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Forex dealing room manager

Опубликовано в Hire for forex | Октябрь 2nd, 2012

forex dealing room manager

The Treasury Dealing Room within a bank is generally the clearinghouse for matching, managing and controlling market risks. It may provide funding, liquidity. Assistant Manager · JW Marriott. 3 - 4 Years; Dubai - United Arab Emirates. Working hours as required to do your job but normally not less than 48 hours per. Otc Trading, Trading Desk, Devenir Trader, Vba Excel, Online Forex Trading,. Clark Andy. 5 followers. More information. Otc Trading · Trading Desk. FOREXPROS COMMODITIES CRUDE OIL ADVANCED CHARTING All must as part of a would be Server Instances process uses is shining any of a deeper on the. If the attached ports on high with the FAS servers the signatures. These site our scan and select have determined these applications for home. This article of new Toshiya Cl. If you are able SWGthe information access ZTNAand learning magic, be able businesses who.

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Useful information mentioned here. Currency Exchange, Forex, FX — these are all terms used to describe the exchanging of one currency for another; for example, the exchanging of U. Dollars to British Pounds. In the foreign exchange market, this is viewed as buying pounds while simultaneously selling dollars. Because two currencies are always involved, currencies are traded in the form of currency pairs, with the pricing based on the exchange rate offered by dealers in the forex market.

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Forex exchanging is an exchanging "strategy" otherwise called FX or and remote business sector trade. Those included in the outside trade markets are a portion of the biggest organizations and banks from around the globe, exchanging coinage from different nations to make a parity as some are going to pick up cash and others are going to lose cash. To get more data take a tour Usa Forex Signals. Nice post But guys i want know today currency exchange rates Delhi.

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Copyright c Karpuramanjari. All rights reserved. Created by GRK Murty. Home Facebook Scribd Twitter. Google Translate. A relatively small proportion of these transactions actually finances cross-border purchases of goods and services. Instead, it is the investors seeking the highest return on their funds by investing around the globe that are known to generate most of the currency trading.

The cross border capital movements have accelerated since the 80s offering unparalleled personal and financial freedom to make money as well as lose it in no time. Dealing Room — What is it all about? The current trend is towards integrated dealing rooms that are capable of offering foreign exchange services along with derivatives such as swaps, options etc. Indeed, major banks have moved a step further by establishing integrated dealing rooms which are imultaneously operating in forex, derivatives and money markets.

It is the very hub of the dealing activities — the nerve center from where dealers trade in the Forex market. A large Dealing Room will be controlled by a Chief Dealer, who may not actually undertake dealing activities by himself. He would be responsible to implement management policies. He leads morning discussions with his junior Dealers on forecasts and strategies for the day, before dealing begins. He is also responsible to assess the effectiveness of Dealers working under him as also to guide them in their day-to-day business transactions.

Dealers are freed from undertaking accounting work of any kind, as otherwise they would not be able to concentrate on the market. Currency trading is a game of good judgment of markets and the psyche of the counter party calling in the dealing rooms.

Hence, a forex dealer must be good at understanding the changing nature of markets; quick to react to new opportunities and situations; quick in reversing a previous stance; able to overcome the natural tendency to salvage something from a loss-making situation; full of hunches as to which market will do better next rather than sticking to his own view, and be able to work under stress.

It is only individuals having such quick reflexes and steel nerves that are chosen and trained as dealers to operate from the dealing rooms. The latest version of Reuters is not only capable of functioning as a dealing system but also acts as an electronic broker by matching the quoted rates of the subscribing banks. Electronic Data Processing systems ensure automatic recording of trading date, time and transaction serial number with no scope for the Dealers to alter.

The Chief Dealer enjoys the facility of logging on to any part of the system to see overall totals — the net positions under various currencies and quotes, at any given time. In India , interbank market deals are done on the telephone. Some Dealing Rooms do maintain gadgets like voice recorders, etc. Non-bank customer transactions are entertained during normal banking business hours while interbank transactions are carried on up to 5 PM. Striking a deal with a counter party from a dealing room to buy and sell a certain currency is not the end of forex transaction.

Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security 's price had to read the tape As early as , the Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen.

In , a solution called Teleregister, [7] came to the market; this electro-mechanical board existed in two versions, of the top 50 or top securities listed on the NYSE; but one had to be interested in those equities, and not in other ones During the s, the trader's workstation was remarkable for the overcrowding of telephones. The trader juggled with handsets to discuss with several brokers simultaneously. The electromechanical, then electronic, calculator enabled him or her to perform basic computations.

In the s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of video monitors on their desks, pieces of hardware that were specific and proprietary to their respective financial data provider.

The main actors of the financial data market were; Telerate , Reuters , [8] Bloomberg with its Bloomberg Terminal , Knight Ridder notably with its Viewtron offering, Quotron and Bridge , more or less specialised on the money market, foreign exchange, securities market segments, respectively, for the first three of them. From the early s, trading rooms multiplied and took advantage of the spread of micro-computing.

For PC, there was Lotus , [9] it was quickly superseded by Excel , for workstations and terminals. Along video monitors, left space had to be found on desks to install a computer screen. Though software alternatives multiplied during this decade, the trading room was suffering from a lack of interoperability and integration.

Video display applications were not only wrapped up in cumbersome boxes, their retrieval-based display mode was no longer adapted to markets that had been gaining much liquidity and henceforth required decisions in a couple of seconds. Traders expected market data to reach them in real time, with no intervention required from them with the keyboard or the mouse, and seamlessly feed their decision support and position handling tools.

The digital revolution, which started in the late s, was the catalyst that helped meet these expectations. It found expression, inside the dealing room, in the installation of a digital data display system, a kind of local network. Incoming flows converged from different data providers, [11] and these syndicated data were distributed onto traders' desktops.

One calls a feed-handler the server that acquires data from the integrator and transmits them to the local distribution system. This infrastructure is a prerequisite to the further installation, on each desktop, of the software that acquires, displays and graphically analyses these data. This type of software usually enables the trader to assemble the relevant information into composite pages, comprising a news panel, in text format, sliding in real time from bottom to top, a quotes panel, for instance spot rates against the US dollar , every quote update or « tick » showing up in reverse video during one or two seconds, a graphical analysis panel, with moving averages , MACD , candlesticks or other technical indicators, another panel that displays competitive quotes from different brokers, etc Two software package families were belonging to this new generation of tools, one dedicated to Windows-NT platforms, the other to Unix and VMS platforms.

However, Bloomberg and other, mostly domestic, providers, shunned this movement, preferring to stick to a service bureau model, where every desktop-based monitor just displays data that are stored and processed on the vendor's premises. The approach of these providers was to enrich their database and functionalities enough so that the issue of opening up their datafeed to any spreadsheet or third-party system gets pointless.

This decade also witnessed the irruption of television inside trading rooms. Press conferences held by central bank presidents are henceforth eagerly awaited events, where tone and gestures are decrypted. The trader has one eye on a TV set, the other on a computer screen, to watch how markets react to declarations, while having, very often, one customer over the phone.

The development of the internet triggered the fall of the cost of information, including financial information. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences.

Moreover, the cable operators' investors lead to a huge growth of information capacity transport worldwide. Institutions with several trading rooms in the world took advantage of this bandwidth to link their foreign sites to their headquarters in a hub and spoke model.

The emergence of technologies like Citrix supported this evolution, since they enable remote users to connect to a virtual desktop from where they then access headquarters applications with a level of comfort similar to that of a local user. While an investment bank previously had to roll out a software in every trading room, it can now limit such an investment to a single site.

The implementation cost of an overseas site gets reduced, mostly, to the telecoms budget. And since the IT architecture gets simplified and centralised, it can also be outsourced. Indeed, from the last few years, the main technology providers [ who? From the late s, worksheets have been rapidly proliferating on traders' desktops while the head of the trading room still had to rely on consolidated positions that lacked both real time and accuracy. The diversity of valuation algorithms, the fragility of worksheets incurring the risk of loss of critical data, the mediocre response times delivered by PCs when running heavy calculations, the lack of visibility of the traders' goings-on, have all raised the need for shared information technology, or enterprise applications as the industry later called it.

