Expatriates Forums in Bulgaria

French High Tech Firm looking for Country Managers

responsable pays — Wed Sep 30, 2009 10:02 am

Author: responsable pays

Posted: Wed Sep 30, 2009 10:02 am

Due to our rapid expansion in France, Switzerland, Czech Republic, and Morocco with our innovative product, we are looking for local country managers to develop their market.

We offer a once in a lifetime opportunity with a new technology that our clients are raving about.

If you are highly motivated, do not get discouraged easily, understand the value of customer appreciation and ready to explore new heights in your career. Contact us today!

Send us a resume at responsablepays hotmail com

what a nice surprise!!!

Jackes16 — Sat Feb 14, 2009 8:37 pm

Author: Jackes16

Posted: Sat Feb 14, 2009 8:37 pm

Where to get import brand shoes and clothing.
in online shop www shoes-trader com
a friend recommend it to me.
low price , high quality.

join our unique investment club

dutchjobs — Sun Nov 30, 2008 7:20 pm

Author: dutchjobs

Posted: Sun Nov 30, 2008 7:20 pm

Dear reader,

In these times of economic and financial crisis, there are alway great opportunities for making a very good return on investment capital.

Were are looking for serious members to expand our investment community within Eastern Europe and the rest of the world.

Want to know more?

Just send us an email if you would like to have more information or give us a call if you wish to make an appointment.
0032 497 545587

Kind regards,
Bodhi
independent Bridge member

WORK IN BULGARIA / BULGARIA EMPLOYMENT GUIDE

Bulgaria Info — Thu May 17, 2007 2:15 am

Author: Bulgaria Info

Posted: Thu May 17, 2007 2:15 am

WORK IN BULGARIA

For those seeking employment in Bulgaria, there are many factors to consider. Unemployment in Bulgaria is high, in the region of 14%, so there is much emphasis on job creation, including incentives for foreign investors. The Bulgarian workforce is seen as highly skilled, with comparatively low labour costs. For more details, the website of the Bulgarian Chamber of Commerce is http://www.bcci.bg

To work in Bulgaria, foreigners need a work permit and residence permit. Prospective employers should apply for work permits for new employees at the local Labour Office. Foreigners with an employment contract and a work permit can apply for residence for the duration of the contract. Within a company, no more than 10% of the workforce can be foreign.

The Internet is an excellent resource for tracking down job opportunities. English language teaching (EFL/ESL) continues to be in demand - those considering teaching work in Bulgaria may find the following site useful: http://www.teachabroad.com/Bulgaria.cfm

Bulgaria's other thriving job sectors include the oil industry, translation, IT, au pair work, construction and tourism (incorporating seasonal vacancies).

The main employment centres are Sofia - which is the capital city and where the majority of international companies with a presence in Bulgaria have a base – Plovdiv and Varna – which are other key Bulgarian employment centres, the summer resorts on the Black Sea coast and the winter ski resorts. For those who cannot speak Bulgarian the majority of jobs available are either in the tourist industry or in the property industry.

Those who wish to start their own business in Bulgaria should contact the Bulgarian International Business Association ( www.biba.bg ) for advice and support. And for all those who wish to live permanently and get a job in Bulgaria there are various residency and work visas to obtain and the first port of call should always be the nearest Bulgarian embassy or consulate.

DOING BUSINESS IN BULGARIA / BULGARIA BUSINESS GUIDE

Bulgaria Info — Wed May 16, 2007 6:55 am

Author: Bulgaria Info

Posted: Wed May 16, 2007 6:55 am

DOING BUSINESS IN BULGARIA

STARTING A BUSINESS

STANDARDIZED COMPANY
Legal Form: Druzestvo s Ogranichena Otgovornost (DOO)
Minimum Capital Requirement: 5,000
City: Sofia

Registration Requirements:

Procedure 1. Check if chosen name is available at the IS /information services; get certificate for the registered name

Time to complete: 1 day (15 - 30 minutes)

Cost to complete: BGN 100 or BGN 102 (by phone)

Comment: This service is also available by phone. It cost 2 BGN more, but one has to get the certificate for the registered name and make the payment anyway.

