A forex financial expert who uses electronic communications networks (ECNs) to provide its clients direct access to other participants in the currency markets. Because an ECN broker consolidates price quotations from several market participants, it can generally offer its clients tighter bid/ask spreads than would be otherwise available to them. |||Since an ECN broker only matches trades between market participants, it cannot trade against the client, an allegation often directed against some unscrupulous retail forex brokers. Because ECN spreads are much narrower than those used by everyday brokers, electronic communication networks brokers charge clients a fixed commission per transaction.
A method of trading currencies through an online brokerage account. Electronic currency trading involves converting base currency to a foreign currency at the market exchange rates through an online brokerage account. |||Electronic currency traders use analysis based on technical and fundamental indicators to help them forecast the movement of the currency pair being traded. Because currency trading by this method is wholly electronic, execution speeds are extremely fast, allowing the trader to quickly buy and sell currencies to cut losses and take profits at a moment's notice.
The currency for the Ethiopian birr, the official currency of Ethiopia. The currency was called the Abyssinian birr until 1931, when former Ethiopian Emperor Haile Selassie purchased and restructured the former Bank of Abyssinia (which served the country at that time) to create the current National Bank of Ethiopia. |||The current-day birr was re-established as the country's legal tender in 1945. As of 2009, the National Bank issues birr notes in 1, 5, 10, 50 and 100 denominations and coins in 1, 5, 10, 25 and 50-cent denominations. Other previously-used official currencies for the country include the Italian lira (Italy occupied the country in 1936) and the East African shilling.
A put or call option that protects an investor from foreign-exchange risk for a future sale or purchase of a specified foreign-equity portfolio. |||ELF-X options are a combination of a currency option and an equity forward contract. Should the exchange rate work in the investor's favor under the option contract, the total payout from the option is dependent upon the performance of the equities underlying the contract. Otherwise, the investor does not receive a payout. For example, if an investor holds an ELF-X call option on USD relative to CAD, and the Canadian dollar depreciates relative to the American, the investor would not receive a payout. However, if USD depreciated relative to CAD, the investor would receive the amount saved from use of the spot exchange rate in the option contract and the foreign-equity portfolio value, less the premium paid for the call option. Also known as a "portfolio currency protection option" or PCPO.
A graphical representation of the change in value of a trading account over a time period. An equity curve with a consistently positive slope would generally indicate that the trading strategies of the account are profitable, while a negative slope would indicate that the account is in the red. |||Since it presents performance data in graphical form, an equity curve is ideal for providing a quick analysis of how a strategy has performed. Also, multiple equity curves can be used to assess various trading strategies in terms of performance and risk.
A trading account that belongs to a legal entity such as a corporation or limited partnership. There are certain advantages to entity trading accounts over individual trading accounts, such as tax deductions and certainty in tax law. |||An entity trading account needs one or more persons with authority to trade in the account. Such persons should be competent and honest traders in order to avoid losses in the account arising from poor trading decisions or unscrupulous behavior.
A buy or sell order that specifies a price for the security, and keeps the transaction open until the end of the trading day. If a transaction is not made as the desired price is not met by the close of trading, the end of day order will be canceled. |||Investors who want to keep an order open until it is met can utilize a good 'til canceled (GTC) order. Unlike an end of day order, a GTC order won't close until it is filled. This requires the investor to pay more attention, since price or exchange rate volatility may make leaving the order open a greater risk.
An unsecured, short-term loan issued by a bank or corporation in the international money market, denominated in a currency that differs from the corporation's domestic currency. |||For example, if a U.S. corporation issues a short-term bond denominated in Canadian dollars to finance its inventory through the international money market, it has issued eurocommercial paper.
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