About UKForex Foreign Exchange Services

UKForex is a wholly owned subsidiary of OzForex, a subsidiary of Macquarie Bank Limited, one of Australia's leading financial organisations. UKForex is part of the OzForex Group which also includes OzForex, CanadianForex, NZForex and Tranzfers.

Since its launch in 1998, the Group has grown to be one of the world's largest online foreign exchange companies by offering super competitive exchange rates, great technology and superb service.

The Group is an independent, online foreign exchange provider that operates dealing rooms in Sydney, London and Toronto. Offering seamless 24-hour access to Corporate and Private Client Dealers, the Group completes over 200,000 funds transfers per year on behalf of Clients. A combination of knowledge and expertise has made the Group a significant player in the global foreign exchange marketplace, and one of the world's leading online foreign exchange services, with over 500,000 visitors per month and more than 65,000 transacting customers globally.

UKForex employs a blend of cutting edge technology and superb customer service to bring a better deal to corporate and private customer alike. The Company's rapidly expanding client base includes small and medium-sized businesses that import and export goods, as well as migrants transferring financial assets, expatriates repatriating funds, and individuals investing overseas.

The UKForex Board of Directors is made up of executives with excellent credentials and significant experience in foreign exchange and financial markets generally. Two of the Directors represent Macquarie Bank Limited. More on Directors.

Over the years, the Group has won many awards for its outstanding success. The Group received 5th place in the 2005 Deloitte Technology Fast 50 awards. In 2008 the Group founder Matt Gilmour won the Ernst and Young Entrepreneur of the Year NSW, in the Technology and Emerging Industries category.

In the United Kingdom UKForex is regulated by HMRC (Her Majesty's Revenue and Customs) Money Service Business number

Fast Chats

he UKForex Real-Time Economic Calendar shows upcoming economic data releases and events that can influence currency markets. To get more information on each item simply click the Event name and the section will expand to reveal a short explanation, historical information, and when available, additional analysis. The Vol column indicates the importance of the event for currency markets.

Need to transfer money overseas or bring money home? Say goodbye to terrible bank exchange rates with the UKForex money transfer service.

Click here to REGISTER for UKForex and view live dealing rates.

Day View Week View Month ViewDate (GMT) Country Event Vol. Actual Cons. Previous
December 07 08:30 AU ANZ Job Advertisements ! -1.7%
December 07 13:30 CA Building Permits (MoM) ! 1.6%
December 07 17:00 US Fed's Bernanke Speech !!
December 07 20:00 US Consumer Credit !! -$14.8B
December 08 00:01 UK BRC Retail Sales Monitor - All (YoY) !! 3.8%
December 08 00:30 AU Current Account Balance ! -4.6B
December 08 00:30 AU National Australia Bank's Business Conditions ! 12
December 08 00:30 AU National Australia Bank's Business Confidence ! 14
December 08 09:30 UK Industrial Production (MoM) !! 1.6%
December 08 09:30 UK Industrial Production (YoY) !! -10.3%
December 08 09:30 UK Manufacturing Production (MoM) !! 1.7%
December 08 09:30 UK Manufacturing Production (YoY) !! -9.3%
December 08 13:15 CA Housing Starts s.a (YoY) !! 157.3K
December 08 14:00 CA BoC Interest Rate Decision !!! 0.25%
December 08 21:30 US API Crude Oil Inventories ! 2.9M
December 08 21:45 NZ Credit Card Spending ! -0.4%
December 08 22:00 US ABC/Washington Post Consumer Confidence ! -45
December 08 23:30 AU Westpac Consumer Confidence !! -2.5%
December 09 00:01 UK Nationwide Consumer Confidence !! 72
December 09 00:30 AU Home Loans ! 5.1%
December 09 00:30 AU Investment Lending ! -0.1%
December 09 00:30 AU Trade Balance !! -1849M
December 09 09:30 UK Goods Trade Balance !!! -£7.2B
December 09 09:30 UK Total Trade Balance !!! -£3.5B
December 09 15:00 US Wholesale Inventories ! -0.9%
December 09 15:30 US DOE Crude Oil Inventories ! -3874K
December 09 20:00 NZ RBNZ Interest Rate Decision !!! 2.5%
December 09 21:45 NZ Terms of Trade Index !! -9%
December 10 00:00 AU Consumer Inflation Expectation ! 3.5%
December 10 00:30 AU Employment Change !! 24.5K
December 10 00:30 AU Unemployment Rate !! 5.8%
December 10 12:00 UK BoE Interest Rate Decision !!! 0.5%
December 10 13:30 US Continuing Jobless Claims ! 5465K
December 10 13:30 US Initial Jobless Claims !! 457K
December 10 13:30 CA International Merchandise Trade !! -$0.93B
December 10 13:30 US Trade Balance !!! -$36.5B
December 10 19:00 US Monthly Budget Statement !! -176.4B
December 10 21:45 NZ Food Price Index (MoM) ! -1.5%
December 11 09:30 UK Producer Price Index - Input (MoM) s.a !! 2.6%
December 11 09:30 UK Producer Price Index - Input (YoY) n.s.a !! 0.1%
December 11 09:30 UK Producer Price Index - Output (MoM) n.s.a !! 0.2%
December 11 09:30 UK Producer Price Index - Output (YoY) n.s.a !! 1.7%
December 11 13:30 US Import Price Index (MoM) !! 0.7%
December 11 13:30 US Import Price Index (YoY) !! -5.7%
December 11 13:30 CA New Housing Price Index (MoM) ! 0.5
December 11 13:30 US Retail Sales (MoM) !!! 1.4%
December 11 13:30 US Retail Sales ex Autos (MoM) !!! 0.2%
December 11 15:00 US Business Inventories ! -0.4%
December 11 15:00 US Reuters/Michigan Consumer Sentiment Index

A Guide to Choosing the Right Forex Trading Software

The development of forex trading software is what makes it possible for foreign exchange traders to make trades from their own computers. The majority of these software options are included for download when you open an account with a particular trading company and this article will guide you through that process.