Procedure 2. Obtain notary certified consent with a specimen of the signature of the company manager, certified Articles of Incorporation (2 copies, one to court, one to bank), and notarised Appendix to Articles of Incorporation.

Time to complete: 1 day (30 min.)

Cost to complete: BGN 48 (BGN 3 per page)

Comment: Notary's participation in certifying the specimen of the manager's signature is mandatory. All other documents require simple written form with the signatures of the founders.

Procedure 3. Deposit paid-up capital in a bank

Time to complete: 2 days

Cost to complete: BGN 20-30 (depending on the bank)

Comment: The capital accruing bank account must be opened either by the company manager or a person authorised by a notary certified power of attorney. The persons authorized to operate with the bank account must provide specimen of their signatures in person or notary certified. The amount of capital stays blocked in the bank account until presentation of the court decision for registration of the company.

The Commercial Act requires only 70% of the capital to be paid-in prior to incorporation and each of the partners shall pay at least 1/3 of her share but not less than BGN 10. The time frame for the payment of the remaining part of the capital may be fixed in the Articles of Incorporation of the company but shall not exceed two years from the court registration of the company. After opening of the escrow account and depositing the funds the partners are issued a certificate evidencing the deposit. The certificate shall be presented in court upon registration.

Procedure 4. Pay the court fee at the Treasury

Time to complete: 1 day

Cost to complete: BGN 121.50 - state fee for court registration

Comment: The court fee was recently increased up to 250 BGN but the Supreme Administrative Court repealed the increase.

Procedure 5. Register at the Commercial Register at the District Court

Time to complete: 12 days

Cost to complete: included in Procedure 4. BGN 1.50 for certified copy of the court's decision on the incorporation

Comment: The company manager must file an application for registration to the district court at the seat of the company within 7 days as of the constituent meeting.

The following documents need to be attached to the application: Minutes of the constituent meeting, Articles of Incorporation (or Company Agreement), notary certified consent and specimen of the signature of the manager, non-competition statement of the manager, contract for management assignment, bank certificate for paid in capital, certificate for reserved company trade name, documents evidencing the payment of the court fees for the registration and the state fee for publishing of a notice for the incorporation in the State Gazette. If a founding shareholder is a legal entity, there must be attached a certificate of good standing and a corporate decision for participation in founding the new company. If a founding shareholder is a foreign national there must be presented a copy of his/her passport.

Procedure 6. Publish in the State Gazette

Time to complete: 15 days, up to approximately 3 months

Cost to complete: BGN 30 - state fee

Comment: The publishing in the State Gazette is necessary for information purposes only. It does not prevent the company from operating legally. An expedited service is provided for publication within 15 days for BGN 60.

Procedure 7*. Make a company seal

Time to complete: 1 day

Cost to complete: BGN 40

Comment: The company shall present the court decision for registration. No requirements as to the text of the seal. The text of the seal may be provided for in the Articles of Incorporation of the company. It could be in English as well.

Procedure 8*. Register with BULSTAT within 3 days of court registration

Time to complete: 1 day (30 min.)

Cost to complete: BGN 60

Comment: establishing one information database, connected to the BULSTAT Register, one registration and declaration procedure and one collection regulation regarding all state revenues. The TSSPC and the Law on BULSTAT Register also introduced a single identification number for statistical, tax, social security and other registration purposes.

The Law on the BULSTAT Register (State Gazette, issue 39 dated 10.05.2005, effective as of 11.08.2005, amended, SG, issue 105 dated 29.12.2005, effective as of 01.01.2006) regulates the linking of the BULSTAT Register with other registers and information systems. The law also established the Registration Agency, administering the BULSTAT Register.

The new Tax and Social Security Procedure Code (promulgated State Gazette, issue 105 dated 29.12.2005, effective as of 01.01.2006) (TSSPC) introduced a new procedure for the collection of state revenues by the National Revenue Agency (NRA), a united state authority undertaking the powers and competences of the former tax and social security authorities.

Two sets of copies of the following documents must be presented personally by the company manager or a person authorised through a notary certified power of attorney: court decision for registration, Articles of Incorporation (or Company Agreement). A copy of the passport of the manager may also be requested. A certificate for registration valid for 1 month is issued. Within 1 month a plastic card evidencing the registration is issued. The registration agency provides one set of copies of the above documents to the National Revenue Agency, responsible for public revenue, including tax collection.

