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It is challenging to find value in the competitive betting market and doing so is certainly rewarding. Round Robin Bet A round robin bet is similar to a parlay in that it combines the probability of numerous events into one wager. Points Betting Points Sportsbook betting explained is a type of wager where the returns are based on the outcome of the game rather than on pre-determined odds. Common betting mistakes to avoid Failing to understand value, biases, poor bookmaker selection are just a few of the mistakes often made by even experienced bettors. In other words, you should always bet for entertainment purposes, not financial income. Other states, like Delaware, have made it legal to bet on sports in person. Read: How to hedge a sports bet What is arbitrage betting?

The best master forex trader semarang extreme terrain forex market graph

The best master forex trader semarang extreme terrain

As members of the first cohort of the nineteenth-century Javanese elite to receive a European education, their prospects seemed bright. At a formal ceremony in Batavia, the Union flag was lowered and the Dutch tricolour raised. Java and its dependencies had been formally handed back to the Netherlands.

This followed a decision taken over a year earlier in May by the British government to evacuate Java under the terms of the Treaty of Vienna and the 13 August Convention of London. Part of the British policy of rebuilding Dutch strength to counterbalance any possible threat of a resurgent France in the aftermath of the Revolutionary and Napoleonic Wars, 14 the decision sounded the death knell for the liberal and enlightened government which Raffles had sought to encourage amongst his local collaborators.

Foremost amongst these was the family of his close friend, Suroadimenggolo. Suroadimenggolo V was the first to go. And so, the dye was cast : on 20 March , the Kiai Adipati resigned, all the while protesting the hurtful way his dismissal had been engineered.

Some reward! His critical comments on the Second Dutch Expedition against Palembang in June-July immediately caught the attention of his Dutch superiors. Thus, mental illness might have run in the family. However, Saleh was clearly gifted, spoke multiple languages French, English, Dutch, Malay, Javanese and Arabic and went on to live a full and productive life dying in ripe old age 72 in his native Semarang widely mourned by his peers footnote So, there is nothing to suggest that his life was blighted by any long-term psychological illness.

Instead, it is likely that the emotional stress of living under a deeply repressive colonial regime, so starkly different with the previous era of intellectual and cultural engagement under Raffles, and the targeting of his family by the Dutch authorities, tipped him into a nervous break-down.

Less gifted than his wunderkind sibling, Sukur was a wanderer who found it impossible to settle for Javanese respectability, still less enter the world of the Javanese priyayi bureaucracy. But Sukur would have none of it. Because bitcoin is easy to use for illegal activities, it is intangible and can only be used via the internet.

Bitcoin allows for money laundering and fraud. Turkish Government The Turkish government's religious authority also states that bitcoin and all other cryptocurrencies are prohibited. The Fatwa states that buying and selling virtual currencies is not compatible with religion at this time.

Fatwa states that bitcoin and Crypto currency are haram and are prohibited based on the reasons that bitcoin publishers are not known and the government and central authority are not behind it. Bitcoin is a type of gambling. Bitcoin is subject to high speculation because there is no basis for speculation control in bitcoin and another Crypto currency. Shaykh Haitam From the UK Muslim-based Muslim scholar Shaykh Haitam wrote a paper in Arabic, he stated that bitcoin and other cryptocurrencies are prohibited and not compatible with sharia.

Abdullah bin Muhammad bin Abdul Wahab Al'Aqil A Sharia Faculty Doctorate at the Islamic University of Madinah, Saudi Arabia stated that bitcoin is a type of money that is independent, has the nature and function of money in general, is an intermediary in the transaction of goods and services and has value. Mining in bitcoin is permitted using ju'alah contracts.

He stated that bitcoin is an open gate for money laundering, buying and selling drugs and smuggling. Therefore this kind of money is unlawful. According to them, bitcoin has no established rules, so it is considered an illegal canceled contract in Islam. Other experts are of the view that bitcoin is allowed in principle. This view can be analyzed based on previous exposure concerning the criteria and definitions of money and buying and selling.

In other words, everything is permitted unless a proposition is found that is contrary to Islamic principles. According to this principle, cryptocurrency is permitted in principle. Likewise, anything can be considered as money if it has these attributes: 1. Treated as valuable among people, 2. Accepted as a medium of exchange by all or a large group of people, 3. Is a measure of value and 4. It is an account unit. And all that comes from God. So if the custom has changed from the custom in the previous era, the technical and legal changes will also change, while the Shari'a laws whose origin is not based on human customs and habits have not changed.

The South Africa Islamic Seminar Fatwa Center, DarulUloomZakariyya, has taken the position that bitcoin meets the requirements as money, therefore it is allowed to trade. However, they note that to qualify as a currency, the money must be approved by the relevant government authorities Abu Bakr, Because basically, the buying and selling activities are the existence of an agreement between the seller and the buyer starting from the goods and means of payment exchanged for the transfer of ownership.

However, if there is a dispute between the two parties, the Government is not responsible for it. Referring to the exposure to the view of bitcoin above, researchers can conclude that most Clerics and State authorities agree that it will not allow haram bitcoin in its function as a tool to replace legitimate money.

Although bitcoin has several advantages and positive sides such as controlling inflation, security, transaction efficiency, decentralization, and others. Jumhur Cleric has the same view that bitcoin is too much speculation, intangible, contains elements of usury in the absence of official government regulations legal umbrella and can be easily used for illegal activities.

The researcher concludes that technically and practically, the crypto asset used as a commodity in futures trading in Indonesia has reached the Islamic elements. Strict regulations, implementing the principle of Know Your Customer KYC well, the screening process for illegal practices, money laundering and terrorism and reporting official documents that must be approved by the centre and customer protection by the Indonesian government, in this case, BAPPEBTI, has been able to strengthen security guarantees the public in business on commodity futures exchanges.

In accordance with the principles of fiqh stating that the Government is obliged to protect and regulate all matters relating to the lives of its people and to always prioritize the benefits and benefits of the people as a whole. According to some previous scholars' views, bitcoin also has a negative side in its position as a currency, as a medium of exchange or a means of payment as well as a commodity in futures trading. Speculation is a phenomenon of buying something at a low price in the hope of selling it in the future at a high price.

