foreign exchange trader for a sterling exchange rate / DOLLAR. So called because originally the exchange rate was transmitted through a cable sender (transatlantic cable) that began in mid-1800.

Candlestick Chart: A chart that indicates the type of transaction on a range of currencies / shares. Contains information on the price of, Top, Terndah, and Closing. If the closing price is above the opening price, the type of Candle empty, if the closing price is below the opening price (the price down) then the candle will contain. This pattern analysis was first introduced by the traders comuditas in Japan in the early 18 th century-an.

Central Bank: Bank owned by the government tasked to handle the monetary policy of the country. For example, in the United States called the Federal Reserve, Bank of Indonesia in Indonesia.

Chartist: A person who uses charts and graphs, and create trend data interpretation / historical price movements to determine the trend and make a prediction the future. Often referred to as Broker Teknkikal

Choice Market: A market condition where there is no price difference. All buyers and sellers on the price point the same.

Clearing: The process of settlement of a transaction

Closed Postion: Closing the position after the establishment of the arrangements. When the establishment of the position is penutupannya is the Buy Sell and vice versa.

Collateral: Something on security trends in a loan or as a guarantee of implementation.

Commission: Commission a fee charged by a broker to the investors.

Confirmation: The form of confirmation in the form of recordings and documents that have indicated the occurrence of a transaction or konterparti parties concerned with a certain amount, and the time of the transaction is done.

Contagion: Kencederungan / tendence an economic crisis in one market to switch to other markets. In 1997, the political stability in Indonesia has caused high tension on the price of Rupiah. From there, tendency to spread other Asian countries such as Hong Kong, latin America.

Contract: Standard unit of transaction. Usually also a minimum transaction unit contract.

Counterparty: One or more konterparti in a financial transaction.

Country Risk: Risk is defined from the main runway transaction carried out, including consideration of legal and political condition of an area.

Cross Rate: exchange rate between one or more of the currency does not become a standard benchmark countries where the currency be. Examples are, in Indonesia or in the United States currency transkasi EUR / JPY will be referred to as a cross transaction rate, to state the area where the Euro zone and Japan's second currency is called the primary currency sold.

Currency: A currency that dilegalkan by a country that is monitored by direct bank sentralnya and used as a means of official state tesebut transaction.

Currency Risk: Peluang risk that there may be a change in the price at this time or the future.

Currency Symbol: Acronyms currency for a country. For example: AUD-Australian Dollar, Canadian Dollar, CAD, EUR, Euro, Japanese Yen, JPY, GBP-British Pounds Sterling, Swiss Franc-CHF, IDR-Indonesian Rupiah. Code currency is determined by the International Standard Organization in ISO 4000.

Day Trading: Taking a position on certain financial transactions that are opened and closed on the same day (not overnight).

Dealer: An individual who acts perform various financial transactions for and on behalf of a principal or a konterparti. Principals usually take a certain position can be picking akan expects profit from the difference between the transaction price of konterpartinya. Anything else is done by a broker is usually a medium of individual transactions or corporate transactions for both buying and selling with transkaksi commission.

Deficit: A condition in a negative balance of trade / finance.

Depreciation: depreciation of a currency against other countries because of market pressure.

Derivative: Contracts that trade can change the value in accordance with the movement of price or time. The most common example of this type is konrak stocks and forex.

Devaluation: The decline in the value of the exchange rate, usually because the official announcement.

Dove: economic policies which tend to hold or even reduce interest rates. Actors believe that the policy dove inflation does not rise too affect the life of the general public so that the interest rate increase is not needed.

Euro: Exchange Rate of the European Monetary Union (EMU), federalism European countries.

European Monetary union (EMU): It is the organization European countries. The main objective is the establishment of this union to create a single currency European countries called on the Euro currency eventually replace the state of each member. Transition began in 1999 and at the end of Euro 2002 is planned only applicable country-EMU member countries. Member of the EMU are Germany, Belgium, Luxembourg, Austria, Finland, Ireland, Netherlands, Italy, Spain and Portugal.

Federal Reserve (Fed): U.S. Central Bank.

Flat: The term trader / dealer to a stagnant market. For example, you buy $ 5000 $ 5000 and sell the so-called flat (even).

