The rate of a foreign-exchange contract for immediate delivery. Also known as "benchmark rates", "straightforward rates" or "outright rates", spot rates represent the price that a buyer expects to pay for a foreign currency in another currency. |||Though the spot exchange rate is said to be settled immediately, the globally accepted settlement cycle for foreign-exchange contracts is two days. Foreign-exchange contracts are therefore settled on the second day after the day the deal is made.
An international type of monetary reserve currency, created by the International Monetary Fund (IMF) in 1969, which operates as a supplement to the existing reserves of member countries. Created in response to concerns about the limitations of gold and dollars as the sole means of settling international accounts, SDRs are designed to augment international liquidity by supplementing the standard reserve currencies. |||You can think of SDRs as an artificial currency used by the IMF and defined as a "basket of national currencies". The IMF uses SDRs for internal accounting purposes. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries' governments.
The risk that a foreign central bank will alter its foreign-exchange regulations thereby significantly reducing or completely nulling the value of foreign-exchange contracts. |||This is one of the many risks that an investor faces when holding forex contracts. Additionally an investor is exposed to interest-rate risk, price risk and liquidity risk amongst others.
The currency abbreviation for the Somaliland shilling (SOS), the currency for the Republic of Somaliland, a de facto independent republic located in northeast Africa. The Somaliland shilling is technically made up of 100 cents, but coins denominated in cents have never been issued. The Somaliland shilling is often presented with the symbol Sl. Sh., to differentiate itself from the prior currency, the Somali shilling (So. Sh.) which is no longer legal tender.It is important to note that the ISO 4217 currency code SOS still refers to the Somalia shilling, even though it is no longer in circulation, because Somaliland remains unrecognized other countries and international organizations. |||From the 1880s until 1942, Italian Somalia was a colony under Italian control. Between 1950 and 1962, the somalo was used as its currency. Other parts of Somalia used the East African shilling. In 1962, the somalo and East African shilling were replaced at par by the Somali shilling. The Italian names scellino (for shilling), and centesimo (for cent) disappeared in 1975, around the same time as the Latin alphabet was introduced. In 1991, Somaliland declared itself an independent state and introduced the Somaliland shilling in October of 1994 at a rate of 100 Somali shillings to 1 Somaliland shilling.
A currency with a value that fluctuates as a result of the country's political or economic uncertainty. As a result of the of this currency's instability, foreign exchange dealers tend to avoid it. Also known as a "weak currency". |||Currencies from most developing countries are considered to be soft currencies. Often, governments from these developing countries will set unrealistically high exchange rates, pegging their currencies to a currency such as the U.S. dollar.
A term used in foreign-exchange trading. The term "square position" denotes that the positions of the currency dealer are offsetting – the buy positions of the dealer are equal to the sell positions. |||When a dealer is in a square position, the positions are perfectly hedged. If the dealer is not in a square position, then he or she is taking either a long or a short position. A square position is in the middle, neither net long nor net short.
A supranational currency printed by the International Monetary Fund (IMF) that would be tied to a basket of reserve currencies. The concept of a global "super currency" has been periodically discussed between world leaders as well as endorsed by 2001 Nobel Memorial Prize-winner Joseph Stiglitz and well-known business leader George Soros for years. A super currency could also be tied to a single currency, but the interconnectedness of world financial markets and concerns about the volatility that can occur as a result of the system being tied to one currency have made this idea much less popular. |||Super-currency proponents have called for the IMF to use its special drawing rights (SDRs) - an internal international accounting system for IMF countries - to create a global super currency. The SDR was created in 1969 as a result of the Bretton Woods fixed exchange rate and is a global reserve asset based on a basket of existing currencies. One of the most critical concerns surrounding the creation of a super currency is that the introduction of new legal tender worldwide could be a catalyst for inflation. It could also potentially weaken individual countries' currencies and usurp or complicate the functioning of existing governing financial institutions.
A slang term used by forex traders for the Swedish krona, which has the symbol SEK. The stocky remains separate from the euro, which Sweden has declined to adopt despite being part of the European Union since 1995. Although members of the European Union are required to convert to the euro, Swedish officals have used a loophole in the union rules to avoid this. |||The Swedish central bank, Sveriges Riksbank, maintains a managed float regime for the exchange rate. The stocky is not pegged to any other currency, but it is often linked to the the euro due to its proximity to other countries who use the euro as their primary currency. The origins of this term can be attributed to Stockholm, the capital of Sweden. "Stocky" is a shortened form of the capital's name.
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