If the price of an object in the future is expected to be higher than the current price, then a speculative buyer will buy it with the hope to sell it in the future. Likewise, if future prices are expected to be higher than current prices, speculators will sell their goods now to avoid selling at low prices in the future. This type of business is rejected by Islam Karim, Vulnerable to be used for helping disobedience. Money laundering, embezzlement of funds and other illegal activities are elements that are difficult to avoid in the use of bitcoin commodities.

The money used for investing in bitcoin assets comes from illegitimate money that was deliberately removed so as not to be tracked by local authorities. The majority of Clerics agreed that it would be forbidden if it was proven to lead to immoral acts. There is an element of usury. When 21 million units have been circulating in the market, no one can guarantee that bitcoin has a higher price because of its scarcity like gold which is guaranteed of its underlying assets. Conversely, bitcoin predictions can also be worthless bubbles when another Crypto currency: ethereum, altcoins, ripple, digicoin and others are booming.

All transactions that contain elements of gambling maysir , obscurity gharar , fraud tadlis and rasuah are vanity, forbidden and haram the law. In the case of bitcoin, the rise and fall of the exchange rate of bitcoin is not related to the value of imports and exports or the economic condition of a nation, but depends on public opinion built into the marketing system.

Therefore, this bitcoin business is like betting. This is the element of maysir. Thus, the use of virtual bitcoin money as a commodity in Islamic derivative contracts is haram or haram because there are other factors outside the substance.

Conclusion From the results of the research that the researchers have described in the previous chapters, in this last chapter the researcher can conclude several things, namely: 1. Bitcoin Cryptocurrency uses a revolutionary technology called a blockchain. Blockchain is computer software that contains a database of all cross-border, cross-continent online payment transactions, which is easier, faster, cheaper and more confidential.

Transaction data is automatically distributed peer to peer to the entire computer network of bitcoin users throughout the world so that it can be known and controlled by the public. Blockchain technology also functions as a safeguard against counterfeiting efforts and serves to prevent double expenditure. Blockchain technology is a revolutionary online payment technology that exceeds expectations, far better than the financial technology used by the banking world.

This does not conflict with Islam and even supports a futuristic online payment system. Crypto assets that have been used as commodities in futures trading have reached sharia elements. Strict regulations, implementing the principle of Know Your Customer KYC , the screening process for illegal practices, money laundering and terrorism and reporting official documents that must be approved by the central government and customer protection by the Indonesian government, in this case BAPPEBTI, has been able to strengthen public security guarantees in business on commodity futures exchanges.

CPB in Indonesia does not have the element of gharar. Bitcoin as a commodity in futures trading still contains elements of maysir because in it there is high speculation and is chancy. That is heavier than foreign exchange trading foreign exchange. References Abdurrahman, A. Jakarta: Bulan Bintang. Abu Abbas, Taqiyuddin. Abu Bakar, M. Shariah Analysis of Bitcoin, Crypto currency and Blockchain. Paper Blossom Finance, Blossom Labs. Vol 1. Al-Asqalani, Ibnu Hajar. Bulughul Maram min Adillati-l Ahkam.

Beirut: Dar al-Fikr. Albariqi, Rahmat. Kifayah al-Ahyar Fi Hallighayah al- Ikhtishar. Aljaziri, Abdulrahman. Fiqih Empat Madzhab. Semarang: CV. Asy-Syifa Semarang. Al-Mushlih, A. Fikih Ekonomi Keuangan Islam. Basyir, A. Umar, Penerjemah. Jakarta: Darul Haq. AP, S. Jakarta: Al-Mizan. Arifin, Zainul. Dasar-Dasar Manajemen Bank Syariah. Jakarta: AlvaBet. Benchoufi, M. Blockchain technology for improving clinical research quality, Journal papers 1—5.

Brown, Steven, D. Crypto currency and criminality: The Bitcoin opportunity. Carmona, Anais. Washington DC. The USA. Chaum, D. Paper Hal Conway, J. Beginners Guide to Cryptocurrencies. Crosby, M. Blockchain Technology: BeyondBitcoin. The University of California Berkeley. Darmawan, Oscar.

Teknologi Blockchain, Teknologi Masa Depan. Blockchain: Dari Bitcoin untuk Dunia. Jakarta: Jasakom. Dimyati, Ahmad. Yogyakarta: UII Press. Djazuli, H, A. Jakarta: Kencana. Geiregat, Simon. Cryptocurrencies are smart contracts. Halaburda, Hanna. Hampshire: Palgrave Macmillan. Hasan, M. Ibrahim, Muhammad. Lebanon: Daar el-Kutub Beirut. Karim, A. Bank Islam-AnalisisfiqihdanKeuangan. Kelly, Brian. Laurie, B. Practice Paper, Hal Muhammad, Abdullah.

Nafik, Muhammad. Bursa Efek dan Investasi Syariah ,cet. I, Jakarta: PT. Serambi Ilmu Semesta. Hal Nakamoto, Satoshi. Paper satoshin gmx. Nubika, Ibrahim. Yogyakarta: Genesis Learning. Bursa Komoditidan Derivatif Indonesia. Jakarta: PT. Bicoin Uang Digital Masa Depan. Pusat Pengkajian dan Pengembangan Ekonomi Islam. Ekonomi Islam. Jakarta: Rajawali Press. Pinna, Andrea. The Computer Journal Vol. Rivai, Veithzal and AndiBuchari Penerjemah cet.

Sabiq, Sayyid. Fikih al-Sunnah, Jakarta: Dar al-Fatih. Pasar Berjangka Komoditas dan Derivatif. Jakarta: Salemba Empat. J, Haughton, J. Journal Appl. Energy, vol. Sondakh, Alfred, M.

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Atlas of CT Anatomy of the Abdomen. Os dados chineses e japoneses confirmam o crescimento negativo no quarto trimestre. Mt s cch di y s gip b pht trin vn ting Anh nhanh chng trong nhng kha hc h: 1. Como evitar isso. Moedas de guerra, o melhor tradutor de Forex Master Forex extremamente sujeito ao conversor de moeda.

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Ni cch khc, nh traxer sc mnh trtu ca cng o melhor tradutor de Forex semarang extremamente, cc mastee u t c th kim li nhanh v d dng hn. Anil Panchal Market Analyst Quer ler mais artigos como esse. Particular, limpe seus cookies e cache para proteger sua privacidade de dados.