Foreign Exchange (forex, FX): Exchange of foreign currency, the sederhananya is to buy and sell them back at a different price.

Fundamental Analysis: Analysis of economic and political with the goal of determining the exchange rate the future.

G7: Seven advanced industrial countries, namely U.S., Germany, France, UK, Canada and Italy.

Gross Domestic Product (GDP): Value of the overall production of a country, the income limits based on the physical state.

Gross National Product (GNP): GDP plus the income from investment income or other income from outside.

Spot Price: See the "spot price"

Hawk: economic policies are likely to maintain stable prices of goods and services with the increasing interest rates. Alan Greespan, The Fed governor Ben Bernanke before is one of the government officials bertipe hawk.

Hedge: A position or combination of some of the positions taken to reduce the risk of loss.

Hit the Bid: The term as received on the sale of the desired bid.

Economic Indicators: Data statistics issued by the government regarding the economic growth. General indicators include unemployment, gross domestic product, inflation, retail sales, etc..

Inflation: See "Inflation"

Inflation: economic conditions in which goods prices to increase, so reducing the power consumption.

Initial Margin Deposit: a minimum charge to start the deal as a guarantee the future (future).

Intervention: Action taken by the Central Bank to control the currency of the country.

Leading Indicator: Statistics used for the main economic activity predicted the future.

Leverage: Ordinary called margin. The ratio required in the deal in forex. For example, when the leverage of 1:100 then the set $ 500, customers can buy the Dollar that is 100 times lipatnya $ 50,000.

LIBOR: London Inter-Bank offered Rate. Other banks use LIBOR to borrow funds from another bank.

Liquidation: See "Liquidation".

Limit Order: Used to limit the maximum value on the transaction so that when the desired rate has reached the desired position then akan akan closed by itself.

Liquidation: Closing an existing position through the execution of the trader or by the system.

Long Position: The position that was opened in a long time.

Lot: Unit standard for the deal going. Each deal, the value is set in the amount of lot. In Indonesia, the amount of the policy varies berganutng Dealer / Broker. AsiaFXOnline on Lot 1 = Rp.1 Million.

Margin: Capital required as collateral in the deal.

Margin Call: A request from the broker to deposit mnambahkan a number of positions that have not terlikuidasi by the margin has been exhausted.

Offer (ask): Rate the dealer is given the exchange rate at the time of sale. See 'ask'

Cancel One Others (OCO): One of the order to cancel the order because other tereksekusinya one of the second order is.

Open Order: Order of tereksekusi.

Open Position: Transactions that are currently active. Changes in the value of the exchange rate for the open pair also means that changes occur profit / loss.

Order: Instruction to execute the trade at a certain rate.

Overnight Position: Open position that continues to Bussiness dihari next day.

Pair: the currency pair ditransaksikan.Contoh EURUSD, GBPUSD, and so on.

Pips: The smallest of forex. Pips taken two numbers terakhirdari value exchange, also called point. For example today GBPUSD moves from 1.8200 to 1.8250 GBPUSD that means an increase of 50 pips or 50 points

Political Risk: Risks that may appear due to exchange rate changes on the political subject.

Premium: For each transaction that melewarti one day (overnight position) then the premium will be charged by the bank which can be positive or negative.

Price Transparency: the validity of the price offered by dealers. Price must be accessible to all people and valid.

Profit / Loss or P / L, or Gain / Loss: Profit / loss realized after the ter-open position at close.

Quote: value exchange. Usually only used for information only.

Range: Difference between the highest and lowest price on a certain moment.

Resistance Point: Level psychological certain that is above the price at the time. At the time of the resistance is expected to point the market will sell back the exchange rate that has been purchased so that the exchange rate will be weakened.

Revaluation: Menguatnya exchange rate of a currency due to a Central Bank intervention the country concerned. Opponent of devaluation.

Risk: The risk because of things that are not, or a calculation that is beyond the potential to cause harm.

Risk Managemet: Some analysis and facilities used for meminimalisasikan risks and prevent losses.

Roll Over: Contract trading forwarded the next day until the closing position. Products is the exchange floor of this type of contract.

Settlement: The process of recording transactions and that are placed by traders to the price and exchange rate basis applicable. Done by the dealer through the system.

