关于在FCA/FSA上查询到的是“Unable to hold client money”的释疑

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很多投资者都问”Unable to hold client money“和”Able to hold and control client money“,事实上这两句没有太大实际意义,因为业务范围在FSA内部有专门介绍。这两句现在已经成为部分外汇交易商忽悠投资者的“金玉良言”。 但事实上正确FSA查询办法并非如此,下面将做详细介绍。 登录FSA官网:http://www.fsa.gov.uk/register/firmSearchForm.do如下图所示 11 为了配合说明我们以中银国际为例, 中银国际是中国银行股份有限公司法定资本10亿美元,管理的客户资金高达数千亿元。因此其拥有绝对的参考权威性。 其监管编号为:182064 监管信息如下图所示: 22 可以看到其监管是”Unable to hold client money“而并非”Able to hold and control client money”。也就是说真正查询办法并非看这一句,这一句话意义并不大。更多的是,需要注意在Notices 这一栏里面的空白项目。 某些外汇交易商为了迷惑投资者,宣称“Able to hold and control client money” 即可做黄金和外汇,是完全错误的。 这句话的意思是挪用客户资金,通常说来像中银国际这样的大公司都是“Unable to hold client money”。这句话主要和公司性质有关,因为有一些公司是投资银行带经纪商业务,有一些是商业银行带经纪商业务,投资公司带经纪商业务,自营交易集团带经纪商业务纯粹的经纪商,以及其他性质拥有经纪商业务公司。但并不涉及到业务范围。业务范围在FSA内会有一个专门介绍。如下图正确查询办法。 点击Permission————-权限 Activity Name: Dealing in investments as principal (业务范围) Rolling spot forex contract(外汇保证金业务)。如下图所示 33 从上图可以看到,黄金和外汇是分开,因此当你在同时交易黄金和外汇时,需要仔细参看业务范围,特别是还能交易证券等业务。 此外英国是没有外汇交易商这类公司的。因为外汇保证金零售业在英国并不发达。据估计全英国整个外汇零售市场客户资金量不超过1亿美元。而美国则不到7亿美元。 因此,在英国外汇保证金只是一种业务,申请下来十分容易。主要是银行,证券公司,期货公司和一些小中介在做。因此主要看其是否拥有国债和证券业务,因为具有交易这两项业务,公司实力通常还算有一点实力,但在英国注册要求也并不是特别高。此外也可以从注册时间来判断,一般说来如果是FSA首批成员,也就是2001年便接受监管,其安全性都是更高一些。 目前所有宣传接受英国FSA监管公司汇款到美国都是因为其母公司在美国。 美国外汇交易商使用依然是美国NFA监管或者美国证监会监管的银行账户。他们只是利用澳洲或者英国的分公司进行杠杆放大,其客户资金实际上还是接受美国NFA或者美国证监会监管。而美国NFA监管安全性和透明度都远远超过FSA。当然美国证监会属于券商,安全性就和国内证券公司一样了。 此外网络上流传的某些使用保险公司注册FSA的说法是完全错误的,因为保险公司的注册资本是外汇交易商100倍,其注册难度超过银行。因为保险公司管理着国内养老保险、失业保险、医疗保险以及人寿保险。 补充: 英国FSA简介: 英国金融服务管理局(FSA)于1997年10月由英国证券投资委员会(Securities and Investments Board,SIB,该组织1985年成立)改制而成,成为英国金融市场统一的监管机构,行使法定职责,直接受英国财政部负责。 一、宗旨,对金融服务行业进行监管。保持高效、有序、廉洁的金融市场。帮助中小投资者取得公平交易机会。 二、目标,依据《2000年金融和市场服务法》,有四方面: (一)维护英国金融市场及业界信心。 (二)促进公众对金融制度的理解,了解不同类型投资和金融交易的利益和风险。 (三)确保从业者有适当经营能力及健全的财务结构,以保护投资者。同时,引导投资者正确认识投资风险。 (四)监督、防范和打击金融犯罪。 三、职责范围,负责监管银行、保险以及投资事业,包括外汇、证券和期货,与英格兰银行(BOE)同隶属财政部,FSA负责金融事业管理,而英格兰银行(BOE)主要任务维持金融稳定. FSA官网:http://www.fsa.gov.uk/ FSA的业务? FSA将内部业务分为监管服务部、零售市场部和大宗及机构市场部三大部。目前承担金融消费者保护职责的主要是零售市场部,其监管对象为主要从事零售业务的机构,下设“零售分析处”, 除了负责分析研究零售业务风险和制订零售业务监管策略之外,还负责对金融消费者保护的分析研究。在FSA内部,设有消费者项目小组,其职责是:与消费者组织、智囊机构和研究机构沟通;确认消费者在金融服务和产品中面临的风险;确认其他部门是否遵守FSA保护消费者的规定,必要时提出建议或质询;为其他部门提供工作支持。 监管服务部下设“服务、收益和信息管理处”,其中设有消费者服务中心,负责处理消费者的来信、电话和电子邮件。

