Descripción del producto
La sección de acciones ofrece una visión del segmento de acciones de NSE con informes de mercado actuales, datos históricos e información sobre productos.
Derivados
La sección de Derivados le proporciona una visión del segmento de derivados de NSE con informes de mercado actuales, datos históricos e información sobre productos.
Deuda
La sección de deuda ofrece una visión del segmento de deuda de NSE con informes de mercado actuales, datos históricos e información sobre productos.
Regulaciones en la India
Los mercados de capital indio son regulados y supervisados por el Ministerio de Hacienda, la Comisión de Valores y Bolsa de India y el Banco de Reserva de la India.
El Ministerio de Hacienda regula a través del Departamento de Asuntos Económicos - División de Mercados de Capital. La división es responsable de formular las políticas relacionadas con el crecimiento ordenado y el desarrollo de los mercados de valores (es decir, acciones, deuda y derivados), así como proteger los intereses de los inversores. En particular, es responsable de
Las reformas institucionales en los mercados de valores,
La creación de instituciones reguladoras y de mercado,
Fortalecer el mecanismo de protección al inversionista, y
Proporcionando un marco legislativo eficiente para los mercados de valores.
La División administra las legislaciones y las normas
Depositarios de 1996,
Ley de Contratos de Valores (Reglamento) de 1956 y
Securities and Exchange Board de la Ley de la India, 1992.
Securities & Exchange Board de la India (SEBI)
La Securities and Exchange Board de la India (SEBI) es la autoridad reguladora establecida bajo la Ley SEBI de 1992 y es el regulador principal de las Bolsas de Valores de la India. Las principales funciones de SEBI incluyen la protección de los intereses de los inversores, la promoción y regulación de los mercados de valores de la India. Todos los intermediarios financieros autorizados por sus respectivos reguladores a participar en los mercados de valores de la India se rigen por los reglamentos de SEBI, ya sean nacionales o extranjeros. Inversores de Cartera Extranjera están obligados a registrarse con DDPs para participar en los mercados de valores de la India.
Banco de la Reserva de la India (RBI)
El Banco de la Reserva de la India (RBI) se rige por el Banco de la Reserva de la Ley de la India, 1934. El RBI es responsable de la aplicación de políticas monetarias y de crédito, la emisión de billetes de divisas, siendo banquero al gobierno, regulador del sistema bancario, Intercambio y regulador de sistemas de pago y liquidación mientras trabajan continuamente hacia el desarrollo de los mercados financieros indios. El RBI regula los mercados y sistemas financieros a través de diferentes legislaciones. Regula los mercados de divisas a través de la Foreign Exchange Management Act, 1999.
Bolsa Nacional de Valores (NSE) - Reglas y Regulaciones
En el papel de un participante en el mercado de valores, NSE está obligado a establecer e implementar reglas y regulaciones para gobernar el mercado de valores. Estas normas y regulaciones se extienden al registro de miembros, listado de valores, monitoreo de transacciones, cumplimiento por parte de los miembros de regulaciones SEBI / RBI, protección a inversionistas, etc. NSE tiene un conjunto de Reglas y Regulaciones específicamente aplicables a cada uno de sus segmentos de negociación. NSE como una entidad regulada por SEBI se somete a inspecciones periódicas por ellos para garantizar el cumplimiento.
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Intercambio Nacional de Estudiantes
¿Qué es el Intercambio Nacional de Estudiantes?
NSE ofrece a los estudiantes oportunidades asequibles y prácticas para experimentar nuevos y diversos entornos en los que estudiar y vivir. Los estudiantes pueden estudiar por un semestre o un año pagando matrícula UAA o residente en una opción de cerca de 200 universidades y universidades en los Estados Unidos y Canadá, incluyendo Puerto Rico y las Islas Vírgenes de los EE. UU. Para obtener información más detallada, puede visitar www. nse. org. Que detalla los colegios y universidades participantes.
Requisitos de participación de NSE
Para ser elegible para solicitar NSE:
Debe estar inscrito a tiempo completo en la UAA
Debe tener un mínimo de 2.5 GPA acumulativo
Usted debe estar en Buena Académica De pie
Debe haber completado un mínimo de 24 créditos en UAA antes de que comience su intercambio
Usted debe ser ciudadano estadounidense o residente permanente - Los estudiantes con visas no pueden participar
Usted no debe tener ninguna obligación financiera pendiente con el sistema de la Universidad de Alaska antes de que comience su intercambio
Usted no debe tener ninguna acción probatoria o disciplinaria actual o pendiente
¿Cómo me inscribo?
Complete una Solicitud de Intercambio Nacional de Estudiantes UAA.
Envíe una cuota de inscripción no reembolsable de $ 250 junto con su solicitud de NSE.
Proporcione una carta de recomendación de parte del profesorado / miembro del personal o asesor académico.
¡Todos estos artículos deben ser completados y entregados antes del 1 de febrero!
Después de aplicar
Ahora Aprenda Trading.
Por qué nuestro EBook.
Obtenga Recomendaciones Gratuitas.
Absolutamente libre.
Lo que vas a aprender
Conceptos
Introducción al Mercado de Valores
1) Stocks Basics: Introducción 2) Stocks Basics: ¿Qué son las existencias? 3) Fundamentos de acciones: diferentes tipos de acciones 4) Fundamentos de acciones: cómo las existencias de comercio 5) Fundamentos de acciones: ¿Qué causa los precios de las acciones a cambiar? 6) Fundamentos de las acciones: Compra de acciones 7) Fundamentos de acciones: Cómo leer una tabla de valores / Cotización 8) Fundamentos de acciones: Los toros, los osos y la granja 9) Bases de las acciones: Conclusión
En algún momento, casi todas las empresas necesitan recaudar dinero, ya sea para abrir una oficina de ventas de West Coast, construir una fábrica o contratar a una cosecha de ingenieros.
En cada caso, tienen dos opciones: 1) pedir prestado el dinero, o 2) levantarlo de los inversores mediante la venta de una participación (emisión de acciones) en la empresa.
Cuando usted es dueño de una acción, usted es un propietario de parte de la empresa con una reclamación (por pequeña que sea) en cada activo y cada centavo de ganancias.
Los compradores de acciones individuales rara vez piensan como dueños, y no es como si realmente tienen una opinión en cómo se hacen las cosas.
Sin embargo, es esa estructura de propiedad la que da a una acción su valor. Si los propietarios no tenían una reclamación sobre las ganancias, entonces los certificados de acciones no valdría más que el papel en el que están impresos. A medida que las ganancias de una empresa mejoran, los inversionistas están dispuestos a pagar más por la acción.
Con el tiempo, las existencias en general han sido sólidas inversiones. Es decir, a medida que la economía ha crecido, también tienen ganancias corporativas, y por lo tanto tienen los precios de las acciones.
Desde 1926, el promedio de grandes acciones ha vuelto cerca del 10% al año. Si usted está ahorrando para la jubilación, que es un buen negocio - mucho mejor que los bonos de los Estados Unidos de ahorro, o el dinero escondiendo bajo su colchón.
Por supuesto, "con el tiempo" es un término relativo. Como cualquier inversionista sabe, los mercados de oso prolongados pueden diezmar una cartera.
Desde la Segunda Guerra Mundial, Wall Street ha soportado varios mercados bursátiles - definido como una disminución sostenida de más del 20% en el valor del Dow Jones Industrial Average.
Los mercados alcistas eventualmente siguen estos descensos, pero de nuevo, el término "eventualmente" ofrece un pequeño sustento en medio de la corriente descendente.
El punto a considerar, entonces, es que la inversión debe considerarse un esfuerzo a largo plazo para que tenga éxito. Con el fin de soportar el dolor de un mercado de oso, es necesario tener una participación en el juego cuando las mesas resultan positivas.
Mercado de renta variable
1) Mercado de acciones & # x2017; Origen, Definición 2) Intercambios & # x2017; Indio, Internacional, Comercio de índices / formación 3) Mercado de valores de la India y # x2017; Dinamismo, flujo FII, crecimiento 4) basado en la pantalla Trading & # x2017; Mecanismo de comercio en línea 5) Regulador & # x2017; SEBI, Vigilancia de Mercado, Depósito, Demat 6) Enfoque de Investigación & # x2017; Fundamental, Técnico, Descendente 7) Terminologías 8) Identificar a sus clientes & # x2017; Arbitrager, Hedger, Comerciante, Inversor 9) Derivados
Son mercados en los que las acciones se emiten y se negocian ya sea a través de intercambios o mercados de venta libre. También conocido como el mercado de acciones, es una de las áreas más vitales de una economía de mercado, ya que proporciona a las empresas acceso a capital y los inversores con una porción de propiedad en la empresa y el potencial de ganancias basadas en el rendimiento futuro de la empresa.
Simple y simple, el stock es una parte de la propiedad de una empresa. Stock representa una reclamación sobre los activos y ganancias de la compañía. A medida que adquiera más acciones, su participación en la propiedad de la empresa se hace mayor. Ya sea que diga acciones, acciones o acciones, todo significa lo mismo. La importancia de ser un accionista es que usted tiene derecho a una parte de los beneficios de la compañía y tiene una reclamación sobre los activos. Los beneficios a veces se pagan en forma de dividendos. Cuantas más acciones usted posee, más grande es la porción de los beneficios que obtiene.
El mercado de valores tiene dos segmentos interdependientes: el mercado primario (nuevas emisiones) y el mercado secundario. El mercado primario es donde primero se ofrecen las nuevas ediciones, con cualquier comercio subsecuente que va en el mercado secundario. El mercado primario provee el canal para la venta de nuevos valores. Mercado secundario se refiere a un mercado donde los valores se negocian después de ser inicialmente ofrecidos al público en el mercado primario y / o cotizados en la Bolsa de Valores. La mayoría de las operaciones se realiza en el mercado secundario. El mercado secundario comprende los mercados de renta variable y los mercados de deuda.
Mercado de commodities
1) Introducción 2) Un curso acelerado en los productos básicos 3) Cobertura versus especulación 4) El caos organizado y el advenimiento del comercio electrónico 5) Acceso a la cuenta, plataformas de negociación y proveedores de cotización 6) La elección de una empresa de corretaje 7) Y la elección de un nivel de servicio 8) Tipos de órdenes y cómo utilizarlos 9) Hacer centavos de cotizaciones de productos básicos 10) El cálculo de futuros financieros 11) Lidiar con llamadas de margen 12) La única magia en el comercio 13) El comercio es un negocio 14) Debe especular en Futuros 15) Futuro Argot y Terminología
Los productos básicos juegan un papel importante en nuestra vida cotidiana. Se pueden encontrar literalmente en todo el mundo, y se pueden negociar en el mercado global como parte de una cartera de inversiones diversificada. De hecho, miles de millones de dólares se invierten en productos básicos todos los días.
Aunque pueden negociarse en mercados spot (en tiempo real) o en futuros (opciones), la mayoría de los productos individuales se negocian en forma de futuros, donde lo que se comercializa no es la mercancía en sí, sino un contrato para comprarla o venderla Para un determinado precio en una fecha establecida en el futuro. Esto tiene el potencial para las fluctuaciones del mercado salvaje, pero también ofrece oportunidades interesantes para los inversores dispuestos a salir de la volatilidad del mercado en previsión de las recompensas.
Al igual que cualquier inversión, la meta en el comercio de materias primas es comprar bajo y vender alto. La diferencia con los productos básicos es que están muy apalancados y el comercio en tamaños de contrato en lugar de acciones. Es más, los inversores pueden comprar y vender posiciones cada vez que los mercados están abiertos, por lo que no hay posibilidad de despertarse una mañana para encontrar 10.000 bushels de maíz en el césped delantero. (Las materias primas pueden hacer que la inversión en oro, aceite o cereales sea una perspectiva más fácil.
Mercado de divisas
1) Introducción 2) Perder dinero y encontrar FOREX 3) Aprender FOREX 4) Bogus típico sistema de comercio de divisas 5) FOREX en línea proveedores de alertas 6) Moneytec, sistemas e indicadores 7) Joe Ross 8) Un ligero mejor Bogus FOREX sistema de comercio 9) Fundamentos &erio; Walmsly 10) Día FOREX 11) Corredores 12) Conclusiones
El mercado de divisas es el "lugar" donde las monedas se negocian. Las monedas son importantes para la mayoría de la gente en todo el mundo, si se dan cuenta de ello o no, porque las monedas deben ser intercambiados con el fin de llevar a cabo el comercio exterior y de negocios. Si usted vive en los Estados Unidos y quiere comprar queso de Francia, usted o la empresa que compra el queso tiene que pagar el francés por el queso en euros (EUR). Esto significa que el importador de los Estados Unidos tendría que cambiar el valor equivalente de dólares estadounidenses (USD) en euros. Lo mismo ocurre con los viajes. Un turista francés en Egipto no puede pagar en euros para ver las pirámides porque no es la moneda localmente aceptada. Como tal, el turista tiene que cambiar los euros por la moneda local, en este caso la libra egipcia, al tipo de cambio actual.
La necesidad de intercambiar monedas es la principal razón por la que el mercado de divisas es el mercado financiero más grande y más líquido del mundo. Enana otros mercados de tamaño, incluso el mercado de valores, con un valor promedio negociado de alrededor de 2.000 millones de dólares EE. UU. por día. (El volumen total cambia todo el tiempo, pero a partir de agosto de 2012, el Banco de Pagos Internacionales (BIS) informó que el mercado de divisas cotizaba más de US $ 4,9 billones por día).
Un aspecto único de este mercado internacional es que no existe un mercado central de divisas. Por el contrario, el comercio de divisas se lleva a cabo electrónicamente sin receta (OTC), lo que significa que todas las transacciones se producen a través de redes informáticas entre los comerciantes de todo el mundo, en lugar de un intercambio centralizado. El mercado está abierto las 24 horas del día, cinco días y medio por semana, y las monedas se comercializan en todo el mundo en los principales centros financieros de Londres, Nueva York, Tokio, Zurich, Frankfurt, Hong Kong, Singapur, París y Sydney. En cada zona horaria. Esto significa que cuando el día de negociación en los Estados Unidos termina, el mercado de divisas comienza de nuevo en Tokio y Hong Kong. Como tal, el mercado de divisas puede ser muy activo en cualquier momento del día, con cotizaciones de precios cambian constantemente.
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NSE listo para extender las horas de negociación de divisas; Sebi espera
La Bolsa Nacional de Valores (NSE, por sus siglas en inglés) dijo el martes que está lista para extender las horas de operación para los operadores de divisas y espera un guiño del regulador de mercado Securities and Exchange Board of India (Sebi).
"Estamos preparados para cambiar los horarios de negociación de divisas a medida que el SEBI nos permite hacerlo", dijo la directora ejecutiva de NSE, Chitra Ramkrishna, a periodistas en el marco de la Futures Tech Summit organizada por la bolsa.
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Si la propuesta obtiene la aprobación de la regulación, el mercado de futuros de divisas estaría abierto de 9 a. m. a 7.30 p. m. en comparación con el tiempo de tiempo actual de 9 a. m. a 5 p. m.
El jefe de Sebi U K Sinha había dicho recientemente que había planes para aumentar las horas de negociación de futuros de divisas, lo que permitiría a los participantes del mercado interno ajustar y alterar sus posiciones en línea con los movimientos de divisas en los mercados globales.
El movimiento ayudaría a contener la volatilidad aguda en el mercado de divisas onshore, como la mayor parte del volumen comercial se lleva a cabo en mercados offshore como Singapur, sobre el cual los reguladores nacionales no tienen control. El mercado de futuros no entregables controla más del 80 por ciento del mercado de futuros de divisas.
"Los horarios de los mercados de divisas ahora pueden ser mejorados de 5 pm a 7:30 pm Así que estamos avanzando en una dirección donde el mercado de derivados de rupias puede ayudar a las empresas, por ejemplo, la cobertura de forma continua", dijo el Sr. Sinha en Una conferencia de inversores recientemente en Mumbai.
En la actualidad, los futuros de divisas se negocian en plataformas ofrecidas por bolsas como la NSE, la Bolsa de Valores de Bombay (BSE), la MCX-SX y la United Stock Exchange (USE).
En 2017 y antes de que en 2012, en consulta con el Banco de la Reserva de la India (RBI), Sebi había impuesto restricciones sobre derivados de divisas, debido a una rupia volátil.
Sin embargo, hace algún tiempo, el regulador salió con un conjunto de nuevas directrices, la restauración de los requisitos de margen.
La Sra. Ramkrishna también dijo que no contemplaba ninguna consolidación en el espacio de intercambio y dijo que la competencia es saludable para el mercado.
Historia publicado por primera vez: 22 de abril de 2017 23:29 IST
Intercambio nacional de estudiantes
¿Qué es NSE?
La Bolsa Nacional de Estudiantes (NSE) fue establecida en 1968 para proporcionar oportunidades de intercambio para la multitud de estudiantes de pregrado para quienes una experiencia en el extranjero no es apropiada, cómoda o asequible. En lugar de cruzar los océanos, los estudiantes de NSE atraviesan fronteras estatales, regionales, provinciales y culturales.
A través del Intercambio Nacional de Estudiantes, los estudiantes pueden estudiar hasta un año académico en otro lugar mientras pagan la matrícula y cuotas regulares del IPFW. Con cerca de 200 colegios y universidades de los cuales elegir, los estudiantes son capaces de encontrar una universidad con la combinación justa de cursos, instalaciones y medio ambiente para satisfacer las necesidades académicas y personales y los intereses.
Para obtener más información, póngase en contacto con el Coordinador de NSE de IPFW.
Nuestras sesiones de información en el campus para el año académico 2017-15 han terminado, pero siempre puede hacer una cita con Alison Rynearson o Marietta Frye para hacer preguntas y recibir una solicitud.
Haga clic para ver el folleto NSE 2017-16
¿Está interesado en un intercambio para el próximo año?
