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Celtic Wedding Rings

2009-01-19T09:26:00.000-08:00

14K Two Tone Gold Bridal Celtic Band Ring

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14K Two Tone Gold Bridal Celtic Band Ring

Now I find 14K Two Tone Gold Bridal Celtic Band Ring Yes, I think that interesting .

About 14K Two Tone Gold Bridal Celtic Band Ring detail

Brand: DivaDiamonds

14K Two Tone Gold Bridal Celtic Band Ring Description

This 14k two tone gold bridal celtic band ring is casted keeping in mind the ring should be smooth and easy to wear on a daily basis. Wedding bands are usually available in different ring sizes and millimeter widths. This band may also be also available in other metal types such as gold, platinum, titanium, sterling silver, stainless steel and rubber. This 14k two tone gold ring makes a great addition to any jewelry collection and can be worn on different occasions. The total metal weight of this ring is 14.65 grams. This ring is part of our celtic bands collection of jewelry.

Can’t find the ring size you need? No problem. Contact us at Service@DivaDiamonds.net with the ASIN number found just below this text and we’ll be more than happy to direct you to the ring size you need.

This ring ships with a complimentary jewelry box, certificate of authenticity, and a jewelry polishing cloth. If this ring is not available, you will be contacted within 2 business days with other options.

Celtic Wedding Rings : 14K Two Tone Gold Bridal Celtic Band Ring

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14K Two Tone Gold Bridal Celtic Band Ring

Wedding Rings Description

This 14k two tone gold bridal celtic band ring is casted keeping in mind the ring should be smooth and easy to wear on a daily basis. Wedding bands are usually available in different ring sizes and millimeter widths. This band may also be also available in other metal types such as gold, platinum, titanium, sterling silver, stainless steel and rubber. This 14k two tone gold ring makes a great addition to any jewelry collection and can be worn on different occasions. The total metal weight of this ring is 13.90 grams. This ring is part of our celtic bands collection of jewelry.

Celtic Wedding Rings : Ladies Titanium Celtic Lore Etched Blue Leaves and Vines Wedding Band Ring

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Ladies Titanium Celtic Lore Etched Blue Leaves and Vines Wedding Band Ring (Size 6,7,8,9,10)

Product Description

This Satin Polished Titanium Band has Etched Vines and Leaves Enameled in Dark Blue. The Interior is Rounded and Smooth for a Comfort Fit.

Titanium does not react to your skin like many other metals - Hypoallergenic and Allergy Free.

7mm Wide
Etched Blue Vines
Marked Titanium

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Irish Friendship & Love Celtic Claddagh Ring in Sterling Silver

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Irish Friendship & Love Celtic Claddagh Ring in Sterling Silver in sizes 5, 6, 7, 8 and 9, #8932

Are You Interested in Irish Friendship & Love Celtic Claddagh Ring in Sterling Silver in sizes 5, 6, 7, 8 and 9, #8932 from amazon website you can see now

About Irish Friendship & Love Celtic Claddagh Ring in Sterling Silver in sizes 5, 6, 7, 8 and 9, #8932 detail

Amazon Sales Rank: #25064 in Jewelry
Brand: Taos Trading Rings

Features

WITH THESE HANDS I GIVE YOU MY HEART AND I CROWN IT WITH MY LOVE.WITH THESE HANDS I GIVE YOU MY HEART AND I CROWN IT WITH MY LOVE.
People wear the claddagh ring all over the world as a symbol of love, loyalty, and friendship. The hands are there for friendship, the heart is there for love. For loyalty throughout the year, the crown is raised above.
When it is worn on the right hand, with crown and heart facing out, the ring tells that the wearer’s heart has yet to be won. While in a relationship it is worn with heart and crown facing inwards.
Wearing the ring on the left hand, with the crown and heart facing out, signifies that your heart has been won.
This ring is 5/8 inch long and available in size 5 - 9. See pulldown menu for available sizes in stock, and see our Taos Trading storefront for different styles of claddagh rings.

Irish Friendship & Love Celtic Claddagh Ring in Sterling Silver in sizes 5, 6, 7, 8 and 9, #8932 Description

WITH THESE HANDS I GIVE YOU MY HEART AND I CROWN IT WITH MY LOVE. People wear the claddagh ring all over the world as a symbol of love, loyalty, and friendship. When it is worn on the right hand, with crown and heart facing out, the ring tells that the wearer’s heart has yet to be won. While in a relationship it is worn with heart and crown facing inwards. Wearing the ring on the left hand, with the crown and heart facing out, signifies that your heart has been won. The hands are there for friendship, the heart is there for love. For loyalty throughout the year, the crown is raised above. This ring is 5/8 inch long and available in size 5 - 9. See pulldown menu for available sizes in stock. Sterling silver.

Celtic Wedding Rings : Titanium 6 mm (1/4″) Flat Comfort Fit Band with Etched Celtic Knot work and Raised Edges

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Titanium 6 mm (1/4″) Flat Comfort Fit Band with Etched Celtic Knot work and Raised Edges

Wedding Rings Description

This Quality Band Is Made of the Highest Grade Titanium, and is no different than the ones you can pay up to $500.00 for. The finish is Excellent and very importantly it’s Comfort Fit. The Sizing is also Excellent, we carry sizes 7 - 14 including half sizes.

Men’s Wedding Rings

2009-01-19T09:23:00.000-08:00

Beveled Edge grooved and notched 9mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring

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Beveled Edge grooved and notched 9mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 11

Now I find Beveled Edge grooved and notched 9mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 11 Coming Soon I find this from Amazon I will That interes, You that Agree?.

BuZZ from Customer Shopping

Great Price!!
This is a very nice ring, better than I expected. Looks nicer on. I saw the same ring on another web site selling for about $50 more. Can’t beat the price, the ring is definetly worth more. I bought it for my husband after he lost is original wedding ring that cost $750. He was impressed by this one, and likes it more than his original. The weight and look are what impressed him most. He was shocked when he found out how much it cost. Definetly worth it. Great Ring!!!!

Awesome Ring
Great product the picture doesnt do justice. It is a great purchase, and cant beat it for the price. And the ring showed up just as quick. Would buy from this vendor again.

Can’t go wrong…beautiful ring!!
I bought this ring to replace a Tungsten ring I bought from Overstock that was half the size, three times the price and lost its finish. Like the reviewer above, I feel this was a STEAL! The picture doesn’t do it justice. You won’t be dissapointed. Can’t go wrong with this price, my husband loves it and my hubby’s size 10.5 finger fits in this perfectly since it is a large ring. And the free shipping was wonderful, I received it in 2 days!! Will use Peora again…

About Beveled Edge grooved and notched 9mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 11 detail

Amazon Sales Rank: #3574 in Jewelry
Brand: Peora

Beveled Edge grooved and notched 9mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 11 Description

Style: beveled edged with groove and notches, Width: 9mm, Ring Size 11 (available in this size only) MSRP: $59.99 Imagine wearing a ring that never needs polishing, a ring that is virtually scratch proof. Tungsten carbide rings are the future. With rugged looks and a modern design our Tungsten carbide rings are prefect as a wedding band or as a fashion accessory. Tungsten carbide is 4 times harder than titanium. Rated between 8 and 9 on the Mohs scale the hardest of which is diamond being rated a 10. Tungsten Carbide is so hard it can”t be engraved on, Our diamond tipped engraving machine barely makes a scratch. Completely hypoallergenic our tungsten carbide rings will never turn your finger green or cause irritation to your skin. If you need a durable yet elegant ring this is for you. Includes 100% Money Back Guarantee, Ring Box and FREE SHIPPIN

Rounded Edge 8mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring

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Rounded Edge 8mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 9

To day I find introduce you this Rounded Edge 8mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 9 Yes, I think that interesting .

BuZZ from Customer Shopping

Awsome Ring
I couldn’t be happier. I bought this ring as a backup. I have a solid white Paladium band. I was told when I bought it that it was more resistant to scratching than gold, but less resistant than platinum. I work in an office and i would scratch the paladium in a matter of 2 or 3 days. So, I purchased this ring for everyday wear. It is FANTASTIC! I can’t scratch it if I try. I usually wear a 9.5. I ordered a 9.5 from another vendor and it was way to big. I ordered a 9 this time and it fit. i would suggest getting a half size smaller than you usally wear.

Very nice!
This ring is beautiful: solid, sleek and comfortable. It is surprisingly heavy, heavier than gold, feels more like a platinum ring would feel. It looks exactly like it did in the pictures. Shockingly fast shipping: we received it sooner than I ever would have expected! (maybe 2 business days?) Overall, I highly recommend this product and this seller!

Great ring, quick delivery
This ring is even better than I expected. Seeing it in person, it has a cool look, with an almost gun-metal gray color and it has a SOLID, heavy feel (more so then my white gold ring of the same size). My wife loves it and so do I. Great ring for a great price.

About Rounded Edge 8mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 9 detail

Amazon Sales Rank: #5654 in Jewelry
Brand: Peora

Rounded Edge 8mm Comfort Fit Mens Tungsten Carbide Wedding Band Ring Size 9 Description

Style: Rounded Edge with Center Brush Finish, Width: 8mm, Ring Size 9 (available in this size only) MSRP: $59.99 Imagine wearing a ring that never needs polishing, a ring that is virtually scratch proof. Tungsten carbide rings are the future. With rugged looks and a modern design our Tungsten carbide rings are prefect as a wedding band or as a fashion accessory. Tungsten carbide is 4 times harder than titanium. Rated between 8 and 9 on the Mohs scale the hardest of which is diamond being rated a 10. Tungsten Carbide is so hard it can”t be engraved on, Our diamond tipped engraving machine barely makes a scratch. Completely hypoallergenic our tungsten carbide rings will never turn your finger green or cause irritation to your skin. If you need a durable yet elegant ring this is for you. Includes 100% Money Back Guarantee, Ring Box and FREE SHIPPING!!!