Continued advancements in forex trading software are responsible for the continued growth of the foreign exchange trade industry. Forex trading software is readily available and is more user friendly than ever before. If you have ever been discouraged from trying your hand at online investing because the software was too complicated, now is the time to try it again. The software offered on most of the large forex trading platforms comes with full 24 hour customer support. Forex traders demanded better trading systems, and the service providers have responded.

Interactive Forex Charts

These exchange rate charts are of professional quality and have many features worth exploring. Use the Help menu in the chart window to view a user guide that will allow you to make the most of these features.

Need to transfer money overseas or bring money home? Say goodbye to terrible bank exchange rates with the UKForex money transfer service. Our dealing clients get access to even higher quality charts that allow you to save your favourite charts and trend line studies.

Click here to REGISTER for UKForex and view live dealing rates.





These charts offer 29 currency pairs, including multiple chart types, numerous technical indicators, flexible line tools and with hourly, daily, weekly and monthly timeframes. You can also detach the chart and see it full screen.

Daily Forex Commentary

:: United States Dollar: The Dollar has strengthened throughout the last 24 hours. Less hawkish than expected ECB tone, weaker than expected US ISM non-manufacturing data, and a poor show in UK Services PMI data the main culprits. A US Government Official was on the wires yesterday too stating that unemployment would get worse, all of which has seen risk sold over the last 24 hours. GBP/USD slipped to 1.6523 but has made a quick recovery early on this morning. News just in - a Chinese Regulator stated a couple of hours ago that they will diversify among major currencies and other high quality assets, although the USD status as the main reserve currency won't change. In any case it has given investors the excuse to take profit and square their book in the run up to the much anticipated US Nonfarm Payrolls data due this afternoon.

- We expect a range today in the GBP/USD rate of 1.6480 to 1.6740

EUR/USD fell yesterday following the ECB Decision to leave interest rates unchanged at 1%. The tone of Trichets accompanying press conference was pretty much what many had expected, outlining the ECB’s unwinding plans but markets, fickle as ever, decided to turn risk averse again, although granted only mildly. EUR/USD slipped to 1.5040 and opens this morning slightly higher at 1.5080. And guess what, GBP/EUR has done very little and opens this morning at 1.1010.

- We expect a range today in the GBP/EUR rate of 1.0940 to 1.1120

:: Aussie and Kiwi Dollars: AUD/USD has fallen from .93+ to .9220 in the last 24 hours. NZD/USD has gone the same way. It fell from .7280 to .7200. It opens this morning at .7240. It is seemingly all down to profit taking ahead of NFP data from the US this afternoon. Markets are generally expected to trade quietly in the run up to this number, which has the potential to cause volatility as markets come to a week close. GBP/AUD has done little, except for falling to 1.7840 yesterday. It opens this morning at 1.7930. GBP/NZD is slightly higher today at 2.2925.

- We expect a range today in the GBP/AUD rate of 1.7820 to 1.8190

- We expect a range today in the GBP/NZD rate of 2.2810 to 2.3140

:: Data Releases:
AUD: No data due for release today
EUR: No data due for release today
GBP: No data due for release today
NZD: No data due for release today
USD: NonFarm Payrolls, Unemployment Rate, Avg Hourly Earnings, Factory Orders

Weekly Market Watch

EUR: EUR/USD initially traded up to a new 2009 high of 1.5144 on Wednesday, before closing at 1.4988, up just 0.9% from the previous week’s 1.4858 close. EUR/USD rose the first part of the week ahead of the Thursday Thanksgiving holiday in the United States as risk appetite made a considerable comeback. Positive numbers were contained in the FOMC minutes, with the Fed expecting the continuing decline in the dollar to be orderly and unemployment to remain high for an extended period. This news fuelled the pair to make a new 2009 high at 1.5144 on Wednesday. Corporate earnings and a thin holiday market, along with a downwardly-revised Q3 GDP of +2.8% from +3.5%, contributed to the Euro’s rise against the Greenback. Nevertheless, the Euro’s rally was cut short with the announcement of Dubai World’s restructuring of their $59 billion debt, making world equity markets fall an average of 3% in a flight to quality before recovering somewhat on Friday. The U.S. Dollar also benefitted versus the Euro from ECB president Trichet reiterating his appreciation of U.S. support for a strong Dollar.

JPY: USD/JPY had a tumultuous week with the pair hitting new 14-year lows by dropping below the psychological 85.00 level to touch 84.80 on Friday before rebounding on profit-taking to close the week at 86.50, down a substantial 2.7% on the week. On Tuesday, the pair dropped below the key 88.00 level that was long thought to be the level expected for intervention by the BOJ. Japanese Finance Minister Fujii made a comment on Friday stating he would contact U.S. and E.U. officials to act on the currency market if needed, stating on Friday that "I am nervously watching the foreign exchange market carefully." Fujii also stated that the Yen’s strength was harmful to the Japanese economy, that there was no doubt the Yen’s movement was one-sided and that a government response was possible since further weakening of USD/JPY threatens Japanese export revenue and makes imports to Japan cheaper. Also, Japanese Core CPI excluding fresh food dropped 2.2%Y/Y, higher than the BOJ’s October forecast of 1.5%.