Short Position: The term of the Open to Sell.

Spot Price: The price on the market at that time.

Spread: Difference between pip for open position on the price "buy" price and "sell". Spread the less, the Investors will be more profitable due to the break-even point (BEP) does not require a large price movement.

Sterling: The currency of the British Pound.

Stop Loss Order: Order given to a transaction at a certain point so that when the exchange rate has been the point, the order is automatically closed position. This is a "limit down" to prevent further losses.

Support Level: below a certain limit that has been analyzed. It is expected that the limit, the exchange rate will return menguat. It is the opposite of "resistance".

Swap: A currency swap is the simultaneous transactions on a certain number of a given currency at a level that is determined later.

Swissy: The term for the currency Swiss Franc.

Technical Analysis: An effort peninjaulan or price analysis of a currency with practice data such as price statistics that have occurred, the average price, volume, and others.

Tick: Changes in the price range do.

Tomorrow Next (Tom / Next): This type of transaction the purchase or sale of a currency for delivery a day after.

Transaction Cost: The cost of financial transactions required.

Transaction Date: Date of transaction.

Turnover: Total cash value (volume) in all financial transactions at a time.

Two Ways Transaction: Transaction two directions.

Uptick: Price of the new exchange rate value was higher than the values predicted

U.S. Prime Rate: Interest rate of loans granted by commercial banks to prime commercial consumers. Other types of interest rates usually depends on the type of interest rates, which in many cases? But not always-depends on the trends and trends in the ago-potential future trends.

Value Date: The date is determined by a company needs a broker for the transaction or the payment due date, in normal circumstances is usually required within two working days. Also known by the term Due Date.

Variation Margin: Funds that must be a broker on the clients needs for the position in the currency market maintained by the clients want it.

Volatility: A high price volatility when it is said the price is moving on up and down quickly.

Volatility (Vol): A statistical method that measures the price movements in the market in a period of time.

Whipsaw: Term for a condition that has a high market price volatelitas high, where a currency moves very quickly in one direction, and then followed by a price reversal immediately.
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Foreign exchange market
From Wikipedia, the free encyclopedia
(Redirected from Forex)
Page semi-protected
"Forex" redirects here. For the football club, see FC Forex Braşov.
Foreign exchange

Exchange rates
Currency band
Exchange rate
Exchange rate regime
Fixed exchange rate
Floating exchange rate
Linked exchange rate
Dollarization

Markets
Foreign exchange market
Futures exchange
Retail forex

Assets
Currency
Currency future
Non-deliverable forward
Forex swap
Currency swap
Foreign exchange option

Historical agreements
Bretton Woods Conference
Smithsonian Agreement
Plaza Accord
Louvre Accord

See also
Bureau de change / currency exchange (office)
Hard currency

The foreign exchange market (forex, FX, or currency market) is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.[1]

The primary purpose of the foreign exchange is to assist international trade and investment, by allowing businesses to convert one currency to another currency. For example, it permits a US business to import British goods and pay Pound Sterling, even though the business' income is in US dollars. It also supports direct speculation in the value of currencies, and the carry trade, speculation on the change in interest rates in two currencies.[2]

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 began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of

its huge trading volume representing the largest asset class in the world leading to high liquidity;
its geographical dispersion;
its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday;
the variety of factors that affect exchange rates;
the low margins of relative profit compared with other markets of fixed income; and
the use of leverage to enhance profit and loss margins and with respect to account size.

As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements,[3] as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.[4]

The $3.98 trillion break-down is as follows:

$1.490 trillion in spot transactions
$475 billion in outright forwards
$1.765 trillion in foreign exchange swaps
$43 billion Currency swaps
$207 billion in options and other products

Contents
[hide]

1 Market Size and liquidity
2 Market participants
2.1 Banks
2.2 Commercial companies
2.3 Central banks
2.4 Forex Fixing
2.5 Hedge funds as speculators
2.6 Investment management firms
2.7 Retail foreign exchange traders
2.8 Non-bank foreign exchange companies
2.9 Money transfer/remittance companies and bureaux de change
3 Trading characteristics
4 Determinants of FX rates
4.1 Economic factors
4.2 Political conditions
4.3 Market psychology
5 Financial instruments
5.1 Spot
5.2 Forward
5.3 Swap
5.4 Future
5.5 Option
6 Speculation
7 Risk aversion in forex
8 Further reading
9 See also
10 Notes
11 References
12 External links

Market Size and liquidity
Main foreign exchange market turnover, 1988–2007, measured in billions of USD.