Las sesiones de información para el año académico 2017-2017 serán:
7 de diciembre de 2017, de la mediodía a la 1 de la tarde, Sala Kettler Sala 101 21 de enero de 2017, de mediodía a la 1 de la tarde, Sala Kettler Sala 101 25 de enero 2017, de mediodía a 1pm, Kettler Hall Sala 101 27 de enero 2017, 30-6: 30pm, Kettler Hall Sala 101 2 de febrero de 2017, de mediodía a 1pm, Kettler Hall Sala 101 5 de febrero de 2017, de mediodía a 1pm, Kettler Hall Habitación 101 8 de febrero de 2017, 5: 30-6: 30:00, Habitación Kettler Hall 101
Horas de oficina
Durante los semestres de otoño y primavera nuestras horas de oficina son:
De lunes a viernes: de 8 am a 5 pm
Kettler Hall, Sala 109
Dirección de correo & amp; Teléfono
Éxito del estudiante & amp; Transiciones Universidad de Indiana Universidad de Purdue Fort Wayne 2101 E. Coliseum Blvd, Fort Wayne, IN 46805-1499
Número de teléfono de emergencia
Si tiene una emergencia mientras está de intercambio, puede comunicarse con Alison al 260-238-0863
Intercambio Nacional de Estudiantes (NSE)
Intercambio Nacional de Estudiantes (NSE)
Amplíe sus horizontes educativos
El intercambio nacional del estudiante (NSE) es un programa para el intercambio del estudiante dentro de los Estados Unidos y de Canadá. En lugar de atravesar océanos, los estudiantes de NSE atraviesan fronteras estatales, regionales, provinciales y culturales. El programa ofrece una oportunidad emocionante para asistir a una de las 200 universidades en la matrícula en el estado o en poco o ningún costo más de lo que ahora pagan! NSE ahora está colocando a 4500 estudiantes para el intercambio anualmente.
Información importante Fecha límite de solicitud de prioridad para 2017 - 2017: 25 de febrero de 2017
Por favor, asista a una sesión de información para el proceso de solicitud / procedimientos.
¿Por qué debo hacer NSE?
Más información sobre mí
Explorar un interés académico particular
Vive en un entorno geográfico diferente
Experimente un ambiente diferente en la universidad
Apreciar una cultura diferente
Formar amistades duraderas con estudiantes de todo el mundo
Intercambio Nacional de Estudiantes
¡Aproximadamente 3.500 estudiantes de todo el país estudiarán en nuevas instituciones este año! Participarán en casi 200 universidades en 49 estados, las Islas Vírgenes, Guam, Canadá y Puerto Rico a través del Programa Nacional de Intercambio de Estudiantes (NSE).
Este programa ofrece oportunidades para experimentar un ambiente académico diferente mientras mantiene el progreso hacia metas académicas, expandiendo opciones académicas, aclarando metas personales y profesionales, viendo los Estados Unidos y experimentando su diversidad de culturas, valores y estilos de vida.
Cómo funciona el programa
Los estudiantes de UW-Eau Claire aceptados en el programa NSE mantienen su estatus en UW-Eau Claire mientras pasan un semestre o un año académico en la institución elegida y pagan (UWEC) las tasas de matrícula.
Costo
Las matrículas y / o cuotas se pagan a UW-Eau Claire durante la duración del programa de intercambio. Los gastos de habitación y comida se pagan a la escuela anfitriona. El transporte y los gastos incidentales son responsabilidad del estudiante. El Coordinador de NSE puede proporcionar desgloses de costos estimados para tales gastos. Ayuda financiera a menudo está disponible. Una tarifa será evaluada con la solicitud. Esta tarifa se envía a la oficina nacional de NSE y confirma su solicitud.
Crédito del Curso
Un acuerdo de asesoramiento completado antes de la salida garantiza que todo el trabajo de curso realizado en la institución anfitriona se devuelva a UW-Eau Claire. Todos los grados recibidos durante el intercambio se computarán en su GPA total en UW-Eau Claire. Para ayudarle a determinar la equivalencia del curso UWEC para las clases tomadas durante el intercambio, consulte lo siguiente: http://transfer. uwec. edu.
calificaciones
Los requisitos mínimos para la aplicación son:
Inscripción actual a tiempo completo en UW-Eau Claire (12 créditos o más)
El GPA global acumulado de al menos 2,5
Finalización de 30 créditos semestrales en el momento del intercambio
Buena posición académica, financiera y social
Frente a la creciente competencia de la BSE rival, la bolsa líder de la Bolsa Nacional de Valores (NSE) anunció hoy descuentos de hasta un 50 por ciento en los cargos por transacciones en su plataforma de derivados de divisas y en el segmento de opciones de capital.
Además, NSE también ha anunciado un esquema de mejora de liquidez para Exchange Traded Funds (ETF) en sus índices. El tercer mayor jugador en este segmento, MCX-SX también había modificado sus cargos por transacciones de futuros negociados en su plataforma de derivados de divisas a principios de este mes.
La decisión de NSE llega días antes de que la EEB comience a imponer cargos por el comercio de futuros de divisas con efecto a partir del 1 de diciembre, después de eximir dichas operaciones de cualquier impuesto de transacción durante aproximadamente un año. Los descuentos de NSE del 30-50 por ciento en las cargas de la transacción para el comercio futuro de la moneda también serían aplicables a partir del 1 de diciembre y continuarán por dos meses hasta ahora.
En las opciones de capital, NSE otorgará una concesión plana del 40 por ciento en los cargos por transacción cobrados sobre el volumen facturable incremental, o valor Premium, por encima de Rs 750 crores en un mes por un período de 2 meses a partir del 1 de diciembre.
Por cierto, la BSE ha registrado mayores volúmenes que NSE en el segmento de opciones de capital en algunos días recientes. En derivados de divisas, NSE es el mayor intercambio, mientras que BSE ha superado a MCX-SX como el segundo mayor jugador. NSE dijo que los descuentos propuestos son parte de su esfuerzo para mejorar la liquidez en los segmentos de futuros de divisas y opciones de capital y para alinearse con la retroalimentación recibida del mercado.
Según el último boletín mensual del regulador de mercados de capitales, Sebi, la facturación de los derivados de divisas en la EEB aumentó un 22,6 por ciento a 1,38 millones de rupias en septiembre de este año, de 1,15,127 millones de rupias en el mes anterior. Esto asume la importancia como BSE comenzó el comercio de derivados de divisas en noviembre de 2017 en sí y ha superado MCX-SX como el segundo mayor intercambio en este segmento con una cuota de mercado de alrededor de 30 por ciento actualmente.
Según Sebi, la facturación mensual de derivados de divisas en NSE aumentó un 9 por ciento a Rs 2,85,236 crore en septiembre, de Rs 2,61,636 crore en agosto de 2017, mientras que la de MCX-SX cayó un 8,6 por ciento a Rs 57,590 crore En el mismo mes.
El volumen de negocios de la cuarta operación USE en este segmento también aumentó un 14,2 por ciento a 970 millones de rupias en septiembre, en comparación con el mes anterior, lo que convierte a MCX-SX en el único mercado en registrar una caída. Mientras que la facturación en BSE casi se ha duplicado de Rs 72.000 crore en abril de este año, en el caso de MCX-SX ha caído marginalmente de Rs 59.000 crore en el primer mes de 2017-15.
En el caso de la bolsa más grande NSE también, el volumen de negocios ha aumentado considerablemente de Rs 1,55,000 crore en abril de 2017.
Moneda de comercio de vacaciones 2017 India
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Carrito de compras
NSE to charge transaction fee on currency derivatives
BS Reporter | Mumbai Aug 13, 2011 12:01 AM IST
After being rapped by the competition watchdog, the National Stock Exchange has decided to charge transaction charges in the currency derivatives segment. The charges will be applicable from August 22.
"In deference to the order of Competition Commission of India against NSE and without prejudice to the rights and contentions of the exchange in the matter, it has been decided to levy transaction charges in the currency derivatives segment," the exchange said in a circular on Friday.
The move provided a lifeline to standalone currency exchanges, including MCX SX, which had claimed it was bleeding due to NSE's anti-competitive measures. While the exchange could cross-subsidise from earnings in equities segment, MCX SX said it had no such cushion and was incurring a loss of Rs 15 lakh per day of operation.
MCX SX is likely to levy the charge in its currency futures segment, but United Stock Exchange said it would take a call in a couple of days. “This is a positive development for the currency derivatives market and would encourage healthy competition. We welcome this move by NSE,” said Joseph Massey, MD & CEO, MCX-SX.
NSE said the members will have to pay between Rs 1 and Rs 1.15 for every lakh of turnover in the currency futures segment.
While members with monthly turnover of Rs 2,500 crore or less will pay a higher fee at the rate of Rs 1.15, those with higher turnover will pay less. In addition, five paise per lakh will be charged towards NSE investor protection fund trust.
On currency option contracts, members will pay a transaction fee between Rs 30 and Rs 40 on every lakh rupees of premium payable. Rs 2 per lakh of premium will go towards investor protection fund.
Advance Transaction charges of Rs 50,000 per member per annum would be levied with effect from August 22, which would be set off against actual transaction charges payable by the member in the respective financial year.
Further, the exchange also set admission fee in respect of existing NSE members seeking CDS membership at Rs 1,00,000. New members will have to pay Rs 5,00,000.
NSE said the waiver currently in force was done to benefit the consumer and develop the market, adding it will challenge the CCI order, nevertheless.
National Student Exchange
The National Student Exchange (NSE) program allows you to study at one of nearly 200 institutions throughout the United States, Canada, Guam, Puerto Rico, and the U. S. Virgin Islands. Small liberal arts colleges, universities in urban settings, and Spanish-speaking universities are among the many exchange options available to students.
NSE offers unique and exciting opportunities to challenge yourself, enhance your academic portfolio, and establish new connections. In addition, participation in the NSE program gives you a distinct advantage with potential employers who regard studying away as a demonstration of adaptability and willingness to try new things.
Exchange through NSE can be tailored to fit your academic, social and financial needs. You will have the option of paying in-state tuition and fees at your host institution (NSE Plan A) or UI tuition and fees (NSE Plan B). While most students elect to participate in the NSE program for an entire academic year, it is possible to attend an institution for a single semester.
Meet new people and experience life from a different point of view in the setting of your choosing. Unsure of where you want to go? Applicants can select up to five institutions of interest in order of personal preference. Over 90 percent of applicants who submit the necessary forms before the priority deadline are placed at their first choice.
Applications may be accepted after the priority deadline. Contact the NSE Coordinator if you would like to apply after the priority deadline to determine site availability.
Interested in participating in National Student Exchange? Email an intern. stop by the International Programs Office (901 Paradise Creek Street LLC Bldg. #3 Moscow, ID 83844-1250), or visit www. nse. org to learn more.
Fechas importantes:
Deadline for spring priority placement: Oct. 15
Deadline for fall/academic year priority placement: Feb. 10
Finance Data Listing and Disclaimers
Disclaimers
Data is provided by financial exchanges and may be delayed as specified by financial exchanges or our data providers. Google does not verify any data and disclaims any obligation to do so.
Google, its data or content providers, the financial exchanges and each of their affiliates and business partners (A) expressly disclaim the accuracy, adequacy, or completeness of any data and (B) shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. Neither Google nor any of our information providers will be liable for any damages relating to your use of the information provided herein. As used here, “business partners” does not refer to an agency, partnership, or joint venture relationship between Google and any such parties.
You agree not to copy, modify, reformat, download, store, reproduce, reprocess, transmit or redistribute any data or information found herein or use any such data or information in a commercial enterprise without obtaining prior written consent. All data and information is provided “as is” for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade.
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Please find all listed exchanges and indices covered by Google along with their respective time delays from the table on the left.
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Currency Conversion
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NYSE Securities
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NSE extends concessional transaction fee in currency futures
MUMBAI: The National Stock Exchange (NSE) has extended concessions on transaction charges for currency derivatives by two months till September 30, a move that will help bring in more liquidity in the segment.
The bourse has also decided to continue with the transaction fee it is currently levying on trading members for interest rate futures (IRF) for two months.
The National Stock Exchange (NSE), in March, this year, lowered transaction charges for trading on its currency derivatives platform. It had, among others, given a discount of up to 59 per cent on such levies.
These concessions, which were valid up to July 31, have now been extended for a further period of two months.
"Without prejudice to our rights and contentions in the legal proceedings, it has been decided to extend the same for a further period of two months that is from August 1, 2017 till September 30, 2017," NSE said in its latest circular.
In order to improve the liquidity in the currency futures segment, NSE in March 2017 had decided to provide a concession in the transaction charges including discounts.
As per the revised charges by NSE in March, all trading members are billed at a flat rate of Rs 1.10 per lakh of traded value in currency futures.
With regard to IRF, NSE is currently levying transaction charge of Rs 0.10 per lakh of volume in the segment.
Further, a contribution towards NSE Investor Protection Fund Trust is payable by the trading members at 0.000005 per cent (Rs 0.005 per lakh of the turnover) on each side.
"It has been decided to continue the same for a further period of 2 months (from August 1 - September 30, 2017)," the stock exchange said in a separate circular.
NSE cloaked in a turnover of over Rs 12 lakh crore in the currency derivative so far this financial year. The average daily turnover in the segment stands at Rs 14,798 crore.
In 2011, the Competition Commission of India (CCI) had found the NSE guilty of abusing its dominant market position and adopting unfair trade practices in currency derivatives trading by not charging for such trades.
NSE began levying transaction fees for currency derivatives soon after the CCI order few years ago.
Who Owns The Stock Exchanges?
Stock exchanges are not like other businesses. The performance of national stock exchanges is often taken as a proxy for the health of a nation's economy, or at least investor enthusiasm for the country's prospects. National exchanges also play an under-appreciated policy role in deciding the listing and compliance standards for companies that wish to go public. On top of all that, there is a nebulous but real sense that national pride is often somehow tied to stock exchanges. (Learn how British coffeehouses helped give rise to the juggernaut that is the NYSE. Check out The Birth Of Stock Exchanges .)
IN PICTURES: 7 Forehead-Slapping Stock Blunders With that in mind, recent moves in the stock exchange sector have garnered quite a bit of attention. The Deutsche Borse wishes to merge with NYSE-Euronext (NYSE:NYX ) in a transaction that will have NYSE shareholders holding 40% of the combined company and ownership of the first (to say nothing of arguably most famous) U. S. exchange moving into foreign hands. At the same time, the London Stock Exchange (or rather, its partner London Stock Exchange Group) has reached an agreement to acquire TMX Group (owner of the Toronto Stock Exchange) in a $3.2 billion deal.
As these deals seem certain to shake up the structure of several of the world's largest exchanges, it is a good opportunity to examine the ownership structure of several other major exchanges.
NYSE Euronext NYSE Euronext is far and away the largest exchange in terms of both exchange market capitalization and exchange traded value, having gone public in 2006 after acquiring Archipelago and acquiring Euronext in 2007. NYSE Euronext is a public company, and Deutsche Borse has offered a merger proposal to the company.
Nasdaq OMX Group (Nasdaq:NDAQ ) The second largest public stock exchange by value, Nasdaq is also number two in terms of traded value. Nasdaq acquired seven Nordic and Baltic exchanges in 2008 (the OMX Group), after being rebuffed in its attempts to acquire the parent company of the London Stock Exchange .
Tokyo Stock Exchange The third-largest stock exchange in the world is also the largest to not be publicly-traded. Though the Tokyo Stock Exchange is organized as a joint stock corporation, those shares are closely held by member firms like banks and brokerages. By contrast, the smaller Osaka Stock Exchange is publicly-traded, which perhaps befits long-held Japanese stereotypes about Osaka being more entrepreneurial and less hidebound than Tokyo.
London Stock Exchange The world's fourth-largest exchange is owned by the London Stock Exchange Group, which is itself a publicly-traded company. As previously discussed, the parent companies of the LSE and Toronto Stock Exchange are merging in a deal that will make the combined entity the second-largest exchange group in terms of the market cap of listed companies.
Hong Kong Stock Exchange Asia's third-largest exchange is a subsidiary of Hong Kong Exchanges and Clearing Ltd, a publicly-traded company that also owns the Hong Kong Futures Exchange and the Hong Kong Securities Clearing Company.
Shanghai Stock Exchange This is the largest stock exchange in the world still owned and controlled by a government. The Shanghai exchange is operated as a non-profit entity by the China Securities Regulatory Commission and is arguably one of the most restrictive of the major exchanges in terms of listing and trading criteria.
Bombay Stock Exchange and National Stock Exchange of India Along with the Tokyo Stock Exchange, these exchanges are throwbacks to how most exchanges used to organize themselves. While the NSE is demutualized, it is still largely owned by banks and insurance companies. Likewise, the BSE is about 40% owned by brokers, with other outside investors and domestic financial institutions owning the rest.
Other Exchanges Of course, the trading and investment world is not just all about stocks. Derivatives are very lucrative to exchanges. In the United States, the Chicago Mercantile Exchange demutualized in 2000, went public, and eventually acquired the Chicago Board of Trade and NYMEX. CME Group (NYSE:CME ) is a major player in the futures and derivatives world. On the options side, the Chicago Board Options Exchange (CBOE) also trades publicly as CBOE Holdings (Nasdaq:CBOE ).
Eurex is a significant derivatives exchange owned by Deutsche Borse and SIX Swiss Exchange, while the London Metal Exchange is privately owned by its members through LME Holdings Ltd.
Last and not least, the Tokyo Commodity Exchange is structured in a fashion similar to the TSE and is owned principally by the banks, brokerage, and commodity trading firms that transact their business through it.