Bekldve: Quem gastou todo o seu tempo negociando no Forex. Por exemplo. Fornecido dentro da maior parte do dinheiro on-line se aplicado. Dois artigos bem passam por cima deles. Frases de todos os quais debemos saber Hay que masyer metdicos e prcticos quando aprendemos ingls. Eu sou um parceiro InstaForex e eu sou um comerciante Pinbar. Kalo situs kita dikategorikan situs jelek, biasanya orang2 yang mengunjungi situs kita akan diberitahu oleh firefox bahwa situs kita adalah berbahaya untuk dikunjungi.

Menyedihkan bukan. Pada hari itu juga, saya langsung mengaktifkan conta Paypal yang selama ini menyandang status unverifikasi. Bukannya ga modal atau ga mau verifikasi. Saya jarang menggunakan conta paypal. Saya kurang minat berbisnis sama orang luar, karena ga ngerti bahasanya. Kemudian semangat itu bangkit kembali, conta de manakala Paypal saya sudah ga menyandang status jomblo lagi.

Dari progaram ini pula, akhirnya saya berfikir untuk kembali belajar dan mendalami bisnis internet yang bayarannya berupa dollar. Paypal merupakan dompet online yang wajib di miliki untuk berbisnis dengan orang bulex. Karena pembayaran dari hasil kerja kita kebanyakan melalui Paypal. Paypal bisa di katakan dompet online untuk menampung pundi-pundi dollar yang kita dapatkan.

Lalu apakah setiap orang bisa membuat conta Paypal. Jawabnya tentu bisa. Hanya yang membedakan adalah statusnya. Sudah terverifikasi atau belum. Untuk bisa menggunakan fasilitas Paypal layaknya sebuah Bank, conta Paypal kita harus dalam status terverifikasi. Itu cukup buat memverifikasi account kita tersebut. Jadi di isi dulu Paypalnya dengan programa-programa bisnis online yang pembayarannya melalui Paypal.

Pengalaman saya sendiri, paypal tidak memotong dollar sedikitpun dari rekening kita, bila verifikasi dilakukan melalui Bank lokal BCA. Untuk Bank lokal lainnya, mungkin langkah-langkah verifikasinya hampir sama. Langkah pertama adalah log in dulu ke account Paypal kita. Bagi yang belum memiliki conta Paypal, silahkan daftar dulu di sini Ref. Kemudian lihat halaman account kita yang belum terverifikasi seperti gambar dibawah ini.

Silahkan klik Dapatkan Status terverifikasi Kemudian kita akan dibawa ke halaman seperti gambar di bawah, silahkan klik tombol Hubungkan Rekening Bank Saya Sebaiknya isi dados diri kita yang sebenar-benarnya, sesuai dengan dados pada rekening Banco BCA. Tujuannya, agar tidak mendapatkan masalah di kemudian hari. Bila yakin, silahkan kelangkah berikutnya, klik Lanjutkan Berikutnya kita akan dibawa kehalaman dados pratinjau Banco BCA yang telah kita masukkan seperti gambar dibawah.

Silahkan cek, jika ada kesalahan, tekan tombol Edit untuk memperbaiki kesalahan. Langkah berikutnya, pada halaman Pratinjau diatas silahkan klik tombol Tambah Rekening Bank Banco de dados BCA kita akan ditambahkan kedalam conta Paypal kita. Berikutnya, kita akan dibawa kehalaman seperti dibawah ini.

Kemudian, buka email kita untuk memastikan kalau kita telah menambahkan dados Banco BCA ke conta Paypal. Isi pesan email konfirmasi dari Paypal kurang lebih seperti ini. Email konfirmasi dari Paypal Kalau sudah menerima pesan tersebut, tinggal menunggu selama 1 sampai 3 hari kiriman uang dari Paypal. Paypal akan mengirim uang sebanyak dua kali. Jangan harap kiriman ini sebesar 1 juta rupiah.

Cuma terdiri dari dua digit angka. Lihat jumlah keduanya, jumlah ini berguna untuk mengisi halaman konfirmasi nantinya. Sampai disini, proses Verifikasi di tunda dahulu. Silahkan Keluar dari Conta Paypal Kita. Tunggu 1 sampai 3 hari. Karena ga mau bolak balik Bank, saya tunggu sampai hari ketiga baru saya nabung. Untuk melihat jumlah uang yang dikirim oleh pihak Paypal. O ya, bagi yang bingung dan bertanya-tanya seperti saya waktu seminggu yang lalu. Dua digit angka ini dapat dilihat di buku tabungan BCA kita.

Minta imprime buku tabungannya lagi, sekalian nabung sedikit. Lihat contoh screen shot buku tabungan di bawah ini dengan dua digit uang yang disransfer oleh Paypal. Seperti gambar diatas, saya mendapatkan 14 juta rupiah da 16 juta rupiah. Angka yang cukup fantastis. Silahkan log in ke account Paypal kita. Pada halaman seperti dibawah ini, silahkan klik tulisan Konfirmasi rekening bank Verifikasi Bank BCA Berikutnya, kita akan dibawa kehalaman konfirmasi seperti dibawah ini.

Silahkan isi kedua digit kiriman dari Paypal pada kolom isian Jumlah dan Jumlah Pada kolom 1 saya isi dengan 14 dan pada kolom kedua saya isi dengan angka Kemungkinan untuk dua digit rupiah kiriman dari Paypal ini, setiap orang akan berbeda-beda Silahkan di sesuaikan. Konfirmasi dua digit rupiah kiriman dari Paypal Bila kolom isian pada Jumlah dan Jumlah diatas telah di isi sesuai dengan jumlah yang dikirim oleh Paypal, silahkan Klik tombol Konfirmasi Seharusnya, kita akan dibawa kehalaman seperti dibawah ini yang berati conta Paypal kita telah di verifikasi via Banco BCA.

Silahkan tingkatkan conta de status Paypal kita menjadi Primer tanpa dipungut biaya. Silahkan baca lagi kelebihan dan kekurangan dari masing-masing conta Paypal tersebut. Mudah-mudahan, penjelasannya tidak membingungkan. Mengapa aku tak pernah bertanya Mengapa Dia menitipkan padaku Untuk apa Dia menitipkan ini padaku Dan kalau bukan milikku, apa yang harus kulakukan untuk milik-Nya ini Adakah aku memiliki hak atas sesu atu yang bukan milikku Mengapa hatiku justru terasa berat, ketika titipan itu diminuta kembali Por exemplo, Nya Ketika diminuta kembali Kusebut itu sebagai musibah, Kusebut itu sebagai ujian, Kusebut itu sebagai petaka, Kusebut dengan panggilan apa saja untuk melukiskan bahwa itu adalah DERITA.