The foreign exchange market is the most liquid financial market in the world. Traders include large banks, central banks, institutional investors, currency speculators, corporations, governments, other financial institutions, and retail investors. The average daily turnover in the global foreign exchange and related markets is continuously growing. According to the 2010 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was US$3.98 trillion in April 2010 (vs $1.7 trillion in 1998).[3] Of this $3.98 trillion, $1.5 trillion was spot foreign exchange transactions and $2.5 trillion was traded in outright forwards, FX swaps and other currency derivatives.

Trading in the UK accounted for 36.7% of the total, making UK by far the most important global center for foreign exchange trading. In second and third places, respectively, trading in the USA accounted for 17.9%, and Japan accounted for 6.2%.[5]

Turnover of exchange-traded foreign exchange futures and options have grown rapidly in recent years, reaching $166 billion in April 2010 (double the turnover recorded in April 2007). Exchange-traded currency derivatives represent 4% of OTC foreign exchange turnover. FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts.

Most developed countries 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. A number of emerging countries do not permit FX derivative products on their exchanges in view of controls on the capital accounts. The use of foreign exchange derivatives is growing in many emerging economies.[6] Countries such as Korea, South Africa, and India have established currency futures exchanges, despite having some controls on the capital account.
Top 10 currency traders [7]
% of overall volume, May 2011 Rank Name Market share
1 Germany Deutsche Bank 15.64%
2 United Kingdom Barclays Capital 10.75%
3 Switzerland UBS AG 10.59%
4 United States Citi 8.88%
5 United States JPMorgan 6.43%
6 United Kingdom HSBC 6.26%
7 United Kingdom Royal Bank of Scotland 6.20%
8 Switzerland Credit Suisse 4.80%
9 United States Goldman Sachs 4.13%
10 United States Morgan Stanley 3.64%

Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004.[8] The increase in turnover is due to a number of factors: the growing importance of foreign exchange as an asset class, the increased trading activity of high-frequency traders, and the emergence of retail investors as an important market segment. The growth of electronic execution methods and the diverse selection of execution venues have lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market. By 2010, retail trading is estimated to account for up to 10% of spot FX turnover, or $150 billion per day (see retail trading platforms).

Because foreign exchange is an OTC market where brokers/dealers negotiate directly with one another, there is no central exchange or clearing house. The biggest geographic trading center is the UK, primarily London, which according to TheCityUK estimates has increased its share of global turnover in traditional transactions from 34.6% in April 2007 to 36.7% in April 2010. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the IMF calculates the value of its SDRs every day, they use the London market prices at noon that day.
Market participants
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Unlike a stock market, 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 commercial banks and securities dealers. Within the inter-bank market, spreads, which are the difference between the bid and ask prices, are razor sharp and not known to players outside the inner circle. The difference between the bid and ask prices widens (for example from 0-1 pip to 1-2 pips for a currencies such as the EUR) as you go down the levels of access. 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 interbank market accounts for 53% of all transactions. From there, smaller 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 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”.[9] Central banks also participate in the foreign exchange market to align currencies to their economic needs.
Banks

The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. Many large banks may trade billions of dollars, daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, which are trading desks for the bank's own account. Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for large 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.[citation needed]
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.
Central banks

National central banks play an important role in the foreign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.
Forex Fixing

Forex fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate behavior of their currency. Fixing exchange rates reflects the real value of equilibrium in the forex market. Banks, dealers and online foreign exchange traders use fixing rates as a trend indicator.