Shuffling Likely To Continue Running an exchange is a great business; it is effectively a monopoly. Those who own exchanges can require companies to pay listing fees, traders to pay for market access and investors to pay transaction fees. It is not altogether surprising, then, that there is so much activity in this space. In addition to the aforementioned major mergers, the Singapore Exchange is trying to acquire the Australian Stock Exchange. while Brazil's BM&F Bovespa (once state-owned and now publicly-traded) is looking to expand through acquisition as well.
Bottom Line While these transactions are interesting to a point, they do not generally help the individual investor. Unfortunately, trading stocks listed on foreign exchanges is still difficult (and expensive) for U. S. investors and none of these mergers will change that. Of course, it is up to the brokerages to offer these services and for investors to demand them. (Find out how the third-largest stock exchange in North America came to be. Check out History Of The Toronto Stock Exchange .)
In the meantime, it looks like there is an unmistakable trend in the market of stock markets towards greater global integration and fewer small independent operators.
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National Student Exchange
Accepting applications for 2017-2017 exchange. Apply today!
Where will NSE take you?
Have you considered spending a semester at another university? National Student Exchange (NSE) can help! NSE enables Iowa State students to attend one of 180 colleges and universities around the U. S. and Canada.
Visit a new region of the country
Low-cost study away option
Take advantage of courses not available at Iowa State
Application Deadlines
Deadline for 2017-2017 Priority Exchange: February 26, 2017
Informational sessions:
Weekdays at 12:10 p. m. in 1080 Hixson-Lied Student Success Center.
If you are not able to attend an informational session, call NSE for an individual appointment. 515-294-6479.
Where will YOU go?
Iowa State Faculty and Staff
If you are interested in having a representative from NSE present to your class, club, learning community, or other group, please complete this form.
NSE cuts trading fees for select segments
Nov 28, 2017, 01.08AM IST TNN
Market players pointed out that NSE’s decision to cut charges came at a time when BSE, its only competitor and the country’s oldest exchange, is gaining market share at a faster clip after it rolled out a new trading technology in the last one year
MUMBAI: To make it cheaper for investors to trade on its platform, NSE, the country's largest stock exchange by turnover, on Thursday cut charges for trading on its currency derivatives platform and equity options segment by up to 40%. The bourse also introduced liquidity enhancement schemes, an incentive process for brokers to bring in higher volumes, for these two segments.
Market players pointed out that NSE's decision to cut charges came at a time when BSE, its only competitor and the country's oldest exchange, is gaining market share at a faster clip after it rolled out a new trading technology in the last one year.
Under the revised structure, NSE will charge about Rs 3,000 for every Rs 1 crore worth of premium in the equity options segment, down from Rs 5,000 earlier. In the currency derivatives segment, it will charge Rs 110 per Rs 1 crore worth of trades, NSE circulars showed.
Market sources said the cut in transaction charges on NSE is expected to bring in more participants since at higher charges traders were finding it difficult to recover their costs. "In a business (like broking) where margins are wafer thin, cost levied by an exchange is often the determining factor," said a market analyst. NSE said that the revised charges were being rolled out on a pilot basis.
On a comparative basis, however, even the reduced trading charges on NSE are much higher than BSE's. In the equity options segment, BSE charges Rs 50 per Rs 1 crore of premium. Here again, while NSE charges on both sides of the trade, that is for buying as well as selling, BSE charges are only for the sell side. In the currency derivatives segment, BSE charges Rs 2 per Rs 1 crore worth of trade.
In the past few months, BSE's currency derivatives segment, which was launched just about a year ago, is clocking volumes that are around 50% of NSE's. On Thursday, turnover for this segment on BSE was Rs 4,343 crore, compared to NSE's Rs 7,122 crore.
In the equity options segment, however, NSE remained much ahead of BSE. On Thursday, NSE clocked a turnover of Rs 16,992 crore, compared to BSE's Rs 1,141 crore. BSE's equity derivatives segment, after remaining dormant for several years, is gaining traction since it launched the new technology platform in February this year, sources said.
e-Series Rematerialization & Financial Closure
National Spot Exchange Limited (NSEL) has received ‘No Objection’ from Forward Markets Commission to proceed with the process of Rematerialization and Financial Closure of e-Series. Pursuant to this, NSEL has issued the circular no. NSEL/DP/2017/014 dated April 04, 2017.
e-Series unit holders who intend to rematerialize their holdings can follow the process as detailed in the above circular. Unit holders may kindly note that this process of rematerialization is different from the earlier process of Surrender Request (SRF) which has been since discontinued. The process of rematerialization shall be possible only for such unit holders whose holdings match or exceed the exact denomination of the underlying metal. Hence, it is strongly advised to verify the same from the latest stock report before initiating the process.
Aloha and Welcome to the University of Hawaii at Manoa National Student Exchange (NSE) Web Resource Site!
The NSE program provides an excellent opportunity for full-time undergraduate students enrolled at any of the 170 participating campuses across the United States, Canada, Puerto Rico, Guam, and the U. S. Virgin Islands, to access a diverse education through an academic exchange to another participating campus.
In order to better serve you, we have developed two sections for this website:
If you are a current or future UH-Manoa student interested in an academic exchange, please click the "Outgoing" link, or click here .
If you are interested in studying at UH-Manoa on an academic exchange, please click the "Incoming" link, or click here .
University of Hawai'i at Mānoa
National Student Exchange
Physical Science Bldg. Rm.205
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NSE to levy charges for currency trading
NSE has decided to levy transaction charges on trades in its currency derivatives (futures and options) segment. The move that follows a Competition Commission order holding it guilty of abusing its dominant position with this ‘predatory' pricing.
The NSE would, however, challenge the CCI order.
For currency futures contracts up to Rs 2,500 crore a month, members have to pay Rs 1.15/ lakh of traded value each side (buy side and sell side separately). Additional volume of up to Rs 5,000 crore a month would be charged Rs 1.1/ lakh for each side.
Further additional volume of up to Rs 7,500 crore a month would be Rs 1.05/ lakh for each side, and any further additional volume would be Re 1/ lakh for each side.
Option premia of up to Rs 250 crore a month would be Rs 40/ lakh of traded value for each side.
NSE has also decided to levy advance transaction charges of Rs 50,000 a member a year which would be set off against actual transaction charges payable by the member in the financial year.
Admission fee for the existing NSE members seeking currency derivative segment (CDS) membership has been pegged at Rs 1 lakh and for others at Rs 5 lakh.
(This article was published on August 12, 2011)
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National Student Exchange (NSE) The National Student Exchange is a not-for-profit consortium of U. S. colleges and universities. Operating like study abroad, NSE provides students with access to courses and other resources at over 200 colleges and universities in the United States, Canada, Guam, Puerto Rico and the U. S. Virgin Islands. The program includes tuition reciprocity.
Domestic Exchange Programs: Regional
Academic Common Market (Southeast: Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia) The Academic Common Market lets students from participating states study out-of-state at in-state tuition rates.
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New England Board of Higher Education (NEBHE) (Northeast: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont) The New England Board of Higher Education promotes cooperation in higher education between Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. NEBHE offers the New England Regional Student Program (RSP). an interstate student exchange program. Residents of the region pay reduced out-of-state tuition at public colleges and universities in other New England states when they pursue a major that is not available at public institutions in their home states.
Western Interstate Commission for Higher Education (WICHE) (West: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming and Commonwealth of the Northern Mariana Islands) The Western Interstate Commission for Higher Education (WICHE) administers the Western Undergraduate Exchange Program (WUE), the Professional Student Exchange Program and the Western Regional Graduate Program.
American Institute for Foreign Study (AIFS) AIFS organizes cultural exchange and study abroad programs throughout the world for more than 40,000 students annually. AIFS also offers more than 100 scholarships each year.
American Intercultural Student Exchange (AISE) AISE is a nonprofit educational organization that arranges US host families for international high school students aged 15 to 18.
British Chevening Scholarships The British Chevening Scholarships enable non-UK students to study in the United Kingdom. They are offered in more than 150 countries. (US students are not eligible.) Approximately 2,300 new scholarships are awarded each year for postgraduate studies and research.
Czech Management Center The Czech Management Center offers study-abroad MBA programs in Prague, in affiliation with universities in the U. S. and Canada.
Dialogo Dialogo offers Portuguese courses in Salvador da Bahia, Brazil.
Marshall Scholarships The Marshall Scholarship is a highly competitive program in which up to 40 young Americans are chosen to pursue a graduate education in the United Kingdom each year. The awards are tenable at any British university and cover two years of study in any field, typically at the graduate level, leading to the award of a British university degree. The award provides for two years of study, and may occasionally be extended to a third year. Only US citizens who will have graduated with a bachelor's degree from a four-year college or university in the United States within the past four years are eligible. A minimum 3.7 GPA (A-) on a 4.0 scale is required.
George Mitchell Scholarships The George Mitchell Scholarships enable American students to pursue one year of postgraduate study at an Ireland university. The award provides tuition and housing, as well as a stipend for travel and living expenses, for a period of one year. Applicants must be between the ages of 18 and 30. Twelve scholarships are awarded each year.
Rhodes Scholarship The Rhodes Scholarships enable students from many countries to study at the University of Oxford. 32 American Rhodes Scholars are selected each year. All educational expenses (tuition and fees) are covered for a period of two years, along with a maintenance allowance. Travel to and from Oxford is included. The award may be renewed for a third year.
Semester at Sea Semester at Sea is a shipboard study program that offers global study each fall and spring semester. Institutional financial aid, as well as Title IV aid, is available.
Syracuse University Abroad Syracuse University offers financial aid for study in any of its seven centers around the world: Beijing (China), Florence (Italy), Hong Kong (China), Istanbul (Turkey), London (England), Madrid (Spain), Santiago (Chile), Strasbourg (France) and Wroclaw (Poland).
Financial Aid for Study Abroad
Generally, for your financial aid to be "portable" to a study abroad program, you must carry at least a half-time load at the foreign institution and receive credit for the program toward your degree at your home institution. The study abroad program must advance you toward a degree and not merely be providing an enrichment experience. There may also be other eligibility restrictions, depending on the financial aid program, but usually you will be able to take your Title IV funding (Pell, Stafford and PLUS) overseas with you. Your school is not allowed to deny you any federal aid just because you are participating in a program of study abroad. Institutional aid, however, is subject to the school's own policies.
Students who participate in study-abroad programs that cost more than the usual cost of attendance for their school may be able to get an increase in their Federal Pell Grant to help cover those costs.
AIFS International Scholarships Each year the American Institute for Foreign Study (AIFS) offers semester scholarships of $1,000 and $500 each.
CIMO Scholarship Programs (Finland) This web page provides information about the Finnish government's scholarships for international graduate students, young researchers and university teaching staff.
Council for International Educational Exchange (CIEE) The CIEE provides numerous student services including the International Student ID Card and Trip Safe Insurance for Travelers. CIEE also runs Council Travel, a travel agency that specializes in student travel.
Council for International Exchange of Scholars (CIES) CIES and the IIE assist the US Information Agency in the administration of the graduate Fulbright Fellowships for US citizens to study in other countries and for international students to study in the US. US students must apply through their campus Fulbright program advisor. International students should apply through the Fulbright Commission or US Information Service in their home country.
Benjamin A. Gilman International Scholarship Established by the International Academic Opportunity Act of 2000, the Gilman Scholarship aims to diversify and expand participation in international study by supporting undergraduate students who have been traditionally underrepresented in study abroad, including students with high financial need, community college students, students in underrepresented fields such as the sciences and engineering, students with diverse ethnic backgrounds, students with disabilities, and students of nontraditional age. The program also encourages students to choose nontraditional study abroad destinations, especially those outside of Western Europe and Australia.
IIEPassport: Study Abroad Funding Study Abroad Funding is a free online directory of study abroad scholarships, fellowships and grants, indexed by country of study, subject and type of award. It is published by the Institute of International Education (IIE).
International and Research Exchange Board (IREX) IREX works with students through various regions in the world to provide thought leadership and innovative programs that will lead to lasting global change.
Institute of International Education (IIE) The IIE helps to manage scholarships, training, exchange and leadership programs around the world.
International Student Loan Center (ISLC) The ISLP, developed by the International Education Finance Corporation (IEFC), offers Stafford and alternative loan programs for US students studying abroad, and for international students studying in the US.
OSAD Scholarship Database The Online Study Abroad Directory (OSAD) is part of the Learning Abroad Center at the University of Minnesota. It lists low-cost foreign study programs and also includes an online database of more than 200 scholarships for US students looking to study abroad.
The Rotary Foundation The Rotary Foundation of Rotary International provides grants to university students and teachers to act as "goodwill ambassadors" around the world.
Support 4 Learning (UK) The Support 4 Learning site provides information about student and graduate bank accounts and loans, updated monthly from Moneyfacts, a UK financial newsletter. The site focuses primarily on the further education sector, although some of the information will be useful to university students.
Low-cost Student Travel
International Student Travel Confederation (ISTC) The International Student Travel Confederation (ISTC) is the organization that sells the International Student Identity Card (ISIC). Their site includes a list of the more than 6,000 discounts available to holders of the ISIC card and a list of locations worldwide that issue the card.
STA Travel This site provides student discounts on flights, hostels and hotels as well as tours. It also includes travel advice that is geared exclusively toward students.
Guides to Study and Travel Abroad
WorldWide Classroom WorldWide Classroom provides an extensive planning guide for study and travel abroad. Remove contact info.
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El Crédito Comunitario interactivo destaca las condiciones de crédito, incluyendo medidas de inclusión de crédito y estrés, a nivel nacional, estatal y de condado.
Trends in Foreign Exchange Markets and the Challenges Ahead
Remarks at the 2017 FX Week Conference, New York City 1 As prepared for delivery
Buenos días. It’s a pleasure to be here. Let me extend my thanks to FX Week for the invitation to speak at this conference. Before I begin, I would like to note that my comments today reflect my own views and not necessarily those of the Federal Reserve Bank of New York.
The ability of households, corporations, and sovereigns across the world to safely and efficiently exchange assets denominated in one currency for assets denominated in another is essential to a healthy and robust global economy. These transactions can occur for myriad reasons—to support the flow of goods, services, and investment across national boundaries, to diversify the savings of retirees, or to hedge risks associated with manufacturing a particular type of product. These transactions all rely on a foreign exchange market that functions with integrity—that is, one that allows a diverse set of buyers and sellers, supported by robust infrastructure, to confidently and effectively transact at prices that reflect available market information and in a manner that conforms to acceptable standards of behavior.
In my remarks today, I would like to expand on the essential role that the foreign exchange market plays and examine some of the ways the market’s structure has changed in recent years. Then, amid the backdrop of a number of recent negative developments—specifically, evidence of unethical and illegal behavior by some market participants—I will discuss the critical role that implementation of and adherence to strong global industry standards, including best practices, can play in restoring and maintaining the integrity of the foreign exchange market. In doing so, I will highlight recent and ongoing efforts to help strengthen these standards through the Financial Stability Board and collaborative efforts by major central banks and market participants working within and across jurisdictions, often through local foreign exchange committees. I will conclude by setting an expectation for all market participants in foreign exchange to help support this work in order to reinforce the integrity of, and the public’s trust in, this important market.
The Importance of the Foreign Exchange Market
The foreign exchange market is perhaps the largest, most globally integrated, and most active financial market in the world. The transactions that take place there are the lifeblood of a global economy that comprises many different national currencies. By enabling the transfer of funds and purchasing power from one currency to another, the foreign exchange market offers an important means for price discovery that facilitates international trade and investment activity.
The relative value of a currency, expressed in exchange rates, both drives and is driven by the costs of goods, services, and investment opportunities in each economy. Understanding relative prices helps businesses make decisions about the competitiveness of their goods and services, which is important for consumption and production choices. For example, the current and future value of an exchange rate can be an important factor for a corporation when deciding where to locate a new factory or where to source parts, or even where they want to sell their finished products. These decisions ground the composition of activity within an economy, and have a bearing on the distribution of jobs, investment, and growth across the global economy. This is a particularly important function given trade’s increasing contribution to global growth. Indeed, between 2003 and 2017, the share of trade in global GDP increased by about 11 percentage points, to just over 59 percent. 2
The FX market is a large and growing market. According to the latest Triennial Central Bank Survey of foreign exchange and derivatives market activity conducted by the Bank for International Settlements (BIS) in April 2017, total global average daily turnover across over-the-counter foreign exchange instruments—including spot, forward, swap, and option transactions—was estimated to be more than $5 trillion, an increase of nearly 60 percent since 2007. 3 This trading volume dwarfs the U. S. fixed income market, where average daily turnover at the end of 2017 was about $815 billion. 4
Within this large market, a broad range of foreign exchange products is traded each day by a diverse set of market participants for a wide variety of reasons. Derivatives are the largest component of global trading in the FX market, accounting for about 60 percent of turnover in 2017. They play an important role in helping transfer a wide variety of risks from entities that cannot or do not want to bear it to those that can and do—including risks associated with hedging cross-border exposures or positions in other markets, such as fixed income—or to provide a source of funding to help meet liquidity needs. The most actively traded derivative product, foreign-exchange swaps, accounted for about 40 percent of all trading activity in the global FX market in 2017, serving as a critically important cross-currency funding tool for a wide variety of market participants. For example, banks may have domestic currency liabilities but foreign currency assets, and thus may use the FX swap market to source foreign exchange. The spot market, which accounted for about 40 percent of trading activity in 2017, is used by private nonfinancial entities to trade goods and services or to invest in foreign businesses, while banks may use it to engage in cross-border lending and asset managers may use it to purchase financial assets or take positions based on their economic and financial market outlook.
The foreign exchange market is a truly global market and one of the few markets that trades around the clock. This gives it the unique ability to provide signals as to how market participants are interpreting or responding to developments taking place in other markets or in the real economy. During the global financial crisis, the foreign exchange market often was the first to reveal how market sentiment was evolving in response to significant events that occurred outside of trading hours in other markets. Such signals can be very useful to policymakers and market participants, particularly during periods of market stress.