Black Carbon Fiber Polished Titanium Ring

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Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13

To day I find introduce you this Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13 I will think This Interesting ,and you can see that

BuZZ from Customer Shopping

Very Pleased
The item itself was of course beautiful and well worth the price. When I found out that I had ordered the wrong size, the directions for exchange were clear and easy, and I got the new ring in just a few days. I am extremely happy with both the product and the service.

Ring good shipping bad
the ring i was sent was the wrong size, the company paid for the ring to be sent back and a new one. Only problem, it was almost a month before the ring was on my hand. there was a series of mishandelings and it took forever for me to get what i wanted. Make sure you have plenty of time to wait if you order anything

About Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13 detail

Amazon Sales Rank: #264 in Jewelry
Brand: Chisel

Titanium Wedding Rings

2009-01-19T09:20:00.000-08:00

Titanium 6 mm (1/4″) Flat Comfort Fit Band with Masonic Symbol and Polished Finish

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Titanium 6 mm (1/4″) Flat Comfort Fit Band with Masonic Symbol and Polished Finish

Have a nice time i find Titanium 6 mm (1/4″) Flat Comfort Fit Band with Masonic Symbol and Polished Finish Yes, I think that interesting .

BuZZ from Customer Shopping

It looked nice for a day…
I have to admit, the price on this is excellent.

However… I’m not really convinced about the quality.

As another reviewer said, this ring has the square and compass on the front and back, which is very nice. And the ring is indeed very light and relatively comfortable to wear.

But, this ring gets dings and scratches if you so much as look at it the wrong way. After having this for just about two weeks, it looks like I’ve been cleaning it with steel wool and a hammer.

I could understand this if I was a mechanic, or in construction, or did some sort of activity where the ring would be making metal-to-metal contact… but I don’t. This seems very unusual for Titanium — which is supposedly pretty scratch resistant.

I suppose if I wear it long enough, it will get so scratched all around, that it will take on a brushed metal look.

Perfect product
Item was just as described in reviews. Two Masonic symbols, so even if the ring rolls on your finger the symbol is still clear. I have been searching for this type ring since being raised! Thank you for providing such a great product!

Light
This is an outstanding & durable piece. I love the understatment, but the stamp extremely clear. The ring does not bring too much undue attention, but is clearly visible upon examination. Perfect for the Mason who is not trying to draw much consideration in public.

About Titanium 6 mm (1/4″) Flat Comfort Fit Band with Masonic Symbol and Polished Finish detail

Amazon Sales Rank: #2027 in Jewelry
Brand: Sabrina Silver

Titanium 6 mm (1/4″) Flat Comfort Fit Band with Masonic Symbol and Polished Finish Description

cBlue [Diamond] Titanium Three Stone Diamond Ring

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cBlue [Diamond] Titanium Three Stone Diamond Ring

To day I find introduce you this cBlue [Diamond] Titanium Three Stone Diamond Ring Coming Soon I find this from Amazon I will That interes, You that Agree?.

BuZZ from Customer Shopping

Nice/ Affordable
This ring is nice as well affordable. However the ring does scratch easily, and the two side diamonds are very small. It looks nice on my boyfriends finger. We took it to a local jeweler and they commented that it’s a nice piece of jewelry for the price. If you are looking for something really strong & scratch resistant the jeweler recommended to go w/ Carbide metal instead of Titanium. The jeweler states auto mechanics can wear them and they will not show any wear/ scratches. Titanium sounds strong, however after doing my homework it’s not the strongest…Good & nice looking ring overall.

Okay
It looks like the picture. The only thing I did not like about it is that it is a thick band. It is so thick that it digs into your fingers.

About cBlue [Diamond] Titanium Three Stone Diamond Ring detail

Amazon Sales Rank: #13844 in Jewelry
Brand: JustMetal
Dimensions: .0″ h x .22″ w x .0″ l,

Features

Three Stone Diamond Titanium Ring
Satin
Comfort Fit
Satisfaction Guaranteed
Free Standard Shipping

cBlue [Diamond] Titanium Three Stone Diamond Ring Description

Satin finish titanium three-stone ring, flat profile, set with a genuine round brilliant diamond, further enchanted by two side diamond accents.

Black Carbon Fiber Polished Titanium Ring

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Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13

We are interested in Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13 You can see Now!

BuZZ from Customer Shopping

About Black Carbon Fiber Polished Titanium Ring (8.0 mm) - Sizes 6-13 detail

Amazon Sales Rank: #181 in Jewelry
Brand: Chisel

Cheap Engagement Rings

2009-01-19T09:17:00.000-08:00

Eve’s Addiction Ruby Red & Diamond CZ Silver Engagement Ring

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Eve’s Addiction Ruby Red & Diamond CZ Silver Engagement Ring

This day I’ll introduce you about Eve’s Addiction Ruby Red & Diamond CZ Silver Engagement Ring from amazon website you can see now

About Eve’s Addiction Ruby Red & Diamond CZ Silver Engagement Ring detail

Amazon Sales Rank: #1997 in Jewelry
Brand: Eve’s Addiction

Eve’s Addiction Ruby Red & Diamond CZ Silver Engagement Ring Description

This ruby red cz engagement ring is simple yet elegant. The princess cut ruby stone sits between two diamond cz baguettes. The shoulders of the ring are complimented with a triangular shaped cubic zirconia as well as some pretty etching along the sides. This ruby ring holds a total carat weight of 3 carats and is set in sterling silver that is rhodium finished to ensure that it will never tarnish. If you like rubies, you will love this ruby red cubic zirconia engagement ring.

1.35 cts Genuine Sapphire and Diamond Engagement Ring - 14kt White or Yellow Gold

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1.35 cts Genuine Sapphire and Diamond Engagement Ring - 14kt White or Yellow Gold

Are You Interested in 1.35 cts Genuine Sapphire and Diamond Engagement Ring - 14kt White or Yellow Gold I make this product appeal to young people

BuZZ from Customer Shopping

This is really a great ring.
This is really a great ring. The quality is outstanding and I couldn’t be happier. The ring itself is very solid and substantial. The Sapphire is quite large, very clean and clear of any inclusions, and the color is just perfect: not too dark, not too light… just right. The diamonds are perfect as well, and obviously of good quality. White, bright and clean. Not too small, and they complement the sapphire perfectly. I purchased this ring online after shopping for this design for months. It’s a classic Tiffany look, very elegant and simple.
I’ve seen this same ring in the thousands of dollars price point, so the original list price stated online, is not over inflated as it often happens. The positive reviews on the merchant convinced me on taking the chance and placing the order and I am very happy I did. I also have purchased matching earrings, and I am very happy with them as well. The ring was elegantly packaged and I was impressed with the lifetime warrantee card and the speed of delivery. Thank You.

About 1.35 cts Genuine Sapphire and Diamond Engagement Ring - 14kt White or Yellow Gold detail

Amazon Sales Rank: #6940 in Jewelry
Brand: Finejewelers

1.35 cts Genuine Sapphire and Diamond Engagement Ring - 14kt White or Yellow Gold Description

Genuine Sapphire and Diamond Engagement Ring crafted in 14 kt White Gold 1 Stone 1.25 Carats Round Sapphire 7mm. Color: Medium to Dark Blue Clarity: Clean, 2 Stones 0.10 Carats Round Diamonds Color: I Clarity: SI1 - SI2 Made in USA - FREE LIFETIME WARRANTEE, GIFT BAG AND GIFT CARD!. Our Style Number 24786

Cheap Engagement Rings : Offering Engagement Rings Low Price Of Jewelry Stores

Gold Plated And Sterling Silver Cubic Zirconia Promise Ring

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Gold Plated And Sterling Silver Cubic Zirconia Promise Ring

We are interested in Gold Plated And Sterling Silver Cubic Zirconia Promise Ring You can see Now!

About Gold Plated And Sterling Silver Cubic Zirconia Promise Ring detail

Amazon Sales Rank: #9597 in Jewelry
Brand: Pugster

Features

Metal: Sterling Silver
Plating: Gold Plated
Stones: Cubic Zirconia
Weight (carat): 1.12
Weight (gram): 4.7

Gold Plated And Sterling Silver Cubic Zirconia Promise Ring Description

The Gold Plated And Sterling Silver Cubic Zirconia Promise Rings. Accessorize your already vibrant look with this Pugster Gold Plated and Sterling Silver Cubic Zirconia Ring, one of our favorite rings. Quality rings are a staple of any jewelry collection, and this stunning piece is made with great care of 925 sterling silver, with a thin ring of gold plated silver. Measuring 7.8mm at the top and 3.8mm at the shank, the elegant classic band provides a beautiful accent for the .94 ct center stone and six channel set zirconia. This eye catching ring is a sure hit, whether worn to work, out on the town, or to a small dinner party. A brilliant addition to your collection of rings, and part of Pugster’s popular line of sterling silver 925 rings. Like all rings crafted by Pugster Inc., these Gold Plated and Sterling Silver Cubic Zirconia Rings are available for both retail and wholesale purchase from our store. The Gold Plated And Sterling Silver Cubic Zirconia Promise Rings (size 7,8,9) Ring.var rf = document.referrer;document.write(’’);

Discount & Cheap Movado Watches

2009-01-19T09:15:00.000-08:00

Previews Movado Men’s Fiero Tungsten Carbide Chronograph Watch #0605992

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Movado Men’s Fiero Tungsten Carbide Chronograph Watch #0605992

We are interested in Movado Men’s Fiero Tungsten Carbide Chronograph Watch #0605992 Coming Soon I find this from Amazon I will That interes, You that Agree?.