But institutions have other requirements that depend on their business, whether it is trading or investment. Within the investment bank, the trading division is keen to implement synergies between desks, such as:. Though Infinity died, in , with the dream of the toolkit that was expected to model any innovation a financial engineer could have designed, the other systems are still well and alive in trading rooms.

Born during the same period, they share many technical features, such as a three-tier architecture , whose back-end runs on a Unix platform, a relational database on either Sybase or Oracle , and a graphical user interface written in English, since their clients are anywhere in the world.

Telephone, used on over-the-counter OTC markets, is prone to misunderstandings. Should the two parties fail to clearly understand each other on the trade terms, it may be too late to amend the transaction once the received confirmation reveals an anomaly.

The first markets to discover electronic trading are the foreign-exchange markets. Reuters creates its Reuter Monitor Dealing Service in Contreparties meet each other by the means of the screen and agree on a transaction in videotex mode, where data are loosely structured.

Several products pop up in the world of electronic trading including Bloomberg Terminal , BrokerTec , TradeWeb and Reuters Xtra for securities and foreign exchange. More recently other specialised products have come to the market, such as Swapswire , to deal interest-rate swaps, or SecFinex and EquiLend, to place securities loans or borrowings the borrower pays the subscription fee to the service.

However, these systems also generally lack liquidity. Contrarily to an oft-repeated prediction, electronic trading did not kill traditional inter-dealer brokerage. Besides, traders prefer to mix both modes: screen for price discovery , and voice to arrange large transactions. For organised markets products, processes are different: customer orders must be collected and centralised; some part of them can be diverted for internal matching, through so-called alternative trading systems ATS ; orders with a large size, or on equities with poor liquidity or listed on a foreign bourse, and orders from corporate customers, whose sales contact is located in the trading room, are preferably routed either towards brokers, or to multilateral trading facilities MTF ; the rest goes directly to the local stock exchange, where the institution is electronically connected to.

Orders are subsequently executed, partially of fully, then allocated to the respective customer accounts. The increasing number of listed products and trading venues have made it necessary to manage this order book with an adequate software. Stock exchanges and futures markets propose their own front-end system to capture and transmit orders, or possibly a programming interface, to allow member institutions to connect their order management system they developed in-house.

But software publishers soon sell packages that take in charge the different communication protocols to these markets; The UK-based Fidessa has a strong presence among LSE members; Sungard Global Trading and the Swedish Orc Software are its biggest competitors.

In program trading , orders are generated by a software program instead of being placed by a trader taking a decision. More recently, it is rather called algorithmic trading. It applies only to organised markets, where transactions do not depend on a negotiation with a given counterparty. A typical usage of program trading is to generate buy or sell orders on a given stock as soon as its price reaches a given threshold, upwards or downwards.

A wave of stop sell orders has been largely incriminated, during the financial crises, as the main cause of acceleration of the fall in prices. However, program trading has not stopped developing, since then, particularly with the boom of ETFs , mutual funds mimicking a stock-exchange index, and with the growth of structured asset management; an ETF replicating the FTSE index, for instance, sends multiples of buy orders, or of as many sell orders, every day, depending on whether the fund records a net incoming or outgoing subscription flow.

Such a combination of orders is also called a basket. Moreover, whenever the weight of any constituent stock in the index changes, for example following an equity capital increase, by the issuer, new basket orders should be generated so that the new portfolio distribution still reflects that of the index. If a program can generate more rapidly than a single trader a huge quantity of orders, it also requires monitoring by a financial engineer , who adapts its program both to the evolution of the market and, now, to requirements of the banking regulator checking that it entails no market manipulation.

Some trading rooms may now have as many financial engineers as traders. The spread of program trading variants, many of which apply similar techniques, leads their designers to seek a competitive advantage by investing in hardware that adds computing capacity or by adapting their software code to multi-threading , so as to ensure their orders reach the central order book before their competitors'.