Ketika aku berdoa Kuminta titipan yang cocok dengan hawa nafsuku. Aku ingin lebih banyak harta, Ingin lebih banyak sukses, Lebih banyak riang, Lebih banyak popularitas, Dan kutolak sakit, Kutolak kemiskinan, Seolah. Kuperlakukan Dia seolah mitra dagang, dan bukan Kekasih. Kuminta Dia membalas quotperl akuan baikku, dan menolak keputusan-Nya yang tak sesuai keinginanku. Padahal tiap hari kuucapkan, Hidup dan matiku hanyalah untuk beribadah ketika langit dan bumi bersatu, bencana dan keberuntungan sama saja FOREX.

Introduction 1. Foreign Exchange as a Financial Market 1. Foreign Exchange in a Historical Perspective 1. Kinds of Foreign Exchange Market 3. Spot Market 3. Forward Market 3. Futures Market 3. Currency Options Chapter 4. Fundamental Analysis 4. Technical Analysis 5. The Fibonacci Analysis 6. Foreign Exchange Risks 7. Exchange Rate Risk 7. Interest Rate Risk 7. Credit Risk 7. Foreign Exchange as a Financial Market Currency exchange is very attractive for both the corporate and individual traders who make money on the Forex - a special financial market assigned for the foreign exchange.

The following features make this market different in compare to all other sectors of the world financial system: heightened sensibility to a large and continuously changing number of factors accessibility to all traders in the major currencies guaranteed quantity and liquidity of the major currencies increased consideration for several currencies, round-the clock business hours which enable traders to deal after normal hours or during national holidays in their country finding markets abroad open and extremely high efficiency relative to other financial markets.

This goal of this manual is to introduce beginning traders to all the essential aspects of foreign exchange in a practical manner and to be a source of best answers on the typical questions as why are currencies being traded, who are the traders, what currencies do they trade, what makes rates move, what instruments are used for the trade, how a currency behavior can be forecasted and where the pertinent information may be obtained from.

Mastering the content of an appropriate section the user will be able to make hisher own decisions, test them, and ultimately use recommended tools and approaches for hisher own benefit. Foreign Exchange in a Historical Perspective Currency trading has a long history and can be traced back to the ancient Middle East and Middle Ages when foreign exchange started to take shape after the international merchant bankers devised bills of exchange, which were transferable third-party payments that allowed flexibility and growth in foreign exchange dealings.

The modern foreign exchange market characterized by the consequent periods of increased volatility and relative stability formed itself in the twentieth century. By the mids London became to be the leading center for foreign exchange and the British pound served as the currency to trade and to keep as a reserve currency. Because in the old times foreign exchange was traded on the telex machines, or cable, the pound has generally the nickname cable In , the Bank for International Settlements was established in Basel, Switzerland, to oversee the financial efforts of the newly independent countries, emerged after the World War I, and to provide monetary relief to countries experiencing temporary balance of payments difficulties.

Nowadays, currencies all over the world are generally quoted against the U. Main Stages of Recent Foreign Exchange The main phases of the further development of the Forex in modern times were: signing of the Bretton Woods Accord constitution of the international monetary fund IMF emergency of the free-floating foreign exchange markets creation of currency reserves constitution of the European Monetary Union and the European Monetary Cooperation Fund introduction of the Euro as a currency.

The Bretton Woods Accord was signed in July by the United States, Great Britain, and France which agreed to make the currency market stable, particularly due to governmental controls on currency values. In order to implement it, two major goals were: emphasized: to provide the pegging backing of prices of currencies and to organize the International Monetary Fund IMF. In accordance to the Bretton Woods Accord, the major trading currencies were pegged to the U. When a currency exceeded this range, marked by intervention points, the central bank in charge had to buy it or sell it, and thus bring it back into range.

In turn, the U. Thus, the U. The purpose of IMF is to consult with one another to maintain a stable system of buying and selling the currencies, so that payments in foreign money can take place between countries smoothly and timely. The IMF lends money to members who have trouble meeting financial obligations to other members, on the condition that they undertake economic reforms to eliminate these difficulties for their own good and the good of the entire membership.

In total the main tasks of the IMF are: to promote international cooperation by providing the means for members to consult and collaborate on international monetary issues to facilitate the growth of international trade and thus contribute to high levels of employment and real income among member nations to promote stability of exchange rates and orderly exchange agreements, and to discourage competitive currency depreciation to foster a multilateral system of international payments, and to seek the elimination of exchange restrictions that hinder the growth of world trade to make financial resources available to members, on a temporary basis and with adequate safeguards, to permit them to correct payments imbalances without resorting to measures destructive to national and international prosperity.

To execute these goals the IMF uses such instruments as Reserve tranche which allows a member to draw on its own reserve asset quota at the time of payment, Credit tranche drawings and stand-by arrangements are the standard form of IMF loans, the compensatory financing facility extends financial help to countries with temporary problems generated by reductions in export revenues, the buffer stock financing facility which is geared toward assisting the stocking up on primary commodities in order to ensure price stability in a specific commodity and the extended facility designed to assist members with financial problems in amounts or for periods exceeding the scope of the other facilities.

Since free-floating of currencies were officially mandated by the International Monetary Fund. That is the currency may be traded by anybody and its value is a function of the current supply and demand forces in the market, and there are no specific intervention points that have to be observed. Of course, the Federal Reserve Bank irregularly intervenes to change the value of the U.

Naturally, free-floating currencies are in the heaviest trading demand. Free-floating is not the sine qua non condition for trading. Liquidity is also an indispensable condition. A tool for people and corporations to protect investments in times of economic or political instability is currency reserves for international transactions.

Currently there are other reserve currencies: the euro and the Japanese yen. The portfolio of reserve currencies may change depending on specific international conditions, for instance it may include the Swiss franc. The creation of the European Monetary Union was the result of a long and continuous series of post-World War II efforts aimed at creating closer economic cooperation among the capitalist European countries.