About Movado Men’s Fiero Tungsten Carbide Chronograph Watch #0605992 detail

Brand: Movado
Model: 0605992
Band material: tungsten-carbide
Bezel material: tungsten-carbide
Case material: tungsten-carbide
Clasp type: deployment-clasp-with-push-button
Dial color: black
Dial window material: scratch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

Features

Precise Swiss-quartz movement
Scratch resistant sapphire crystal
Tungsten-carbide case; Black dial; Tungsten-carbide bracelet with secure deployment-clasp-with-push-button
Chronograph functions with 30-minute, 60-second, and 1/10th second subdials
Water resistant up to 99 feet

Movado Men’s Faceto Diamond Accented Gold-Tone Watch #0605867

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Movado Men’s Faceto Diamond Accented Gold-Tone Watch #0605867

Are You Interested in Movado Men’s Faceto Diamond Accented Gold-Tone Watch #0605867 I make this product appeal to young people

About Movado Men’s Faceto Diamond Accented Gold-Tone Watch #0605867 detail

Brand: Movado
Model: 0605867
Band material: gold-tone-stainless-steel
Bezel material: diamonds-and-gold-tone-stainless-steel
Case material: diamonds-and-gold-tone-stainless-steel
Clasp type: jewelry-clasp
Dial color: black
Dial window material: scratch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

Features

Precise Swiss-quartz movement
Scratch resistant sapphire crystal
Diamonds-accented Gold-tone-stainless-steel case; Black dial
Gold-tone-stainless-steel bracelet with secure jewelry-clasp
Water resistant up to 99 feet

Have a COOL !
Cheers

Tag : Faceto, Movado, Men’s

Written by cheapmovado

December 31, 2008 at 9:48 am

Posted in Movado Faceto

Tagged with Black Dial, Fashion, Gold Diamond, Gold-tone, sapphire-crystal

Movado Men’s Faceto Stainless Steel Watch #0605038

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Movado Men’s Faceto Stainless Steel Watch #0605038

To day I find introduce you this Movado Men’s Faceto Stainless Steel Watch #0605038 I will think This Interesting ,and you can see that

BuZZ from Customer Shopping

Just what I expected based on other reviews
I found it odd that almost all of the Movado reviews were possitive, but I just received my Movado watch today and it was, in fact, just as satisfactory as the other reviews noted. It arrived in it’s original box with all of the protective films on the front of the face, back, and clasp. I’m not sure why everyone says that it’s too small, because it is the exact same dimensions as the description says.

This is a very…sexy watch.

About Movado Men’s Faceto Stainless Steel Watch #0605038 detail

Amazon Sales Rank: #17612 in Watches
Brand: Movado
Model: 0605038
Band material: genuine-leather
Bezel material: stainless-steel
Case material: stainless-steel
Clasp type: Buckle
Dial color: black
Dial window material: scratch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

Features

2-year manufacturer warranty
Precise Swiss-quartz movement
Stainless steel case and bezel; Genuine black leather strap; Stainless steel buckle
Scratch resistant sapphire crystal
Water resistant up to 99 feet

Movado Bareleto Watch

2009-01-19T09:12:00.000-08:00

This day I’ll introduce you about Movado Women’s Bareleto Watch #0605303 from amazon and I read about that ,I think that wonderfull.

BuZZ from Customer Shopping

Love my movado watch
My watch was a gift from my husband and I love it! People comment on how great it looks. You can wear it when you’re dressed up or dressed down. It’s perfect!

Watch does not fit an average 7″ wrist.
This watch claims to be sized women’s “standard”, but it cannot be worn by anyone who can wear a normal 7″ bracelet. Extremely small and the back side digs into your wrist. I sent it back after trying to wear it for 20 minutes — it was painful and left marks. Not properly sized — it might work well if you have a very tiny wrist, but as the previous reviewer stated it is very oblong in shape and not well suited to the wrist.

Movado Women’s Bareleto Watch
Excellent watch! It was shipped in the original Movado Watch box with Movado’s quality guarantee. The woman must have the proper wrist size to take a Bareleto style watch. If her wrist is too small, this style watch might not be acceptable.

About Movado Women’s Bareleto Watch #0605303 detail

Amazon Sales Rank: #22467 in Watches
Brand: Movado
Model: 0605303
Band material: Stainless Steel
Bezel material: Stainless Steel
Case material: Stainless Steel
Clasp type: Bangle
Dial color: Black
Dial window material: anti-reflective-sapphire
Movement type: Swiss Quartz
Water-resistant to 30 meters

Features

Case diameter: 24 mm

Movado Women’s Bareleto Watch #0605303 Description

Stainless Steel Case And Bracelet. Quartz Movement. Bangle 7.5′. Screw-In Caseback. Sapphire Crystal. Silver-Tone Hands And Dot. 30 Meters/100 Feet Water Resistance. Approximately 23mm In Diameter. Movado Watch Model Numbers 605303 / 0605303.

Movado Women’s Bareleto 18K Solid Gold Diamond Watch #605576

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Previews : Movado Women’s Bareleto 18K Solid Gold Diamond Watch #605576

Are You Interested in Movado Women’s Bareleto 18K Solid Gold Diamond Watch #605576 You can see Now!

About Movado Women’s Bareleto 18K Solid Gold Diamond Watch #605576 detail

Amazon Sales Rank: #62563 in Watches
Brand: Movado
Model: 0605576
Band material: yellow-gold
Bezel material: yellow-gold
Case material: yellow-gold
Clasp type: invisible-double-locking-clasp
Dial color: white
Dial window material: sapphire
Movement type: swiss-quartz
Water-resistant to 100 feet

Features

Swiss-quartz movement
Sapphire crystal
Case diameter: 24 mm
Yellow-gold case; White dial
Water-resistant to 30 M (100 feet)

Movado Amorosa Watch

2009-01-19T09:08:00.000-08:00

Movado Amorosa Watch Reviews

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0604759 Amorosa Watch - Movado Watches Reviews and Prices at …
Read Movado 0604759 Amorosa Ladies Stainless Steel Watch and Movado Jewelry & Watches user reviews, product details and find lowest prices on Movado Watches …

Movado Amorosa Ladies Watch 0604759
Movado Amorosa Ladies Watch 0604759 Movado Luxury mens and ladies watches.

Movado , Amorosa, Women’s Watch reviews in Watches - Buzzillions.com
Buzzillions has 1 reviews of the Movado , Amorosa, Women’s Watch. Find more Watches reviews at Buzzillions.com, where every product has a review.
… Read the rest of this entry »

Movado Amorosa Watch

Movado Amorosa Watch : Previews all movado amorosa watch.

Movado Amorosa Watch Reviews

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Movado Amorosa Ladies Watch 0604759
Movado Amorosa Ladies Watch 0604759 Movado Luxury mens and ladies watches.

Written by amorosawatch2u

January 10, 2009 at 6:48 am

Posted in Movado

Tagged with Cheap Movado Watches, Fashion, Life, Movado Amorosa

Movado Amorosa

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Movado Watches Movado Amorosa Bangle Women’s Watch

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Movado Watches Movado Amorosa Bangle Women’s Watch

Now I find Movado Watches Movado Amorosa Bangle Women’s Watch Coming Soon I find this from Amazon I will That interes, You that Agree?.

About Movado Watches Movado Amorosa Bangle Women’s Watch detail

Brand: Movado
Band material: gold-tone
Case material: gold-tone
Clasp type: jewelers-clasp
Dial color: black
Dial window material: anti-reflective-sapphire
Movement type: swiss-quartz
Water-resistant to 165 feet

Hot Sale Watches

2009-01-19T08:52:00.000-08:00

Movado Women’s Ono Gold-Tone Diamond Accented Watch #0605821

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Movado Women’s Ono Gold-Tone Diamond Accented Watch #0605821

Are You Interested in Movado Women’s Ono Gold-Tone Diamond Accented Watch #0605821 I make this product appeal to young people

About Movado Women’s Ono Gold-Tone Diamond Accented Watch #0605821 detail

Amazon Sales Rank: #27792 in Watches
Brand: Movado
Model: 0605821
Band material: diamonds-and-gold-tone-stainless-steel
Bezel material: gold-tone-stainless-steel
Case material: gold-tone-stainless-steel
Clasp type: jewelry-clasp
Dial color: black
Dial window material: scratch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

Features

Precise Swiss-quartz movement
Scratch resistant sapphire crystal
Gold-tone-stainless-steel case; Black dial
Diamond accented Gold-tone-stainless-steel bracelet with secure jewelry-clasp
Water resistant up to 99 feet

Have a COOL !
Cheers

Tag : Ono, Movado, Women’s

Written by salewatches

January 1, 2009 at 3:24 pm

Posted in Movado Ono

Tagged with Gold Tone, Life, Movado Ono, Movado Women's, Stainless Steel Watch

Movado Women’s Ono Due Diamond Accented Watch #0605777

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Movado Women’s Ono Due Diamond Accented Watch #0605777