The mere expectation or rumor of central bank intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank.[10] Several scenarios of this nature were seen in the 1992–93 ERM collapse, and in more recent times in Southeast Asia.
Hedge funds as speculators

About 70% to 90%[citation needed] of the foreign exchange transactions are speculative. In other words, the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency. Hedge funds have gained a reputation for aggressive currency speculation since 1996. They control billions of dollars of equity and may borrow billions more, and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.
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.
Retail foreign exchange traders

Individual Retail speculative traders constitute a growing segment of this market with the advent of retail forex platforms, both in size and importance. Currently, they participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated in the USA by the CFTC and NFA have in the past been subjected to periodic foreign exchange scams.[11][12] To deal with the issue, the NFA and CFTC began (as of 2009) 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 or have moved to countries outside the US. A number of the forex brokers operate from the UK under FSA regulations where forex trading using margin is part of the wider over-the-counter derivatives trading industry that includes CFDs and financial spread betting.

There are two main types of retail FX brokers offering the opportunity for speculative currency trading: brokers and dealers or market makers. Brokers serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or mark-up in addition to the price obtained in the market. Dealers or market makers, by contrast, typically act as principal in the transaction versus the retail customer, and quote a price they are willing to deal at.
Non-bank foreign exchange companies

Non-bank foreign exchange companies offer currency exchange and international payments to private individuals and companies. These are also known as foreign exchange brokers but are distinct in that they do not offer speculative trading but rather currency exchange with payments (i.e., there is usually a physical delivery of currency to a bank account).

It is estimated that in the UK, 14% of currency transfers/payments[13] are made via Foreign Exchange Companies.[14] These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services.
Money transfer/remittance companies and bureaux de change

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 followed by UAE Exchange[citation needed]

Bureau de change or currency transfer companies provide low value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access the foreign exchange markets via banks or non bank foreign exchange companies.
Trading characteristics
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[3] Rank Currency ISO 4217 code
(Symbol) % daily share
(April 2010)
1
United States United States dollar
USD ($)
84.9%
2
European Union Euro
EUR (€)
39.1%
3
Japan Japanese yen
JPY (¥)
19.0%
4
United Kingdom Pound sterling
GBP (£)
12.9%
5
Australia Australian dollar
AUD ($)
7.6%
6
Switzerland Swiss franc
CHF (Fr)
6.4%
7
Canada Canadian dollar
CAD ($)
5.3%
8
Hong Kong Hong Kong dollar
HKD ($)
2.4%
9
Sweden Swedish krona
SEK (kr)
2.2%
10
New Zealand New Zealand dollar
NZD ($)
1.6%
11
South Korea South Korean won
KRW (₩)
1.5%
12
Singapore Singapore dollar
SGD ($)
1.4%
13
Norway Norwegian krone
NOK (kr)
1.3%
14
Mexico Mexican peso
MXN ($)
1.3%
15
India Indian rupee
INR (Indian Rupee symbol.svg)
0.9%
Other 12.2%
Total[15] 200%

There is no unified or centrally cleared market for the majority of FX trades, and there is very little cross-border regulation. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies instruments are traded. This implies that there is not a single exchange rate but rather a number of different rates (prices), depending on what bank or market maker is trading, and where it is. In practice the rates are often very close, otherwise they could be exploited by arbitrageurs instantaneously. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. A joint venture of the Chicago Mercantile Exchange and Reuters, called Fxmarketspace opened in 2007 and aspired but failed to the role of a central market clearing mechanism.[citation needed]

The main trading center is London, but New York, Tokyo, Hong Kong and Singapore are all important centers as well. Banks throughout the world participate. Currency trading happens continuously throughout the day; as the Asian trading session ends, the European session begins, followed by the North American session and then back to the Asian session, excluding weekends.

Fluctuations in exchange rates are usually caused by actual monetary flows as well as by expectations of changes in monetary flows caused by changes in gross domestic product (GDP) growth, inflation (purchasing power parity theory), interest rates (interest rate parity, Domestic Fisher effect, International Fisher effect), budget and trade deficits or surpluses, large cross-border M&A deals and other macroeconomic conditions. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. However, the large banks have an important advantage; they can see their customers' order flow.

Currencies are traded against one another. Each currency pair thus constitutes an individual trading product and is traditionally noted XXXYYY or XXX/YYY, where XXX and YYY are the ISO 4217 international three-letter code of the currencies involved. The first currency (XXX) is the base currency that is quoted relative to the second currency (YYY), called the counter currency (or quote currency). For instance, the quotation EURUSD (EUR/USD) 1.5465 is the price of the euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).