Procedure 9*. Register for VAT

Time to complete: 1 day (30 min.)

Cost to complete: BGN 0.5

Comment: The company may register for VAT purposes, if its taxable turnover for the last consecutive 12 months exceeds BGN 25,000 (as of 1 April 2006). The company is obliged to register for VAT purposes if its turnover for the consecutive 12 months exceeds BGN 50,000. The company may irrespective of its taxable turnover register for VAT purposes if the registered capital is at least BGN 500,000 and is effectively paid in. Such registration of the company on this ground is possible only once and may be kept for a period of 3 years.

Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*).

FORMS OF BUSINESS ORGANISATION

1. Limited liability company
2. Joint stock company,
3. Joint enterprise

The most common type of organisation for foreign investors is a limited liability company. Other forms are companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships and sole proprietorships.

TAXATION

Corporate tax
Standard rate: 10%

Resident companies are taxed on their worldwide income; non-resident companies pay tax only on Bulgarian-source income. Companies are generally treated as resident if they are registered under Bulgarian law. A flat rate of 10% applies. Profits distributed by resident companies to resident corporate shareholders are excluded from taxable income of the recipient company.

Individual tax
Progressive rates up to 24%

Resident individuals are taxable on worldwide income; non-residents pay tax only on Bulgarian-source income. An individual is deemed to be resident if the individual’s centre of vital interests is in Bulgaria (which is strongly indicated by a permanent address in the country) or if the individual stays in Bulgaria for more than 183 days in any 365-day period.

Income tax rates rise progressively to a top rate of 24%. Dividends distributed to individual shareholders of Bulgarian companies are taxed at source at a flat rate of 7%.

Capital gains
Generally taxed as income

Capital gains are taxed as income. Gains on shares listed on the Bulgarian stock exchange are exempt, subject to meeting certain requirements.

Indirect tax
Standard rate: 20%

Value-added tax (VAT) applies to most transactions. Exports and intra-community supplies are zero-rated. Exemptions include financial and insurance services, education and health services, land sales (that do not qualify as regulated land plots) and old buildings (with or without adjoining land).

Registration is compulsory for businesses with a taxable turnover of over BGN 50,000 in any previous period not exceeding 12 months. Registration is also compulsory for intra-community acquisitions exceeding BGN 20,000 for the year if the company/individual is not registered on other grounds. Registration may occur on a voluntary basis regardless of the turnover.

A non-resident company making supplies in Bulgaria must register for VAT through an accredited representative.

Tax administration and compliance
Tax year: Calendar year

Companies make monthly advance payments of tax, based generally on the adjusted taxable profits of the previous year. Where a loss was incurred in the previous year, quarterly advance payments are due based on pre-tax earnings in the relevant quarter of the current year (except for the last quarter). A final payment of tax is due on March 31st following the tax year. Where advance tax paid exceeds the final liability, it may be offset against the following year’s corporate tax liability.

Employment income of individuals is taxed by withholding.

Additional tax information

Withholding taxes: Dividends 7% (0% on dividends paid to companies resident in the EU subject to certain requirements); Interest and Royalties 10%. Withholding rates may be reduced by provisions in an applicable tax treaty.

Tax treaties: Bulgaria has concluded more than 50 tax treaties.

Dividends: Dividends paid between resident companies are exempt.

Revenue protection: There are transfer-pricing and thin-capitalisation rules.

Groups: There is no group taxation.

Incentives: Agricultural production and investment in certain regions with a high level of unemployment.

Other taxes: Inheritance and gift tax, Real estate tax, Customs duties.

Financial Advisors services, Offshore Fund - Know More

admin — Mon Feb 05, 2007 4:42 am

Author: admin

Posted: Mon Feb 05, 2007 4:42 am

Financial Advisors services, Offshore Fund - Know More

Dear members & guests

Due to the continuous marketing approach of our expatriate community by multiple financial planners services company, Allo' Expat has decided to provided you with some usefull imformation on the Expat Offshore Banking issue. Hope you'll invest wisely..... in the future

Financial Advisors - who are they?