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About Movado Women’s Ono Due Diamond Accented Watch #0605777 detail

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Tag : Ono, Movado, Women’s

Written by salewatches

January 1, 2009 at 3:21 pm

Posted in Movado Ono

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Movado Men’s Certa Stainless Steel Watch #0605614

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Model: 0605614
Band material: stainless-steel
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Case material: stainless-steel
Clasp type: deployment-clasp-with-push-button
Dial color: silver
Dial window material: scractch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

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Tag : Certa, Movado, Men’s

Written by salewatches

December 31, 2008 at 7:11 pm

Posted in Movado Certa

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Movado Men’s Certa Stainless Steel Watch #0605613

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Brand: Movado
Model: 0605613
Band material: stainless-steel
Bezel material: stainless-steel
Case material: stainless-steel
Clasp type: deployment-clasp-with-push-button
Dial color: black
Dial window material: scractch-resistant-sapphire
Movement type: swiss-quartz
Water-resistant to 99 feet

Features

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Precise Swiss-quartz movement
Polished stainless steel case, bezel, and bracelet
Scratch resistant sapphire crystal
Water resistant up to 99 feet

foreign exchange (currency or forex or FX) market

2009-01-15T09:19:00.000-08:00

The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The trade happening in the forex markets across the globe currently exceeds $1.9 trillion/day (on average). Retail traders (small speculators) are a small part of this market. They may only participate indirectly through brokers or banks and may be targets of forex scams.

History

The forex market is a cash inter-bank or inter-dealer market, which was established in 1971 when floating exchange rates began to appear. The foreign exchange market is huge in comparison to other markets. For example, the average daily trading volume of US Treasury Bonds is $300 billion and the US stock market has an average daily volume of less than $10 billion. Ten years ago the Wall Street Journal estimated the daily trading volume in the forex market to be in excess of $1 trillion. Today that figure has grown to exceed $1.8 trillion a day.

Prior to 1971 an agreement called the Bretton Woods Agreement prevented speculation in the currency markets. The Bretton Woods Agreement was set up in 1944 with the aim of stabilising international currencies and preventing money fleeing across nations. This agreement fixed all national currencies against the dollar and set the dollar at a rate of $35 per ounce of gold. Prior to this agreement the gold exchange standard had been used since 1876. The gold standard used gold to back each currency and thus prevented kings and rulers from arbitrarily debasing money and triggering inflation.

The gold exchange standard had its own problems however. As an economy grew it would import goods from overseas until it ran its gold reserves down. As a result the country’s money supply would shrink resulting in interest rates rising and a slowing of economic activity to the extent that a recession would occur.

Eventually the recession would cause prices of goods to fall so low that they appeared attractive to other nations. This in turn led to an inflow of gold back into the economy and the resulting increase in money supply saw interest rates fall and the economy strengthen. These boom-bust patterns prevailed throughout the world during the gold exchange standard years until the outbreak of World War I which interrupted the free flow of trade and thus the movement of gold.

After the war the Bretton Woods Agreement was established, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar. A rate was also used to value the dollar in relation to gold. Countries were prohibited from devaluing their currency to improve their trade position by more than 10%. Following World War II international trade expanded rapidly due to post-war construction and this resulted in massive movements of capital. This de-stabilised the foreign exchange rates that had been set-up by the Bretton Woods Agreement.

The agreement was finally abandoned in 1971, and the US dollar was no longer convertible to gold. By 1973, currencies of the major industrialised nations became more freely floating, controlled mainly by the forces of supply and demand. Prices were set, with volumes, speed and price volatility all increasing during the 1970’s. This led to new financial instruments, market deregulation and open trade. It also led to a rise in the power of speculators.

In the 1980’s the movement of money across borders accelerated with the advent of computers and the market became a continuum, trading through the Asian, European and American time zones. Large banks created dealing rooms where hundreds of millions of dollars, pounds, euros and yen were exchanged in a matter on minutes. Today electronic brokers trade daily in the forex market, in London for example, single trades for tens of millions of dollars are priced in seconds. The market has changed dramatically with most international financial transactions being carried out not to buy and sell goods but to speculate on the market with the aim of most dealers to make money out of money.

London has grown to become the world’s leading international financial centre and is the world’s largest forex market. This arose not only due to its location, operating during the Asian and American markets, but also due to the creation of the Eurodollar market. The Eurodollar market was created during the 1950’s when Russia’s oil revenue, all in US dollars, was deposited outside the US in fear of being frozen by US authorities. This created a large pool of US dollars that were outside the control of the US. These vast cash reserves were very attractive to foreign investors as they had far less regulations and offered higher yields.

Today London continues to grow as more and more American and European banks come to the city to establish their regional headquarters. The sizes dealt with in these markets are huge and the smaller banks, commercial hedgers and private investors hardly ever have direct access to this liquid and competitive market, either because they fail to meet credit criteria or because their transaction sizes are too small. But today market makers are allowed to break down the large inter-bank units and offer small traders the opportunity to buy or

Market size and liquidity

The foreign exchange market is unique because of:

its trading volume,
the extreme liquidity of the market,
the large number of, and variety of, traders in the market,
its geographical dispersion,
its long trading hours - 24 hours a day (except on weekends).
the variety of factors that affect exchange rates,

According to the BIS study Triennial Central Bank Survey 2004, average daily turnover in traditional foreign exchange markets was estimated at $1,880 billion. Daily averages in April for different years, in billions of US dollars, are presented on the chart below:

Global foreign exchange market turnover:

$621 billion spot
$1.26 trillion in derivatives, ie
$208 billion in outright forwards
$944 billion in forex swaps
$107 billion in FX options.

**Top 10 Currency Traders**
Rank	Name	% of volume
1	Deutsche Bank	17.0
2	UBS	12.5
3	Citigroup	7.5
4	HSBC	6.4
5	Barclays	5.9
6	Merrill Lynch	5.7
7	J.P. Morgan Chase	5.3
8	Goldman Sachs	4.4
9	ABN AMRO	4.2
10	Morgan Stanley	3.9

Exchange-traded forex futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts. Forex futures volume has grown rapidly in recent years, but only accounts for about 7% of the total foreign exchange market volume, according to The Wall Street Journal Europe (5/5/06, p. 20).

The ten most active traders account for almost 73% of trading volume, according to The Wall Street Journal Europe, (2/9/06 p. 20). These large international banks continually provide the market with both bid (buy) and ask (sell) prices. The bid/ask spread is the difference between the price at which a bank or market maker will sell ("ask", or "offer") and the price at which a market-maker will buy ("bid") from a wholesale customer. This spread is minimal for actively traded pairs of currencies, usually only 1-3 pips. For example, the bid/ask quote of EUR/USD might be 1.2200/1.2203. Minimum trading size for most deals is usually $100,000.

These spreads might not apply to retail customers at banks, which will routinely mark up the difference to say 1.2100 / 1.2300 for transfers, or say 1.2000 / 1.2400 for banknotes or travelers' cheques. Spot prices at market makers vary, but on EUR/USD are usually no more than 5 pips wide (i.e. 0.0005). Competition has greatly increased with pip spreads shrinking on the majors to as little as 1 to 1.5 pips.

Currencies and how they are priced

Currency prices are affected by an assortment of economic and political conditions, but almost certainly the most significant are interest rates, global trade, inflation, and political stability. Governments participate in the market by either flooding the market with their domestic currency in an effort to decrease the price or, conversely, buying in order to elevate the price. This is known as central bank intervention. Any of these factors, as well as large market orders, can initiate high volatility in currency prices. However, the size and volume of the forex market make it impossible for any one entity to "force" the market for any length of time.

Trading characteristics

There is no single unified foreign exchange market. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currency instruments are traded. This implies that there is no such thing as a single dollar rate - but rather a number of different rates (prices), depending on what bank or market maker is trading. In practice the rates are often very close, otherwise they could be exploited by arbitrageurs.

**Top 6 Most Traded Currencies**
Rank	Currency	ISO 4217 Code	Symbol
1	United States dollar	USD	$
2	Eurozone euro	EUR	€
3	Japanese yen	JPY	¥
4	British pound sterling	GBP	£
5-6	Swiss franc	CHF	-
5-6	Australian dollar	AUD	$

The main trading centers are in London, New York, and Tokyo, but banks throughout the world participate. As the Asian trading session ends, the European session begins, then the US session, and then the Asian begin in their turns. Traders can react to news when it breaks, rather than waiting for the market to open.

There is little or no 'inside information' in the foreign exchange markets. Exchange rate fluctuations are usually caused by actual monetary flows as well as by expectations of changes in monetary flows caused by changes in GDP growth, inflation, interest rates, budget and trade deficits or surpluses, and other macroeconomic conditions. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. However, the large banks have an important advantage; they can see their customers' order flow.

Currencies are traded against one another. Each pair of currencies thus constitutes an individual product and is traditionally noted XXX/YYY, where YYY is the ISO 4217 international three-letter code of the currency into which the price of one unit of XXX is expressed. For instance, EUR/USD is the price of the euro expressed in US dollars, as in 1 euro = 1.2045 dollar.