The factors affecting XXX will affect both XXXYYY and XXXZZZ. This causes positive currency correlation between XXXYYY and XXXZZZ.

On the spot market, according to the 2010 Triennial Survey, the most heavily traded bilateral currency pairs were:

EURUSD: 28%
USDJPY: 14%
GBPUSD (also called cable): 9%

and the US currency was involved in 84.9% of transactions, followed by the euro (39.1%), the yen (19.0%), and sterling (12.9%) (see table). Volume percentages for all individual currencies should add up to 200%, as each transaction involves two currencies.

Trading in the euro has grown considerably since the currency's creation in January 1999, and how long the foreign exchange market will remain dollar-centered is open to debate. Until recently, trading the euro versus a non-European currency ZZZ would have usually involved two trades: EURUSD and USDZZZ. The exception to this is EURJPY, which is an established traded currency pair in the interbank spot market. As the dollar's value has eroded during 2008, interest in using the euro as reference currency for prices in commodities (such as oil), as well as a larger component of foreign reserves by banks, has increased dramatically. Transactions in the currencies of commodity-producing countries, such as AUD, NZD, CAD, have also increased.
Determinants of FX rates
See also: exchange rates

The following theories explain the fluctuations in FX rates in a floating exchange rate regime (In a fixed exchange rate regime, FX rates are decided by its government):

(a) International parity conditions: Relative Purchasing Power Parity, interest rate parity, Domestic Fisher effect, International Fisher effect. Though to some extent the above theories provide logical explanation for the fluctuations in exchange rates, yet these theories falter as they are based on challengeable assumptions [e.g., free flow of goods, services and capital] which seldom hold true in the real world.

(b) Balance of payments model (see exchange rate): This model, however, focuses largely on tradable goods and services, ignoring the increasing role of global capital flows. It failed to provide any explanation for continuous appreciation of dollar during 1980s and most part of 1990s in face of soaring US current account deficit.

(c) Asset market model (see exchange rate): views currencies as an important asset class for constructing investment portfolios. Assets prices are influenced mostly by people's willingness to hold the existing quantities of assets, which in turn depends on their expectations on the future worth of these assets. The asset market model of exchange rate determination states that “the exchange rate between two currencies represents the price that just balances the relative supplies of, and demand for, assets denominated in those currencies.”

None of the models developed so far succeed to explain FX rates levels and volatility in the longer time frames. For shorter time frames (less than a few days) algorithms can be devised to predict prices. It is understood from the above models that many macroeconomic factors affect the exchange rates and in the end currency prices are a result of dual forces of demand and supply. The world's currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly. No other market encompasses (and distills) as much of what is going on in the world at any given time as foreign exchange.

Supply and demand for any given currency, and thus its value, are not influenced by any single element, but rather by several. These elements generally fall into three categories: economic factors, political conditions and market psychology.
Economic factors

These include: (a)economic policy, disseminated by government agencies and central banks, (b)economic conditions, generally revealed through economic reports, and other economic indicators.

Economic policy comprises government fiscal policy (budget/spending practices) and monetary policy (the means by which a government's central bank influences the supply and "cost" of money, which is reflected by the level of interest rates).
Government budget deficits or surpluses: The market usually reacts negatively to widening government budget deficits, and positively to narrowing budget deficits. The impact is reflected in the value of a country's currency.
Balance of trade levels and trends: The trade flow between countries illustrates the demand for goods and services, which in turn indicates demand for a country's currency to conduct trade. Surpluses and deficits in trade of goods and services reflect the competitiveness of a nation's economy. For example, trade deficits may have a negative impact on a nation's currency.
Inflation levels and trends: Typically a currency will lose value if there is a high level of inflation in the country or if inflation levels are perceived to be rising. This is because inflation erodes purchasing power, thus demand, for that particular currency. However, a currency may sometimes strengthen when inflation rises because of expectations that the central bank will raise short-term interest rates to combat rising inflation.
Economic growth and health: Reports such as GDP, employment levels, retail sales, capacity utilization and others, detail the levels of a country's economic growth and health. Generally, the more healthy and robust a country's economy, the better its currency will perform, and the more demand for it there will be.
Productivity of an economy: Increasing productivity in an economy should positively influence the value of its currency. Its effects are more prominent if the increase is in the traded sector [1].