Q1 - How do I get the best offshore financial advice?

The best offshore financial advice is probably given by Independent Financial Advisors. Independent financial advisors (or IFA's, as they are sometimes called) advise their clients on savings, investments and pensions. They may also provide Savings Plans for offshore investing to their clients.

When counselling a client, the best offshore financial advisors should complete the following steps:

* Step 1 - collect detailed information about a client's financial circumstances and requirements ? be they for retirement planning, retirement income, expat investment, or another purpose.

* Step 2 - check all the offshore tax havens for the best offshore plans.

* Step 3 - provide impartial advice as to which plan(s) best meet their client's needs (in the form of a written report).

* Step 4 - arrange for a client to buy the chosen offshore plan(s) on the best terms available.

You may want to complete your own research to ensure you know the right questions to ask your advisor.

When all these stages are completed, you can be confident you have received the best offshore financial advice.

Q2 - What is a Certified Financial Advisor?

Financial advisors may need a license to practice, issued by the Financial Services Regulator in their Country. Only these advisors may be called 'Certified Financial Advisors'.

It may be a condition that prospective certified financial advisors show their Regulator that they are:

* competent to advise

* impartial in their advice

* independent of Providers

* covered by professional indemnity insurance.

So it is important to check that your financial advisor is listed under:

* Certified Financial Advisors, licensed to advise in the Country where you live and

* Independent Financial Advisors - advising on a wide range of offshore plans from a full list of providers.

Now you should feel confident you are receiving the best offshore financial advice.

Q3 - How are offshore financial advisors paid?

Independent financial advisors (IFA's) earn their living from commissions they receive from plan providers. This is their income for the offshore financial advice they give.

The commission that advisors (IFAs) receive from offshore financial advice cases may range from hundreds to thousands of dollars.

Good offshore financial advisors should not be influenced by the amount of commission they receive.

Some clients prefer to pay fees to their financial advisors for advice to ensure impartiality. When this occurs offshore financial advisors refund commission received from a plan provider either in cash or as an increased allocation of contributions invested.

Q4 -How do I find a list of Independent Financial Advisors (IFAs)?

Search the web! Try searching using the search words independent financial advisors or certified financial advisors PLUS the name of the Country in which you live.

Personal recommendations are always helpful - ask your friends if they would recommend their offshore financial advisors. Always check that a recommended advisor is both certified and independent.

Offshore Investing - What do that mean

Q1 - What is Offshore Investing or Offshore Investment?

When we talk about Offshore investing plan opportunities it is like the savings plans available in many countries, except these plans:

* Are registered in tax havens and are regulated by their Financial Services Authorities.

* Can be used for investing by non-residents of the tax havens.

* Are sometimes more tax efficient than or have other advantages over domestic savings plans.

Q2 - Why would expatriates choose offshore investing?

Expatriate investment in the savings plans catalogued here and offering offshore investing opprotunities might be appropriate when:

* No local or Home Country tax free regular savings plans are available.

* No local or Home Country tax free lump sum investment plans are available.

* An expatriate is planning to retire to a third country.

If you fit any of these categories of expatriates you should investigate the offshore plans researched by Offshore Boffin and consult your Financial Advisor.

Q3 - Are there other people who might benefit from Offshore Invesment?

Yes. People who are not living abroad might find offshore investment attractive in the following circumstances:

* They have more cash available for savings than can be invested tax free in their resident countries' investment plans (perhaps because the amount they can invest each year is capped).

* They may live in countries which do not have domestic tax free savings plans.

* They live in countries which are not suitable long-term investment environments for political or economic reasons.

* They wish to limit the effects of inheritance tac on their estates.

Q4 - Is there safe offshore investing?

The answer is that All investors should remember that the value of ALL their investments can go down as well as up!

Safe offshore investing is more likely by choosing plans:

* From politically stable tax havens - the quality of tax havens varies.

* From well-regulated tax havens - the tax havens whose savings plans are catalogued here all regulate their financial services companies to avoid 'fly-by-night' companies.

* From reputable investment management and life assurance companies - whilst past performance is not always a guide to the future, the companies whose savings plans are listed here are all well-known names.