GBP: GBP/USD slipped to 1.6269 last week, its lowest level since November 3rd, but ended the week virtually unchanged at 1.6498 after a week of volatile trading. GBP/USD initially rose early in the week to a high of 1.6743 supported on news that the U.S.-based Hershey chocolate maker would be buying the U.K.’s Cadbury’s for $17B. Nevertheless, Sterling found topside resistance after Tuesday’s statement by BOE Governor Mervyn King that the United Kingdom faces “profound challenges” and BOE policy maker Adam Posen’s comment that the BOE may consider buying greater quantities of non-gilt assets. With the U.K. economy having contracted 0.3% from July to September, the current recession has now lasted six quarters, the longest on record. Adding to the volatility in GBP/USD was the U.K. bank’s exposure to the deepening debt crisis in Dubai. Regulators in the City of London sought assurances that major U.K. banks were protected, citing London-based HSBC and the Royal Bank of Scotland as having the greatest risk potential. Data compiled by the Bank for International Settlements indicated that U.K. banks could have the largest default risk with an estimated $49.5 billion exposure to Dubai.

AUD: AUD/USD strengthened early in the week after RBA Deputy Governor Battellino’s comments on Wednesday that the Australian economy had entered a “new upswing.” This fuelled speculation that the central bank would raise interest rates for a third consecutive month when Australian monetary policy makers meet on December 1st. The pair also hit a weekly high of 0.9321 on both Wednesday and Thursday after Dubai World sought to delay some payments on its debt. Nevertheless, AUD/USD then weakened considerably on Friday after capital expenditure data fell by a seasonally adjusted 3.9% in Q3, substantially below the market expectation of a 1% rise. This hurt expectations of a December interest rate rise, sending the pair to a weekly low of 0.8944 on Friday before it closed the week at 0.9059, down 0.9% on the week.

CAD: USD/CAD fell this week as a combination of positive Canadian economic news early in the week, along with news the Russian central bank was adding CAD to its reserves, brought out fresh buying interest in the Loonie. Monday’s release of Canadian Retail Sales showed a considerably better-than-expected M/M rise of 1% (0.6%M/M expected) to C$34.9 billion (C$32.9B expected) according to Statistics Canada. The pair then dropped further to a weekly low of 1.0448 on Wednesday after the Russian Central Bank announced that it would add the Canadian dollar to its reserves. The Loonie also benefitted from gold reaching a new high of $1,195.13 an ounce on Thursday, its fourth week of solid gains. USD/CAD then corrected higher on Friday on profit-taking, as well as on safe-haven demand for the Greenback based on concerns over the default situation in Dubai. This took USD/CAD to 1.0747 before the rate ended the week at 1.0609, a 0.8% drop on the week.

NZD: NZD/USD continued its downward correction this week, despite initially gaining support on reports that the Bank of China was buying Kiwis. The rate then fell, bouncing off support at 0.7220 on Tuesday, before later breaking that level on Wednesday only to find firm support at the psychological 0.7000 level during thin U.S.-holiday trading later in the week. NZD/USD then rallied after the Dubai default news broke to close the week at 0.7099, down 1.9% on the week from the previous 0.7237 weekly close.



The Week Ahead
USD: This week’s upcoming U.S. economic calendar is busy with key economic releases. Monday only has the Chicago PMI (53.1) due out, but Tuesday is active with ISM Manufacturing PMI and Prices (54.7 and 65.1), Pending Home Sales (-0.2%M/M), Construction Spending (-0.3%M/M), and Total Vehicle Sales (10.5M). Wednesday is also notable starting with ADP Non-Farm Employment Change (-145K), Crude Oil Inventories (last 1.0M), a speech by FOMC member Lacker in Charlotte, NC, plus the release of the Fed’s Beige Book that may shed some like on the future of U.S. interest rates. Thursday’s calendar starts with Unemployment Claims (480K), Revised Nonfarm Productivity (8.5%Q/Q) and Revised Unit Labour Costs (-4.3%Q/Q), followed by ISM Non-manufacturing PMI (51.6). Fed Chair Bernanke will also testify before the Senate Banking Committee to support his second-term nomination. Friday will be the likely highlight with the key Non-Farm Payrolls (-111K) and Unemployment Rate (10.2%) due out, plus Average Hourly Earnings (0.2%M/M) to be followed later by Factory Orders (0.2%M/M) and speeches by the Fed’s Plosser and Bullard.

AUD: The Australian economic calendar is quite active early in the week, beginning on Monday with the release of HIA New Home Sales (last -4.5%), MI Inflation Gauge (last -0.3%M/M), Private Sector Credit (0.2%M/M, 1.6%Y/Y), Q3 Inventories (-1.0%) and Company Operating Profits (0.1%Q/Q). Monday is also busy with the AIG Manufacturing Index (last 51.7) and Building Approvals (2.1%M/M, 9.6%Y/Y) scheduled, plus the key RBA cash rate announcement (+25bp to 3.75%) and statement. Tuesday has Commodity Prices (last -31.1%Y/Y), while Wednesday has the AIG Services Index (last 54.8) plus the important Aussie Retail Sales number (0.4%M/M) to round out the week. Technically, AUD/USD gapped higher on the charts over the weekend, so expect that 0.9060/0.9080 gap to be filled eventually. Chart support is now seen at 0.8945, 0.9020, and 0.9097. Resistance shows up on the chart at 0.9150 and 0.9253/75, with a key level at 0.9320 and above that the Nov. 16th high of 0.9405.