Political conditions

Internal, regional, and international political conditions and events can have a profound effect on currency markets.

All exchange rates are susceptible to political instability and anticipations about the new ruling party. Political upheaval and instability can have a negative impact on a nation's economy. For example, destabilization of coalition governments in Pakistan and Thailand can negatively affect the value of their currencies. Similarly, in a country experiencing financial difficulties, the rise of a political faction that is perceived to be fiscally responsible can have the opposite effect. Also, events in one country in a region may spur positive/negative interest in a neighboring country and, in the process, affect its currency.
Market psychology

Market psychology and trader perceptions influence the foreign exchange market in a variety of ways:

Flights to quality: Unsettling international events can lead to a "flight to quality", a type of capital flight whereby investors move their assets to a perceived "safe haven". There will be a greater demand, thus a higher price, for currencies perceived as stronger over their relatively weaker counterparts. The U.S. dollar, Swiss franc and gold have been traditional safe havens during times of political or economic uncertainty.[16]
Long-term trends: Currency markets often move in visible long-term trends. Although currencies do not have an annual growing season like physical commodities, business cycles do make themselves felt. Cycle analysis looks at longer-term price trends that may rise from economic or political trends.[17]
"Buy the rumor, sell the fact": This market truism can apply to many currency situations. It is the tendency for the price of a currency to reflect the impact of a particular action before it occurs and, when the anticipated event comes to pass, react in exactly the opposite direction. This may also be referred to as a market being "oversold" or "overbought".[18] To buy the rumor or sell the fact can also be an example of the cognitive bias known as anchoring, when investors focus too much on the relevance of outside events to currency prices.
Economic numbers: While economic numbers can certainly reflect economic policy, some reports and numbers take on a talisman-like effect: the number itself becomes important to market psychology and may have an immediate impact on short-term market moves. "What to watch" can change over time. In recent years, for example, money supply, employment, trade balance figures and inflation numbers have all taken turns in the spotlight.
Technical trading considerations: As in other markets, the accumulated price movements in a currency pair such as EUR/USD can form apparent patterns that traders may attempt to use. Many traders study price charts in order to identify such patterns.[19]

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, EURO 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.
Forward
See also: forward contract

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 one day, a few days, months or years. Usually the date is decided by both parties. Then the forward contract is negotiated and agreed upon by both parties.
Swap
Main article: foreign exchange swap

The most common type of forward transaction is the FX swap. In an FX 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.
Future
Main article: currency future

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.
Option
Main article: foreign exchange 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.
Speculation

Controversy about currency speculators and their effect on currency devaluations and national economies recurs regularly. Nevertheless, economists including Milton Friedman have argued that speculators ultimately are a stabilizing influence on the market and perform the important function of providing a market for hedgers and transferring risk from those people who don't wish to bear it, to those who do.[20] Other economists such as Joseph Stiglitz consider this argument to be based more on politics and a free market philosophy than on economics.[21]

Large hedge funds and other well capitalized "position traders" are the main professional speculators. According to some economists, individual traders could act as "noise traders" and have a more destabilizing role than larger and better informed actors.[22]

Currency speculation is considered a highly suspect activity in many countries.[where?] While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not; according to this view, it is simply gambling that often interferes with economic policy. For example, in 1992, currency speculation forced the Central Bank of Sweden to raise interest rates for a few days to 500% per annum, and later to devalue the krona.[23] Former Malaysian Prime Minister Mahathir Mohamad is one well known proponent of this view. He blamed the devaluation of the Malaysian ringgit in 1997 on George Soros and other speculators.

Gregory J. Millman reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit.[24]

In this view, countries may develop unsustainable financial bubbles or otherwise mishandle their national economies, and foreign exchange speculators made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling, followed by an eventual, larger, collapse. Mahathir Mohamad and other critics of speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions.
Risk aversion in forex
See also: Safe-haven currency
Fig.1 Chart showing MSCI World Index of Equities fell while the US Dollar Index rose.