On the spot market, according to the BIS study, the most heavily traded products were:

EUR/USD - 28 %
USD/JPY - 18 %
GBP/USD (also called sterling or cable) - 14 %

and the US currency was involved in 89% of transactions, followed by the euro (37%), the yen (20%) and sterling (17%). (Note that volume percentages should add up to 200% - 100% for all the sellers, and 100% for all the buyers).

Although trading in the euro has grown considerably since the currency's creation in January 1999, the foreign exchange market is thus still largely dollar-centered. For instance, trading the euro versus a non-European currency ZZZ will usually involve two trades: EUR/USD and USD/ZZZ. The only exception to this is EUR/JPY, which is an established traded currency pair in the interbank spot market.

Market participants

Banks

The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, trading for the bank's own account.

Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for small fees. Today, however, much of this business has moved on to more efficient electronic systems, such as EBS, Reuters Dealing 3000 Matching (D2), the Chicago Mercantile Exchange, Bloomberg and TradeBook(R). The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeably smaller than just a few years ago.

Commercial companies

An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

Central banks

National central banks play an important role in the foreign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Milton Friedman argued that the best stabilization strategy would be for central banks to buy when the exchange rate is too low, and to sell when the rate is too high — that is, to trade for a profit based on their more precise information. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

The mere expectation or rumor of central bank intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives, however. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in the 1992-93 ERM collapse, and in more recent times in Southeast Asia.

Investment management firms

Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager with an international equity portfolio will need to buy and sell foreign currencies in the spot market in order to pay for purchases of foreign equities. Since the forex transactions are secondary to the actual investment decision, they are not seen as speculative or aimed at profit-maximisation.

Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. Whilst the number of this type of specialist firms is quite small, many have a large value of assets under management (AUM), and hence can generate large trades.

Hedge funds

Hedge funds, such as George Soros's Quantum fund have gained a reputation for aggressive currency speculation since 1990. They control billions of dollars of equity and may borrow billions more, and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.

Retail forex brokers

Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion daily, which is about 2% of the whole market. CNN also quotes an official of the National Futures Association "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that actually trades foreign exchange (which determines the firm's own net position in the market, serving as both a proprietary trading desk and a means of offsetting client trades on the interbank market) and one used for off-exchange trading with retail customers (called the "dealing desk" or "trading desk").

Many retail FX market makers claim to offset clients' trades on the interbank market (that is, with other larger market makers), e.g. after buying from the client, they sell to a bank. Nevertheless, the large majority of retail currency speculators are novices and who lose money ^[1], so that the market makers would be giving up large profits by offsetting all order flow. Offsetting does occur, and while it is difficult to know for certain to what extent, it occurs mostly for risk management and regulatory reasons (e.g. the CFTC has capital requirements derived from a percentage the notional value of outstanding trades on client accounts, and on the net position of the market maker in its own accounts).

The dealing desk operates much like the currency exchange counter at a bank. Interbank exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so that the market maker will make a profit) before they are displayed to retail customers. Prices shown by the market maker do not necessarily reflect interbank market rates. Arbitrage opportunities may exist, but retail market makers are efficient at removing arbitrageurs from their systems or limiting their trades.

Most retail forex brokers do not offer their customers direct access to the interbank forex market because of the limited number of clearing banks willing to process small orders. More importantly, the dealing desk model can be far more profitable, as a large portion of retail traders' losses are directly turned into market maker profits. While the income of a marketmaker that offsets trades or a broker that facilitates transactions is limited to transaction fees (commissions), dealing desk brokers can generate income in a variety of ways because they not only control the trading process, they also control pricing which they can skew to maximize profits.

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail speculators in FX lack trading experience and capital (account minimums at some firms are as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges from $10,000 to $100,000, force small traders to take imprudently large positions using extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many retail forex firms allow client leverage of 100:1 or even 200:1, without disclosing that this is highly unusual for currency traders. This drastically increases the risk of a margin call (which, if the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' " ^[1]

In the US, "it is unlawful to offer foreign currency futures and option contracts to retail customers unless the offeror is a regulated financial entity" according to the Commodity Futures Trading Commission ^[2]. Legitimate retail brokers serving traders in the U.S. are most often registered with the CFTC as "futures commission merchants" (FCMs) and are members of the National Futures Association (NFA)^[3] . Retail forex brokers are much less regulated than stock brokers and there is no protection similar to that from the Securities Investor Protection Corporation. The CFTC has noted an increase in forex scams ^[4].

Speculation

Controversy about currency speculators and their effect on currency devaluations and national economies recurs regularly. Nevertheless, many economists (e.g. Milton Friedman) argue that speculators perform the important function of providing a market for hedgers and transferring risk from those people who don't wish to bear it, to those who do. Other economists (e.g. Joseph Stiglitz) however, may consider this argument to be based more on politics and a free market philosophy than on economics.

Large hedge funds and other well capitalized "position traders" are the main professional speculators.

Currency speculation is considered a highly suspect activity in many countries. While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not, according to this view; it is simply gambling, that often interferes with economic policy. For example, in 1992, currency speculation forced the Central Bank of Sweden to raise interest rates for a few days to 150% per annum, and later to devalue the krona. Former Malaysian Prime Minister Mahathir Mohamad is one well known proponent of this view. He blamed the devaluation of the Malaysian ringgit in 1997 on George Soros and other speculators. ^[5]

Gregory Millman reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit.

In this view, countries may develop unsustainable financial bubbles or otherwise mishandle their national economies, and forex speculators only made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling. Mahathir Mohamad and other critics of speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions.

The foreign exchange

2009-01-15T09:14:00.000-08:00

The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The trade happening in the forex markets across the globe currently exceeds $1.9 trillion/day (on average). Retail traders (small speculators) are a small part of this market. They may only participate indirectly through brokers or banks and may be targets of forex scams.

History

The forex market is a cash inter-bank or inter-dealer market, which was established in 1971 when floating exchange rates began to appear. The foreign exchange market is huge in comparison to other markets. For example, the average daily trading volume of US Treasury Bonds is $300 billion and the US stock market has an average daily volume of less than $10 billion. Ten years ago the Wall Street Journal estimated the daily trading volume in the forex market to be in excess of $1 trillion. Today that figure has grown to exceed $1.8 trillion a day.

Prior to 1971 an agreement called the Bretton Woods Agreement prevented speculation in the currency markets. The Bretton Woods Agreement was set up in 1944 with the aim of stabilising international currencies and preventing money fleeing across nations. This agreement fixed all national currencies against the dollar and set the dollar at a rate of $35 per ounce of gold. Prior to this agreement the gold exchange standard had been used since 1876. The gold standard used gold to back each currency and thus prevented kings and rulers from arbitrarily debasing money and triggering inflation.

The gold exchange standard had its own problems however. As an economy grew it would import goods from overseas until it ran its gold reserves down. As a result the country’s money supply would shrink resulting in interest rates rising and a slowing of economic activity to the extent that a recession would occur.

Eventually the recession would cause prices of goods to fall so low that they appeared attractive to other nations. This in turn led to an inflow of gold back into the economy and the resulting increase in money supply saw interest rates fall and the economy strengthen. These boom-bust patterns prevailed throughout the world during the gold exchange standard years until the outbreak of World War I which interrupted the free flow of trade and thus the movement of gold.

After the war the Bretton Woods Agreement was established, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar. A rate was also used to value the dollar in relation to gold. Countries were prohibited from devaluing their currency to improve their trade position by more than 10%. Following World War II international trade expanded rapidly due to post-war construction and this resulted in massive movements of capital. This de-stabilised the foreign exchange rates that had been set-up by the Bretton Woods Agreement.

The agreement was finally abandoned in 1971, and the US dollar was no longer convertible to gold. By 1973, currencies of the major industrialised nations became more freely floating, controlled mainly by the forces of supply and demand. Prices were set, with volumes, speed and price volatility all increasing during the 1970’s. This led to new financial instruments, market deregulation and open trade. It also led to a rise in the power of speculators.

In the 1980’s the movement of money across borders accelerated with the advent of computers and the market became a continuum, trading through the Asian, European and American time zones. Large banks created dealing rooms where hundreds of millions of dollars, pounds, euros and yen were exchanged in a matter on minutes. Today electronic brokers trade daily in the forex market, in London for example, single trades for tens of millions of dollars are priced in seconds. The market has changed dramatically with most international financial transactions being carried out not to buy and sell goods but to speculate on the market with the aim of most dealers to make money out of money.

London has grown to become the world’s leading international financial centre and is the world’s largest forex market. This arose not only due to its location, operating during the Asian and American markets, but also due to the creation of the Eurodollar market. The Eurodollar market was created during the 1950’s when Russia’s oil revenue, all in US dollars, was deposited outside the US in fear of being frozen by US authorities. This created a large pool of US dollars that were outside the control of the US. These vast cash reserves were very attractive to foreign investors as they had far less regulations and offered higher yields.

Today London continues to grow as more and more American and European banks come to the city to establish their regional headquarters. The sizes dealt with in these markets are huge and the smaller banks, commercial hedgers and private investors hardly ever have direct access to this liquid and competitive market, either because they fail to meet credit criteria or because their transaction sizes are too small. But today market makers are allowed to break down the large inter-bank units and offer small traders the opportunity to buy or

Market size and liquidity

The foreign exchange market is unique because of:

its trading volume,
the extreme liquidity of the market,
the large number of, and variety of, traders in the market,
its geographical dispersion,
its long trading hours - 24 hours a day (except on weekends).
the variety of factors that affect exchange rates,
According to the BIS study Triennial Central Bank Survey 2004, average daily turnover in traditional foreign exchange markets was estimated at $1,880 billion. Daily averages in April for different years, in billions of US dollars, are presented on the chart below:

Global foreign exchange market turnover:

$621 billion spot
$1.26 trillion in derivatives, ie
$208 billion in outright forwards
$944 billion in forex swaps
$107 billion in FX options.