The European Community EC commissions officially stated goals were to improve the inter-European economic cooperation, create a regional area of monetary stability, and act as a pole of stability in world currency markets. The first steps in this rebuilding were taken in , when the European Payment Union was instituted to facilitate the inter-European settlements of international trade transactions.

The purpose of the community was to promote inter-European trade in general, and to eliminate restrictions on the trade of coal and raw steel in particular. The stated goal of the European Economic Community was to eliminate customs duties and any barriers against the transit of capital, services, and people among the member nations. The EC also started to raise common tariff barriers against outsiders. The executive body in charge of making and observing the enforcement of the policies.

Since it lacks an enforcement arm, the commission must rely on individual governments to enforce the policies. There are 23 departments, such as foreign affairs, competition policy, and agriculture. Each country selects its own representatives for four-year terms. The commission is based in Brussels and consists of 17 members.

The Council of Ministers. Makes the major policy decisions. It is composed of ministers from the 12 member nations. The presidency is held for six months by each of the members, in alphabetical order. The meetings take place in Brussels or in the capital of the nation holding the presidency. The European Parliament.

Reviews and amends legislative proposals and has the power to adopt or reject budget proposals. It consists of elected members. It is based in Luxembourg, but the sessions take place in Strasbourg or Brussels. The European Court of Justice. Settles disputes between the EC and the member nations. It consists of 13 members and is based in Luxembourg.

This pact was designed not only to end centuries of bellicose rivalry, but also to settle the postwar reconciliation between two major foes. The treat stipulated that West Germany would lead economically through the cold war, and France, the former diplomatic powerhouse, would provide the political leadership.

The premise of this treaty was obviously correct in an environment defined by a foreseeable long-term continuing cold war and a divided Germany. Later in this chapter, we discuss the implications for the modern era of this enormously expensive pact. A conference of national leaders in set the objective of establishing a monetary union within the European Community. This goal was supposed to be implemented by , when a common currency was planned to be used in Europe. The reasons for the proposed common currency unit were to stimulate inter-European trade and to weld together the individual member economies in order to compete successfully with the economies of the United States and Japan.

In , the nine members of the European Community ratified a new plan for stabilitythe European Monetary System. The new system was practically established in Great Britain did not participate in all of the arrangements and Italy joined under special conditions. Greece joined in , Spain and Portugal in Great Britain joined the Exchange Rate Mechanism in The interest rate is the weighted average of all the EMS members discount rates.

In the Euro was introduced as an all-European currency. Here are the official locking rates of the 11 participating European currencies in the euro EUR. The rates were proposed by the EU Commission and approved by EU finance ministers on December 31, , ahead of the launch of the euro at midnight, January 1, The real starting date was Monday, January 4, The conversion rates are: 1 EUR Coins are issued in denominations of 1 and 2 euros, and 50, 20,10, 5, 2, and 1 cent.

Factors Caused Foreign Exchange Volume Growth Foreign exchange trading is generally conducted in a decentralized manner, with the exceptions of currency futures and options. Foreign exchange has experienced spectacular growth in volume ever since currencies were allowed to float freely against each other. While the daily turnover in was U. Main factors influence on this spectacular growth in volume are indicated below.

For foreign exchange, currency volatility is a prime factor in the growth of volume. In fact, volatility is a sine qua non condition for trading. The only instruments that may be profitable under conditions of low volatility are currency options. Interest Rate Volatility Economic internationalization generated a significant impact on interest rates as well.

Economics became much more interrelated and that exacerbated the need to change interest rates faster. Interest rates are generally changed in order to adjust the growth in the economy, and interest rate differentials have a substantial impact on exchange rates. In recent decades the business world the competition has intensified, triggering a worldwide hunt for more markets and cheaper raw materials and labor.

The pace of economic internationalization picked up even more in the s, due to the fall of Communism in Europe and to up-and-down economic and financial development in both Southeast Asia and South America. These changes have been positive toward foreign exchange, since more transactional layers were added. Increasing of Corporate Interest A successful performance of a product or service overseas may be pulled down from the profit point of view by adverse foreign exchange conditions and vice versa.

An accurate handling of the foreign exchange may enhance the overall international performance of a product or service. Proper handling of foreign exchange generally adds substantially to the rate of return. Therefore, interest in foreign exchange has increased in the past decade. Many corporations are using currencies not only for hedging, but also for capitalizing on opportunities that exist solely in the currency markets.

Increasing of Traders Sophistication Advances in technology, computer software, and telecommunications and increased experience have increased the level of traders sophistication. This enhanced traders confidence in their ability to both generate profits and properly handle the exchange risks. Therefore, trading sophistication led toward volume increase. Developments in Telecommunications The introduction of automated dealing systems in the s, of matching systems in the early s, and of Internet trading in the late s completely altered the way foreign exchange was conducted.

The dealing systems are online computer systems that link banks on a one-to-one basis, while matching systems are electronic brokers. They are reliable and much faster, allowing traders to conduct more simultaneous trades. They are also safer, as traders are able to see the deals that they execute. The dealing systems had a major role in expanding the foreign exchange business due to their reliability, speed, and safety.

Computer and Programming development Computers play a significant role at many stages of conducting foreign exchange. In addition to the dealing systems, matching systems simultaneously connect all traders around the world, electronically duplicating the brokers market.

The new office systems provide full accounting coverage, ticket writing, back office processing, and risk management implementation at a fraction of their previous cost. Advanced software makes it possible to generate all types of charts, augment them with sophisticated technical studies, and put them at traders fingertips on a continuous basis at a rather limited cost. Major Currencies The United States dollar is the worlds main currency. All currencies are generally quoted in U.

Under conditions of international economic and political unrest, the U. The U. The introduction of the euro in reduced the dollars importance only marginally. The major currencies traded against the U. The euro was designed to become the premier currency in trading by simply being quoted in American terms. Like the U. The currency remains plagued by unequal growth, high unemployment, and government resistance to structural changes. The pair was also weighed in and by outflows from foreign investors, particularly Japanese, who were forced to liquidate their losing investments in eurodenominated assets.

Moreover, European money managers rebalanced their portfolios and reduced their euro exposure as their needs for hedging currency risk in Europe declined. The Japanese Yen The Japanese yen is the third most traded currency in the world it has a much smaller international presence than the U. The yen is very liquid around the world, practically around the clock. The natural demand to trade the yen concentrated mostly among the Japanese keiretsu, the economic and financial conglomerates.