Risk aversion in the forex is a kind of trading behavior exhibited by the foreign exchange market when a potentially adverse event happens which may affect market conditions. This behavior is caused when risk averse traders liquidate their positions in risky assets and shift the funds to less risky assets due to uncertainty.[25]

In the context of the forex market, traders liquidate their positions in various currencies to take up positions in safe-haven currencies, such as the US Dollar.[26] Sometimes, the choice of a safe haven currency is more of a choice based on prevailing sentiments rather than one of economic statistics. An example would be the Financial Crisis of 2008. The value of equities across world fell while the US Dollar strengthened (see Fig.1). This happened despite the strong focus of the crisis in the USA.[27]
Further reading

The National Futures Association (2010). Trading in the Retail Off-Exchange Foreign Currency Market. Chicago, Illinois.


See also

Balance of trade
Bretton Woods system
Currency codes
Currency pair
Currency strength
Foreign currency mortgage



Foreign exchange autotrading
Foreign exchange controls
Foreign exchange hedge
Foreign exchange reserves
Foreign exchange scam
Foreign exchange swap



Money market
Nonfarm payrolls
Special Drawing Rights
Tobin Tax
World currency






Notes
References

^ The Economist – Guide to the Financial Markets (pdf)
^ Global imbalances and destabilizing speculation (2007), UNCTAD Trade and development report 2007 (Chapter 1B).
^ a b c 2010 Triennial Central Bank Survey, Bank for International Settlements.
^ "What is Foreign Exchange?". Published by the International Business Times AU. Retrieved: February 11, 2011.
^ BIS Triennial Central Bank Survey, published in September 2010.
^ "Derivatives in emerging markets", the Bank for International Settlements, December 13, 2010
^ Source: Euromoney FX survey FX survey 2011: The Euromoney FX survey is the largest global poll of foreign exchange service providers.'
^ "The $4 trillion question: what explains FX growth since the 2007 survey?, the Bank for International Settlements, December 13, 2010
^ Gabriele Galati, Michael Melvin (December 2004). "Why has FX trading surged? Explaining the 2004 triennial survey". Bank for International Settlements.
^ Alan Greenspan, The Roots of the Mortgage Crisis: Bubbles cannot be safely defused by monetary policy before the speculative fever breaks on its own. , the Wall Street Journal, December 12, 2007
^ McKay, Peter A. (2005-07-26). "Scammers Operating on Periphery Of CFTC's Domain Lure Little Guy With Fantastic Promises of Profits". The Wall Street Journal (Dow Jones and Company). Retrieved 2007-10-31.
^ Egan, Jack (2005-06-19). "Check the Currency Risk. Then Multiply by 100". The New York Times. Retrieved 2007-10-30.
^ The Sunday Times (UK), 16 July 2006
^ The 5 largest in the UK are Travelex, Moneycorp, HiFX, World First and Currencies Direct
^ The total sum is 200% because each currency trade always involves a currency pair.
^ Safe haven currency
^ John J. Murphy, Technical Analysis of the Financial Markets (New York Institute of Finance, 1999), pp. 343–375.
^ Investopedia
^ Sam Y. Cross, All About the Foreign Exchange Market in the United States, Federal Reserve Bank of New York (1998), chapter 11, pp. 113–115.
^ Michael A. S. Guth, "Profitable Destabilizing Speculation," Chapter 1 in Michael A. S. Guth, Speculative behavior and the operation of competitive markets under uncertainty, Avebury Ashgate Publishing, Aldorshot, England (1994), ISBN 1856289850.
^ What I Learned at the World Economic Crisis Joseph Stiglitz, The New Republic, April 17, 2000, reprinted at GlobalPolicy.org
^ Summers LH and Summers VP (1989) 'When financial markets work too well: a Cautious case for a securities transaction tax' Journal of financial services
^ But Don't Rush Out to Buy Kronor: Sweden's 500% Gamble - International Herald Tribune
^ Gregory J. Millman, Around the World on a Trillion Dollars a Day, Bantam Press, New York, 1995.
^ "Risk Averse". Investopedia. Retrieved 2010-02-25.
^ "Global markets-US stocks rebound, dollar gains on risk aversion". Reuters. 2010-02-05. Retrieved 2010-02-27.
^ Stewart, Heather (2008-04-09). "IMF says US crisis is 'largest financial shock since Great Depression'". London: guardian.co.uk. Retrieved 2010-02-27.


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