Top 10 Currency Traders
Rank	Name	% of volume
1	Deutsche Bank	17.0
2	UBS	12.5
3	Citigroup	7.5
4	HSBC	6.4
5	Barclays	5.9
6	Merrill Lynch	5.7
7	J.P. Morgan Chase	5.3
8	Goldman Sachs	4.4
9	ABN AMRO	4.2
10	Morgan Stanley	3.9

Exchange-traded forex futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts. Forex futures volume has grown rapidly in recent years, but only accounts for about 7% of the total foreign exchange market volume, according to The Wall Street Journal Europe (5/5/06, p. 20).

The ten most active traders account for almost 73% of trading volume, according to The Wall Street Journal Europe, (2/9/06 p. 20). These large international banks continually provide the market with both bid (buy) and ask (sell) prices. The bid/ask spread is the difference between the price at which a bank or market maker will sell ("ask", or "offer") and the price at which a market-maker will buy ("bid") from a wholesale customer. This spread is minimal for actively traded pairs of currencies, usually only 1-3 pips. For example, the bid/ask quote of EUR/USD might be 1.2200/1.2203. Minimum trading size for most deals is usually $100,000.

These spreads might not apply to retail customers at banks, which will routinely mark up the difference to say 1.2100 / 1.2300 for transfers, or say 1.2000 / 1.2400 for banknotes or travelers' cheques. Spot prices at market makers vary, but on EUR/USD are usually no more than 5 pips wide (i.e. 0.0005). Competition has greatly increased with pip spreads shrinking on the majors to as little as 1 to 1.5 pips.

Currencies and how they are priced

Currency prices are affected by an assortment of economic and political conditions, but almost certainly the most significant are interest rates, global trade, inflation, and political stability. Governments participate in the market by either flooding the market with their domestic currency in an effort to decrease the price or, conversely, buying in order to elevate the price. This is known as central bank intervention. Any of these factors, as well as large market orders, can initiate high volatility in currency prices. However, the size and volume of the forex market make it impossible for any one entity to "force" the market for any length of time.

Trading characteristics

There is no single unified foreign exchange market. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currency instruments are traded. This implies that there is no such thing as a single dollar rate - but rather a number of different rates (prices), depending on what bank or market maker is trading. In practice the rates are often very close, otherwise they could be exploited by arbitrageurs.

Top 6 Most Traded Currencies
Rank	Currency	ISO 4217 Code	Symbol
1	United States dollar	USD	$
2	Eurozone euro	EUR	€
3	Japanese yen	JPY	¥
4	British pound sterling	GBP	£
5-6	Swiss franc	CHF	-
5-6	Australian dollar	AUD	$

EUR/USD - 28 %
USD/JPY - 18 %
GBP/USD (also called sterling or cable) - 14 %

and the US currency was involved in 89% of transactions, followed by the euro (37%), the yen (20%) and sterling (17%). (Note that volume percentages should add up to 200% - 100% for all the sellers, and 100% for all the buyers).

Although trading in the euro has grown considerably since the currency's creation in January 1999, the foreign exchange market is thus still largely dollar-centered. For instance, trading the euro versus a non-European currency ZZZ will usually involve two trades: EUR/USD and USD/ZZZ. The only exception to this is EUR/JPY, which is an established traded currency pair in the interbank spot market.

Market participants

Banks

The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, trading for the bank's own account.

Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for small fees. Today, however, much of this business has moved on to more efficient electronic systems, such as EBS, Reuters Dealing 3000 Matching (D2), the Chicago Mercantile Exchange, Bloomberg and TradeBook®. The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeably smaller than just a few years ago.

Commercial companies

An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

Central banks

National central banks play an important role in the foreign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Milton Friedman argued that the best stabilization strategy would be for central banks to buy when the exchange rate is too low, and to sell when the rate is too high — that is, to trade for a profit based on their more precise information. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

The mere expectation or rumor of central bank intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives, however. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in the 1992-93 ERM collapse, and in more recent times in Southeast Asia.

Investment management firms

Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager with an international equity portfolio will need to buy and sell foreign currencies in the spot market in order to pay for purchases of foreign equities. Since the forex transactions are secondary to the actual investment decision, they are not seen as speculative or aimed at profit-maximisation.

Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. Whilst the number of this type of specialist firms is quite small, many have a large value of assets under management (AUM), and hence can generate large trades.

Hedge funds

Hedge funds, such as George Soros's Quantum fund have gained a reputation for aggressive currency speculation since 1990. They control billions of dollars of equity and may borrow billions more, and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.

Retail forex brokers

Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion daily, which is about 2% of the whole market. CNN also quotes an official of the National Futures Association "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that actually trades foreign exchange (which determines the firm's own net position in the market, serving as both a proprietary trading desk and a means of offsetting client trades on the interbank market) and one used for off-exchange trading with retail customers (called the "dealing desk" or "trading desk").

Many retail FX market makers claim to offset clients' trades on the interbank market (that is, with other larger market makers), e.g. after buying from the client, they sell to a bank. Nevertheless, the large majority of retail currency speculators are novices and who lose money ^[1], so that the market makers would be giving up large profits by offsetting all order flow. Offsetting does occur, and while it is difficult to know for certain to what extent, it occurs mostly for risk management and regulatory reasons (e.g. the CFTC has capital requirements derived from a percentage the notional value of outstanding trades on client accounts, and on the net position of the market maker in its own accounts).

The dealing desk operates much like the currency exchange counter at a bank. Interbank exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so that the market maker will make a profit) before they are displayed to retail customers. Prices shown by the market maker do not necessarily reflect interbank market rates. Arbitrage opportunities may exist, but retail market makers are efficient at removing arbitrageurs from their systems or limiting their trades.

Most retail forex brokers do not offer their customers direct access to the interbank forex market because of the limited number of clearing banks willing to process small orders. More importantly, the dealing desk model can be far more profitable, as a large portion of retail traders' losses are directly turned into market maker profits. While the income of a marketmaker that offsets trades or a broker that facilitates transactions is limited to transaction fees (commissions), dealing desk brokers can generate income in a variety of ways because they not only control the trading process, they also control pricing which they can skew to maximize profits.

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail speculators in FX lack trading experience and capital (account minimums at some firms are as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges from $10,000 to $100,000, force small traders to take imprudently large positions using extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many retail forex firms allow client leverage of 100:1 or even 200:1, without disclosing that this is highly unusual for currency traders. This drastically increases the risk of a margin call (which, if the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' " ^[1]

In the US, "it is unlawful to offer foreign currency futures and option contracts to retail customers unless the offeror is a regulated financial entity" according to the Commodity Futures Trading Commission ^[2]. Legitimate retail brokers serving traders in the U.S. are most often registered with the CFTC as "futures commission merchants" (FCMs) and are members of the National Futures Association (NFA)^[3] . Retail forex brokers are much less regulated than stock brokers and there is no protection similar to that from the Securities Investor Protection Corporation. The CFTC has noted an increase in forex scams ^[4].

Speculation

Controversy about currency speculators and their effect on currency devaluations and national economies recurs regularly. Nevertheless, many economists (e.g. Milton Friedman) argue that speculators perform the important function of providing a market for hedgers and transferring risk from those people who don't wish to bear it, to those who do. Other economists (e.g. Joseph Stiglitz) however, may consider this argument to be based more on politics and a free market philosophy than on economics.

Large hedge funds and other well capitalized "position traders" are the main professional speculators.

Currency speculation is considered a highly suspect activity in many countries. While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not, according to this view; it is simply gambling, that often interferes with economic policy. For example, in 1992, currency speculation forced the Central Bank of Sweden to raise interest rates for a few days to 150% per annum, and later to devalue the krona. Former Malaysian Prime Minister Mahathir Mohamad is one well known proponent of this view. He blamed the devaluation of the Malaysian ringgit in 1997 on George Soros and other speculators. ^[5]

Gregory Millman reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit.

In this view, countries may develop unsustainable financial bubbles or otherwise mishandle their national economies, and forex speculators only made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling. Mahathir Mohamad and other critics of speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions.

Accounting Dictionary

2009-01-15T09:12:00.001-08:00

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Business & Finance

2009-01-15T09:00:00.000-08:00

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stock exchange, securities exchange

2009-01-10T11:27:00.000-08:00

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A stock exchange, securities exchange or (in Europe) bourse is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts and other pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors which, as in all free markets, affect the price of stocks (see stock valuation).

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

[edit] The First Stock Exchanges

In 11th century France the courtiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. As these men also traded in debts, they could be called the first brokers.

Some stories suggest that the origins of the term "bourse" come from the Latin bursa meaning a bag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hung on the front of the house where merchants met.

House Ter Beurze in Bruges, Belgium.

However, it is more likely that in the late 13th century commodity traders in Bruges gathered inside the house of a man called Van der Burse, and in 1309 they institutionalized this until now informal meeting and became the "Bruges Bourse". The idea spread quickly around Flanders and neighbouring counties and "Bourses" soon opened in Ghent and Amsterdam.