Of course, the foreign exchange market’s ability to support price discovery and to enable the international flow of goods and capital requires a marketplace that is founded on integrity and capable of ensuring smooth and efficient interaction among market participants. This remains especially important as the structure of the market continues to evolve and adapts to new technologies and financial flows.
Changes to Market Structure
The foreign exchange market is a dynamic market with a long history of change and innovation. Today, I would like to focus on two of the more significant recent changes in the market’s structure: first, the broadening of participation, and second, how execution is taking place within the market.
Participation in the FX Market
The broadening of participation in the foreign exchange market is one reason why growth in FX trading volumes has far outpaced growth in global trade. The BIS Triennial Survey on foreign exchange market activity provides evidence of the degree to which this expanded participation is taking place. 5 Traditionally, volumes in the foreign exchange market were dominated by what is known as the inter-dealer market—trading between dealers. However, in the 2010 survey, the largest share of volume reported by dealer respondents was for transactions with “other financial institutions”—a category that includes nonreporting banks; 6 other financial institutions such as institutional investors, hedge funds, and proprietary trading firms; and official sector institutions. This shift continued through the 2017 survey, when “other financial institutions” accounted for just over half of reported volume, reinforcing evidence of a broadening in foreign exchange trading, with nondealers playing a greater role in the market.
The 2017 survey broke out the “other financial institutions” category for the first time. The data showed that nonreporting banks accounted for about 45 percent of the category’s trading volume while institutional investors and hedge funds/proprietary trading firms each accounted for about 20 percent. In a market where daily trading volume exceeds $5 trillion, this represents significant activity and is consistent with a general theme of increased participation by nondealers in the FX market.
Execution in the FX Market
One factor contributing to the expansion in participation by nondealers in the foreign exchange market has been the increased ease of entry into the market, attributable to an expansion in the number of execution platforms and services. In part, this has been supported by technological advancements, which, in some cases, have reduced trading costs, increased the speed with which transactions take place, and improved transparency. Electronic trading activity in foreign exchange markets, as well as in other markets, has played a growing role, and some reports suggest it may represent as much as 70 percent of daily turnover in the foreign exchange market, up from roughly 30 percent a decade ago. 7
In addition to expanding entry to the market, technology is also changing how participants engage the market, through both single - and multi-dealer platforms. In the past, institutional customers could engage the market only by calling their dealing bank, but the marriage of technology and prime brokerage—the bundling of investor services, such as trade execution, settlement, financing, and custody—has enabled direct access to the interdealer market in ways not seen previously. Prime brokerage services have enabled an expansion in potential trading partners, allowing customers to trade in the name, and on the credit, of their prime broker. Altogether, this has served to transform what was once a two-tiered market—interdealer and dealer-to-client—into a market with much broader access. Moreover, as new trading platforms have come online, the profile of FX market participants, and thus the way FX is traded, has changed. New participants, such as retail and smaller institutions—that are often engaged in high-frequency or high-speed trading—could begin executing on their home or office computers, or could connect their trading algorithms directly to the platforms.
The expansion of both the universe of market participants and the infrastructure to support execution has brought many positive benefits to the market and global economy, but we should also be mindful of potential costs that might arise. In particular, it is important to consider the implications for the overall integrity of the market, which, as I noted earlier, relies on the ability of market participants to confidently and effectively transact at prices that reflect available market information.
Technology has helped ease entry to the market, but the capital investments needed to keep up have also increased. Indeed, operating in fractions of milliseconds has become an important component toward achieving faster execution. Will this hinder the entrance of new participants in the future, particularly those who may not have the extensive resources required to keep up?
In addition, while many market participants note the positive influence that technological changes have had on market functioning, including narrower bid-ask spreads, 8 it is unclear how these changes may affect the broader price discovery process or liquidity of markets overall. Technology allows market participants to better connect across potentially fragmented execution options, but has the central price discovery mechanism emerged stronger, and is liquidity as resilient?
Further, dealers increasingly are internalizing customer flows―that is, matching their clients’ buy and sell orders in-house rather than executing them through the open market. But what does this do to the quality of pricing in the open market? And does reduction in potential open market trading have negative consequences for market functioning?
Moving Toward More Robust Practices in the FX Market
These changes in market structure and their potential implications for the functioning of the market are important to monitor, but market integrity does not rest solely on the ability to transact. It also requires that parties in the market behave in accordance with appropriate standards of behavior—standards that help to ensure that parties treat each other fairly. This is an area where further work is clearly required to support, and in fact to rebuild, the integrity of the market. As this audience is well aware, the foreign exchange market has recently been rocked by broad, unethical misconduct, which is unacceptable, and this has shaken the public’s trust and faith in the market.
A recent series of investigations in the United States and abroad established that serious misconduct and collusion had occurred in the spot foreign exchange market. The investigations led to a string of regulatory actions and fines against some of the largest banks active in this market, and criminal pleas across multiple jurisdictions. These developments have resulted in damage to the integrity of the global FX market—damage that will not easily be undone. The behaviors that triggered these criminal and regulatory actions illustrate that, for many, self-interest and the lure of near-term gains were put above the preservation of the market’s integrity and long-term sustainability. 9 The resulting loss of the public’s faith and trust in this critical market comes with a cost: Let’s recall that it is ultimately the public that stands to lose from an FX market unable to play its vital role in the global economy.
The FX market is considered by many to be relatively lightly regulated, particularly in the FX spot market. Regulatory treatment across jurisdictions varies. 10 Regardless of who regulates in a given region, in the absence of a single centralized and comprehensive global regulator of this highly global market, collaborative efforts between the private and official sectors play an important role. These efforts help us to better understand the roots of the misconduct and the misalignment of incentives that contributed to weaknesses in trading structures and encouraged unethical and illegal activities. And they can also play an important role in elevating best practices in order to promote a sound, effective FX market going forward. In the remainder of my remarks, I’ll discuss three examples of such work. First, the recommendations of the Financial Stability Board’s Foreign Exchange Benchmarks Group. Second, the work of the various foreign exchange committees, including the New York Fed-sponsored Foreign Exchange Committee (FXC), to provide more detailed, globally harmonized guidance through an expanded Global Preamble to the existing regional codes of conduct. And third, the expansion of that work into the current international effort to develop and implement a single global code of conduct for the foreign exchange market and to enhance adherence to that code among all market participants.
Work of the Financial Stability Board’s Foreign Exchange Benchmarks Group (FXBG)
Given the global nature of the FX market, as well as the number of jurisdictions in which wrongdoing has been uncovered, efforts to strengthen the market must be global in nature as well. Recognizing this imperative, the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, established the Foreign Exchange Benchmarks Group (FXBG) in early 2017. The purpose of the FXBG was to review FX benchmarks and associated market practices, including potential misaligned incentives, and make recommendations for change. The FXBG, which consisted of representatives from more than twenty countries, engaged with a range of market participants to analyze the market structures and incentives as they related to trading around benchmark fixings. The group produced a series of recommendations to enhance the structures and behaviors around FX benchmark trading. I would like to focus on two particular aspects of these recommendations—first, changes to the WM/Reuters calculation 11 and second, changes aimed at strengthening market conduct.
The FXBG report highlighted the dominant use of the WM/Reuters (WMR) 4 p. m. London fixings by many different sets of market participants, including some not otherwise active in the foreign exchange market. The fixings, provided across many different currency pairs, were used in many different ways—including for multicurrency portfolio valuation and for the valuation of key financial market indexes. In regard to the WMR 4 p. m. London fixings, the group identified important changes to strengthen the construction methodology and reduce the scope of potential manipulation. Specifically, it recommended that the length of time over which the fixing was calculated be extended. In addition, it recommended that this fixing incorporate price feeds and transaction data from a broader range of sources. These recommendations resulted in changes to the WMR calculation methodology, which were implemented in mid-February of this year.
The FXBG also identified a series of recommendations to strengthen market conduct and reduce the scope for manipulation and mistreatment of customer flow and information. For example, the recommendations encouraged greater clarity around fixing transactions through transparent pricing for such transactions and by establishing a clearer separation of fixing transactions from other types of activity. Further, the recommendations sought to strengthen the framework for the protection of information by providing greater detail around certain types of information that are not to be shared. Finally, the recommendations encouraged more detailed guidance within the various codes of conduct in the FX market as well as demonstration of greater compliance with such codes.
In February of this year, the co-chair of the FXBG, Guy Debelle, spoke at the FX Week Australia Conference about this work and addressed the status of implementation of the recommendations. He noted that while there had been some areas of progress, questions remained about the implementation in other areas—for example, with regard to the recommendations related to more transparent and risk-appropriate pricing of fixing transactions. 12 The FSB has since requested an update this summer on the status of implementation of the FXBG recommendations, and the various foreign exchange committees are working together, and with others, to assist in this effort.
Foreign Exchange Committee
Additional work to support the implementation of the FXBG recommendations has been an area of focus for the FXC. The FXC is a private sector group, made up of market professionals and sponsored by the New York Fed since 1978, that is intended to help provide guidance and leadership to the global FX market. In its earlier years, the Committee worked closely with comparable committees sponsored by central banks in other major jurisdictions, as well as with the Financial Markets Lawyers Group here in the United States, to improve standardization in the market, including through developing standardized documentation in the FX market, such as master agreements. Over the years, the Committee has evolved as the market has changed. For example, as entry to the FX market has expanded and as nondealer firms have come to play important roles in the market, the FXC expanded to include buy-side representatives. I believe that this has strengthened the FXC’s ability to contribute on FX market issues, including the work now required to help strengthen the best practices landscape on a global basis. Before turning to these global efforts, I would like to briefly highlight a couple of recent changes to the Committee’s Charter, which I believe will further support the FXC’s ability to contribute in particular to this global work. 13
First, the revised Charter language places a more direct emphasis on the role of Committee members to help promote the efficiency and integrity of the market through, for example, the development and implementation of best practices. Second, the revised Charter better highlights the importance of incorporating an even broader set of perspectives and expertise directly on the FXC. Engaging a broader set of perspectives across operations, legal, and compliance professionals—as well as individuals across buy-side, sell-side, and various market infrastructure firms—will help the Committee to apply this more comprehensive perspective to its work on best practices. It will take some time for these changes to be fully implemented, but it is expected that the various steps that move us in this direction will also help us to engage even more effectively in the important work ahead.
Global Best Practices Efforts
The FXC has been engaged in two global efforts with its counterparts abroad: development of the Global Preamble and work, now under way, to extend the Global Preamble into a single global code of best practices in the FX market.
The Global Preamble (“Preamble”) is a document that was developed collaboratively by the eight central-bank-sponsored foreign exchange committees to provide a common basis from which our individual codes of conduct for the FX market follow. The Preamble lays out key, shared principles that underpin our respective codes. The publication of a revised Global Preamble earlier this year was an important development that built upon a tradition of increasing engagement across the committees. The initial Global Preamble was published in 2017 and marked the first time the committees had come together to provide a single voice around best practices. For example, the document noted that market participants are expected to have systems and controls in place to:
develop and promote a strong culture of ethical behavior and standards of conduct;
promote awareness and use of general dealing practices, procedures, and conventions;
ensure accurate and timely pre‐trade preparation and trade capture;
support robust and efficient back office operations including confirmation, netting, payment, and settlement; y
mitigate risk in FX transactions from the point of initial discussion regarding a potential transaction to settlement.
The revised and expanded Global Preamble, published this past March, features even more substantive and detailed guidance on topics such as personal conduct, confidentiality and market conduct, and policies for execution practices. 14 The Global Preamble provided an important opportunity to integrate the recommendations from the FSB FXBG report into best practices at a global level. For example, it includes language related to protection of information and confidentiality, as well as the enforcement of internal systems and controls involving both certain types of transactions and information.
The publication of the Global Preamble was a very important step in helping to provide a more globally harmonized and consistent framework for national codes of conduct and in integrating the FXBG recommendations, but it is not the final step. It is clear that further work is required both to strengthen best practices at a global level and to promote greater adherence to those practices. Recent developments indicate that market participants have either not been aware of existing best practices guidance or have made the conscious decision to violate such guidance in the hopes of making a short-term gain. The cost of these short-term gains has come at all of our expense and we must all be engaged to ensure that this does not happen again. Moving toward more globally harmonized guidance—and consistent adherence to such guidance—is an important step forward in maintaining the integrity of the market.
In recognition of the importance of this work, a new working group of the BIS Markets Committee has been formed to facilitate the establishment of a single global code of conduct and principles and to promote greater adherence to such guidance. 15 This newly formed structure will deepen and broaden the already initiated public-private partnership and will engage an even wider set of financial centers in order to effectively move this work on best practices forward. The work will occur on a global scale and will engage a wide variety of market infrastructures and participants, including both the buy side and sell side. It will likely draw upon a variety of efforts, including the important work done in the U. K. under the Fair and Effective Markets Review. The FXC will be actively engaged in this effort along with its counterparts abroad, at the direction of the BIS Markets Committee FX Working Group.
The development of a single global code for the FX market is a significant effort, but developing a code is not enough. Codes of conduct and associated best practices are an important complement to regulation. They can support the integrity and function of the market by underpinning the smooth operation of the market and instill confidence that participants will treat each other fairly. But this is not possible, or sufficient, if best practices do not evolve as the market evolves, if they are not implemented effectively, or if they are not adhered to by market participants actively engaged in the market. Development of dynamic best practices is critical, as is the market’s adherence.
Recent headlines and events paint a picture of an FX market that does not always serve the public well. But you all have an opportunity to change this picture—to support the work to strengthen the market. I encourage you all to make the most of this opportunity. As Guy Debelle noted in his speech in February, the failure to act on the FXBG recommendations may prompt authorities to conclude that further regulation is the only way to strengthen the integrity of the market. 16 Similarly, the Governor of the Bank of England, Mark Carney, emphasized in his recent Mansion House speech that a failure to establish effective common standards that are adhered to would likely result in more restrictive regulation. 17 Consider this message reiterated here today as well. I encourage you all to be engaged both at the individual and the firm level—to share your perspective and contribute to the process to help strengthen best practices, and to support adherence to such standards in this critically important market.
To sum up, the foreign exchange market is one of the most vital markets in the world. Individuals, institutions, and the global financial system as a whole rely upon the ongoing effective functioning of this market. The market is constantly evolving, and it remains imperative that the industry work to strengthen the foundation of the market, and help to ensure that its integrity is upheld. Particularly in the wake of recent scandals, there is a role for industry participants to restore and maintain market integrity through support and development of best practices.
You all have a shared stake in this. As you move forward, always bear in mind the critical role that the FX market plays and think about whether your choices enhance or weaken the integrity of the market.
I appreciate the work of those around the room to do so, as well as publications such as FX Week and others, for sharing their perspectives and providing continued coverage of these and other issues relevant to the market. Gracias.
1 I would like to thank Robert Lerman and Jamie Pfeifer for their excellent assistance in the preparation of these remarks and colleagues in the global central bank community for numerous insightful comments and suggestions.
3 BIS 2017 Triennial Central Bank Survey . The Triennial Survey is coordinated by the BIS under the auspices of the Markets Committee (for the foreign exchange part) and the Committee on the Global Financial System (for the interest rate derivatives part). The latest survey of turnover took place in April 2017. Central banks and other authorities in fifty-three jurisdictions participated in the 2017 survey. They collected data from about 1,300 banks and other dealers in their jurisdictions and reported national aggregates to the BIS, which then calculated global aggregates. The survey, among other things, provides data on turnover, instruments, counterparties, and currencies, which are referenced in this speech; http://www. bis. org/publ/rpfx13fx. pdf
6 The anatomy of the Global FX Market through the lens of the 2017 Triennial Survey. A significant fraction of dealers’ transactions with nondealer financial customers is with lower-tier banks. While these “nonreporting banks” tend to trade smaller amounts and/or only sporadically, in aggregate they account for roughly one quarter of global FX volumes. http://www. bis. org/publ/qtrpdf/r_qt1312e. pdf
8 Not only is liquidity both challenging to define and measure, but the impact of technological change on liquidity is difficult to isolate. On a number of dimensions, technological change appears to have improved both the efficiency of price formation and the ability to transact in size without significantly affecting market prices. But recent “flash” events in various markets—including rapid round-trips in prices on March 18, 2017, in the euro-dollar currency pair and on October 15, 2017, in the U. S. Treasury cash and futures markets—have suggested the possibility that advancements in automated trading and changes in market structure may have improved liquidity in normal times but left markets prone to more frequent bouts of illiquidity during which price formation appears disconnected from fundamental information. Structural developments and the connection to liquidity and price discovery across markets warrant further study. See also recent comments by Lael Brainard, member of the Federal Reserve Board of Governors. Recent Changes in the Resilience of Market Liquidity. http://www. federalreserve. gov/newsevents/speech/brainard20170701a. htm
9 See the U. K.’s Fair and Effective Markets Review Final Report for related insightful discussion on fixed income, currency and commodities (FICC) markets. Available at: http://www. bankofengland. co. uk/markets/Documents/femrjun15.pdf
10 In the United States, the CFTC has regulatory responsibility for most FX products.
11 The WMR London fixing is now subject to regulatory oversight by the Financial Conduct Authority (FCA) in the U. K. in addition to the FSB initiatives. See the FCA’s report Bringing additional benchmarks into the regulatory and supervisory regime, https://www. fca. org. uk/news/ps15-06-additional-benchmarks
Thursday’s Key Earnings Ambarella (NASDAQ:AMBA ) -7.3% AH on a soft FQ1 outlook. Broadcom (NASDAQ:AVGO ) +7.2% AH as lower spending boosted EPS. Joy Global (NYSE:JOY ) +20.8% after maintaining guidance. Hewlett-Packard Enterprise (NYSE:HPE ) +6% AH on solid forecasts. Smith & Wesson (NASDAQ:SWHC ) +4.3% AH following a big guidance boost. Stratasys (NASDAQ:SSYS ) +17.4% after topping expectations.
