Expatriates Forums in Romania

French High Tech Firm looking for Country Managers

responsable pays — Wed Sep 30, 2009 10:05 am

Author: responsable pays

Posted: Wed Sep 30, 2009 10:05 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

join our unique investment club

dutchjobs — Sun Nov 30, 2008 7:47 pm

Author: dutchjobs

Posted: Sun Nov 30, 2008 7:47 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.

We 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

Gerente Operacional para los operaciones de Rumanía

genpact — Wed Aug 15, 2007 9:21 am

Author: genpact

Posted: Wed Aug 15, 2007 9:21 am

Gerente Operacional para los operaciones de Rumanía de una Companía multinacional española
Descripción del puesto :
Administra el equipo de contabilidad y el equipo comercial de la companía (más o menos diez personas).
Responsabilidades :
- Estudios Universitarios en el dominio finaciero-bancario;
- Experiencia previa en el dominio de la contabilidad al nivel de saldo, balanza;
- Experiencia previa de mínimo 2 años en una posición directiva;
- Excelentes conocimientos de español e inglés;
- Cualidades de líder, capacidad de motivar y hacer crecer un equipo joven;
- Abilidades de comunicación, negociación y capacidad de tomar decisiones rápidas;
- Iniciativa, actidud positiva y orientación hacia las necesidades de los clientes;
Oferta (bonificaciones, beneficios):
Una excelente oportunidad para desarollar su carrera en un ámbio internacional.
Nuestra Empresa se encuentra en Bucharest, Rumanía.

WORK IN ROMANIA / ROMANIA EMPLOYMENT GUIDE

Romania Info — Tue May 29, 2007 5:36 am

Author: Romania Info

Posted: Tue May 29, 2007 5:36 am

WORK IN ROMANIA

Work permits are obtained after arrival in Romania but before committing to a Romanian registered employment agreement or civil agreement. Work permits are issued by the Romanian Ministry of Labour and Social Protection, based on a working visa and a review of documents presented by the applicant. All employment related issues are governed by the Labour and Social Security Ministry.

One of the keys to Romania’s recent economic success is a combination of high growth and low unemployment. Unemployment in Romania was at 5.1% in July 2006, which is very low compared to similar-sized European countries such as Poland, France, Germany and Spain.

Annual salaries in Romania remain well below the European average. In the private sector, however, wages are beginning to increase in preparation for joining the EU in January 2007.

With accession to the EU in 2007, Romania could be an exciting place for innovative foreigners to seek career opportunities. Since 2000, Romania has attracted increasing amounts of foreign investment, becoming the single largest investment destination in south-eastern Europe. Growth business areas include: consumer credit; corporate investment and exports.

Foreign job seekers have traditionally found paid employment in Romania through charities and non-governmental organisations (NGOs). Voluntary work usually involves teaching or working with children. Alternatively, they have also found work via a secondment or posting with a multinational company operating in Romania. Teaching the English language is the best employment opportunity for foreign job seekers throughout Romania.

DOING BUSINESS IN ROMANIA / ROMANIA BUSINESS GUIDE

Romania Info — Mon May 28, 2007 10:21 am

Author: Romania Info

Posted: Mon May 28, 2007 10:21 am

DOING BUSINESS IN ROMANIA

STARTING A BUSINESS

STANDARDIZED COMPANY
Legal Form: Societate cu rãspundere limitatã - Limited Liability Company
Minimum Capital Requirement: 2,000,000
City: Bucharest

Registration Requirements:

Procedure 1. Obtain a certificate from the Trade Registry proving the availability of the proposed company name and make a reservation of the name.

Time to complete: 1 day

Cost to complete: RON 44

Comment: The certificate obtained is valid for a period of 3 months.

Procedure 2. Deposit funds in a bank; obtain a document confirming bank deposit of sufficient funds.

Time to complete: 1 day

Cost to complete: bank commission ranges from zero to 0.5% of capital.

Procedure 3. Obtain a certificate of fiscal record from the company associates and the legal representatives from the public finance department of municipality.

Time to complete: 5 days

Cost to complete: RON 50 for standard process, 20 for expedite process

Comment: Companies are required to apply for the certificate from general department for public finances of the respective county or Bucharest municipality, in which the tax payer has its domicile, residence or registered office. The certificate is only valid for 15 days. The procedure takes from 10 working days for the standard process and 5 working days for emergency

Procedure 4. Register with the Unique Office (Biroul Unic) of trade registry Registrul Comertului (BASC), Bucharest Tribunal. Also obtain court registration, publication of notice, and registration for statistical purposes and social security.

Time to complete: 3 days

Cost to complete: RON36.6 (stamp duty) + RON120 (registration fee) + RON 30 for each mandatory element of the basic information of the company to be registered, such as social capital, firm, associates, administrators, headquarters, main object of activity + RON 85/32 lines publication fee in the Romanian Official Gazette + RON 30 for filing with the Trade Registry + RON 39.,5 liquidation fund fee + RON 10 for obtaining the Single Registration Code.

Comment: The registration certificate also comprises the unique code of fiscal registration, granted by the Ministry of Public Finances The issuing of the code of fiscal registration attests if that the respective commercial company is recorded as payer of the value added tax, corporate tax and income tax. To obtain the unique code of registration, the data contained in the registration request are transmitted per officio to the Ministry of Public Finances; based on the data mentioned above, the Ministry of Public Finances grants the unique code of registration within 8 hours. According to the law, together with the performance of the registration, an excerpt of the certificate of the appointed judge is sent, per officio, to the Regie autonome (Official Gazette) for publication in the Official Gazette, part IV.