* Investing in 'mutual' or 'collective' funds. these funds are based on a simple idea. If a large number of investors pool their savings in - for example - an equity fund, the larger fund can be invested in shares in many companies, spreading each individual's risk.

For expat investment - and others - to be successful the best offshore investment opportunities must be found. For that you'll need a good Financial Advisors.

FX Currency Trading / FX Forex Trading Online - Know More

admin — Mon Feb 05, 2007 4:40 am

Author: admin

Posted: Mon Feb 05, 2007 4:40 am

Forex Trading / FX Trading

Foreign Exchange
This short introduction explains the basics of trading Forex online, a brief explanation of the markets and the major benefits of trading Forex online. There are also two scenarios describing the implications of trading in a bear as well as bull market to better acquaint you with some of the risks and opportunities in the largest and most liquid market in the world.

As an additional aid for those who are new to Forex, there is also a glossary at the bottom of this text which explains some of the terms used in connection with currency trading.

Overview
Foreign exchange , forex or just Forex are all terms used to describe the trading of the world's many currencies. The forex market is the largest market in the world, with trades amounting to more than $1.5 trillion every day. This is more than one hundred times the daily trading on the NYSE (New York Stock Exchange) . Most forex trading is speculative , with only a few percent of market activity representing governments' and companies' fundamental currency conversion needs.

Unlike trading on the stock market, the forex market is not carried out by a central exchange, but on the "interbank" market , which is thought of as an OTC (over the counter ) market. Trading takes place directly between the two counterparts necessary to make a trade, whether over the telephone or on electronic networks all over the world. The main centres for trading are Sydney, Tokyo, London, Frankfurt and New York. This worldwide distribution of trading centres means that the forex market is a 24-hour market.

Trading Forex
A currency trade is the simultaneous buying of one currency and selling of another one. The currency combination used in the trade is called a cross (for example, the Euro/US Dollar, or the GB Pound/Japanese Yen.). The most commonly traded currencies are the so-called "majors" - EURUSD, USDJPY, USDCHF and GBPUSD.

The most important forex market is the spot market as it has the largest volume. The market is called the spot market because trades are settled "immediately" or on the spot. In practice this means within two banking days.

Trading on Margin
Trading on margin means that you can buy and sell assets that represent more value than the capital in your account. Forex trading is usually done with relatively little margin since currency exchange rate fluctuations tend to be less than one or two percent on any given day. To take an example, a margin of 2.0% means you can trade up to $500,000 even though you only have $10,000 in your account. In terms of leverage this corresponds to 50:1, because 50 times $10,000 is $500,000, or put another way, $10,000 is 2.0% of $500.000. Using this much leverage gives you the possibility to make profits very quickly, but there is also a greater risk of incurring large losses and even being completely wiped out. Therefore, it is inadvisable to maximise your leveraging as the risks can be very high. For more information on the trading conditions at Saxo Bank, go to the Account Summary on your Client Station and open the section entitled "Trading Conditions" found in the top right-hand corner of the Account Summary.

Why trade Forex?

24 hour trading
One of the major advantages of trading forex is the opportunity to trade 24 hours a day from Sunday evening (20:00 GMT) to Friday evening (22:00 GMT). This gives you a unique opportunity to react instantly to breaking news that is affecting the markets.
Superior liquidity
The forex market is so liquid that there are always buyers and sellers to trade with. The liquidity of this market, especially that of the major currencies, helps ensure price stability and low spreads . The liquidity comes mainly from large and smaller banks that provide liquidity to investors, companies, institutions and other currency market players.
No commissions
The fact that forex is often traded without commissions makes it very attractive as an investment opportunity for investors who want to deal on a frequent basis. Trading the "majors" is also cheaper than trading other crosss because of the high level of liquidity. For more information on the trading conditions at Saxo Bank, go to the Account Summary on your Client Station and open the section entitled "Trading Conditions" found in the top right-hand corner of the Account Summary.
50:1 Leverage
With a minimum account of USD 10,000, for example, you can trade up to USD 500,000. The USD 10,000 is posted on margin as a guarantee for the future performance of your position.
Profit potential in falling markets
Since the market is constantly moving, there are always trading opportunities, whether a currency is strengthening or weakening in relation to another currency. When you trade currencies, they literally work against each other. If the EURUSD declines, for example, it is because the U.S. dollar gets stronger against the Euro and vice versa. So, if you think the EURUSD will decline (that is, that the Euro will weaken versus the dollar), you would sell EUR now and then later you buy Euro back at a lower price and take your profits. The opposite trading scenario would occur if the EURUSD appreciates .