Today’s Markets In Asia . Japan +0.3% to 17015. Hong Kong +1.2% to 20177. China +0.5% to 2874. India +0.2% to 24646. In Europe . at midday, London +0.8%. Paris +0.7%. Frankfurt +0.9% . Futures at 6:20 . Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.2% to $34.64. Gold +1.2% to $1273.60. Ten-year Treasury Yield flat at 1.83%
This weeks earnings report from Alertel – India’s best buy sell signal generating software for MCX, NSE and FOREX
Welcome to Alertel systems. The Automatic Buy, Sell Target & Stop Loss Trading Signals Software for NSE, F&O, MCX MCX SX, NCDEX Etc. (Equity, Future, Option, Commodity & Currency) to trade intraday, swing & Positional Trading. La serie Alertel V Platinum trabaja en la plataforma Metatrader4 (MT4) junto con gráficos en tiempo real y alimentación de datos.
MCX, NSE and FOREX Buy Sell Signal Software
Automatic Buy Sell Signal Software for Metatrader 4 (MT4) for MCX, NSE and FOREX
Reliable Trade support
Real time data feed
Metatrader4 Charting Software
Automatic Buy and Sell Signals for all scripts
Message and sound alerts for all scripts.
Auto scanner for all scripts
Accurate buy sell signals with trailing stop losses.
Filtros de mercado de rango y tendencia limitada.
Suitable for Intraday and position traders
Easy to follow – No need to be an expert in trading, no need to have prior technical and fundamental know how.
Why choose Alertel Platinum Buy Sell Signal Software?
Be a professional trader from day one using our Automatic Buy Sell Signal Software. Es fácil y preciso. Sus cuatro niveles de sistema de filtro de confirmación le ayudará a decidir la calidad de las señales de venta de compra generadas. Usted recibirá un promedio de tres a cuatro señales confirmadas de venta en cada guión. La pérdida de parada trailing aumenta la protección sin confusión. Nuestro precio justo está a la par con nuestro apoyo clasificado estrella. Simplemente póngase en contacto con nosotros si usted duda de una señal comercial y nuestro equipo experimentado siempre estará encantado de ayudarle.
What it takes to be a successful day trader
A consistently successful day trader knows his or her success in not found in the box (computer software or hardware). Muchas veces los comerciantes buscan las respuestas en la tecnología y no está allí. Ellos culpan a la tecnología por el fracaso, por lo que su respuesta es comprar más tecnología. La respuesta es entender y controlar su propia emoción y asumir la responsabilidad de sus propias acciones y tomar decisiones basadas en el análisis. If you are wrong, you do not personalize the loss, you just say “next.” Successful traders know that losing is part of the cost of doing business. Grandes comerciantes de día saben que nunca aprenderá a ganar hasta que primero aprenda a perder. Cómo un comerciante psicológicamente maneja la pérdida muchas veces determina el éxito o fracaso. Success in day trading is most of all a mastery of one’s self. Este no es el camino para llegar ricos rápido fácil a las riquezas que algunas personas piensan que es. Requiere un compromiso de tiempo, dinero y una voluntad de trabajar muy duro.
Al igual que el médico que utiliza las herramientas adecuadas para la cirugía de salvamento de la vida Alertel serie V Platinum automático comprar vender software de señal está en su mano como la herramienta adecuada para que usted pueda hacer esos beneficios tan esperados. Es hora de olvidar las pérdidas y convertir un nuevo capítulo en su vida comercial.
2. Know yourself. Defina cuidadosamente su tolerancia al riesgo. Entienda sus necesidades.
3. Plan your goals. Cumpla con su plan.
4. Choose your broker carefully.
5. Pick your account type, and leverage ratio in accordance with your needs and expectations.
6. Begin with small sums; increase the size of your account through organic gains, not by greater deposits.
7. Focus on a single currency pairs or few scripts; expand as you better your skills.
8. Restrain your emotions.
9. Take notes. Estudie su éxito y fracaso.
10. Rely on a safe and strong trading signal system. No muchos a la vez.
11. Keep it simple. Tanto los planes comerciales como el análisis deben ser fácilmente comprendidos y explicados.
12. Study money management.
Alertel V series Platinum is the most realistic and advanced, accurate AUTO BUY SELL SIGNAL SOFTWARE for Technical Analysis, get Automatic Live Buy and Sell Signals with Target and Stop Loss for Intraday & Positional trader. Ser un comerciante profesional desde el primer día, incluso si usted no sabe los fundamentos de conocimientos técnicos y fundamentales.
Los aspirantes quieren ser un millonario sólo será un millonario si da los primeros pasos. Entendemos que usted no tiene el tiempo y la paciencia para estudiar el mercado en profundidad. Nuestro software de la señal de la venta de la compra del automóvil caminará de común acuerdo con usted hasta que usted alcance su meta. Le da llamadas adecuadas y le dice exactamente dónde comprar / vender y cuándo y dónde salir. Es mezcla de todas las estrategias comerciales combinadas con la plataforma metatrader4.
Alertel serie V platino automático comprar vender software de señal es desarrollado por los veteranos del mercado en un período de seis años. Después de la restauración a los mercados de divisas en la región de la UE que ahora están en la India para los mercados indios también. It works seamlessly for almost all segments such as Nifty, Bank Nifty, Tata, Reliance, etc Equities, Stocks & Futures as well as Commodities like Gold, Silver, Copper, Crude, Zinc, Lead, Nickel, Natural Gas, Aluminum, Mentha Oil & Currencies, Dollar, Euro, GBP etc for Intraday and Positional basis. Todas las extensas fórmulas de mercado y fundamentos se han incorporado a este sistema que hace de este sistema su mejor amigo en su camino a ser rico. Lo más importante es que el sistema le ayudará a entrar y salir del mercado en el momento adecuado con los beneficios.
Estas habilidades nos han hecho uno de los proveedores de señal de primera clase en segmentos como Stocks, Commodities y los mercados de divisas como FOREX. Nuestro fuerte equipo de apoyo siempre está ahí para apoyarle 24/5 como en soporte técnico junto con soporte comercial. Simplemente llámenos cuando tenga dudas. Puede utilizar cualquier medio de comunicación. This has made us an un-avoidable factor in a trader’s life that is looking for trade support in MCX, MCX SX, NSE, NYMEX and FOREX.
Beneficios de una buena compra vender software de señal y por qué utilizar Alertel V serie de platino automático de compra y venta de software de señal.
Alertel serie V platino automático comprar vender software de señal es una solución de señal de comercio a medida y personalizada para todos los comerciantes, analistas e inversores en los mercados financieros. Este software funciona en casi todos los segmentos del mercado financiero como el mercado de acciones (NSE Cash, futuros NSE, opciones NSE), mercado de productos básicos (MCX, MCX-SX, NCDEX), COMEX, NYMEX y mercado internacional de divisas. Su sistema de cuatro niveles de filtrado de señales le permite aceptar o rechazar o analizar la calidad de las señales de venta de compra.
Nuestra señal de venta de compra automática está programada para trabajar en la plataforma Metatrader4 (MT4) que es la plataforma más querida por los comerciantes de todo el mundo. Nuestra transmisión en vivo de datos en vivo en tiempo real le proporciona los feeds de precios más precisos. Este sistema le permite eliminar las numerosas estrategias e indicadores y atenerse a uno.
Some of the key benefits include:
· Alertel V series platinum automatic buy sell signal software displays signals at the right time with stop loses and exit points.
· Accurate buy sell signals with three levels of targets and trailing stop loses.
· Works in all time frames M5 and M15 for Intraday anything above for positional trading.
· You do not need to have any prior technical or fundamental knowledge to use this software.
· Alertel Trading System supports all major markets in Commodities, Currencies and Shares, such as FOREX, COMEX, NYMEX, MCX, MCX SX, NSE and NCDEX.
· Developed by market veterans to generate more than 95% accurate buy sell signals.
· Support and Resistance levels with Pivot line.
· Message and sound alerts You need not to watch all the charts.
· You can avail our support services on all market days round the clock. Our multi lingual enabled support personals will be happy to assist you.
· The Alertel V series signal service reduces the market risk by keeping traders updated about market fluctuations.
· Generated by expert and professional traders, The Alertel V series generates Highly Accurate Buy Sell signals carry high degree of precision and accuracy.
· The Alertel V series signals service allows new and inexperienced traders to trade confidently.
· Alertel V series signal service save traders from hassle of watching the market 24/7 and therefore saves time and resources. Te llama con una alerta sonora cuando una posición está lista.
· Alertel V series signal service is not a robotic trade engine. Esto le permite no depender de la misericordia de un algoritmo.
· Works in Metatrader (MT4) platform.
More Information – Nice to know things
Check out or blog to know what is happening with us, our clients and in the market.
For more Information please visit: www. alertelsystems. in | www. alertelsystems. com
Our trading floor results
Want to make some extra cash? Check out our reseller program
Re-sellers CLICK BELOW
For online demo and details please visit our web site or call us: 08139839994
We at Alertel buy sell signal system provide the best technical analysis chart software for Indian Markets NSE futures and options, MCX Commodities and currency market as well as International FOREX market. It is so simplified that anyone can invest a small amount of time and become a professional trader and earn consistent income on profitable trades day after day. Alertel v series signal software gives automatic buy sell signals with trailing stop-loss and advanced features like message and sound alerts with scanner. The sophisticated analysis gives you 3- 4 signals in each scrips per day for the perfect and timely entry and exit or buy and sell.
This Intraday trading software is a turnkey and complete day trading software system for all market segments like Nifty futures MCX, NSE and FOREX and all this combined with live streaming data on the world’s favorite Metatrader 4 (MT4) platform. This auto buy sell signal software is developed by market experts and veterans.
For example: Nifty live chart with buy sell signals in mt4 is what you see from us in this segment.
This software is very easy to understand and is simplified to the core. By following this software you get to know and take the perfect timely entry and exit points. There are three levels of targets defined for your convenience.
Live Algorithmic Buy and Sell Signals, Live Share Market Prices and Live Charts with 5min Refresh. Yes these signals are based on live markets which are displayed in the Metatrader 4 platform with live data and charts.
We provide real time data for all the segments like all stock future & option, NSE, MCX, and FOREX & Monedas. Tick data from authorized exchange vendor.
Experienced Staff for support in multi languages - English, Hindi, Marathi, Telgu, Tamil, Malayalam, Kannada & Gujarati.
Direct account managers
Priority ticketing facility
Trade support will be provided on request
You do not need to waste your time and energy following other tips and advices when the end results are generated right in front of you. This software acts as a friend in need to you.
Break away from the tensions of studying and analyzing the difficult indicators like RSI, MACD, STOCHASTICS. Confusing Averages like Simple Moving Average, Exponential Moving Average or Bands like Bollinger Bands, Keltner Bands, Oscillators like Price Oscillator, Ultimate Oscillator (It is boring to read just think how tough it is to study) – Just think life is short, are you here to study and gain knowledge or are you here to make profit?
Alertel V series buy sell signal software scans the market for friendly trends to give you the best signals in all market segments. All generated signals are confirmed using four signal filter system for its accuracy.
Alertel V series buy sell signal software is useful for Individual Traders, Brokers, Sub-brokers, Advisory companies & Tips providers.
Our trading floor results
Commodity Trading News And Technical Analysis Reports.
Alertel V series Platinum automatic buy sell signal software
Alertel V series Platinum is automatic buy sell signal software which scans market trend in live streaming ticking market and generates auto buy sell signals at the right time
AUTO BUY SELL SIGNAL SOFTWARE
for you to make the perfect entry and exit. It comes with trailing stop loss for your added protection with sound messages and alerts on all open scrips and pairs so that you have an idea when to enter exit and hold stocks, Forex and commodities. This software generates accurate signals for MCX, MCX SX, NSE, NIFTY, Futures and options and FOREX.
Alertel V series Platinum automatic Buy Sell Signal Software For Technical Analysis Of Nifty Intraday Trading Live Charts, Get Automatic Live Buy and Sell Signals With Targets And Stop Loss For Intraday & Positional Trader that gives more than 95% ACCURATE SIGNALS with advanced TREND ANALYSIS SYSTEM which will give you HIGH SUCCESS RATIO for BUY SELL SIGNALS in MCX, NCDEX and NSE Stocks and Futures and FOREX. This software comes with auto alerts and sound to let you know what is happening in the market. This auto buy sell signals for Indian stock market will help you to find a better way to analyze the market trend in the easiest way. The techniques used to develop this buy sell signal strategies are unique and easy to learn and use.
We assure you 30-40% returns on your capital investment at the end of each month provided you follow this software meticulously. The software may not require the human emotions and fear. So once you are evolved and adapted to the software just listen to the software and run along with it to success. With the inbuilt tutor now everyone can be like a professional trader and this software requires no prior knowledge or experience in trading. This acts as an artificial intelligence or an emotion less replica of your brain. In its brain a wide range of historical information is stored which will be revealed to you when necessary.
Keep your emotions, fear and greed away from the software. Be nice, patient and friendly, together we go to greater heights.
Remember Rome was not built in one day. But when it was built all roads lead to Rome.
You might ask why we are providing this software when we ourselves can use it. Yes we do use and we want to spread the joy. Our clients come from friendly referrals.
This automatic buy sell software is developed by market experts and veterans from all market segments. The signals are generated for almost all market segments like (Nifty, Bank Nifty, Tata, Reliance, etc Equities, Stocks & Futures ) as well as Commodities ( like Gold, Silver, Copper, Crude, Zinc, Lead, Nickel, Natural Gas, Aluminum, Mentha Oil & Currencies, Dollar, Euro, GBP etc) and for FOREX like (EURUSD. EURGBP, GBPUSD, EURCHF etc) for Intraday & Positional basis. To be precise this software will tell you when and where to buy or sell or when and where to enter and exit.
Alertel V series Platinum is automatic buy sell signal software is a complete turnkey and one stop solution for all traders and aspiring traders in MCX, MCX SX, NSE, NIFTY GOLD, SILVER, CRUDE and FOREX. Just like an expert doctor or engineer uses his precise tools to operate or build marvels a trader should be educated in using this tool. We provide complete training and our customer care and trade support team is always happy to assist you with technical related issues or your trade related issues. Just contact us by any means of communication we are happy to help you.
We advise you to try our system for free and do not spend and waste time on tips and messages where you can use this software which is used by the tier one banks across the world and generate your own signals where there is no time delay. The four levels of filter system filter the buy sell signal for its accuracy.
Algunas de las características incluyen:
Auto Alerts. Get alerts with sound and pop up messages on all open scrips and forex pairs
Smart Scanner. The smart scanner scans all open scrips and forex pairs
Alertel V series platinum automatic buy sell signal software displays signals at the right time with stop loses and exit points.
Las señales precisas de venta de compra con tres niveles de objetivos y trailing stop pierden.
Works in all time frames – M5 and M15 for Intraday anything above for positional trading.
No necesita tener ningún conocimiento técnico o fundamental para utilizar este software.
Alertel Trading System soporta todos los principales mercados de materias primas, divisas y acciones, tales como FOREX, COMEX, NYMEX, MCX, MCX SX, NSE y NCDEX.
Developed by market veterans to generate more than 95% accurate buy sell signals.
Niveles de soporte y resistencia con línea pivote.
Message and sound alerts – You need not to watch all the charts.
Usted puede hacer uso de nuestros servicios de apoyo en todos los días de mercado durante todo el día. Our multi – lingual enabled support personals will be happy to assist you.
El servicio de señales de la serie V de Alertel reduce el riesgo de mercado al mantener a los operadores actualizados sobre las fluctuaciones del mercado.
Generado por expertos y comerciantes profesionales, la serie Alertel V genera señales de venta de compra altamente precisas llevar un alto grado de precisión y precisión.
El servicio de señales de la serie V de Alertel permite a comerciantes nuevos e inexpertos comerciar con confianza.
Servicio de señal de la serie V de Alertel ahorra a comerciantes de la molestia de mirar el mercado 24/7 y ahorra así tiempo y recursos. Te llama con una alerta sonora cuando una posición está lista.
El servicio de señal de la serie V de Alertel no es un motor de comercio robótico. Esto le permite no depender de la misericordia de un algoritmo.
Works in Metatrader (MT4) platform
About ALERTEL
ALERTEL was formed keeping one mission in mind. To create trader friendly software that gives the right signals and pointers in a way even a beginner could understand, interpret and trade successfully in almost all markets and market conditions. Alertel team includes engineers and traders from almost all markets who have years of experience matched with perfect skills. After many hurdles we are proud to say that we created complete trader friendly software that can be the best friend of a beginner as well as a professional.
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© 2009 - 2017 AlertelSystems. com - All Rights Reserved
Europe’s best BUY/ SELL signal system is here in India. Las señales de venta de compra más perfectas y precisas para MCX, NSE y FOREX. Tome una demostración de mercado en vivo de forma gratuita hoy y la precisión de la experiencia en los altos niveles.
Automatic Buy and Sell Signals for all scripts
Message and sound alerts for all scripts.
Auto scanner for all open scripts
No need to be an expert in trading.
Identifica el mercado de la gama limitada.
Cuatro niveles de filtros de confirmación para cada señal.
REGISTER FOR FREE DEMO
Gracias. Nos pondremos en contacto con usted tan pronto como sea posible.
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Currency Futures Trading SMC Global is one of the experienced online currency trading firm in India, Offers NSE, Stock futures and options trading services. NSE Currency Futures - SMC Trade Online offers online currency trading services in India! Include NSE currency futures, NSE quotes, NSE broker and trading. Currency Derivatives -- As On 18-DEC-2017 Hours IST -- USDINR 291215. MARKET CLOSED. NSE FxTracker. Vientos alisios. USDINR 291215. 413. 66.4675. 66.4700. 80. 0.0025. 66.4700. Near Month Futures co-movement chart. by NSE. Copyright © 2010 National Stock Exchange of India Ltd. All rights reserved.