To view live charts follow these links:
AUD/USD

NZD: The economic week is quiet in New Zealand this week, beginning with Building Permits (last 3.3%M/M) on Monday, which is followed on Thursday by the ANZ Commodity Price index for November (last 4.6%). Technically, trading in NZD/USD has continued the previous week’s softness, although support was found at 0.7008, 0.7023 and 0.7034 ahead of the key 0.7000 psychological level. Resistance is now showing on the charts at 0.7170 and 0.7330/65, as well as at the important 0.7634 Oct 21st high.

To view live charts follow these links:
NZD/USD

GBP: This week has a smattering of important economic releases scheduled in the United Kingdom, as well as some key policymaker speeches. Also, U.K. banks’ exposure to the Dubai default is likely to be a factor weighing on Sterling. The U.K. economic calendar gets rolling on Monday with GfK Consumer Confidence (-11), followed by Net Lending to Individuals (0.8BM/M), and Mortgage Approvals (59K). Tuesday has the important Nationwide and Halifax House Price Indices (0.4%M/M and 0.8%) scheduled, as well as Manufacturing PMI (54.1) and a speech by MPC member Posen. Look for a speech by MPC member and BOE Chief Economist Spencer Dale in Essex on Wednesday, followed by Construction PMI (46.9) and Services PMI (57.1) on Thursday to finish the week’s data. From a technical perspective, GBP/USD is still trading toward the higher side of its broad consolidation range of 1.5727 to 1.7041. Now trading just above support at 1.6510/20, additional support is seen at 1.6460 and below that in the 1.6250/70 region, with resistance to the topside coming in at 1.6744 and 1.6843/75.

To view live charts follow these links:
GBP/USD
GBP/EUR
GBP/JPY
GBP/NZD

EUR: The Eurozone has a calmer week ahead, with Monday’s releases including the CPI Flash Estimate (0.5%Y/Y), and Italian Preliminary CPI (0.2%M/M). Look for German Retail Sales (0.6%M/M), Unemployment Change (5K), and Eurozone Final Manufacturing PMI (51.0) on Tuesday. Wednesday has Eurozone PPI (0.1%M/M), while Thursday is the highlight that closes the week with Final Services PMI (53.3), Retail Sales (0.2%M/M), Revised GDP (0.4%Q/Q), and the Minimum Bid Rate (unchanged at 1.0%) scheduled for release. An ECB Press Conference is also on tap for Thursday and Buba President Weber will speak in Frankfurt, so watch out for comments that might prompt a change in the market’s interest rate expectations. Technically, EUR/USD is continuing its consolidation of recent gains, with support seen at 1.4888, 1.4820/41, 1.4726 and 1.4517. Resistance is seen at 1.5100, the Nov 25th highs of 1.5144, 1.5284/1.5302 and the 2008 highs of 1.6018/38.

To view live charts follow these links:
EUR/USD

JPY: : The week ahead in Japan is relatively quiet in terms of economic factors, starting early on Monday with Manufacturing PMI (last 54.3), Preliminary Industrial Production (2.5%M/M), Average Cash Earnings (1.7%Y/Y) plus a speech by BOJ Governor Shirakawa in Nagoya. Monday also has Japanese Housing Starts (-3.2%Y/Y), while Tuesday has the Monetary Base (4.7%Y/Y) and Wednesday has Capital Spending (-15.8%Q/Y) due out. The technical outlook for USD/JPY remains bearish with the new 14-year lows seen on the charts last week at 84.80, along with the key 80.00 psychological level, offering some support. Resistance to the topside is seen at 88.00, 91.73 and 92.32.

To view live charts follow these links:
JPY/USD

CAD: Canada has yet another light data release week coming up, but it contains some important economic numbers. The action begins on Monday with Canadian GDP (0.4%M/M), Raw Materials Price Index or RMPI (2.9%M/M) and Industrial Product Price Index or IPPI (0.5%M/M). All is then quiet until Friday when the key Canadian Unemployment Rate (8.6%), Employment Change (15.3K) and Ivey Purchasing Manager’s Index (60.6) are scheduled for release. After an unusually volatile previous week, USD/CAD is now showing signs of consolidation, with support seen between 1.0416 and 1.4049, and at 1.0205 below that. Resistance is found in the 1.0732/48 region, at 1.0774, and at the key Nov 1st high of 1.0868.

International Receipts

Selling products in international markets invariablly means that your customers will electronically send payments in foreign currencies. Of course, you could invoice them in your local currency but this is less convenient for them. UKForex can help manage your international receipts by converting the foreign payment into your domestic currency.

Using UKForex for international receipts you can:
gain fast access to funds earned on exports
enjoy immediate notification of receipt of payments
convert your funds at the time of your choosing
UKForex also offers customers the ability to sell expected foreign currency reciepts in advance of their arrival. This means your revenues are known in your local currency and your export sale proceeds are no longer subject to value changes through exchange rate volatility.

If you are exporting and have numerous overseas customers, UKForex can provide you with billing facilities to make payments easy for your clients and maximise the funds that reach your domestic account.

Jobs at UKForex

UKForex's approach is to deliver the highest level of service by hiring customer focused people and operating innovative and efficient business systems that ensure we can offer customers the best deal in terms of price and service.

Senior Corporate Dealer - UKForex
Private Client Dealer - UKForex
Business Development Manager - UKForex


Senior Corporate Dealer - UKForex
Innovative and dynamic global business
Full time position in London
Salary – negotiable

UKForex is a high growth, Australian owned financial services company expanding rapidly in the UK. With offices in Sydney, London and Toronto our dealing rooms service a global corporate and private client base 24-hours a day.

As one of the world's largest online foreign exchange providers, UKForex is an innovative and dynamic business that is offering a unique opportunity to the right person to be part of our global expansion and development.

Due to our ongoing success and continuing growth, we have an exciting role within our UK office, based in the City of London.