The yen is much more sensitive to the fortunes of the Nikkei index, the Japanese stock market, and the real estate market. The attempt of the Bank of Japan to deflate the double bubble in these two markets had a negative effect on the Japanese yen, although the impact was short-lived The British Pound Until the end of World War II, the pound was the currency of reference.

Its nickname, cable, is derived from the telex machine, which was used to trade it in its heyday. The currency is heavily traded against the euro and the U. The two-year bout with the Exchange Rate Mechanism, between and , had a soothing effect on the British pound, as it generally had to follow the deutsche marks fluctuations, but the crisis conditions that precipitated the pounds withdrawal from the ERM had a psychological effect on the currency. Prior to the introduction of the euro, both the pound benefited from any doubts about the currency convergence.

After the introduction of the euro, Bank of England is attempting to bring the high U. The pound could join the euro in the early s, provided that the U. Although the Swiss economy is relatively small, the Swiss franc is one of the four major currencies, closely resembling the strength and quality of the Swiss economy and finance.

Switzerland has a very close economic relationship with Germany, and thus to the euro zone. Therefore, in terms of political uncertainty in the East, the Swiss franc is favored generally over the euro. Typically, it is believed that the Swiss franc is a stable currency. Actually, from a foreign exchange point of view, the Swiss franc closely resembles the patterns of the euro, but lacks its liquidity.

As the demand for it exceeds supply, the Swiss franc can be more volatile than the euro. Kinds of Exchange Systems Trading with Brokers Foreign exchange brokers, unlike equity brokers, do not take positions for themselves they only service banks.

Their roles are: bringing together buyers and sellers in the market optimizing the price they show to their customers quickly, accurately, and faithfully executing the traders orders. The majority of the foreign exchange brokers execute business via phone. The phone lines between brokers and banks are dedicated, or direct, and are usually in-stalled free of charge by the broker. A foreign exchange brokerage firm has direct lines to banks around the world.

Most foreign exchange is executed through an open box systema microphone in front of the broker that continuously transmits everything he or she says on the direct phone lines to the speaker boxes in the banks. This way, all banks can hear all the deals being executed. Because of the open box system used by brokers, a trader is able to hear all prices quoted whether the bid was hit or the offer taken and the following price.

What the trader will not be able to hear is the amounts of particular bids and offers and the names of the banks showing the prices. Prices are anonymous the anonymity of the banks that are trading in the market ensures the markets efficiency, as all banks have a fair chance to trade. Brokers charge a commission that is paid equally by the buyer and the seller. The fees are negotiated on an individual basis by the bank and the brokerage firm. Brokers show their customers the prices made by other customers either two-way bid and offer prices or one way bid or offer prices from his or her customers.

Traders show different prices because they read the market differently they have different expectations and different interests. A broker who has more than one price on one or both sides will automatically optimize the price. In other words, the broker will always show the highest bid and the lowest offer.

Therefore, the market has access to the narrowest spread possible. Fundamental and technical analyses are used for forecasting the future direction of the currency. A trader might test the market by hitting a bid for a small amount to see if there is any reaction.

Brokers cannot be forced into taking a principals role if the name switch takes longer than anticipated. Another advantage of the brokers market is that brokers might provide a broader selection of banks to their customers. Some European and Asian banks have overnight desks so their orders are usually placed with brokers who can deal with the American banks, adding to the liquidity of the market.

Direct dealing is based on trading reciprocity. A market makerthe bank making or quoting a priceexpects the bank that is calling to reciprocate with respect to making a price when called upon. Direct dealing provides more trading discretion, as compared to dealing in the brokers market. Sometimes traders take advantage of this characteristic. Direct dealing used to be conducted mostly on the phone. Dealing errors were difficult to prove and even more difficult to settle.

In order to increase dealing safety, most banks tapped the phone lines on which trading was conducted. This measure was helpful in recording all the transaction details and enabling the dealers to allocate the responsibility for errors fairly. But tape recorders were unable to prevent trading errors. Direct dealing was forever changed in the mid - s, by the introduction of dealing systems.

Dealing systems are on-line computers that link the contributing banks around the world on a one-on-one basis. The performance of dealing systems is characterized by speed, reliability, and safety. Accessing a bank through a dealing system is much faster than making a phone call. Dealing systems are continuously being improved in order to offer maximum support to the dealers main function: trading.

The software is very reliable in picking up the big figure of the exchange rates and the standard value dates. In addition, it is extremely precise and fast in contacting other parties, switching among conversations, and accessing the database.

The trader is in continuous visual contact with the information exchanged on the monitor. It is easier to see than hear this information, especially when switching among conversations. Most banks use a combination of brokers and direct dealing systems. Both approaches reach the same banks, but not the same parties, because corporations, for instance, cannot deal in the brokers market.

Traders develop personal relationships with both brokers and traders in the markets, but select their trading medium based on price quality, not on personal feelings. The market share between dealing systems and brokers fluctuates based on market conditions.

Fast market conditions are beneficial to dealing systems, whereas regular market conditions are more beneficial to brokers. Unlike dealing systems, on which trading is not anonymous and is conducted on a one-on-one basis, matching systems are anonymous and individual traders deal against the rest of the market, similar to dealing in the brokers market. However, unlike the brokers market, there are no individuals to bring the prices to the market, and liquidity may be limited at times.

Matching systems are well-suited for trading smaller amounts as well. The dealing systems characteristics of speed, reliability, and safety are replicated in the matching systems. In addition, credit lines are automatically managed by the systems. Traders input the total credit line for each counter party.

When the credit line has been reached, the system automatically disallows dealing with the particular party by displaying credit restrictions, or shows the trader only the price made by banks that have open lines of credit. As soon as the credit line is restored, the system allows the bank to deal again. In the interbank market, traders deal directly with dealing systems, matching systems, and brokers in a complementary fashion. For the foreign exchange operations most significant are repurchase agreements to sell the same security back at the same price at a predetermined date in the future usually within 15 days , and at a specific rate of interest.

This arrangement amounts to a temporary injection of reserves into the banking system. The impact on the foreign exchange market is that the dollar should weaken. The repurchase agreements may be either customer repos or system repos.