Currency futures trading in india nse: Days ago. Home Live Market; Live Watch; Currency Derivatives. Equity Stock Equity Derivatives; Currency Derivatives; NSE Bond Futures Index. Por ejemplo, If you expect oil prices to rise and impact India's import bill, you would buy. As a customer of I-Sec, you can now trade in Currency Futures on NSE. Home Currency Futures NSE Currency Futures. 21 December 2017. NSE Currency Futures. Currency Tips. Cargando. Cargando. Cargando. Currency Chart.
trend lines forex charts: A currency future, also known as FX future, is a futures contract to exchange one currency for another at a specified date in the future. Current Market Reports. Open Online Currency Trading Account with Aditya Birla Money, leading currency trading company in India provides online platform to trade in currency derivatives and futures. NSE Currency Futures. As on 18 Dec, 2017.
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National Stock Exchange of India
The National Stock Exchange of India (NSE) is one of the most important and most advanced stock markets in India, and, in terms of transactions, it is the third largest stock exchange in the World. The NSE India is situated in Mumbai, the financial capital of India. On December 31, 2005, the NSE VSAT terminals (2799 in total) spanned over 320 cities in India. In 1994, the National Stock Exchange of India (NSE) functioned as a platform for securities exchange. The NSE India exchanges many different securities, such as equity, corporate debt, central and state government securities, commercial paper, and certificates of deposit. At present, 1000 members are enrolled on the NSE, and it is the owner of different financial and insurance institutions.
There are three market segments to the NSE: wholesale debt, capital market (automatic screen-based dealing system), and futures and options (derivatives).
The associates of the NSE are the National Securities Clearing Corporation, India Index Services and Products, the National Securities Depository, and NSE. IT (trading technology). The NSE deals in online examination and awards certification. Branches of the NSE are located all over India. The NSE is India’s first national, anonymous, electronic limit order book (LOB) exchange which deals with securities.
The NSE introduced the first Indian clearing corporation, “National Securities Clearing Corporation Ltd.”, the first depository of India, National Securities Depository Limited.
History and Origin of The National Stock Exchange of India In November 1992, the NSE was integrated as a tax-paying company and at the command of the Government of India, top financial institutions were promoted it.
In April 1993, under the Securities Contracts (Regulation) Act, 1956, the NSE was known as a stock exchange. In June 1994, the NSE started operations in the Wholesale Debt Market (WDM) segment and in November 1994, the Capital Market (Equities) segment of the NSE started operations.
In 1996, the NSE was the first exchange in India that planned to trade derivatives specifically on an equity index. In February 2000, the NSE started an Internet trading system.
As of 4 March 2010, the National Stock Exchange had 1319 listed companies with a combined market capitalization of Rs. 5942607 crore.
The NSE established an index services firm called India Index Services & Products Limited (IISL), and has opened a number of stock indexes, including: S&P CNX Nifty NX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior) S&P CNX 500 (= CNX 100 + 400 major players across 72 industries) CNX Midcap (introduced on July 18, 2005 replacing CNX Midcap 200)
Other NSE Indices are - S&P CNX Defty CNX IT Bank Nifty Market Capitalization
At present, the NSE has the four most important segments of the capital market which are: Equity Futures and Options Retail Debt Market Wholesale Debt Market
Major Companies listed in The National Stock Exchange of India:
Asian Paints, Dabur, Glaxo, Escorts, Hindustan Lever, Bank of Baroda, Infosys Technologies, ONGC, Hero Honda, Jet Airways. Top Investors, Corporation Bank, ITC, MTNL, ICICI Bank, Grasim, Biocon, Maruti, HDFC Bank, Cipla, Federal Bank
Location Details National Stock Exchange of India Ltd. Exchange Plaza Plot no. C/1, G Block Bandra-Kurla Complex Bandra (E) Mumbai – 400 051
More Information on Stock Exchange
List of trading holidays 2017 nse, stocks under 20 to buy.
posted on 27-Mar-2017 06:14 by admin
Trading Holidays. Proposed list of trading holidays of the Exchange for the calendar year 2017. Sr. No. Particulars, Date, Days, Morning Session am to Jan 3, 2017. Here is the list of trading holidays for 2017 for equityNSE, BSE & Commodity MCX. List of trading holidays for NSE/BSE-2017. Trading on the Interest Rate Futures segment takes place on all days of the week except Saturdays and Sundays and holidays declared by the Exchange in.
List of trading holidays 2017 nse: Dec 13, 2017. avatar Zerodha on December 20, 2017. Holiday2017. Traders, Find following the official list of trading holidays for 2017 on NSE, BSE, MCX-SX. TRADING HOLIDAYS 2017 – NSE, BSE & MCX. December 20, 2017. Tags 2017. List of trading holidays for 2017 – NSE, BSE, MCX-SX for “Equity and F&O”. Trading Holidays - Check out the list of stock market holidays. BSE would be closed on the mentioned dates during January to December, 2012.
stocks under 20 to buy: Sr. No. Date, Day, Description. 1, 26-Jan-2017, Monday, Republic Day. 2, 17-Feb -2017, Tuesday, Mahashivratri. 3, 06-Mar-2017, Friday, Holi. 4, 02-Apr-2017. Edelweiss Trading Holidays in 2017 - Check out the list of stock market holidays both for BSE and NSE. Know the dates when Share Market will be Closed in.
Targovlya system for binary options: India Stock Market Holidays 2017 List BSE 2017 Holidays / NSE Holidays. Diwali Muhurat Trading / Deepavali 2017 Muhurat Trading will be held on Sunday. List of Trading Holidays NSE will observe the following Trading Holidays during the Calendar Year January to December, 2017.
NSE – National Stock Exchange
The National Stock Exchange abbreviated as NSE is India’s leading stock exchange covering different cities and towns across the nation. NSE was set up by leading institutions with the aim to deliver a modern, fully automated screen-based trading structure with domestic reach. The Exchange has brought about matchless transparency, speed & efficiency, dependability and market integrity. It has set up facilities that serve as a model for the securities industry in terms of systems, policies and plans of action.
NSE – National Stock Exchange
NSE has acted a catalytic function in revolutionizing the Indian securities market in terms of micro-structure, market practices and trading volumes. The market this day uses state-of-art information technology to supply an effective and transparent trading, clearing and settlement mechanism, and has endorsed several reforms in products & services viz. demutualisation of stock exchange governance, screen based trading, compression of settlement cycles, dematerializations and electronic transfer of securities, securities lending and borrowing, professionalization of trading members, fine-tuned risk management systems, emergence of clearing corporations to assume counterparty risks, market of debt and derivative instruments and comprehensive use of information technology.
The National Stock Exchange is stock exchange located in Mumbai and was established in the mid 1990s as a demutualised electronic exchange. NSE provides a modern, fully automated screen-based trading system, with over two lakh trading terminals, through which investors of every corner of India can trade.
NSE has a market capitalization of more than US$989 billion and 1,635 companies listed as on July 2017. Though there are various other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India and between them are responsible for the vast majority of share transactions. NSE’s index known as CNX NIFTY 50, is used extensively by investors in India and all over the world to take exposure to the Indian equities market.
NSE offers trading, clearing and settlement services in equity, debt and equity derivatives and is India’s largest exchange, globally in cash market trades, in currency trading and index options. NSE has diversified shareholding.
There are several domestic and international institutions and organizations that hold a stake in the exchange. Some of the domestic investors include LIC, GIC, State Bank of India and IDFC Ltd. Foreign investors comprise MS Strategic (Mauritius) Limited, Citigroup Strategic Holdings Mauritius Limited, Tiger Global Five Holdings and Norwest Venture Partners X FII-Mauritius, who have a stake in NSE. As on June 2017, NSE has 1673 VSAT terminals and 2720 leaselines, that is spread over more than 2000 cities across the country.
The National Stock Exchange of India was consolidated in 1992 and acknowledged as a stock exchange in 1993. The idea was to bring in perceptibility in the markets. Endorsed by leading Financial institutions primarily led by IDBI at the directive of the Government of India, it was merged in November 1992 as a tax-paying company. In April 1993, it was acknowledged as a stock exchange under the Securities Contracts (Regulation) Act, 1956. NSE started operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital market (Equities) segment of the NSE began operations in November 1994, while operations in the Derivatives segment launched in June 2000.
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Trading system of national stock exchange
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BSE vs. NSE
The two largest and most prominent stock exchanges in India are the Bombay Stock Exchange (BSE ) and the National Stock Exchange (NSE). While the BSE has the distinction of being the oldest stock exchange in Asia, established in 1875, the NSE has quickly grown to prominence since its creation in 1992. While these two markets dominate in India there are clear differences between the two that can impact your decision to invest in the BST vs.
BSE
The BSE's long lifespan has resulted in it having more than 5,400 listings and a market capitalization of more than $1.6 trillion, both of which are larger than the NSE. The key issue that holds many back from investing in the BSE is that it is not incredibly liquid and the concept of day trading is not firmly established on this market. Investing here tends to be more long term focused, so looking to the fundamental aspects of a company before investing it is certainly recommended.
SENSEX is the key index used on the BSE for investing in a broad base of companies, though indices exist for mid-cap, small-cap, and the top 100 and 200 companies on the exchange also.
These indices also have US dollar denominated aspects and are considered to be good broad based indicators of emerging market economies.
NSE
The NSE has nearly 1,700 listings and a market capitalization of $1.4 trillion, so with fewer companies its total value is close to that of the BSE. The NSE is far more active and day trading does take place on the exchange, and the fraud and transparency protections of NSE listings are considered far better than those of the BSE. Before the creation of the NSE stock markets in India were plagued with fake certificates and fraudulent transactions, however since the NSE the
The key indices used on the NSE are the Nifty and the Nifty junior and ETF's tied to these indices are traded both on the NSE and major U. S. and European based exchanges. One of the key drivers for both the NSE's integration with other markets and the high degree of activity there is that it was created and is owned by major financial institutions and banks in India.
BSE vs. NSE
When choosing where to invest when it comes to Indian stock markets it really depends on where the companies you want to invest in are listed and what type of trading you like to do. Some companies are listed on both exchanges but for many companies you want to invest in you may not have a choice on which exchange to use. For day traders the high liquidity and sophistication of the NSE make that exchange the logical choice.
Ultimately, however, if you're investing based on preference for certain companies the listing or exchange they happen to be on should not influence your decision on whether or not to invest in that company.
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How to Hedge your Export and Import with NSE Currency futures – Part I
O n a daily basis, the current Indian currency market accounts for 1% of the world’s Forex transactions, which makes it $4 trillion. As the currency derivatives were introduced in the year 2008, Indian currency market has started to grow further in the race of world Forex trade. In 2010, the entire spot transactions involves rupee totalled to almost $30 billion, besides, with the segment that accounted for a good share of 40% in the entire Forex turnover in India. Alongside, Forex swaps and outright forward transactions are another reason that gave the necessary push to the Forex trade.
Initially, the currency market in India saw a lot of revolution. This was the beginning of the era which marked the transparent trading mechanism in currencies which was new to the market that aimed to limit the losses in businesses due to the risks involved with the currency movements. Slowly as the understanding increased about the advantages that currency trading. the volume on stock exchange started increasing. As per the reports, where the monthly turnover on the currency exchange was Rs. 30, 000 Crore from January to June 2012, the monthly turnover considerably increased to Rs. 45, 000 in the next year, 2017. The figure is constantly growing and for the matter of fact, the average monthly volume jumped up to Rs. 63, 000 Crore.
There are several factors that play a crucial role for the increase of the currency trade, which includes interest and awareness about the trade among people the broadening scope of the stock markets internationally.
USD-INR pair - the global trading opportunity
For several exchanges across the world, USD-INR pair is traded internationally including Singapore Exchange, Bahrain Stock Exchange, Dubai Gold and Commodities Exchange and Chicago Mercantile Exchange. It has been observed that the availability of USD-INR pair will definitely lift the Indian currency in the world Forex Market.
In India, the initial currency market started with the USD-INR pair. However, as the growth of the Indian currency market increased and the people participation have increased quite many folds, currency futures in India is demanding the launch of other major pairs such as JPY-INR, EUR-INR to name a few. The currency market is highly interconnected with each other and as a result fall in other currency also affects the Indian currency directly or indirectly. As a result, businesses and organization that deals with other currencies such as Yen, Pound or Dollar, they can still hedge position on currency futures to keep safe from the unpredictable currency movements.
Apart from the financial institutions and banks, Indian residents are also to participate in the currency futures. As of now, NRI’s (Non Residential Indians) and Foreign Institutional Investors (FII’s) are not allowed to invest in the currency futures. But with the increase in the trade, their participation in the Indian market could get the approval of acceptance in the coming days, which would certainly contribute the Indian currency market even bigger.
Features that makes Currency futures Lucrative
There are several features that are actually responsible for making the Currency market lucrative and a potential platform for investment. Features such as high liquidity, price mechanism that offers to hedge, lower margins and electronic settlement are the core reasons which support the growth of it.
People those who are into import and export business, the creation of hedge on the currencies future platform can eventually help in cutting down the risk involved with the volatile currency movements, for instance the unexpected movements in rupee.
Also, as it is traded on the exchange, a very important benefits that traders get, is an opportunity to trade in contracts that are small as compared to that in the forward market. The small contract that is available with this trade invites investors with minimum capital base to invest in the trade. As a result, investors, irrespective of their capability to invest can get benefitted from trading on the currency futures platform. Besides, the currency features are marked to market on a daily basis, an investor can easily buy or sell a currency pair without waiting for the expiry of the contract.
People who can get benefited from Currency Future
Other than exporters and importers, people who can invest in this trade and get benefited are travellers, students studying abroad and retail investors. Apart from that, anyone with good knowledge about Forex can also get benefited from this market.
Due to currency vitality, most of the times, people who are working as freelancers or with Google Adsense are also highly affected, as that is also a part of the export category. Therefore by utilising the benefits of NSE currency futures, it lowers the risk of being in loss during the time the currency hits the rock button.
For instance, students who are going abroad for their studies will have to pay more for their educational purposes due to fall in rupee, therefore in such a situation it is interesting to use the currency futures as a platform in order to lower the foreign currency risk, which would actually help them during uncertain financial movements.
Even for the retail investors, currency futures have opened the gateway for a further investment portfolio and as an instrument to involve in speculation.
The current financial integration is a reason for the volatility in currencies. As a result, one must understand that it is important for the organization to get affected by currency futures to hedge and in order to cover up for the risk.
(to be continued….)
About Rajandran
Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Estrategias de negociación.
Required US Government Disclaimer & CTFC Rule 4.41
Futures trading contains substantial risk and is not suitable for every investor. Un inversionista podría perder todo o más de la inversión inicial. Capital de riesgo es el dinero que se puede perder sin poner en peligro la seguridad financiera o el estilo de vida. Sólo considerar el capital de riesgo que debe ser utilizado para el comercio y sólo aquellos con suficiente capital de riesgo debe considerar la negociación. El rendimiento pasado no es necesariamente indicativa de resultados futuros. CTFC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENERSE COMPARTIDOS POR EL IMPACTO, SI CUALQUIERA, DE CIERTOS FACTORES DE MERCADO COMO LA LIQUIDEZ. LOS PROGRAMAS DE COMERCIO SIMULADOS EN GENERAL ESTÁN SUJETOS AL FACTOR DE QUE SEAN DISEÑADOS CON EL BENEFICIO DE HINDSIGHT. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS. Todos los oficios, patrones, gráficos, sistemas, etc. discutidos en este sitio web o en el anuncio son sólo con fines ilustrativos y no se interpretan como recomendaciones específicas de asesoramiento. Todas las ideas y materiales presentados aquí son para propósitos informativos y educativos solamente. Nunca se ha desarrollado ningún sistema o metodología comercial que pueda garantizar beneficios o evitar pérdidas. Los testimonios y ejemplos utilizados en este documento son resultados excepcionales que no se aplican a personas promedio y no tienen la intención de representar o garantizar que cualquier persona obtendrá los mismos resultados o resultados similares. Las operaciones que se basan en la dependencia de los sistemas de Trend Methods se toman bajo su propio riesgo para su propia cuenta. No se trata de una oferta de compra o venta de futuros.
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Tag: NSE nifty
Key takeaways for the Indian Rupee, India’s NSE: NIFTY and USDINR Indian rupee rocketed higher during the past few weeks against most major currencies, including the US Dollar. USDINR looks set for more downsides, and may test the $66.00 level in the near term. India’s CNX Nifty which a well diversified 50 stock index was seen gaining pace as well and looks set for a move towards 7,600. USDINR Analysis – Indian Rupee Set for More Gains No doubt India rupee enjoyed a nasty upside ride against
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Best stocks for day trading nse, the ultimate forex predictor review.
posted on 27-Mar-2017 06:15 by admin
Most Active Stocks / Shares - List of Most Active Stocks Companies Value in NSE & View the most active stocks traded during the day sorted on value as well as volumes. You can see all. India's Best Portfolio manager. Keep me signed in. 2400. Powerful mix of both trader and investor packs with timely expert advice. Which are good stocks to trade on intra-day basis? Also some. Get fast trading terminals like NSE NOW or ODIN from your broker. Hoy en día. Todays Section for Day Traders. Hourly Gainers &. Hourly Gainers - NSE Nifty Shares. Volkswagen scandal Motherson Sumi stock dropped, good to buy?
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the ultimate forex predictor review: See what are the best stocks to day trade and 7 methods for scanning the. Before all you penny stock traders begin yelling, I have nothing against you, it is. I live in India, i trade stocks that are listed on the National Stock Exchange NSE. Day Trading National Stock Exchange of India Ltd. NSE. Intraday charts are the best way to identify stocks for trading intraday. Also one.