Important Forex Trading Terms

Spread
The spread is the difference between the price that you can sell currency at ( Bid ) and the price you can buy currency at ( Ask ). The spread on majors is usually 5 pips under normal market conditions. For more information on the trading conditions at Saxo Bank, go to the Account Summary on your Client Station and open the section entitled "Trading Conditions" found in the top right-hand corner of the Account Summary.
Pips
A pip is the smallest unit by which a cross price quote changes. When trading forex you will often hear that there is a 5-pip spread when you trade the majors. This spread is revealed when you compare the bid and the ask price, for example EURUSD is quoted at a bid price of 0.9875 and an ask price of 0.9880. The difference is USD 0.0005, which is equal to 5 "pips". On a contract or position, the value of a pip can easily be calculated. You know that the EURUSD is quoted with four decimals, so all you have to do is the cancel-out the four zeros on the amount you trade and you will have one pip. Thus, on a EURUSD 100,000 contract, one pip is USD 10. On a USDJPY 100,000 contract, one pip is equal to 1000 yen, because USDJPY is quoted with only two decimals.

Trading Scenario - Trading Rising Prices
If you believe that the Euro will strengthen against the dollar you'll want to buy Euro now and sell it back later at a higher price.

You buy Euro	We quote EURUSD at Bid 0.9875 and Ask 0.9880, which means that you can sell 1 Euro for 0.9875 USD or buy 1 Euro for 0.9880 USD. In this example you buy Euro 100,000, at the quote price of 0.9880 (ask price) per Euro.
The market turns	Later the market turns in favour of the Euro and the EURUSD is now quoted at Bid 0.9894 and Ask 0.9899.
Now you want to sell your Euro and get the profit	You sell Euro at a Bid price of 0.9894.
The profit is calculated as follows:	Sell price-buy price x size of trade (0.9894 minus 0.9880) multiplied by 100.000 = $140 Profit (Note that the profit or loss is always expressed in the secondary currency )

Trading Scenario - Trading Falling Prices
If, on the other hand, you believe that the Euro will weaken against the dollar, you'll want to sell EURUSD.

You sell Euro	We quote EURUSD at a Bid price of 0.9875 and Ask price of 0.9880 and you decide to sellEuro 100,000 at a Bid price of 0.9875.
The market moves in your favour	The Euro weakens against the dollar and the EURUSD is now quoted at bid 0.9744 and ask 0.9749.
Now you buy back your Euro	You buy EUR at an ask price of 0.9749.
Your Profit/loss is then	Sell price-buy price x size of trade (0.9875 minus 0.9749) multiplied by 100.000 = $ 1260 Profit

Remember that trading EUR 100,000 as we have done in our examples, does not mean that you have to put up Euro 100,000 yourself. It means that you have to deposit 2.0% of Euro 100,000, which is Euro 2,000 on margin as a guarantee for the future performance of your position.

Further Reading
To see how you can trade the forex market and benefit from our toolbox of information and live quotes, please proceed to our Forex Quick Start found under the Trading menu on the toolbar, under Forex.