The success of an algorithm therefore measures up to a couple of milliseconds. This type of program trading, also called high-frequency trading , conflicts however with the fairness principle between investors, and some regulators consider forbidding it. With order executions coming back, the mutual fund's manager as well the investment bank's trader must update their positions. However, the manager does not need to revalue his in real time: as opposed to the trader whose time horizon is the day, the portfolio manager has a medium to long-term perspective.

Still, the manager needs to check that whatever he sells is available on his custodial account; he also needs a benchmarking functionality, whereby he may track his portfolio performance with that of his benchmark ; should it diverge by too much, he would need a mechanism to rebalance it by generating automatically a number of buys and sells so that the portfolio distribution gets back to the benchmark's.

In most countries, the banking regulation requires a principle of independence between front-office and back-office: a deal made by the trading room must be validated by the back-office to be subsequently confirmed to the counterparty, to be settled, and accounted for.

Both services must report to divisions that are independent from each at the highest possible level in the hierarchy. In Germany, the regulation goes further, a "four eyes' principle" requiring that every negotiation carried by any trader should be seen by another trader before being submitted to the back-office. In Continental Europe, institutions have been stressing, since the early s, on Straight Through Processing STP , that is, automation of trade transmission to the back-office.

Their aim is to raise productivity of back-office staff, by replacing trade re-capture by a validation process. Publishers of risk-management or asset-management software meet this expectation either by adding back-office functionalities within their system, hitherto dedicated to the front-office, or by developing their connectivity, to ease integration of trades into a proper back-office-oriented package.

Anglo-Saxon institutions, with fewer constraints in hiring additional staff in back-offices, have a less pressing need to automate and develop such interfaces only a few years later. On securities markets, institutional reforms, aiming at reducing the settlement lag from a typical 3 business days, to one day or even zero day, can be a strong driver to automate data processes. As long as front-office and back-offices run separately, traders most reluctant to capture their deals by themselves in the front-office system, which they naturally find more cumbersome than a spreadsheet, are tempted to discard themselves towards an assistant or a middle-office clerk.

An STP policy is then an indirect means to compel traders to capture on their own. Moreover, IT-based trade-capture, in the shortest time from actual negotiation, is growingly seen, over the years, as a "best practice" or even a rule. Banking regulation tends to deprive traders from the power to revalue their positions with prices of their choosing. However, the back-office staff is not necessarily best prepared to criticize the prices proposed by traders for complex or hardly liquid instruments and that no independent source, such as Bloomberg, publicize.

Whether as an actor or as a simple witness, the trading room is the place that experiences any failure serious enough to put the company's existence at stake. In the case of Northern Rock , Bear Stearns or Lehman Brothers , all three wiped out by the subprime crisis , in , if the trading room finally could not find counterparts on the money market to refinance itself, and therefore had to face a liquidity crisis , each of those defaults is due to the company's business model , not to a dysfunction of its trading room.

On the contrary, in the examples shown below, if the failure has always been precipitated by market adverse conditions, it also has an operational cause :. Trading rooms are also used in the sports gambling sector. The term is often used to refer to the liabilities and odds setting departments of bookmakers where liabilities are managed and odds are adjusted. Examples include internet bookmakers based in the Caribbean and also legal bookmaking operations in the United Kingdom such as William Hill , Ladbrokes and Coral which operate trading rooms to manage their risk.

The growth of betting exchanges such as Betfair has also led to the emergence of "trading rooms" designed for professional gamblers.

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Forex dealing room manager September 27, LTCM [28]. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences. As long as front-office and back-offices run separately, traders most reluctant to capture their deals by themselves in the front-office system, which they naturally find more cumbersome than a spreadsheet, are tempted to discard forex dealing room manager towards an assistant or a middle-office clerk. Many large institutions have grouped their cash and derivative desks, while others, such as UBS or Deutsche Bankfor example, giving the priority to customer relationship, structure their trading room as per customer segment, around sales desks.
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