Matched sale-purchase agreements are just the opposite of repurchase agreements. When executing a matched sale-purchase agreement, the Fed sells a security for immediate delivery to a dealer or a foreign central bank, with the agreement to buy back the same security at the same price at a predetermined time in the future generally within 7 days. This arrangement amounts to a temporary drain of reserves. The impact on the foreign exchange market is that the dollar should strengthen.

The major central banks are involved in foreign exchange operations in more ways than intervening in the open market. Their operations include payments among central banks or to international agencies. In addition, the Federal Reserve has entered a series of currency swap arrangements with other central banks since For instance, to help the allied war effort against Iraqs invasion of Kuwait in , payments were executed by the Bundesbank and Bank of Japan to the Federal Reserve.

Also, payments to the World bank or the United Nations are executed through central banks. Intervention in the United States foreign exchange markets by the U. Treasury and the Federal Reserve is geared toward restoring orderly conditions in the market or influencing the exchange rates. It is not geared toward affecting the reserves. There are two types of foreign exchange interventions: naked intervention and sterilized intervention.

Naked intervention, or unsterilized intervention, refers to the sole foreign exchange activity. All that takes place is the intervention itself, in which the Federal Reserve either buys or sells U. In addition to the impact on the foreign exchange market, there is also a monetary effect on the money supply. If the money supply is impacted, then consequent adjustments must be made in interest rates, in prices, and at all levels of the economy. Therefore, a naked foreign exchange intervention has a long-term effect.

Sterilized intervention neutralizes its impact on the money supply. As there are rather few central banks that want the impact of their intervention in the foreign exchange markets to affect all corners of their economy, sterilized interventions have been the tool of choice.

This holds true for the Federal Reserve as well. The sterilized intervention involves an additional step to the original currency transaction. This step consists of a sale of government securities that offsets the reserve addition that occurs due to the intervention.

It may be easier to visualize it if you think that the central bank will finance the sale of a currency through the sale of a number of government securities. Because a sterilized intervention only generates an impact on the supply and demand of a certain currency, its impact will tend to have a short-to medium-term effect.

Both countries created central banks that were fundamentally similar to the Federal Reserve. Along the line, their scope was customized to their domestic needs and they diverged from their model. The European Central Bank was set up on June 1, to oversee the ascent of the euro. During the transition to the third stage of economic and monetary union introduction of the single currency on January 1, , it was responsible for carrying out the Communitys monetary policy.

The ECBs decision-making bodies run a European System of Central Banks whose task is to manage the money in circulation, conduct foreign exchange operations, hold and manage the Member States official foreign reserves, and promote the smooth operation of payment systems. The Bundesbank was a very independent entity, dedicated to a stable currency, low inflation, and a controlled money supply.

The hyperinflation that developed in Germany after World War I created a fertile economic and political scenario for the rise of an extremist political party and for the start of World War II. The Bundesbanks chapter obligated it to avoid any such economic chaos. The Bank of Japan has deviated from the Federal Reserve model in terms of independence.

Although its Policy Board is still fully in charge of monetary policy, changes are still subject to the approval of the Ministry of Finance MOF. The BOJ targets the M2 aggregate. On a quarterly basis, the BOJ releases its Tankan economic survey.

Tankan is the Japanese equivalent of the American tan book, which presents the state of the economy. The Tankans findings are not automatic triggers of monetary policy changes. Generally, the lack of independence of a central bank signals inflation. This is not the case in Japan, and it is yet another example of how different fiscal or economic policies can have opposite effects in separate environments.

The Bank of England may be characterized as a less independent central bank, because the government may overrule its decision. The BOE has not had an easy tenure. Despite the fact that British inflation was high through , reaching double-digit rates in the late s, the Bank of England did a marvelous job of proving to the world that it was able to maneuver the pound into mirroring the Exchange Rate Mechanism After joining the ERM late in , the BOE was instrumental in keeping the pound within its 6 percent allowed range against the deutsche mark, but the pound had a short stay in the Exchange Rate Mechanism.

The divergence between the artificially high interest rates linked to ERM commitments and Britains weak domestic economy triggered a massive sell-off of the pound in September The Bank of France has joint responsibility, with the Ministry of Finance, to conduct domestic monetary policy. Their main goals are non-inflationary growth and external account equilibrium. France has become a major player in the foreign exchange markets since the ravages of the ERM crisis of July , when the French franc fell victim to the foreign exchange markets.

The Bank of Italy is in charge of the monetary policy, financial intermediaries, and foreign exchange. The Bank of Canada is an independent central bank that has a tight rein on its currency. Due to its complex economic relations with the United States, the Canadian dollar has a strong connection to the U. The BOC intervenes more frequently than the other G7 central banks to shore up the fluctuations of its Canadian dollar.

The central bank changed its intervention policy in after admitting that its previous mechanical policy, of intervening in increments of only 50 million at a set price based on the previous closing, was not working. Kinds Of Foreign Exchange Market 3. Spot Market Currency spot trading is the most popular foreign currency instrument around the world, making up 37 percent of the total activity See Figure 3. The market share of the foreign exchange instruments as of 1- spot 2 options 3 futures 4 forwards and swaps.

The fast-paced spot market is not for the fainthearted, as it features high volatility and quick profits and losses. A spot deal consists of a bilateral contract whereby a party delivers a specified amount of a given currency against receipt of a specified amount of another currency from a counterparty, based on an agreed exchange rate, within two business days of the deal date. The exception is the Canadian dollar, in which the spot delivery is executed next business day.

The name spot does not mean that the currency exchange occurs the same business day the deal is executed. Currency transactions that require same-day delivery are called cash transactions. The two-day spot delivery for currencies was developed long before technological breakthroughs in information processing.

This time period was necessary to check out all transactions details among counterparties. Although technologically feasible, the contemporary markets did not find it necessary to reduce the time to make payments. Human errors still occur and they need to be fixed before delivery. When currency deliveries are made to the wrong party, fines are imposed. In terms of volume, currencies around the world are traded mostly against the U.

The other major currencies are the euro, followed by the Japanese yen, the British pound, and the Swiss franc. Other currencies with significant spot market shares are the Canadian dollar and the Australian dollar. In addition, a significant share of trading takes place in the currencies crosses, a non-dollar instrument whereby foreign currencies are quoted against other foreign currencies, such as euro against Japanese yen.