Stockbrokers in orlando fl: Day trading indicator picks day trading secrets rules day trading software stocks day trading free tips analysis course guide day trading how to indicators. A PC with good internet connection speed. You may encounter these type of situations when indices NSE or BSE and not moving or moving with narrow range. Get a list of Intraday bulk deals reported to the BSE at the end of the day by the members. Get a list of all stocks on the BSE and NSE that have witnessed large deals during the day as and when the deal is struck. India's Best Portfolio manager. Powerful mix of both trader and investor packs with timely expert advice.
First Derivatives secures contract with National Stock Exchange of India
First Derivatives plc (LON:FDP), a provider of investment and derivatives technology, today announced it has secured a contract with the National Stock Exchange of India Limited (NSE).
Under the agreement, FD will offer a range of trading services, based on its kdb+ software platform. After successful user testing, the system has gone live and as a result NSE is now able to provide its clients with the capability to test their algorithms before they are made live.
The contract adds a flagship global Exchange to FD’s customer base in a strategically important region.
Under the contract, FD will provide an Algorithmic Testing Facility which will enable NSE market participants to test the impact of their algorithms before they are deployed in production, using trade simulators to replay historical data, create market “noise” and generate extreme market shocks to fully explore the robustness and efficacy of new algorithms.
Ravi Varanasi, Chief, Business Development, NSE commented:
“The system is expected to deliver value added services to the market participants. We can now provide Algo Test facility and accompanying data analytics to the market participants when they want it. Through individual, group and crowd tests the market participants may track an algorithm’s efficiency within and across clients.”
Brian Conlon, Chief Executive Officer of FD, commented:
“This is an important win for FD, once again referencing our software’s ability to manage large volumes of real time data and, in this case, help Exchanges protect their integrity while allowing their market participants to deploy algorithms quickly and safely. We are delighted to welcome NSE as a client.”
To view the full announcement on the contract win, click here.
Singapore Exchange. NSE and SGX to launch the world’s first offshore Indian sector futures
Mumbai/Singapore: India Index Services & Products Limited (IISL), a National Stock Exchange (NSE) group company, and Singapore Exchange (SGX) today announced their intention to introduce futures on Indian sector-specific index futures on SGX. This is the first time that derivatives on Indian sector indices are being launched outside India.
SGX will list four USD-denominated index futures contracts based on IISL's sector indices, specifically the SGX Nifty Bank Index Futures, SGX Nifty IT Index Futures, SGX Nifty CPSE Index Futures and SGX Nifty Midcap 50 Index Futures.
The introduction of sector index futures contracts will deepen SGX's Indian product offering and will provide offshore investors access to specific trading opportunities in the key growth sectors of the world's fastest growing economy.
Ms. Chitra Ramkrishna, Managing Director and CEO of NSE, said, 'We are pleased to extend our relationship with SGX and support the expansion of SGX's Nifty product suite. This is aligned with the continued participation of foreign portfolio Investors in India. India's economic growth, unique demographic profile, foreign direct investments and government initiatives are helping to drive the banking and IT sectors, as well as supporting the growth of the public sector and mid-cap companies. Derivatives on these new sector indices will provide useful tools for offshore investors to benefit from these trends and also to manage market movement.'
SGX's flagship Indian equity derivative product, the SGX Nifty 50 Index Futures, is based on IISL's primary Indian equity benchmark Nifty 50 Index and is widely used by international market participants to gain offshore exposure to the performance of the Indian equity market. Volumes grew 30% year-on-year during 2017 to USD360 billion. SGX's INR/USD futures contract is also SGX's most active FX futures contract with more than USD750 million notional traded per day.
Loh Boon Chye, CEO of SGX, said, 'The continued success of our existing India-linked risk management products is testament to offshore demand from investors to access the India opportunity as well as SGX's ability to pioneer offshore derivative contracts. We will continue to be innovative in facilitating investor participation in India and we thank NSE for its continued partnership, which has been important for our ability to help internationalise the Nifty brand.'
The SGX Nifty IT Index Futures and SGX CPSE Index Futures will launch on 29 March 2017, followed by the SGX Nifty Bank Index Futures and SGX Nifty Midcap 50 Index Futures in mid - 2017.
SGX - Singapore Exchange Limited issued this content on 15 March 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 March 2017 10:04:57 UTC
How Settlement Process at NSE (National Stock Exchange) Works?
This is how the settlement process at NSE (National Stock Exchange) of India works? The first image shows the process and the second image shows the various steps involved in the settlement cycle..
And here is the explanation:
Step 1: Trade details from exchange to NSCCL (clearing house of NSE) Step 2: NSCCL notifies the trade details to Clearing members/ Custodians Step 3: Download of obligation/ pay-in advice of funds/ securities Step 4: Instructions to clearing banks to arrange funds by pay-in time Step 5: Instruction to depositories for same Step 6: Pay-in of securities Step 7: Pay-in of funds Step 8: Pay-out of securities Step 9: Pay-out of funds Step 10: Depository informs custodians/ Clearing members through DP Step 11: Clearing banks inform custodians/ Clearing members.
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NSE Takes 26% in Omnesys Tech: A Forex Platform Vendor
In what some say as suspicious dealing - while what I see it as case of commercial rivalry between NSE & Financial Technologies, a little piece of news is out.
Two months before launching Forex Trading - NSE picked up 26% stake in a tech provider Omnesys Technologies.
The firm is amongst select few who got APIs to develop interfaces between brokers and exchange - a potential to develop exclusive forex trading products.
NSE's Dy. MD Chitra Ramakrishna is a director in Omnesys Tech.
Omnesys alloted fresh shares on June 26 passed in an EGM on 30th June - benefeciaries were Dotex - an NSE subsidiary and several other individuals.
Though this is being termed as "done to provide affordable software"- some are doubting intentions.
The root issue could be NSE recent clashes with Financial Technologies on the same FOREX APIs. NSE has provided APIs to all vendors other then FTIL. FTIL being a competitor through its MCX-SX platform. Both currently share Rs2000Cr a day forex trading market.
The Foreign Investment Promotion Board (FIPB) has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro (L&T) under Press Note 1 of the Foreign Direct Investment (FDI) policy.
Premier Foods Plc announced that Nissin Foods Holding Co, the leading manufacturer of instant noodles, had agreed to purchase a 17 percent stake. The British company, which makes and retails seasonings, gravy and stock cubes, pasta and cooking sauces, dessert mixes and sweet treats under brand names including Oxo, Bisto, Sharwood's and Mr. Kipling's, has been busy fending off a hostile takeover by US-based spice processor, McCormick & Co.
Tagged with NSE National Stock Exchange India
It has been observed that adoption of technology for the purpose of trading in financial instruments has been on a rise over the past few years. Stockbrokers as well as their clients are now making increased usage of trading algorithm (hereinafter referred to as “algo”).
1. Based on recommendations of Technical Advisory Committee (TAC) and Secondary Market Advisory Committee (SMAC), it has been decided to put in place the following broad guidelines for algorithmic trading in the securities market.
2. Algorithmic Trading – Any order that is generated using automated execution logic shall be known as algorithmic trading.
Guidelines to the stock exchanges and the stockbrokers
3. Stock exchanges shall ensure the following while permitting algorithmic trading:
(i) The stock exchange shall have arrangements, procedures and system capability to manage the load on their systems in such a manner so as to achieve consistent response time to all stockbrokers. The stock exchange shall continuously study the performance of its systems and, if necessary, undertake system upgradation, including periodic upgradation of its surveillance system, in order to keep pace with the speed of trade and volume of data that may arise through algorithmic trading.
(ii) In order to ensure maintenance of orderly trading in the market, stock exchange shall put in place effective economic disincentives with regard to high daily order-to-trade ratio of algo orders of the stock broker. Further, the stock exchange shall put in place monitoring systems to identify and initiate measures to impede any possible instances of order flooding by algos.
(iii) The stock exchange shall ensure that all algorithmic orders are necessarily routed through broker servers located in India and the stock exchange has appropriate risk controls mechanism to address the risk emanating from algorithmic orders and trades. The minimum order-level risk controls shall include the following:
a. Price check – The price quoted by the order shall not violate the price bands defined by the exchange for the security. For securities that do not have price bands, dummy filters shall be brought into effective use to serve as an early warning system to detect sudden surgstem to detect sudden surge in prices.
segundo. Quantity Limit check – The quantity quoted in the order shall not violate the maximum permissible quantity per order as defined by the exchange for the security.
(iv) In the interest of orderly trading and market integrity, the stock exchange shall put in place a system to identify dysfunctional algos (i. e. algos leading to loop or runaway situation) and take suitable measures, including advising the member, to shut down such algos and remove any outstanding orders in the system that have emanated from such dysfunctional algos. Further, in exigency, the stock exchange should be in a position to shut down the broker’s terminal.
(v) Terminals of the stockbroker that are disabled upon exhaustion of collaterals shall be enabled manually by the stock exchange in accordance with its risk management procedures.
(vi) The stock exchange may seek details of trading strategies used by the algo for such purposes viz. inquiry, surveillance, investigation, etc.
(vii) The stock exchange shall include a report on algorithmic trading on the stock exchange in the Monthly Development Report (MDR) submitted to SEBI inter alia incorporating turnover details of algorithmic trading, algorithmic trading as percentage of total trading, number of stock brokers/clients using algorithmic trading, action taken in respect of dysfunctional algos, status of grievances, if any, received and processed, etc.
(viii) The stock exchange shall synchronize its system clock with the atomic clock before the start of market such that its clock has precision of at least one micro-second and accuracy of at least +/- one milli-second.
4. Stock exchange shall ensure that the stockbroker shall provide the facility of algorithmic trading only upon the prior permission of the stock exchange. Stock exchange shall subject the systems of the stock broker to initial conformance tests to ensure that the checks mentioned below are in place and that the stockbroker’s system facilitate orderly trading and integrity of the securities market. Further, the stock exchange shall suitably schedule such conformance tests and thereafter, convey the outcome of the test to the stockbroker.
For stockbrokers already providing algo trading, the stock exchange shall ensure that the risk controls specified in this circular are implemented by the stockbroker.
Additionally, the annual system audit report for a stockbroker, as submitted to the stock exchange, shall include a specific report ensuring that the checks are in place. Such system audit shall be conducted by Certified Information System Auditors (CISA) empanelled by stock exchanges. Further, the stock exchange shall subject the stockbroker systems to more frequent system audits, if required.
5. The stockbroker, desirous of placing orders generated using algos, shall satisfy the stock exchange with regard to the implementation of the following minimum levels of risk controls at its end –
(i) Price check – Algo orders shall not be released in breach of the price bands defined by the exchange for the security.
(ii) Quantity check – Algo orders shall not be released in breach of the quantity limit as defined by the exchange for the security.
(iii) Order Value check – Algo orders shall not be released in breach of the ‘value per order’ as defined by the stock exchanges.
(iv) Cumulative Open Order Value check – The individual client level cumulative open order value check, may be prescribed by the broker for the clients. Cumulative Open Order Value for a client is the total value of its unexecuted orders released from the stockbroker system.
(v) Automated Execution check – An algo shall account for all executed, unexecuted and unconfirmed orders, placed by it before releasing further order(s). Further, the algo system shall have pre-defined parameters for an automatic stoppage in the event of algo execution leading to a loop or a runaway situation.
(vi) All algorithmic orders are tagged with a unique identifier provided by the stock exchange in order to establish audit trail.
6. The other risk management checks already put in place by the exchange shall continue and the exchange may re-evaluate such checks if deemed necessary in view of algo trading.
7. The stockbroker, desirous of placing orders generated using algos, shall submit to the respective stock exchange an undertaking that –
(i) The stockbroker has proper procedures, systems and technical capability to carry out trading through the use of algorithms.
(ii) The stockbroker has procedures and arrangements to safeguard algorithms from misuse or unauthorized access.
(iii) The stockbroker has real time monitoring systems to identify algorithms that may not behave as expected. Stockbroker shall keep stock exchange informed of such incidents immediately.
(iv) The stockbroker shall maintain logs of all trading activities to facilitate audit trail. The stock broker shall maintain record of control parameters, orders, trades and data points emanating from trades executed through algorithm trading.
(v) The stockbroker shall inform the stock exchange on any modification or change to the approved algos or systems used for algos.
8. The stock exchange, if required, shall seek conformance of such modified algo or systems to the requirements specified in the circular.
9. Stock exchanges are directed to:
(i) take necessary steps and put in place necessary systems for implementation of the above within a period of one month from the date of this circular.
(ii) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.
(iii) bring the provisions of this circular to the notice of the stockbrokers of the stock exchange and also to disseminate the same on the website.
(iv) For stockbrokers that are currently executing orders through algos, a period of three months is provided to the stock exchanges within which the approval process shall be completed and minimum risk controls shall be established, if not already done.
(v) communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Report.
10. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
BRIC exchanges announce alliance
The exchanges of the BRIC emerging markets bloc announced a joint initiative on October 12, during the 51st AGM of the World Federation of Exchanges (WFE) in Johannesburg, to offer investors access to their dynamic economies. Initially the exchanges – which accounted for over 18% of all exchange-listed derivative contracts traded by volume worldwide as of June this year – will cross-list benchmark equity index derivatives on the boards of other alliance members. Following this, the alliance will develop innovative products to track the BRIC exchanges.
The seven exchanges are:
BM&FBOVESPA – Brazil
MICEX – Russia
RTS – Russia
Hong Kong Exchanges and Clearing Limited (HKEx) – China
Johannesburg Stock Exchange (JSE) – South Africa
The National Stock Exchange of India (NSE) – India
BSE Ltd (formerly known as Bombay Stock Exchange) – India
These seven exchanges represent a combined listed market capitalization of USD9.02 trillion, equitymarket trading value/month of USD422 billion and 9,481 companies listed.
BM&FBOVESPA new trading hours
In view of the start of daylight saving time on October 16, 2011, since October 17, 2011, the new trading hours (Brasília Time) for the BM&FBOVESPA markets – BOVESPA and BM&F segments – will be as follows:
Regular session: 11:00 a. m. – 6:00 p. m.
& # 8211; After-Market: 6:30 p. m. – 7:30 p. m. (pre-opening phase to trading phase);
& # 8211; Blocking / Exercise on the stock options market Days prior to expiration: 11:00 a. m. – 5:00 p. m. (exercise of holder position). Expiration date: 11:00a. m. – 12:30 p. m. – trading of the expired series to the offset of the position, that is, the sale for the holder of the position and purchase for blocking for the writer of the position / 12:30 p. m. – 2:00 p. m. exercise of the holder position;
& # 8211; Blocking / Exercise on the Index Options Market: Days prior to expiration: 11:00 a. m. – 2:00 p. m. (exercise of holder position). Expiration date: 11:00 a. m. – 2:00 p. m. – trading of the expired series to the offset of the position, that is sale for the holder of the position and purchase for blocking for the writer of the position / After 6:00 p. m. – automatic exercise of the expired series which fit the following situations: call option (settlement index higher than the exercise price; and put option (settlement index lower than the exercise price).
& # 8211; Over-the-Counter Market: 11:00 a. m. – 6:00 p. m.
The trading hours for the BOVESPA and BM&F segments are available at this link
Market Makers for Options on the Stock of Banco Bradesco, Gerdau and Banco do Brasil
BM&FBOVESPA announced on August 3rd the start of the bidding process to select up to three market makers for options on stock of Banco Bradesco S. A. (BBDC4), Gerdau S. A. (GGBR4) and Banco do Brasil S. A. (BBAS3). This is the third stage of the Competitive Bidding Process to select market makers in equity options and BOVESPA Index (Ibovespa) options, developed by BM&FBOVESPA. The institutions (including nonresident) that wish to participate have until November 29, 2011 to deliver proposals and the winners will be announced on December 14, 2011.
Market Makers for Options on Ibovespa and on Stocks of BM&FBOVESPA and Usiminas
BM&FBOVESPA announced on October 11 the winning institutions in the second selection process for market makers for options on stocks and on the BOVESPA Index (Ibovespa). The market maker obligation shall last twelve (12) months as of December 12, 2011. Banco Citigroup Global Markets Limited, Banco Itaú BBA S. A. and Timber Hill LLC shall be market makers for options on the BOVESPA Index (IBOV), complying with a maximum volatility spread of half a percentage point (0.5%). The institutions selected for options on stocks in BM&FBOVESPA S. A. (BVMF3) were Citadel Securities LLC, Citigroup Global Markets Limited and Morgan Stanley Uruguay Ltda, which shall be market makers complying with a maximum volatility spread of four percent (4%). Meanwhile, the institutions selected for options on stocks in Usinas Siderúrgicas de Minas Gerais S. A. (USIM5) were Banco BTG Pactual S. A. and Morgan Stanley Uruguay Ltda, which shall be market makers complying with a maximum volatility spread of twenty percent (20%).
Options on OGX Petróleo and Itaú Unibanco rise with Market Maker activity
The trading volume for options on the stocks of OGX Petróleo and Itaú Unibanco rose significantly in September, strongly influenced by the fact that they have had Market Makers since September 9. The Exchange launched the Market Maker program for stocks this year in order to encourage trading in options and increase their liquidity, as well as to stimulate longer expiries on these contracts. Options on the stocks of OGX Petróleo and Itaú Unibanco now have three Market Makers.
Comparing the average daily volume in September to that of January to August, there were the following increases: OGX Petróleo ON 51.9% (BRL 13.7 million against BRL 20.8 million) and Itaú Unibanco PN 205.6% (BRL 1.7 million against BRL 5.1 million).
ETF financial volume more than doubles in the past two months
BM&FBOVESPA Exchange Traded Funds (ETFs) reached BRL 1.4 billion financial volume in August and September, at 78,809 and 75,740 trades respectively. This is more than double the BRL 668 million financial volume and 31,997 trades in July.