Glossary

Appreciation	Anincrease in the value of a currency.
Ask	Theprice at which you can buy. Traders also speak of an ask price,the price requested. This usually indicates the lowest price aseller will accept.
Basecurrency	Thecurrency that the investor buys or sells (i.e. EUR in EURUSD).
Bear	Someonewho believes prices are heading down. A bear market is one inwhich there is a sustained fall in prices and which does not looklike it will recover quickly.
Bid	Theprice at which you can sell. Traders also speak of a bid price,the price offered. This usually indicates the top price apurchaser will pay.
Bid/Ask	TheBid rate is the rate at which you sell. The Ask (or offer) rate isthe rate at which you can buy.
Bull	Someonewho is optimistic about the market. A bull market is characterisedby enthusiastic and sustained buying.
cross	Whentrading currencies, the investor buys one currency againstanother. These two currencies form the cross: for example, EURUSD.
Crossrate	Anexchange rate that is calculated from two other exchange rates.
Depreciation/decline	Afall in the value of a currency.
Exchangerate	Whatone currency is worth in terms of another, for example the $Amight be worth 58 US cents or 70 yen. Currencies traded freely onforeign-exchange markets have a spot rate (applying to tradessettled 'spot', ie, two working days hence) and a forward rate.Countries can determine their exchange rates in a variety of ways:a floating exchange rate system where the currency finds its ownlevel in the market; a crawling or flexible peg system which is acombination of an officially fixed rate and frequent smalladjustments which in theory work against a build-up of speculationabout a revaluation or devaluation; a fixed exchange-rate systemwhere the value of the currency is set by the government and/orthe central bank.
EURUSD	Meansthat you trade EUR against dollars. If you buy Euro you pay indollars and if you sell Euro you receive dollars.
FX,Forex, Foreign Exchange	Allnames for the transaction of one currency for another, e.g. youbuy �100.00 with $150.25 or sell $150.25 for �100.00.
Interbank	Short-term(often overnight) borrowing and lending between banks, as distinctfrom banks' business with their corporate clients or otherfinancial institutions.
Interestrate differential	Theyield spread between two otherwise comparable debt instrumentsdenominated in different currencies.
Leverage(gearing)	Inthis case leverage means that the investor only funds part of theamount traded.
Long	Tobuy.
Longposition	Aposition that increases its value if market prices increase.
Liquid(-ity)	Thecapacity to be converted easily and with minimum loss into cash.Ultra-short-dated treasury notes are an example of a liquidinvestment. A liquid market is one in which there is enoughactivity to satisfy both buyers and sellers.
Margin	Theinitial amount or deposit required when entering into a position.Margin is a guarantee for future performance.
NYSE	Acomputerised system providing brokers with the prices of sharesand securities traded on the New York stock exchange and over thecounter. The quotes are published in real-time.
Openposition	Aposition in a currency that has not yet been offset. For example,if you have bought 100,000 USDJPY, you have an open position inUSDJPY until you offset it by selling 100,000 USDJPY.
"Overthe counter"	Whentrading takes place directly between two parties, rather than onan exchange.
Pips	Apip is the smallest unit by which a cross price quote changes. Soif EURUSD bid is now quoted at 0.9767 and it moves up 2 pips, itwill now be quoted at 0.9769.
Position	Money-market,futures, foreign-exchange and sharemarket traders talk of 'takinga position' which simply means buying or selling one currencycross. 'Position' can also refer to a trader'scash/securities/currencies balance, whether he or she is short ofcash, has money to lend, is overbought or oversold in a currency,etc.
Risk	Tryingto control outcomes to a known or predictable range of gains orlosses. Risk management involves a set of steps which begin with asound understanding of one's business and the exposures or risksthat have to be covered to protect the value of that business.Then an assessment should be made of the types of variables thatcan affect the business and how best to protect against unwelcomeoutcomes. Consideration must also be given to the preferred riskprofile - whether one is risk- averse or fairly aggressive inapproach. This also involves deciding which instruments to use tomanage risk, and whether a natural hedge exists that can be used.Once undertaken, a risk-management strategy should be continuallyassessed for effectiveness and cost.
Secondarycurrency (variable currency or counter currency)	Thecurrency that the investor trades the base currency against (i.e.USD in EURUSD).
Shortposition	Aposition that benefits from a decline in market prices.
Short	Tosell.
Speculative	Buyingand selling in the hope of making a profit, rather than doing sofor some fundamental business-related need.
Spot	ASpot rate is the current market price of an asset.
Spotmarket	Thepart of the market calling for spot settlement of transactions.The precise meaning of 'spot' will depend on local custom for acommodity, security or currency. In the UK, US and Australianforeign-exchange markets, 'spot' means delivery two working dayshence.
Spread	Thedifference between the bid and the ask rate.

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