In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351, the Venetian Government outlawed spreading rumors intended to lower the price of government funds. There were people in Pisa, Verona, Genoa and Florence who also began trading in government securities during the 14th century. This was only possible because these were independent city states ruled by a council of influential citizens, not by a duke.

The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits—or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In 1688, the trading of stocks began on a stock exchange in London.

[edit] The role of stock exchanges

Stock exchanges have multiple roles in the economy, this may include the following:^[1]

[edit] Raising capital for businesses

The Stock Exchange provide companies with the facility to raise capital for expansion through selling shares to the investing public.^[2]

[edit] Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher productivity levels and firms.

[edit] Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion.

[edit] Redistribution of wealth

Stocks exchanges do not exist to redistribute wealth. However, both casual and professional stock investors, through dividends and stock price increases that may result in capital gains, will share in the wealth of profitable businesses.

[edit] Corporate governance

By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately-held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). However, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies. The dot-com bubble in the early 2000s, and the subprime mortgage crisis in 2007-08, are classical examples of corporate mismanagement. Companies like Pets.com (2000), Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), Parmalat (2003), Fannie Mae (2008), Freddie Mac (2008), Lehman Brothers (2008), and Satyam Computer Services were among the most widely scrutinized by the media.

[edit] Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors.

[edit] Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate the need to directly tax the citizens in order to finance development, although by securing such bonds with the full faith and credit of the government instead of with collateral, the result is that the government must tax the citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature.

[edit] Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of the general trend in the economy.

[edit] Major stock exchanges

Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Turnover at the end of October 2007

Region	Stock Exchange	Market Value (trillions of US dollars)	Total Share Turnover (trillions of US dollars)
Africa	JSE Securities Exchange	$0.940	$0.349
Americas	NASDAQ	$4.39	$12.4
Americas	São Paulo Stock Exchange	$1.40	$0.476
Americas	Toronto Stock Exchange	$2.29	$1.36
Americas/Europe	NYSE Euronext	$20.7	$28.7
Asia-Pacific	Australian Securities Exchange	$1.45³	$1.00³
South Asia	Bombay Stock Exchange	$1.61	$0.263
Asia-Pacific	Hong Kong Stock Exchange	$2.97	$1.70
Asia-Pacific	Korea Exchange	$1.26	$1.66
South Asia	National Stock Exchange of India	$1.46	$0.564
Asia-Pacific	Shanghai Stock Exchange	$3.02	$3.56
Asia-Pacific	Shenzhen Stock Exchange	$0.741	$1.86
Asia-Pacific	Tokyo Stock Exchange	$4.63	$5.45
Europe	Frankfurt Stock Exchange (Deutsche Börse)	$2.12	$3.64
Europe	London Stock Exchange	$4.21	$9.14
Europe	Madrid Stock Exchange (Bolsas y Mercados Españoles)	$1.83	$2.49
Europe	Milan Stock Exchange (Borsa Italiana)	$1.13	$1.98
Europe	Moscow Interbank Currency Exchange (MICEX)	$0.965²	$0.488²
Europe	Nordic Stock Exchange Group OMX¹	$1.38	$1.60
Europe	Swiss Exchange	$1.33	$1.58

Note 1: includes the Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Note 2: latest data available is at the end of June 2007
Note 3: latest data available is at the end of September 2007

Sources: World Federation of Exchanges - Statistics/Monthly
Remarks: There are 2 pending major mergers: NASDAQ with OMX; and London Stock Exchange with Milan Stock Exchange

The London Stock Exchange in the City of London.

New York Stock Exchange, New York City.

São Paulo Stock Exchange in São Paulo.

The Tokyo Stock Exchange in Tokyo.

The main stock exchanges:

[edit] Listing requirements

Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on that exchange. Such conditions sometimes include minimum number of shares outstanding, minimum market capitalization, and minimum annual income.

[edit] Requirements by stock exchange

Companies have to meet the requirements of the exchange in order to have their stocks and shares listed and traded there, but requirements vary by stock exchange:

Bombay Stock Exchange: Bombay Stock Exchange (BSE) has requirements for a minimum market capitalization of Rs.250 Million and minimum public float equivalent to Rs.100 Million.^[3]

London Stock Exchange: The main market of the London Stock Exchange has requirements for a minimum market capitalization (£700,000), three years of audited financial statements, minimum public float (25 per cent) and sufficient working capital for at least 12 months from the date of listing.

NASDAQ Stock Exchange: To be listed on the NASDAQ a company must have issued at least 1.25 million shares of stock worth at least $70 million and must have earned more than $11 million over the last three years.^[4]

New York Stock Exchange: To be listed on the New York Stock Exchange (NYSE) a company must have issued at least a million shares of stock worth $100 million and must have earned more than $10 million over the last three years.^[5]

[edit] Ownership

Stock exchanges originated as mutual organizations, owned by its member stock brokers. There has been a recent trend for stock exchanges to demutualize, where the members sell their shares in an initial public offering. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euronext (merged with New York Stock Exchange), NASDAQ (2002), the New York Stock Exchange (2005), Bolsas y Mercados Españoles, and the São Paulo Stock Exchange (2007). The Shenzhen and Shanghai stock exchanges can been characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission.

[edit] Other types of exchanges

In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contracts. These commodity exchanges later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges.

[edit] The future of stock exchanges

The future of stock trading appears to be electronic, as competition is continually growing between the remaining traditional New York Stock Exchange specialist system against the relatively new, all Electronic Communications Networks, or ECNs. ECNs point to their speedy execution of large block trades, while specialist system proponents cite the role of specialists in maintaining orderly markets, especially under extraordinary conditions or for special types of orders.

The ECNs contend that an array of special interests profit at the expense of investors in even the most mundane exchange-directed trades. Machine-based systems, they argue, are much more efficient, because they speed up the execution mechanism and eliminate the need to deal with an intermediary.

Historically, the 'market' (which, as noted, encompasses the totality of stock trading on all exchanges) has been slow to respond to technological innovation, thus allowing growing pure speculation to continue. Conversion to all-electronic trading could erode/eliminate the trading profits of floor specialists and the NYSE's "upstairs traders", who, like in September and October 2008, earned billions of dollars selling shares they did not have, and days later buying the same amount of shares, but maybe 15 % cheaper, so these shares could be handed to their buyers, thereby making the market fall deeply.

William Lupien, founder of the Instinet trading system and the OptiMark system, has been quoted as saying "I'd definitely say the ECNs are winning... Things happen awfully fast once you reach the tipping point. We're now at the tipping point."

One example of improved efficiency of ECNs is the prevention of front running, by which manual Wall Street traders use knowledge of a customer's incoming order to place their own orders so as to benefit from the perceived change to market direction that the introduction of a large order will cause. By executing large trades at lightning speed without manual intervention, ECNs make impossible this illegal practice, for which several NYSE floor brokers were investigated and severely fined in recent years.^[6] Under the specialist system, when the market sees a large trade in a name, other buyers are immediately able to look to see how big the trader is in the name, and make inferences about why s/he is selling or buying. All traders who are quick enough are able to use that information to anticipate price movements.

ECNs have changed ordinary stock transaction processing (like brokerage services before them) into a commodity-type business. ECNs could regulate the fairness of initial public offerings (IPOs), oversee Hambrecht's OpenIPO process, or measure the effectiveness of securities research and use transaction fees to subsidize small- and mid-cap research efforts.

Some^[who?], however, believe the answer will be some combination of the best of technology and "upstairs trading" — in other words, a hybrid model.

Trading 25,000 shares of General Electric stock (recent^[when?] quote: $34.76; recent^[when?] volume: 44,760,300) would be a relatively simple e-commerce transaction; trading 100 shares of Berkshire Hathaway Class A stock (recent quote: $139,700.00; recent volume: 850) may never be. The choice of system should be clear (but always that of the trader), based on the characteristics of the security to be traded.

Even with ECNs forming an important part of a national market system, opportunities presumably remain to profit from the spread between the bid and offer price. That is especially true for investment managers that direct huge trading volume, and own a stake in an ECN or specialist firm. For example, in its individual stock-brokerage accounts, "Fidelity Investments runs 29% of its undesignated orders in NYSE-listed stocks, and 37% of its undesignated market orders through the Boston Stock Exchange, where an affiliate controls a specialist post."

[edit] Gallery

Real estate

2009-01-10T10:53:00.000-08:00


Property law
Part of the common law series
Acquisition
Gift · Adverse possession · Deed Lost, mislaid, and abandoned property Treasure trove Alienation · Bailment · License
Estates in land
Allodial title · Fee simple · Fee tail Life estate · Defeasible estate Future interest · Concurrent estate Leasehold estate · Condominiums
Conveyancing
Bona fide purchaser Torrens title · Strata title Estoppel by deed · Quitclaim deed Mortgage · Equitable conversion Action to quiet title
Future use control
Restraint on alienation Rule against perpetuities Rule in Shelley's Case Doctrine of worthier title
Nonpossessory interest
Easement · Profit Covenant running with the land Equitable servitude
Related topics
Fixtures · Waste · Partition Riparian water rights Lateral and subjacent support Assignment · Nemo dat
Other common law areas
Contract law · Tort law Wills, trusts and estates Criminal law · Evidence
v • d • e

Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.^[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty under chattel law or personal property law).

However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself.^{[clarification needed]}

The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.