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选择IronFX才是在投资界的长远之计

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值班

诸事不顺。一群小屁孩在家里吵闹,玩我的iPad,吵得我不能睡觉;洗澡之前衣服裤子全脱了,结果发现点不燃热水器;去公司值班半路发现没带钥匙,于是原路返回。
出门之前,三舅说我穿的像疯子——一双国产人字拖,运动短裤以及夏天穿的T恤。一路上美女不少,感觉都在对我笑。经过苏荷酒吧,一片灯红酒绿,这些人啊,真是腐朽,我在心里小小地鄙视了下。
到了公司门口,保安哥说你是楼上做外汇的吧,我说是。接着还帮我按电梯,到这里我心情已然舒畅许多。

每日外汇知识:全美就业报告ADP(Automatic Data Processing)

许多经济报告谈到NFP(非农就业数据)时,往往同时会提及ADP(全美就业报告数据),作为重要的经济数据指标,ADP究竟是什么?

ADP:全美就业报告
ADP全美就业报告》由ADP公司赞助,Macroeconomic Advisers公司负责制定和维护。ADP就业报告采集自约50万家匿名美国企业定期发布就业人数数据美国就业情况的反映。在2008年前六个月,ADP就业报告的采样取自约美国私营领域中39.9万家企业,涵盖近2400万美国员工。《ADP小型企业报告》(SM)是针对美国149名员工的非农业小型私人企业推出的月度就业报告,是《ADP全美就业报告》的子报告。两份报告的数据均采集自付薪时段,都包括每个月12号所在的一周,并采用了和美国劳工统计局所使用的统计学方法以精确计算当月的就业情况。基于此种处理,ADP就业报告的样本经过修正后能精确反映美国的就业情况;因此《ADP全美就业报告》中得出的就业变化并不代表所有ADP美国客户群的就业变化情况。
ADP在美国属于比较权威的数据。如果就业人数高,则说明经济发展良好,则对美元指数是利好消息,反之,则为利空。不过二者之间短期内没有特别必然的联系,因为就业人数不仅仅跟宏观经济情况有关。
 
 
(相关链接:http://www.adpchina.com/html/report/可以通过此链接查到ADP的月度报告!
ADP公司成立于1949年,是世界最大的服务提供商之一,年收入近110亿美金,在全球拥有约57000名员工,600,000家客户,致力于提供优质、核心、高效益的交易处理服务和信息化商务解决方案。凭借60年的资深从业经验,ADP能够向业界提供最全面的人力资源、薪酬、税务及福利管理解决方案。这些简便易用、经济有效的创新性服务解决方案为各种不同类型、不同规模的企业创造高价值,使其公司的业务运转更有成果、更高效,最终达到最佳的行业标准。同时,ADP也为全球轿车、卡车、摩托车、船舶及休闲车辆经销商提供世界领先的集成化计算机信息解决方案。
ADP公司在2007年美国财富500强公司中排名第272位,是美国《财富》杂志最受敬重的公司之一。ADP世界最大的人力资源服务机构之一,位列2012年全球人力资源机构50强第四位[1],其中营业利润排名第一,薪酬服务行业排名第一。

How Gold Rallied for Years on a ‘Misunderstanding’

The rally in the gold market over the last several years has been based on a misunderstanding of the global economy’s problems and a misunderstanding of what quantitative easing is.