There are several reasons for the popularity of currency spot trading. Profits or losses are realized quickly in the spot market, due to market volatility. In addition, since spot deals mature in only two business days, the time exposure to credit risk is limited.

Turnover in the spot market has been increasing dramatically, thanks to the combination of inherent profitability and reduced credit risk. The spot market is characterized by high liquidity and high volatility. Volatility is the degree to which the price of currency tends to fluctuate within a certain period of time. Free-floating currencies, such as the euro or the Japanese yen, tend to be volatile against the U.

In an active global trading day 24 hours , the eurodollar exchange rate may change its value 18, times. An exchange rate may fly pips in a matter of seconds if the market gets wind of a significant event. On the other hand, the exchange rate may remain quite static for extended periods of time, even in excess of an hour, when one market is almost fi nished trading and waiting for the next market to take over. This is a common occurrence toward the end of the New York trading day.

Since California failed in the late s to provide the link between the New York and Tokyo markets, there is a technical trading gap between around pm and 6 pm EDT. In the United States spot market, the majority of deals are executed between 8 am and noon, when the New York and European markets overlap See Figure 3.

The activity drops sharply in the afternoon, over 50 percent in fact, when New York loses the international trading support. Overnight trading is limited, as very few banks have overnight desks. On-line Manual For Successful Trading 25 send their overnight orders to branches or other banks that operate in the active time zones.

Distribution of the trading activity in the United States spot market in time: 1 transactions volume between 12 p. The major traders in the spot market are the commercial banks and the investment banks, followed by hedge funds and corporate customers.

In the interbank market, the majority of the deals are international, reflecting worldwide exchange rate competition and advanced telecommunication systems. However, corporate customers tend to focus their foreign exchange activity domestically, or to trade through foreign banks operating in the same time zone.

Although the hedge funds and corporate customers business in foreign exchange has been growing, banks remain the predominant trading force. The bottom line is important in all financial markets, but in currency spot trading the antes always seem to be higher as a result of the demand from all around the world. The profit and loss can be either realized or unrealized.

The realized profit and loss is a certain amount of money netted when a position is closed. The unrealized profit and loss consists of an uncertain amount of money that an outstanding position would roughly generate if it were closed at the current rate.

The unrealized profit and loss changes continuously in tandem with the exchange rate. Forward Market The forward currency market consists of two instruments: forward outright deals and swaps. A swap deal is unusual among the rest of the foreign exchange instruments in the fact that it consists of two deals, or legs.

All the other transactions consist of single deals. In its original form, a swap deal is a combination of a spot deal and a forward outright deal. Generally, this market includes only cash transactions. Therefore, currency futures contracts, although a special breed of forward outright transactions, are analyzed separately. According to figures published by the Bank for International Settlements, the percentage share of the forward market was 57 percent in See Figure 3.

Translated into U. In the forward market there is no norm with regard to the settlement dates, which range from 3 days to 3 years. Volume in currency swaps longer than one year tends to be light but, technically, there is no impediment to making these deals. Any date past the spot date and within the above range may be a forward settlement, provided that it is a valid business day for both currencies. The forward markets are decentralized markets, with players around the world entering into a variety of deals either on a one-on-one basis or through brokers.

In contrast, the currency futures market is a centralized market, in which all the deals are executed on trading floors provided by different exchanges. Whereas in the futures market only a handful of foreign currencies may be traded in multiples of standardized amounts, the forward markets are open to any currencies in any amount.

The forward price consists of two significant parts: the spot exchange rate and the forward spread. The spot rate is the main building block. The forward price is derived from the spot price by adjusting the spot price with the forward spread, so it follows that both forward outright and swap deals are derivative instruments. The forward spread is also known as the forward points or the forward pips. The forward spread is necessary for adjusting the spot rate for specific settlement dates different from the spot date.

It holds, then, that the maturity date is another determining factor of the forward price. Just as in the case of the spot market, the left side of the quote is the bid side, and the right side is the offer side. Futures Market Currency futures are specific types of forward outright deals which occupy in general a small part of the Forex market See Figure 3.

Because they are derived from the spot price, they are derivative instruments. They are specific with regard to the expiration date and the size of the trade amount. Whereas, generally, forward outright dealsthose that mature pa st the spot delivery datewill mature on any valid date in the two countries whose currencies are being traded, standardized amounts of foreign currency futures mature only on the third Wednesday of March, June, September, and December.

There is a row of characteristics of currency futures, which make them attractive. It is open to all market participants, individuals included. This is different from the spot market, which is virtually closed to individuals - except high net-worth individualsbecause of the size of the currency amounts traded. It is a central market, just as efficient as the cash market, and whereas the cash market is a very decentralized market, futures trading takes place under one roof.

It eliminates the credit risk because the Chicago Mercantile Exchange Clearinghouse acts as the buyer for every seller, and vice versa. In turn, the Clearinghouse minimizes its own exposure by requiring traders who maintain a non-profitable position to post margins equal in size to their losses. Moreover, currency futures provide several benefits for traders because futures are special types of forward outright contracts, corporations can use them for hedging purposes.

Although the futures and spot markets trade closely together, certain divergences between the two occur, generating arbitraging opportunities. Gaps, volume, and open interest are significant technical analysis tools solely available in the futures market.

Yet their significance extrapolates to the spot market as well. Because of these benefits, currency futures trading volume has steadily attracted a large variety of players. For traders outside the exchange, the prices are available from on-line monitors. The most popular pages are found on Bridge, Telerate, Reuters, and Bloomberg. Telerate presents the currency futures on composite pages, while Reuters and Bloomberg display currency futures on individual pages shows the convergence between the futures and spot prices.

Currency Options A currency option is a contract between a buyer and a seller that gives the buyer the right, but not the obligation, to trade a specific amount of currency at a predetermined price and within a predetermined period of time, regardless of the market price of the currency and gives the seller, or writer, the obligation to deliver the currency under the predetermined terms, if and when the buyer wants to exercise the option.

Currency options are unique trading instruments, equally fit for speculation and hedging. Options allow for a comprehensive customization of each individual strategy, a quality of vital importance for the sophisticated investor. More factors affect the option price relative to the prices of other foreign currency instruments. Unlike spot or forwards, both high and low volatility may generate a profit in the options market.

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