In currencies, this is the abbreviation for the Nicaraguan Cordoba. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The currency abbreviation for the Nicaraguan córdoba (NIO), the currency for Nicaragua. The Nicaraguan córdoba is made up of 100 centavos (or cents) and is often presented with the symbol C$. The córdoba was named after Francisco Hernández de Córdoba, the founder of Nicaragua.The current córdoba is also known as the "córdoba oro". |||The Nicaraguan córdoba replaced the peso in March of 1912 at a rate of 12.5:1, making one córdoba equivalent to one U.S. dollar. After continued inflation lowered the value of the córdoba, a second córdoba replaced the first in 1988 at a rate of 1,000:1. The currency was revalued again in 1991, with the third córdoba replacing the second at a rate of 5 million:1.
A slang term meaning five basis points, or five pips. A nickel is the equivalent of 5/100th of 1%, or 0.05%. In forex, basis points are typically used to denote interest rate changes made by a central bank and changes in the value of a given currency over the course of a trading session. |||Forex rates are usually expressed in whole number format, and use four decimal points instead of fractions for remainders. For example, the USD/EUR currency pair is quoted at 1.2512. A nickel adjustment upward would increase the quote by 0.0005, since each basis point is worth 0.0001. The new rate would be 1.2517.
A term used to describe the actions taken by former U.S. President Richard Nixon in 1971 that eventually led to the collapse of the Bretton Woods system. The policies imposed and the actions taken by President Nixon included imposing a 90-day wage and price freeze in America, a 10% import surcharge and, most notably, closing the gold window, effectively making the U.S. dollar inconvertible to gold. |||The ramifications of Nixon Shock rocked the global economic landscape. By closing the gold window, the United States made it impossible for other nations to peg their currency to the gold standard, which was the underlying principle behind the Bretton Woods system. As a direct result of the economic policies imposed by the United States at the time, the gold standard was all but abandoned and the world's major currencies began to float.
In currencies, this is the abbreviation for the Norwegian Krone. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The currency abbreviation or currency symbol for the Norwegian krone (NOK), the currency of Norway. The Norwegian krone is made up of 100 øre and is often represented by the symbol kr. The name "krone" means "crown" in English. |||The krone replaced the Norwegian speciedaler at a rate of 4 kroner to 1 speciedaler in 1875 when Norway joined the Scandinavian Monetary Union. When then the union was dissolved in 1914, Norway continued to use the krone as a seperate currency - the Norwegian krone.
A way of forex trading that provides immediate access to the interbank market. The interbank market is where foreign currencies are traded. This is different than trading through the dealing desks that are found in many banks and financial institutions. By using a dealing desk, a forex broker who is registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) can offset trades. If a no dealing desk system is used, positions are automatically offset and then transmitted directly to the interbank. |||Forex brokers who use this system work directly with market liquidity providers. When trading through a no dealing desk, instead of dealing with one liquidity provider, an investor is dealing with numerous providers in order to get the most competitive bid and ask prices. An investor using this method has access to instantly executable rates.
A swap that is similar to a non-deliverable forward, with the only difference being that settlement for both parties is done through a major currency. Non-deliverable swaps are used when the swap includes a major currency, such as the U.S. dollar, and a restricted currency, such as the Philippine peso or South Korean won. |||For example, assume two companies are entered into a swap, exchanging U.S. dollars and South Korean won. The Korean company is due to pay $110,000,000 won, and the U.S. company is due to pay $125,000 U.S. dollars. The fixed rate for the contract is taken as the spot rate for the day before the payment date. In this example, we will assume 929 won/dollar. The Korean company is then due to pay $118,406.89 ($110,000,000/929) U.S. dollars. A net payment is made on the payment date - for this example, the U.S. company pays $6,593.11 ($125,000 - $118,406.89) U.S. dollars to the Korean company.Non-deliverable swaps have allowed emerging markets with minor currencies to hedge against currency risk.
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