Investors are just starting to realize that their framework for analysis can’t account for what’s happening in the world right now. They are gradually learning that the economics they learned from textbooks needs updating. That’s why they are starting to throw in the towel on gold and why I expect the price to fall further.

The macroeconomic case for buying gold can be summed up by recent comments by John Reade, partner and gold strategist at Paulson & Co, who said: “federal governments have been printing money at an unprecedented rate creating demand for gold as an alternative currency. It is this expectation of global paper currency debasement which makes gold an attractive long-term investment.” (Financial Times, April 15 2013). This analysis is based on a misunderstanding of quantitative easing. Furthermore, it fails to take into account the unorthodox behavior of an economy facing a “balance sheet recession.”

Governments have indeed been engaging in quantitative easing. But can that be called printing money? True, the central bank’s balance sheet expands, but on the private sector side, all that happens is that banks replace one asset with another – they sell bonds to the central bank and get reserves in their place. Are reserves money? This is a philosophical question akin to asking when life begins – at conception or at birth.

Bank reserves are in effect embryonic money that hasn’t been born yet. The bank can give birth to new money based on those reserves, using the fractional reserve system to create money and lend it out. But until those loans have been made and the new money born, reserves are just potential money sitting in the central bank’s womb.

(Read MoreWhat the Silver Chart Is Telling You About Gold)

At the moment, this birthing process isn’t happening. The money multiplier (the increase in broad monetary aggregates relative to the increase in base money) has collapsed around the developed world as bank lending stagnates or declines.

The reason central banks in effect can’t even give money away for free is that we are in a balance sheet recession. So long as consumers and companies find that the value of their assets – houses, shopping malls or whatever – are below the value of the liabilities they took on to pay for those assets (a situation technically referred to as “bankrupt”), they will not be in a position to take on new loans no matter how cheap they are. They will only be interested in saving money and repaying their loans.

This is the aspect of a balance sheet recession that confounds people who have only experienced a typical recession caused by the central bank raising interest rates. In a normal recession, once the central bank lowers interest rates again, borrowers return and things go back to normal. In a balance sheet recession, such as took place in Japan, this doesn’t happen.

(Read MoreThe Race to Cut Rates: Look What Japan Started)

The problem is compounded nowadays because governments, particularly in Europe, don’t understand this difference. They run afoul of the fallacy of composition: it’s impossible for everyone to save money at the same time, because one person’s spending is another person’s income. There has to be some borrower of last resort to ensure that the money is recycled. The government usually serves that role, but that goes against the trend in official ideology nowadays. On the contrary, governments are trying to save money too. The result is a downward spiral of declining spending, declining incomes and declining prices.

While the gold bugs wait for hyperinflation, the global economy slides first into disinflation and then – who knows? – perhaps deflation. Remember that in Japan, the real estate bubble peaked in 1991 but deflation didn’t start until 1999. It’s still early days.

As people hoarding gold in anticipation of hyperinflation gradually realize that they have things backwards, they are starting to sell and to put their money to work in more productive assets, such as stocks. The physical market may see today’s prices as a fire-sale bargain, but investors holding gold in paper form are likely to be reconsidering the need for an asset to fill the role that gold currently plays in their portfolio.

(Read MoreRelax, India’s Massive Gold Imports Likely a One-Off)

The risks in gold that people in the physical and the paper markets see are different. Many of the people holding physical gold can wear it, will never be marked to market, and if worse comes to worst can pass it down to their children. But many of the people holding paper gold get no particular pleasure from their investment, are marked to market at least every quarter and can lose their jobs (and thereby lose even their debased paper currency!) if their investments go wrong.

I expect more selling to come until the price falls well below the marginal cost of production, estimated to be around $1,100 an ounce, and supply starts to decrease.

The author is the Head of Global FX Strategy at IronFX, an on-line trading firm specializing in Forex, CFDs on U.S. and U.K. stocks, and commodities. He was previously Head of the Forex Committee at Deutsche Bank Private Wealth Management.