The role is for a Senior Corporate Dealer to join our growing team, reporting to the Manager of Corporate Business for UKForex. The successful candidate will possess a friendly and positive manner and must be able to take initiative.

Your main responsibilities will be to source new corporate business, anticipate and meet the needs of existing corporate customers, execute FX deals over the phone, provide market analysis to clients, clearly explain UKForex services to potential customers, handle customer enquiries efficiently and build on our reputation for great customer service. We will provide you with ongoing training in the following:
Custom built CRM system and online platform
Sales Training
Product Training
FX Market knowledge
Industry certification
The ideal candidates will possess:
Strong attention to detail
Integrity and good work ethic
Excellent written and oral communications skills
The ability to work autonomously as well as in a team
Great process management and multi-tasking abilities
Superior computer skills
A commitment to providing consistently outstanding service
Ideally you will have minimum 3 years of FX dealing experience with a proven track record within the industry.

For any conscientious employee, this role could be a great continuation of an ongoing career in the finance industry. We will offer a competitive packaged salary commensurate with experience to the right candidate. This is an exciting time to join our innovative and dynamic company that continues to grow in profitability as we expand our services and products globally. Please send your resume to careers@ukforex.co.uk and include the following in the subject heading:
Senior Corporate Dealer - London
Your full name

We look forward to hearing from you soon!

Private Client Dealer - UKForex
Innovative and dynamic global business
Full time position in London
Salary – negotiable

UKForex is an Australian-based, high growth, financial services company expanding rapidly with offices in Sydney, London and Toronto. From these three offices, our dealing rooms service our global client base 24-hours a day.

As one of the world’s largest online foreign exchange providers, UKForex is a young, innovative and dynamic business that is offering a unique opportunity to the right person to be part of our global expansion and development.

Due to our ongoing success and continuing growth, we have an exciting role within our UKForex office based in London.

The role is for a Foreign Exchange Dealer reporting to the Manager of Private Clients for UKForex. The successful candidate will possess a friendly and positive manner and will be able to take initiative.

You will be working with our Private Client Team to continue to provide excellent service to our private clients. Your key responsibilities would include contacting registered clients, booking and confirming foreign exchange transactions, handling customer enquiries both online and by phone and advising clients on FX market movements.
We will provide you with ongoing training in the following:
Custom built CRM system and online platform
Sales Training
Product Training
FX Market knowledge
Industry certification
The ideal candidates will possess:
Strong attention to detail
Integrity and good work ethic
Excellent written and oral communications skills
The ability to work autonomously as well as in a team
Great process management and multi-tasking abilities
Superior computer skills
A commitment to providing consistently outstanding service
The successful candidate will have a keen interest in Foreign Exchange and preferably some experience of the Financial Services industry. A university/college degree is an advantage.

For any conscientious employee, this role could be a great continuation of an ongoing career in the finance industry. We will offer a competitive packaged salary commensurate with experience to the right candidate. This is an exciting time to join our innovative and dynamic company that continues to grow in profitability as we expand our services and products globally. Please send your resume to careers@ukforex.co.uk and include the following in the subject heading:
Private Client Dealer - London
Your full name

We look forward to hearing from you soon!



Business Development Manager - UKForex
Innovative and dynamic global business
Full time position in London
Salary – negotiable

UKForex is an Australian-based, high growth, financial services company expanding rapidly with offices in Sydney, London and Toronto. From these three offices, our dealing rooms service our global client base 24-hours a day.

As one of the world’s largest online foreign exchange providers, UKForex is a young, innovative and dynamic business that is offering a unique opportunity to the right person to be part of our global expansion and development.

Due to our ongoing success and continuing growth, we have an exciting role within our UKForex office based in London.

The role is for a Business Development Manager reporting to the Sales Manager for UKForex. The successful candidate will possess a friendly and positive manner and will be able to take initiative and will be accountable for driving incremental growth in revenue and new clients.

You will be investing a significant portion of your time negotiating with key decision makers and forming relationships through various channels across a range of industries for referral and partnership arrangements. You will be involved in marketing the UKForex online platform face to face and via the phone to key decision makers within the SME space, establishing UKForex as the provider of choice.
We will provide you with ongoing training in the following:
Custom built CRM system and online platform
Sales Training
Product Training
FX Market knowledge
Industry certification
The ideal candidates will possess:
Strong attention to detail
Integrity and good work ethic
Excellent written and oral communications skills
The ability to work autonomously as well as in a team
Great process management and multi-tasking abilities
Superior computer skills
A commitment to providing consistently outstanding service
High levels of self motivation and positive can do attitude
Drive, passion and initiative necessary to deliver outstanding business results
Effective organizational and time management skills
A tenacious approach; and possess ability to effectively adapt to change
A high degree of professionalism, with a confident and persuasive manner
Given your sales focus we will also provide you with a sales and marketing plan, growth strategy and projections, laptop with internet access and a car and phone allowance. Ideally you will have minimum 2 years of business to business solution sales experience with a proven track record within the industry.

For any conscientious employee, this role could a great continuation of an ongoing career in the finance industry. We will offer a competitive packaged salary commensurate with experience to the right candidate. This is an exciting time to join our innovative and dynamic company that continues to grow in profitability as we expand our services and products globally. Please send your resume to careers@ukforex.co.uk and include the following in the subject heading:

History of uk Forex

UKForex is a wholly owned subsidiary of OzForex, a subsidiary of Macquarie Bank Limited, one of Australia's leading financial organisations. UKForex is part of the OzForex Group which also includes OzForex, CanadianForex, NZForex and Tranzfers.

Since its launch in 1998, the Group has grown to be one of the world's largest online foreign exchange companies by offering super competitive exchange rates, great technology and superb service.