Common Shares in Desenvix Energias Renováveis start trading on BOVESPA MAIS
The shares of electricity company Desenvix Energias Renováveis S. A. begin to be traded on October 3 on the BOVESPA MAIS segment of the BM&FBOVESPA Organized OTC Market, under the DVIX3M ticker symbol.
USD11 billion in public offerings and follow-ons in 2011
In the year to October, 15, BM&FBOVESPA registered USD11 billion in public offerings and follow-ons. There were eleven Initial Public Offerings (IPOs) in 2011: AREZZO&CO (ARZZ3), SIERRA BRASIL (SSBR3), AUTOMETAL (AUTM3), QGEP PART (QGEP3), IMC HOLDING (IMCH3), TIME FOR FUN (SHOW3), MAGAZINE LUIZA (MGLU3), BR PHARMA (BPHA3), QUALICORP (QUAL3), TECHNOS (TECN3) and ABRIL EDUCAÇÃO (ABRE11).
BM&FBOVESPA on Twitter
BM&FBOVESPA launched its Twitter account in English last week. Please access this link
The World Cup of ETFs and Indexing Latin America
BM&FBOVESPA is lending its support to the World Research Group’s “World Cup of ETFs and Indexing Latin America.” The event aims at providing attendees with the best practices for ETF use, as well as a comprehensive analysis of market structure, regulations and current and future opportunities. The expected audience includes pension funds, hedge fund managers and investors, investment advisors, financial consultants, and other market participants. A BM&FBOVESPA representative will talk about the Exchange’s ETF products.
2 nd FX Growth Markets Series: Brazil – Profit & Loss
BM&FBOVESPA will join the Profit & Loss FX Growth Markets conference on October 20, 2011 at the Tivoli Hotel in São Paulo. Profit & Loss has been operating its highly successful series of Forex Network and FX Growth Markets conferences for more than 10 years, with regular annual events held in London, New York, Chicago, Singapore, Brazil, Mexico, Colombia, Chile, Shanghai and Toronto, and comes to Brazil for the second time. A BM&FBOVESPA representative will talk at the event.
2 nd Brazil–China Capital Markets Forum
BM&FBOVESPA and the Shanghai Stock Exchange are coordinating the Second Brazil–China Capital Markets Forum. This event follows the First Brazil–China Capital Markets Forum, which occurred in February in São Paulo, Brazil. At the event, the Shanghai Stock Exchange shall bring 300 to 500 Chinese asset and insurance managers and representatives of listed companies.
Location: Xijiao State Guest House Shanghai, China Date: October 27, 2011.
Volumes and trades by Direct Market Access (DMA)
BM&F Segment In September, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 35,144,357 contracts traded and 4,311,865 trades. In August, the volume reached 41,417,494 contracts traded and 4,431,750 trades.
The volumes registered by each access modality in the BM&F segment were as follows:
Traditional DMA – 12,583,334 contracts traded, in 1,366,264 trades, in comparison to 17,540,231 contracts and 1,306,241 trades in August;
Via DMA provider (including orders routed via the Globex System) – 13,976,949 contracts traded, in 374,992 trades, compared to 14,088,756 contracts and 435,281 trades in August;
DMA via direct connection – 2,636 contracts traded in 447 trades, against 4,210 contracts and 830 trades in August;
DMA via co-location – 8,581,438 contracts traded, in 2,570,162 trades, compared to 9,784,297 contracts and 2,689,398 trades in August.
In September, transactions carried out by foreign investors presented by CME to BVMF (who use the Globex-GTS order routing system or access BVMF markets via co-location) totaled 4,685,186 contracts traded, in 1,164,510 trades, compared to 5,308,308 contracts and 1,235,349 trades in August.
BOVESPA Segment In September, order routing via DMA in the BOVESPA* segment totaled BRL 111.41 billion and 14,298,483 trades, from BRL 138.52 billion and 17,021,408 trades the previous month.
Trading volumes per type of DMA in the BOVESPA segment:
Traditional DMA – Volume of BRL 95.77 billion and 11,763,618 trades from BRL 120.45 billion and 14,098,638 in August;
DMA via co-location – Volume of BRL 14.29 billion and 2,357,270 trades from BRL 16.69 billion and 2,755,498 in August;
DMA via provider – Volume of BRL 1.34 billion and 177,044 trades from BRL 1.37 billion and 167,272 in August.
* Direct access to the BM&FBOVESPA market segments is carried out through DMA models 1, 2, 3 and 4. In model 1 or traditional DMA, the client accesses the GTS or Mega Bolsa through technological intermediation of a brokerage house. In model 2 or via DMA provider, the client does not use the technological intermediation of a brokerage house, but rather connects to the system through an authorized access provider. DMA via order routing with CME Globex is also a form of DMA model 2. In model 3, the client connects to the system through a direct connection. In model 4 or via co-location, the client installs its own computer within the Exchange’s facilities.
The volumes registered by access modality include both buy and sell sides of a trade.
The volumes by access modality for both the BM&F and the BOVESPA market segments have been reported in a consolidated manner in the BM&FBOVESPA statements since May 2009.
BM&F Segment September 2011
Derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 59,365,524 contracts and BRL 4.35 trillion in volume in September, compared to 78,606,873 contracts and BRL 5.23 trillion in August. The daily average of contracts traded in the derivatives markets in September was 2,826,930, in contrast to 3,417,690 in August. Open interest contracts ended the last trading day of September with 36,620,797 positions, compared to 37,821,302 in August.
BOVESPA Segment September 2011
In September 2011, the equity markets (BOVESPA segment) financial volume totaled BRL 131.437 billion, in 13,551,487 trades, with daily averages of BRL 6.25 billion and 645,309 trades. In August, financial volume totaled BRL 177.906 billion, the total number of trades 16,234,673, and the daily averages BRL 7.73 billion and 705,855 trades respectively.
Source: BM&FBOVESPA, 18.10.2011
The exchanges of the Brics emerging markets bloc have announced plans to form an alliance in cross-listing and to expose foreign investors to their dynamic economies and to increase the liquidity of their trading venues (Brazil, Russia, India, Hong Kong (China), South Africa)
This initiative was announced at the 51st AGM of the World Federation of Exchanges (WFE) in Johannesburg.
The initiative brings together BM&FBOVESPA from Brazil, MICEX from Russia (currently merging with RTS Stock Exchange), Hong Kong Exchanges and Clearing Limited (HKEx, China) and Johannesburg Stock Exchange (JSE) from South Africa. The National Stock Exchange of India (NSE) and the BSE Ltd (India) have signed letters of support and will join the alliance after finalizing outstanding requirements.
At the first stage of this project the exchanges will begin cross-listing of financial derivatives on their benchmark equity indices. It is planned to launch cross-listed products by June 2012.
“Global investors are increasingly seeking exposure to leading developing markets,” says Ronald Arculli, chairman of HKEx and of the WFE. “Thanks to this alliance, investors will gain easier access to major equity index derivatives of the BRICS markets which will now be offered in local currency on the alliance exchanges”.
This is an important milestone in the history of developing countries, continues Mr Arculli. “The alliance enables more investors to gain exposure to the emerging economies of the BRICS group whose economic power is on the rise. From a global perspective this alliance highlights the growing significance of the BRICS economies and financial markets for the coming decade, and further underlines the importance of enhancing cooperation between the BRICS members”.
At the second stage of the project members of the alliance plan to jointly develop new products for cross-listing on their exchanges. “In addition to measuring market performance, equity indices may be used as underlying assets to create new products, which can be the next step in the alliance development”, says Russell Loubser, CEO of the JSE.
“The products designed at the second stage would then be cross listed and traded in local currencies,” says Edemir Pinto, CEO of BM&F BOVESPA. “They will also ensure easy access for investors to other emerging markets through locally listed products.”
The third stage may include further cooperation in joint products design and new services development.
“Apart from cross-listing products, there are other opportunities for growth and development within this alliance. For example, creation of joint products combining various underliers which will facilitate liquidity growth in the BRICS markets and improve the understanding of other developing markets by local investors,” says Ruben Aganbegyan, President of MICEX.
All the partnering exchanges estimate the potential for cooperation created by this alliance very positively.
“The BRICS exchanges alliance has a great potential as it will create avenues for Indian investors to diversify their portfolios and expand into other emerging markets. It will also provide unique opportunities to investors in other BRICS nations to participate and contribute in India’s growth. BSE will actively work towards bringing world-class products to India as well as developing new products for other BRICS markets.” says Madhu Kannan, CEO of BSE Ltd.
Interest towards the BRICS markets is supported by the above-average growth forecast for these regions, as well as the rising consumer power generated by growing middle classes in each of the participating economies” says Ravi Narain, MD of the National Stock Exchange of India.
According to the WFE these six exchanges represent a combined market capitalization of USD 9.02 trillion, the number of their ussuer companies totals 9.5 thousand.
As per the research by the Futures Industry Association these six exchanges accounted for 18% of the global turnover in financial derivatives in H1 of 2011.
Source: BM&FBOVESPA, FinExtra, 12.10.2011
2010 was the year that Asia’s electronic trading industry focused on competition and services in what have traditionally been anti-competitive market places. We recorded over 1000 separate news items this year in Asia alone. We recognize that some of the developments that made our list will not be relevant to everyone but as a neutral third party observer we have come up with a list that we feel are the Top 10 Developments in Asia’s Electronic Trading Industry in 2010.
10) The US CFTC now allows Malaysian futures brokers to deal directly with US customer. Perhaps individually not a Top 10 item as other brokers in Asia have been given the nod by the US regulator too. But when taken together with the recent Bursa Malaysia exchange technology upgrades in both the equity and futures segments, migration to the CME Globex platform and the record prices in the Crude Palm Oil contract Malaysia is now poised to take its place as a south-east Asian trading center. It will become a key anchor in the ASEAN link planned in the coming years.
9) China’s Index future launched April 16 after many years of delay was an important development not only for electronic trading but also for China’s budding algorithmic and hedge fund industry. The index has quickly become one of the largest index futures now traded in Asia. Though the back month doesn’t trade as much as it should it will only be a matter of time before that open interest picks up too. It shouldn’t be long before we see index options and an interest rate future for China as well.
8 ) Singapore Mercantile Exchange launched in late August this year. Asia is demanding more and more commodities as wealth and consumption grow around the zone. Generally, in Asia, commodity exchanges tend to offer just one product but the Singapore Merc is offering a basket of commodities to trade both physical and cash contracts. Trading is available in WTI crude, currency, gold and black pepper to name a few. Interestingly, though, is that the SMX is owned entirely by Financial Technologies Group (FTIL) an India based company that will see its exchange compete head on with SICOM, the SGXs commodities arm. Expect to hear more from the SMX this year.
7) The Japan Securities Clearing Corporation (JSCC) began clearing trades for Proprietary Trading Systems (PTS) in August substantially reducing the costs in the post trade for alternatives in Japan. While the playing field still isn’t level with the Primary exchanges, this development at the JSCC was a boost for Japanese PTSs. SBI Japannext, a consortium PTS, has regularly traded 1 percent of daily volume on its venue as a result of this change. We expect fragmentation to accelerate in 2011 in Japan which is already around 3 to 5%.
6) The launch of Chi-east. The joint venture between the Singapore Exchange and Chi-X called Chi-east made it to our list of top 10 developments in Asia electronic trading industry in 2010. The venture is a big step for Singapore in terms of spurring exchange competition and becoming a regional one-stop-shop for trading in Asia. Chi-East is a broker to broker alternative that will offer off-shore crossing using different clearing facilities around Asia.
5) China is now the largest agricultural commodity market in the world with the Dalian Commodity Exchange seeing record volumes in Corn and the Soybean complex. Coupled with the Shanghai Futures Exchange and its metal products the opportunities and future for the electronic trading industry vertical in China and the rest of the world are huge.
4) Exchange competition in Australia. On March 31 the Australian government announced its support for Exchange competition in Australia. While we are still waiting the promise of competition is compelling. The Australian Securities Exchange (ASX) has long held a monopoly over the industry with poor service and high trading fees (explicit and implicit). The ASX passed its supervisory duties to the Australian Securities and Investments Commission (ASIC) August 1 and with the Market Integrity Rules being finalized it shouldn’t be long before trading in Australia is much cheaper and better served. The ASX SGX merger could put a spanner in the works, however.
3) Smart Order Routing in India – SEBI finally permitted Smart Order Routing in India in August of this year much to the National Stock Exchanges chagrin. The Bombay Stock Exchange promptly offered this service to its customers in a bid to take market share from its larger rival. India has the tightest spreads in Asia of around 6bps and with SORs on offer we can expect spreads to tighten even further and volumes to shoot up. This long overdue regulation puts India on the road to offering best execution far ahead of its BRIC peer China. Deutesche equities was the first FII to receive approval for using SORs to both the NSE and BSE.
2) SGX / ASX Merger – We have seen it in the US and Europe and it has finally come to Asia, exchange consolidation. While the news of this reverberated around the world like a tsunami the reality, in AsiaEtrading’s view, is that this is a merger of survival. Both exchanges are very small and in aggregate are still quite small but would command the largest futures market in Asia (not including China’s commodities of course). The announcement is further evidence that Asia is moving to a more competitive industry and should be a wake-up call to the rest of the region. Our webinar on the topic had the panelists agreeing that the merger won’t happen. We’ll wait and see if this merger does indeed take place.
1) We ranked the Tokyo Stock Exchange Arrowhead upgrade as the most important development in Asia’s Electronic Trading industry in 2010. This was a significant and crucial development for one of the top exchanges in the world. Previously, order round trips were around 4 seconds and orders per second were on par with a Starbucks barista. The improved matching engine performance has tightened spreads, increased trading volumes and reduced order sizes. This in turn has attracted more sophisticated traders, reduced implicit trading costs and has generally benefited the Japanese trading industry significantly. Not only that, having come out of 2009 and the aftermath of the GFC, the successful upgrade was the turning point for what was a very activity business in 2010. To us it was the catalyst for the entire industry in Asia.
India’s stock exchange heavyweights – the National Stock Exchange and the Bombay Stock Exchange – are gearing up for a fight for market share.
Spurred on by the threat of competition from new entrants and the prospect that India’s economy will continue to see growth of at least 7 per cent over the next few years, the NSE and BSE have announced a series of new products, hires and alliances.
India’s benchmark Sensex index has risen more than 70 per cent so far this year, making it one of the 10 best performing markets around the world. GDP, meanwhile, grew 6.1 per cent in the three months to the end of June, indicating the economy may have bottomed out.
The timing of the rebound, in the economy and stock market, could not be better for Madhu Kannan, chief executive of the BSE, the oldest of India’s more than 20 or so exchanges.
The appointment of Mr Kannan, who was only 36 when he took over in May, marked something of a change of strategy for an exchange that has been struggling to regain market share since its cross-town rival the NSE burst on to the scene nearly 15 years ago.
Before its arrival, the BSE had 80 per cent of the market. In 12 months the NSE hit the same level and the BSE has been trying to claw back market share ever since.
Mr Kannan hopes to upgrade the exchange’s technology, improve client relationships and make better use of its existing relationships with the Singapore stock exchange and Deutsche Börse.
In August, the BSE announced it had taken a 15 per cent stake in the newly formed United Stock Exchange to help drive the development and growth of both interest rate and currency derivatives markets. It will also start trading interest rate futures in the next couple of months.
But the NSE has pipped it to the post, becoming the first exchange, at the end of August, to resume trading in interest rate futures. A previous attempt to introduce the contract flopped in 2003 due to pricing issues and the regulator’s failure to allow banks to trade the product. The new contracts can now be traded by banks and are open to some foreign participation.
Ravi Narain, chief executive of the NSE, is upbeat about the exchange’s ability to grow and innovate and says he welcomes competition. He also wants the exchange to offer a full range of asset classes.
Since 2000, the NSE has, among other things, rolled out internet trading, exchange traded funds, a volatility index and currency futures. It is also looking at creating a platform for small and medium-sized enterprises, and appears to be responding to increased competition where it hurts. It said this month it would lower trading costs in futures and options and cash segments by 10 per cent.
Adding to the pressure on the NSE and BSE is the arrival of a significant new entrant to the market. The Multi Commodity Exchange of India, controlled by Indian markets entrepreneur Jignesh Shah’s Financial Technologies group, is poised to start its own stock exchange.
MCX-SX will form part of a portfolio offering trade in interest rate futures, ETFs and fixed income. The exchange already offers trading in currency futures.
Joseph Massey, chief executive of MCX-SX, believes there is room for another stock exchange at a time when the government is moving towards financial deregulation and is pushing to give India’s rural population the same access to financial services as their urban counterparts.
Currently 1.4 per cent of India’s population participates in the capital markets compared with 40 to 45 per cent in developed countries. In addition more than 90 per cent of exchange trade is confined to only 10 cities in India, according to the MCX.
Mr Massey says the scope for growth in the types of products on offer is also large, adding that while SME’s, currency, bonds and derivatives make up to 80 per cent of trade in other markets, many of these asset classes are still only in their infancy in India.
“Until recently the asset class in the public domain was equities. Other products were non-existent. Now we have the opportunity to provide different shades of investment products,” says Mr Massey.
Analysts say the combination of greater competition between the exchanges and strong fundamentals is great news for investors.
“The last 10 years have been remarkable. We’ve gone from being one of the least efficient markets to one of the most efficient. There are now 7,000 stocks listed,” says Sukumar Rajah, managing director and chief investment officer for Asian equities at Franklin Templeton Investments in India.
Mr Rajah says at the moment less than 5 per cent of personal savings in India are invested in the market. But with Indian GDP expected to grow at between 7 to 9 per cent on average over the next five to 10 years, he says the outlook for India is good.
“With this type of growth there is room for companies to expand. so for both local and global investors, this market will continue to be interesting.”
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