New time limits that expedite the incorporation process have recently been put in place through Law 359/2004 regarding the registration procedures with the Trade Registry and for tax purposes of individuals, family partnerships and legal entities and the authorisation procedure for legal entities (in force starting October 12, 2004) and its subsequent amendment through Government Emergency Ordinance 75/2004. The registration certificate of registration is issued within 3 days.

With respect to the process of authorising the company's activities, only an affidavit form (Rom. "Declaratie-tip pe propria raspundere") duly signed by the shareholders/associates or directors, stating, as the case may be, that the company: (i) will not carry out any of its declared activities at its main or secondary headquarters for a period of maximum 3 years; or (ii) is in conformity with the legal operating requirements prescribed by the specific legislation for its contemplated object of activity, will have to be submitted. Based on the affidavit form, the Trade Registry Single Office (Rom. "Biroul Unic din cadrul Registrului Comertului"), issues a certificate of status (Rom. "Certificat constatator"), accompanying the certificate of registration or, in case of a change in the declared object of activity, the certificate of entries (Rom. "Certificat de mentiuni"). This certificate of status replaces the appendix to the certificate of registration that used to list all the required operating permits.

The affidavit forms mentioned above are transmitted by the Trade Registry to the competent public authorities within 3 days as from the company registration, in order for the said authorities to verify the conformity of the affidavit forms content. Should the competent authorities acknowledge that the legal operating requirements are not accomplished, they grant to the company a period within which the company is compelled to remedy the respective irregularities.

Prior to registration, companies are required to obtain the approval of neighbours to use a leased office or apartment as a registered headquarters for a company -- even if the company is merely a holding company that conducts no active business.

Guidelines of legal documents concerning the registration and authorisation of commercial companies and the registration of the amendments brought to their constitutive acts are available at http://www.onrc.ro/romana/formalitati.php.

Procedure 5. Register the employees contracts with the Territorial Labour Inspectorate (TLI).

Time to complete: 1 day

Cost to complete: no charge

Comment: Each individual work contract must be registered with the Territorial Labour Inspectorate within 20 days from its conclusion. Labour booklets (Rom. Carnet de Munca) are still used as the main employee's official document which indicates the duration of employment, seniority with one employer, seniority in the same position/specialty, base salary history and other relevant information of each employee. It is kept and filled by the Territorial Labour Inspectorate, which will charge the employer a fee of 0.75% of the monthly salaries fund (the total aggregate amount of employees' gross salaries).

FORMS OF BUSINESS ORGANISATION

1. Limited liability company
2. Joint stock company

The limited liability company (SRL) is the most frequently used form of entity primarily because it is the easiest to operate and can have a single shareholder. Other forms of business organisation are the general partnership, limited partnership, limited partnership with shares, silent partnership, sole proprietorship, family association and branch of a foreign company.

Family associations and sole proprietorships are not available to foreign investors and it is difficult for foreigners to operate in partnerships in Romania.

TAXATION

Corporate tax
Taxation rate: 16%

Resident companies are taxed on their worldwide income; non-resident companies are taxed only on Romanian-source income. A company is resident if incorporated under Romanian law or if its place of effective management is in Romania. Small companies, defined as companies with between one and nine employees and a turnover under €100,000, are taxed at a 3% rate on income, with the exception of companies that derive more than 50% of their income from consultancy and management services.

General partnerships, limited partnerships and partnerships limited by shares are considered legal persons in Romania and corporate tax is charged at the entity level.

Dividends paid to resident corporate and individual shareholders are subject to a final 10% withholding tax.

Individual tax
Taxation rate: 16%

Resident individuals are taxed on their worldwide income; non-residents are taxed only on Romanian-source income. A taxpayer whose domicile or centre of vital interests is in Romania, or who is present in Romania for 183 days in a 12-month period, is considered to be resident. The income of individuals is taxed at a rate of 16%. Dividends and interest paid to resident individuals are subject to a 10% final withholding tax.

Capital gains
Taxed as income

Capital gains are generally taxed as income.

Indirect tax
VAT standard rate: 19%

Value-added tax (VAT) applies to most transactions. The standard rate of VAT is 19% and a reduced rate of 9% applies to books, newspapers, medicines and hotel services. Exports are zero-rated. Exemptions include medical, educational, social, financial and banking services.

Registration is compulsory for businesses with an annual taxable turnover above RON 120,000, but voluntary registration is possible below this level. Non-EU suppliers must appoint a VAT representative in Romania and the EU suppliers should register for VAT purposes, unless the reverse-charge mechanism applies to the transaction.

The Romanian VAT legislation has been harmonised with the provision of the EU VAT Directive starting January 2007.

Tax administration and compliance
Tax year: Calendar year

Companies must submit quarterly tax returns and a final return at the time of filing the financial statements. Quarterly payments of tax are due based on current results, and a final payment of tax is due at the time the financial statements are filed.

Employment income is taxed by withholding. Individual taxpayers with income other than employment income must submit a tax return by May 15th following the end of the tax year. The final return is payable within 60 days of the issue of an assessment notice.

Additional tax information

Withholding taxes: Dividends, Interest and Royalties 16% (10% on interest on savings). Rates may be reduced under the provisions of an applicable tax treaty or under an EC Directive.

Tax treaties: Romania has concluded more than 70 double-tax treaties.

Dividends: Dividends paid to resident companies and individuals are subject to a 10% final withholding tax.

Revenue protection: There is transfer-pricing and thin-capitalisation legislation.

Groups: VAT grouping.

Incentives: Qualifying direct investments.

Other taxes: Customs duties, Inheritance tax, Oil tax, Real estate tax.

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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