The Group is an independent, online foreign exchange provider that operates dealing rooms in Sydney, London and Toronto. Offering seamless 24-hour access to Corporate and Private Client Dealers, the Group completes over 200,000 funds transfers per year on behalf of Clients. A combination of knowledge and expertise has made the Group a significant player in the global foreign exchange marketplace, and one of the world's leading online foreign exchange services, with over 500,000 visitors per month and more than 65,000 transacting customers globally.

UKForex employs a blend of cutting edge technology and superb customer service to bring a better deal to corporate and private customer alike. The Company's rapidly expanding client base includes small and medium-sized businesses that import and export goods, as well as migrants transferring financial assets, expatriates repatriating funds, and individuals investing overseas.

The UKForex Board of Directors is made up of executives with excellent credentials and significant experience in foreign exchange and financial markets generally. Two of the Directors represent Macquarie Bank Limited. More on Directors.

Over the years, the Group has won many awards for its outstanding success. The Group received 5th place in the 2005 Deloitte Technology Fast 50 awards. In 2008 the Group founder Matt Gilmour won the Ernst and Young Entrepreneur of the Year NSW, in the Technology and Emerging Industries category.

In the United Kingdom UKForex is regulated by HMRC (Her Majesty's Revenue and Customs) Money Service Business number 12219180.

Regulatory Statement

UKForex Limited is a wholly owned subsidiary of OzForex. OzForex is a subsidiary of Macquarie Bank, one of Australia's leading financial organisations. Macquarie Bank subjects its majority and wholly owned subsidiaries, including OzForex, to risk and compliance audits on an annual basis.

In the United Kingdom under the Money Laundering Regulations 2003, commercial foreign exchange companies are treated as "Money Service Businesses" which are covered by regulations administered by HM Revenue & Customs. Activities falling within the scope of the Money Service Business include the operations of bureau de change, transmission of money by any means and the cashing of third party cheques.

UKForex Limited holds a certificate of registration for Money Laundering Regulation (MLR). Registration number: 12219180.

In Canada CanadianForex is regulated by FINTRAC (Reporting Entity Number 11503).

In Australia OzForex has an Australian Financial Services Licence (AFSL) issued by ASIC to deal and give advice in foreign exchange and derivatives. This licence can be viewed by following this link to the ASIC website: (AFS Licence number 226 484).

Financial Glossary

American Option
An option which may be exercised at any valid business date through out the life of the option.

Arbitrage
A risk-free type of trading where the same instrument is bought and sold simultaneously in two different markets in order to cash in on the difference in these markets.

Adjustable Peg
An exchange rate system where a country's exchange rate is "pegged" (i.e. fixed) in relation to another currency. The official rate may be changed from time to time. See peg, and crawling peg.

Aggregate Risk
Total amount of exposure a bank has with a customer for both spot and forward contracts.

Ask
The price at which the currency or instrument is offered.

Association Cambiste Internationale
The international society of foreign exchange dealers consisting of national "Forex clubs" affiliated on a worldwide basis.

Around
Used in quoting forward "premium / discount". "Five-five around" would mean five points on either side of the present spot value.

At Best
An instruction given to a dealer to buy or sell at the best rate that is currently available in the market.

At Par Forward Spread
When the forward price is equivalent to the spot price.

At the Price Stop-Loss Order
A stop-loss order that must be executed at the requested level regardless of market conditions.

Average Rate Option
A contract where the exercise price is based on the difference between the strike price and the average spot rate over the contract period. Sometimes called an "Asian option".

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Back Office
Settlement and related processes

Balance-of-Payments
System of recording a country's economic transactions

Bar Chart
A charting method which consists of four significant points: the high and the low prices, which form the vertical bar, the opening price, which is marked with a horizontal line to the left of the bar, and the closing price, which is marked with a little horizontal line to the right of the bar.

Bank Notes
Paper issued by the central bank, redeemable as money and considered to be full legal tender.

Base Currency
The currency in which the operating results of the bank or institution are reported.

Base Price
One hundredth of a percentage point. 50 basis points [50bp] is half a percentage point.

Bear Call Spread
A spread designed to exploit falling exchange rates by purchasing a call option with a high exercise price and selling one with a low exercise price.

Bear Put Spread
A spread designed to exploit falling exchange rates by purchasing a put option with a high exercise price and selling one with a low exercise price.

Bid-Offer Spread
The difference between the buy (bid) and sell (offer) price of a currency or financial instrument.

Bilateral Grid
An exchange rate system which links all of the central rates of the EMS currencies in terms of the ECU.

Bollinger Bands
A quantitative method which combines a moving average with the instrument's volatility. The bands were designed to gauge whether the prices are high or low on relative basis. They are plotted two standard deviations above and below a simple moving average. The bands look like an expanding and contracting envelope model.

Boris
Slang for Russian trading.

Breakaway Gap
A price gap which occurs in the beginning of a new trend, many times at the end of a long consolidation period. It may also appear after the completion of major chart formations.

Break-Even Point
The price of a financial instrument at which the option buyer recovers the premium.

Bretton Woods
The site of the conference which in 1944 led to the establishment of the post war foreign exchange system that remained intact until the early 1970s. The conference resulted in the formation of the IMF. The system fixed currencies in a fixed exchange rate system with 1% fluctuations of the currency to gold or the dollar.

Broken Dates
Deals that are undertaken for value dates that are not standard periods e.g. 1 month. The standard periods are 1 week, 2 weeks, 1,2,3,6, and 12 months. Terms also used are odd dates, or cock dates, broken period or broken period.