[hide]

[edit] Etymology

In law, the word real means relating to a thing (res/rei, thing, from O.Fr. reel, from L.L. realis "actual," from Latin. res, "matter, thing"^[2]), as distinguished from a person. Thus the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "Real Estate" that has been preserved in historical records was in 1666.^[2]

The use of "real" to refer to land also reflects the ancient preference for land, and the ownership thereof (and the owners thereof). This, in turn reflects the values of the medieval feudal system, which is the ultimate root of the common law.

Some have claimed that the word Real is derived from "royal" (The word royal—and its Spanish cognate real—come from the related Latin word rex-regis, meaning king. For hundreds of years the Royal family / King owned the land, and the peasants paid rent or property taxes to be on the Royal's land. Today, just like hundreds of years in the past, we pay property taxes, or rent to be on the government's land or the Royal Estate). However, the "real" in "real property" is derived from the Latin for "thing".^[3]

[edit] Real estate terminology and practice outside the United States (around the world)

[edit] Real estate as "real property" in the U.K.

In British usage, “real property”, often shortened to just “property”, generally refers to land and fixtures as such while the term “real estate” is used mostly in the context of probate law, and means all interests in land held by a deceased person at death excluding interests in money arising under a trust for sale of or charged on land.^[4]

See Real property for a definition and Estate agent for a description of the practice in the UK.

[edit] Real estate in Mexico and Central America

The real estate business in Mexico and Central America is different from the way that it is conducted in the United States.

Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and monies in order to smoothly make the exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.

Prices are often much cheaper than most areas of the U.S., but in many locations prices of houses and lots are as expensive as the U.S., one example being Mexico City. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.

One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50km of the coast or 100km from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust). In Honduras, however, they may buy beach front property directly in their name. There are also different special rules regarding certain types of property: ejidal land – communally held farm property – can only be sold after a lengthy entitlement process, but that does not prevent them from being offered for sale.

Many websites advertising and selling Mexican and Central American real estate exist, but they may need to be researched.

In Costa Rica, real estate agents do not need a license to operate, but the transfer of property requires a lawyer.

[edit] Business sector

With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Appraisal: Professional valuation services
Brokerages: A fee charged by the mediator who facilitates a real estate transaction between the two parties.
Development: Improving land for use by adding or replacing buildings
Property management: Managing a property for its owner(s)
Real estate marketing: Managing the sales side of the property business
Real estate investing: Managing the investment of real estate
Relocation services: Relocating people or business to a different country
Corporate Real Estate: Managing the real estate held by a corporation to support its core business—unlike managing the real estate held by an investor to generate income

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate.

"Internet Real Estate" is a term coined by the internet investment community relating to ownership of domain names and the similarities between high quality internet domain names and real-world, prime real estate.

[edit] Residential real estate

The legal arrangement for the right to occupy a dwelling is known as the housing tenure. Types of housing tenure include owner occupancy, Tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing.

Residences can be classified by if and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

Major physical categories in North America and Europe include:

Attached / multi-unit dwellings
- Apartment ("flat" outside North America) - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
- Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
- Terraced house (a.k.a. townhouse or rowhouse) - A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
- Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly. There are townhouse or rowhouse style condominiums as well.
Semi-detached dwellings
- Duplex - Two units with one shared wall.
Single-family detached home
Portable dwellings
- Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
- Houseboats - A floating home
- Tents - Usually very temporary, with roof and walls consisting only of fabric-like material.

The size of an apartment or house can be described in square feet or meters. In the United States this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe reports the area of the walls enclosing the home, and thus includes any attached garage and non-living spaces.

It can also be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room, separate from the bedroom. Two bedroom, three bedroom, and larger units are also common. (A bedroom is defined as a room with a closet for clothes storage.)

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information.

[edit] Market sector value

According to The Economist, "developed economies" assets at the end of 2002 were the following:

Residential property: $48 trillion;
Commercial property: $14 trillion;
Equities: $20 trillion;
Government bonds: $20 trillion;
Corporate bonds: $13 trillion;
Total: $115 trillion.

That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. Assets not counted here are bank deposits, insurance "reserve" assets, and human assets; also it is not clear if all debt and equity investments are counted in the categories equities and bonds. For U.S. asset levels see FRB: Z.1 Release- Flow of Funds Accounts of the United States.

[edit] Mortgages in real estate

In recent years, many economists have recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. In most societies, rich or poor, a significant fraction of the total wealth is in the form of land and buildings.

In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgage loans (or other instruments). These are loans for which the real property itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because, if the borrower does not make payments, the lender can foreclose by filing a court action which allows them take back the property and sell it to get their money back. For investors, profitability can be enhanced by using an off plan or pre-construction strategy to purchase at a lower price which is often the case in the pre-construction phase of development.

But in many developing countries there is no effective means by which a lender could foreclose, so the mortgage loan industry, as such, either does not exist at all or is only available to members of privileged social classes.

International Trading: The Forex Market Style

2009-01-07T20:31:00.000-08:00

Forex market is simply the trading of one currency for another base on the value of the two currencies involved. Almost all countries in the world trade currencies; it’s about buying or selling their currency for another country’s currency that involves determining how much their currency is worth in terms of the other. Therefore, currencies whose value is comparatively less than other currencies don’t get to be traded often, unlike those currencies that have high value.
The exchange of currencies happen 24/7 around the world, in fact, an estimated two-trillion dollars worth of money are exchange in a single day – a pretty gargantuan sum. Just imagine how many millions it needs to accumulate a trillion – let alone two-trillion – and this exchange happened everyday! This is one industry well loved by people who like to be involved in something where huge sum of money is handled everyday.

You can find in the Forex market just about every currency in the world that you need. For every currency in the world, there’s a corresponding three-letters symbol assigned to it for easy recognition during trading. For instance, the United States dollar is recognized as USD, Japanese Yen as JPY, British Pound as GBP, and the Euro as EUR. It’s not a crime to buy and sell different currencies in a day or trade one currency one day at a time. Forex trading is only facilitated by a broker or companies; they are going to charge for the transaction which is only normal. Therefore, consider you number of trades and the fee your broker requires before ending with a high transaction fee.

Trades happened everyday but the most actively traded currencies today are between the USD and the EUR. Next to this is the trade between JPY and the USD and between GBP and the USD. These currencies are among the top of the food chain when it comes to currency trading because of their robustness in the market. Currency trading is possible 24/7 because markets open and close 24/7 around the world. The different time zones around the world, in fact, are one of the major considerations when a trader engages in the Forex market.

Know that in Forex trading, you’ll only be presented with symbols and signs that could mean either a loss or a gain for your traded currency – this is true across all countries and currencies. For example, you’ll see symbols like EURzzz/USDzzz (where ‘zzz’ represents the percentage of trading and your margin for profit). Another example is AUSzzz/USDzzz if you’re trading between Australian dollar and US dollar. It pays to learn and study these symbols so that you would not be confused during trading; however, it’s easy to understand these signs once you’ve seen your Forex statements or your online receipts.

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Who are the Players in the Forex Markets?

2009-01-07T20:29:00.000-08:00

The trading that exists between currencies of two countries is termed as the foreign exchange market or the Forex market. These exchanges of currencies are facilitated by brokers or a financial institution in the timeliest manner. Today, Forex trading is no longer strange to the masses and many individuals are already engaged in this business, which really does not come very far from the stock market. The difference between the two, however, is that Forex is comparatively larger in scale than the Forex market. Practically all kinds of individuals and institutions are engaged in Forex such as the banks, governments, businesses, brokers, and even individual traders who are often called speculators. The state of the financial market and the economy is what determines the state of the currency of a particular country. A very large sum of money is changing hands in the Forex market; an amount reaching to trillions of dollars everyday.

According to the records, the largest sum of money that change hands over these past years happened between banks, something called an interbank transaction. In fact, 50 percent of the Forex transactions are facilitated by the banks. This goes to show that banks use Forex to earn money from the deposits made by the people and the businesses to them. Part of these earnings goes to the interest these banks pay to their depositors. In fact, Forex trading is one of the best income earners of many banks around the world. Some banks allow their deposits to be traded on Forex and ready them the next morning for withdrawals by their depositors.

Big companies also trade their cash reserves in Forex to gain income. Example of this blue chip companies and financial institutions that trade Forex are Deutsche Bank, UBS, Citigroup, HSBC, Barclays, Merrill Lynch, JP Morgan Chase, Goldman Sachs, ABN Amro, Morgan Stanley, and many others. Forex trading is part of their strategy to increase wealth of their stock holders. Smaller companies also participates in Forex although not as broadly as the big companies for obvious reasons.

A country’s Central Bank plays a very important role when it comes to taking care of the Forex market and the Forex rate for its nation. In fact, the Central Bank is what determines the amount of money to be put in circulation and to some extent; it could affect the interest rate if needed – although other countries would cry foul if intervention is done. A large volume of trading usually happens in premiere markets such as in Tokyo, New York, and London. Of course, smaller markets around the world are also doing trading but not as large scale as these markets being mentioned. What ever the result of trading by these large companies and corporations in Forex, a portion of it is passed on to their investors – that is to say loss or gain.

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Foreign exchange

2009-01-07T20:25:00.000-08:00

Financial markets
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forex trading

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foreign exchange (currency or forex or FX) market

The foreign exchange

Accounting Dictionary

Business & Finance

stock exchange, securities exchange

Contents

[edit] The First Stock Exchanges

[edit] The role of stock exchanges

[edit] Raising capital for businesses

[edit] Mobilizing savings for investment

[edit] Facilitating company growth

[edit] Redistribution of wealth

[edit] Corporate governance