Broker
An agent, who executes orders to buy and sell currencies and related instruments either for a commission or on a spread. Brokers are agents working on commission and not principals or agents acting on their own account. In the foreign exchange market brokers tend to act as intermediaries between banks bringing buyers and sellers together for a commission paid by the initiator or by both parties. There are four or five major global brokers operating through subsidiaries affiliates and partners in many countries.

Buying Rate
Rate at which a bank is prepared to buy foreign exchange. Also known as the Bid Rate.

Buying Selling FX
Buying and selling in the foreign exchange market always happens in the currency which is quoted first. "Buy dollar/mark" means buy the dollar/sell the mark. Traders buy when they expect a currency's value to rise and sell when they expect a currency to fall.

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Cable/Sterling
A term used in the foreign exchange market for the US Dollar/British Pound rate.

Call
(1) An option that gives the holder the right to buy the underlying instrument at a specified price during a fixed period.
(2) A period of trading.
(3) The right of an bond issuer to pre-pay debt and demand the surrender of its bonds.

Calendar Spread
An option position comprised of purchase and sale of two option contracts of the same type with different expiration dates at the same exercise price.

Calendar Combination
A compound option strategy which consists of simultaneous buying of a longer-term straddle and near term straddle with a common strike price.

Candlestick Chart
A type of chart which consist of four major prices: high, low, open, close. The body (jittai) of the candlestick bar is formed by the opening and closing prices. To indicate that the opening was lower than the closing, the body of the bar is left blank. If the currency closes below its opening , the body is filled. The rest of the range is marked by two "shadows": the upper shadow (uwakage) and the lower shadow (shitakage).

Capital Account
Juxtaposition of the long and short term capital imports and exports of a country.

Carry
The interest cost of financing securities or other financial instruments held.

Carry-Over Charge
A finance charge associated with the storing of commodities (or foreign exchange contracts) from one delivery date to another.

Cash Settlement
A procedure for settling futures contract where the cash difference between the future and the market price is paid instead of physical delivery.

Central Bank
A central bank provides financial and banking services for a country's government and commercial banks. It implements the government's monetary policy, as well, by changing interest rates.

Central Rate
Exchange rates against the ECU adopted for each currency within the EMS. Currencies have limited movement from the central rate according to the relevant band.

CHIPS
(Clearinghouse House Interbank Payment System) A computerised system used for foreign exchange dollar settlements.

CHAPS
Clearing House Automated Payment System.

Chartist
An individual who studies graphs and charts of historic data to find trends and predict trend reversals which include the observance of certain patterns and characteristics of the charts to derive resistance levels, head and shoulders patterns, and double bottom or double top patterns which are thought to indicate trend reversals.

Closed Position
A transaction which leaves the trade with a zero net commitment to the market with respect to a particular currency.

Closing Purchase Transaction
The purchase of an option identical to one already sold to liquidate a position.

Correlation
A statistical measure referring to the relationship between two or more variables (events, occurrences etc.). A correlation between two variables suggests some causal relationship between these variables. Typically the Swiss Franc is closely correlated with the German Mark.

Cost of Carry
The interest rate parity, where the forward price is determined by the cost of borrowing money in order to hold the position.

Covered Interest Rate Arbitrage
An arbitrage approach which consists of borrowing currency A, exchanging it for currency B, investing currency B for the duration of the loan, and, after taking off the forward cover on maturity, showing a profit on the entire set of deals.

Cross-Rate
The exchange rate between two currencies, e.g., Yen /French franc.

Currency
The type of money that a country uses. It can be traded for other currencies on the foreign exchange market, so each currency has a value relative to another. If one US dollar can buy 1.55 Deutschmarks, then one Deutschmark can buy 0.65 US dollars

Resources for Corporate Clients

This is the home page for our corporate resources information and includes information that is relevant to both exporters and importers. It is designed to help corporate treasuries understand issues that face them in their currency risk management.

Overview
Foreign Exchange Policy
Strategic Planning - Making Rational Decisions
Objective of Risk Management
Strategies for Foreign Exchange
Overview
The days of corporate treasuries being aggressive profit centres are long gone although there are a few that still survive. These days Corporates are far more conservative with foreign exchange risk management and have reasonably well defined guidelines for the management of forex risk. At a minimum Corporates should have a foreign exchange policy which spells out exactly what should be done with the foreign exchange risks they face. Quite often this policy is developed in tandem with an exposure measurement process. For Corporates with minimal risk exposure measurement may be a very simple process of forecasting what the cash receipts or payments are likely to be for a given period. For other companies who purchase or sell products in British Pounds but where the underlying product is priced in USD$ on world markets then the risks are less obvious but just as real.
Foreign Exchange Policy
A good foreign exchange policy is critical to the sound risk management of any corporate treasury. Without a policy decisions are made ad-hoc and generally without any consistency and accountability. It's important for treasury personnel to know what benchmarks they are aiming for and it's important for senior management or the board to be confident that the risks of the business are being managed consistently and in accordance with overall corporate strategy.
Strategic Planning - Making Rational Decisions
The recognition of the financial risks associated with foreign exchange mean some decisions need to be made. The key to any good management is a rational approach to decision making. The most desirable method of management is the pre-planning of responses to movements in what are generally volatile markets so that emotions are dispensed with and previous careful planning is relied upon. This approach helps eliminate the panic factor as all outcomes have been considered including 'worst case scenarios' which could result from either action or inaction. However even though the worst case scenarios are considered and plans ensure that even the 'worst case scenarios' are acceptable (although not desirable), the pre-planning focuses on achieving the best result.

The use and acceptance of risk management as a key management issue is evidenced by the proliferation of risk management tools, the extraordinary volume of literature that is published on the subject and the focusing of academic attention towards improving risk management techniques. Active risk management is a common characteristic in by far the majority of major corporations the world over. Not to manage financial risk is seen to be negligent as a company's management team is responsible for managing all the variables that ultimately effect the profitability of the company.

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The Objectives of Risk Management
Minimise Costs
Maximise Revenue
Stabilise Margins in the Future
Strategies for Foreign Exchange
Having accepted the fact that foreign exchange exposures exist, it is necessary to formulate a strategy to deal with the exposure. Without strategies it becomes very difficult to make decisions of when to purchase or sell foreign exchange. The absence of a strategy often has the effect of mismanagement of an exposure because typically people are only jolted into action when something goes wrong.

There are a number of alternative strategies that can be employed when managing foreign exchange risk:

a) Do nothing - undertake currency transactions as they arise.

b) Hedge known future obligations - this is the strategy that by default most smaller Corporates uses.

c) Use the time between the recognition of the foreign exchange exposure and the time that the foreign currency will be needed, to achieve the lowest price of the foreign currency. This can normally be most effectively achieved by a predetermined strategy that sets levels and trigger points to achieve purchasing targets.

Both strategy (a) and (b) are commonly used as they are the easiest. They require no additional decision making, they are administratively simple, and they have been the status quo for so long that some market participants aren't even aware that alternatives are available. However these two strategies have serious flaws the first is that they can carry a very high level of risk to the cash flows of the company. The reason that the risks are so high with these strategies is that they are extreme positions. To hedge every exposure means removing any chance that the market may move beneficially for the company, whilst its competitors may still enjoy the benefits of these price movements, in doing so the cash flows are at risk as competitors may lower selling prices and hence the profit margin is reduced because of diminished revenues as a direct result of hedging. To not cover any foreign exchange exposures leaves the company equally vulnerable to adverse movements in the exchange rate that could result in cost blowouts, and since cost increases are equally as harmful to margins as revenue decreases they also have explosive potential to undermine the profitability of the whole company.

The approach that appeals to people who believe in the management of the variables that affect the profitability of business is called "Foreign Exchange Management". This approach means making decisions and means taking control of a large risk area that affects a corporation. It can take any number of forms from very rigid strategies that ensure conservatism and ease of administration to more complex strategies which attempt to maximise results by taking on additional risk.

UKForex actively encourages contingency planning where decisions are made in advance. It is important that Treasury personnel agree to the risk management approach and have it ratified at CFO/Board level.

Currency Options, the ABC and the XYZ

Currency Options Option Pricing Option Types


Overview Overview Overview
Definitions Delta Call/Put Options
Trading and Hedging Gamma Knock Outs
Intrinsic Value Theta Knock Ins
Extrinsic Value Risk Reversals Average Rate
Where to trade Vega Basket Options
Where to hedge



Options on foreign exchange? It's really no different to options on shares or real estate. The basic premise is that the buyer of an option has the right but not the obligation to enter into a contract with the seller. Naturally the option owner exercises this right when it is to his/her advantage. Currency options specify a foreign exchange contract and give the owner the right to enter into the specified contract during a pre-agreed period of time.

Currency Options have gained acceptance as invaluable tools in managing foreign exchange risk. They are used extensively and make up between 5 - 10 % of total turnover. Currency options bring a much wider range of hedging alternatives to portfolio managers and corporate treasuries.

This area of UKForex is devoted to furthering the understanding of what currency options are, how they are priced and how they can be used.

In the near future we will be bringing options pricing tools onto the site and also a section that simplifies the mathematics behind options pricing.

Resources for Fund Managers

Introduction
Fund managers have different foreign exchange requirements than Corporates because foreign exchange exposures occur because of investment activities as opposed to trade activities. Fund managers are often working within a benchmarked framework and managing foreign exchange risks incorrectly can give rise to unwanted and unexpected deviation on returns even when trying to stay at benchmark. Fund managers should be aware of not only the benchmarks set for them but how to manage to the benchmark return. This is often more complex than may first appear as benchmark indices are set periodically and fund size changes can affected the currency weighting in unexpected ways.
Fully Hedged Portfolios
Most fund managers run international bond portfolios fully hedged which means that for every foreign bond exposure they have a corresponding hedge in place. Usually the hedge takes the form of a forward sale of foreign currency for British Pounds normally on a rolling three month basis. In practical terms this means that on purchasing a foreign bond the fund manager should enter a swap or (FX forward) contract. This means that on the near leg of the swap they can buy the foreign currency against GBP (to pay for the bond) and the second leg is for the sale of the foreign currency against the GBP and neutralises the FX risk. NB: I have seen fund managers execute a spot to buy the foreign currency and then an outright deal to sell the foreign currency forward - the net effect is the same as a swap except the fund pays an unnecessary spread in the spot market. Once the hedges are due for settlement the fund simply executes another swap. The near leg is equal and opposite to the maturing deals (except the rate is now the current spot) and the second example reinstates the forward hedge.

The portfolio manager also needs to decide which currency to keep constant, GBP or the foreign currency. In general it is the foreign currency which should be kept constant in line with the value of the bond holdings. If the foreign currency hedge amount is kept constant be aware that each roll date will give rise to an GBP profit or loss on the hedge. Also at each roll date the value of the foreign bond needs to be taken into account and the hedge adjusted accordingly to make sure the portfolio is not over or under hedged.
Unhedged Portfolios
However when a fund manager is running a portfolio unhedged then foreign currency should be bought and sold as needed to satisfy the underlying transaction. These transactions should be executed when the underlying assets are purchased or sold and have value dates matching the settlement terms of the underlying asset, for example in equities its usually T+5.