First Review Of The CantorExchange

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Statutory review of the exchange of notes arrangements

Statutory review of the arrangements on sharing beneficial ownership information between the UK, Crown Dependencies and Overseas Territories.

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Statutory review of the implementation of the exchange of notes on beneficial ownership between the United Kingdom, Crown Dependencies and Overseas Territories

Statutory review of the implementation of the exchange of notes on beneficial ownership between the United Kingdom, Crown Dependencies and Overseas Territories (print)

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In 2020 the UK, the 3 Crown Dependencies and the 6 British Overseas Territories with major financial centres committed to improve longstanding law enforcement cooperation on the exchange of company beneficial ownership information. The bilateral agreements, referred to as the Exchange of Notes Arrangements, commenced in July 2020.

This 18-month Statutory Review of the Exchange of Notes examines their implementation and effectiveness in the period 1 July 2020 to 31 December 2020.

Cantor Fitzgerald Launching CantorExchange US Based Binary Options Exchange

Following a February approval of the CFTC that granted Cantor Clearinghouse as a registered Derivatives Clearing Organization (DCO), and CantorExchange

Following a February approval of the CFTC that granted Cantor Clearinghouse as a registered Derivatives Clearing Organization (DCO), and CantorExchange as Designated Contract Market (DCM), Cantor Fitzgerald is set to launch a new US based binary options trading exchange. CantorExchange and Cantor Clearinghouse are operating as subsidiaries of Cantor’s. Trading will be conducted through CantorExchange’s electronic trading platform for matching buyers and sellers, with trades settled through Cantor Clearinghouse. CantorExchange is being led by CEO and Chairman, Howard W. Lutnick who is also Chairman and Chief Executive Officer of Cantor Fitzgerald, L.P., and Chairman and Chief Executive Officer of BGC Partners, Inc.

According to CantorExchange, the new platform is registered to offer trading in spot FX binary flex options contracts (FXSI) and additional fully margined binary options with risk profiles similar to FXSI contracts. We reached out to Cantor for more information on when the official launch will take place, who is the target audience and why they are entering the market, but as of publishing time have yet to to receive responses to our inquiries.

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From data available on the website, CantorExchange appears to be a NADEX competitor as it will be offering similar type binary options with minimum account size of $100 which indicates a target audience of retail traders. Currently, CantorExchange’s trading platform is limited to an iPad interface where users can download the live or check out the practice system (although it isn’t available in all global regions). As we learn more about this venture, Forex Magnatetes will be providing updates.

7 factors that influence exchange rates

Exchange rates are one of the most watched and analysed economic measures across the world and are a key indicator of a country’s economic health. The exchange rate can be defined as the rate at which one country’s currency may be converted into another. Rates are not just important to governments and large financial institutions. They also matter on a smaller scale, having an impact on the real returns of an investor’s portfolio.

There are several forces behind exchange rate movements and it is useful to have a basic understanding of how these affect one country’s trading relationship with other countries. Strong currencies make a nation’s exports more expensive and imports from foreign markets cheaper, whereas weaker currencies make exports cheaper and imports more expensive. Higher exchange rates adversely affect a country’s balance of trade but lower exchange rates have a positive effect on it. This article looks at 7 of the main factors that cause changes and fluctuations in exchange rates and outlines the reasons for their volatility.

Common Factors Affecting Exchange Rates

Inflation Rates

Changes in inflation cause changes in currency exchange rates. Generally speaking, a country with a comparatively lower rate of inflation will see an appreciation in the value of its currency. The price of goods and services increases at a slower rate when inflation is low. Countries with a continually low inflation rate exhibit an increasing currency value, whereas a country with higher inflation typically experiences depreciation of its currency and this is usually accompanied by higher interest rates.

Interest Rates

Interest rates, inflation and exchange rates are all correlated. Central banks can influence both inflation and exchange rates by manipulating interest rates. Higher interest rates offer lenders a higher return compared to other countries. Any increase in a country’s interest rate causes its currency to increase in value as higher interest rates mean higher rates to lenders, thus attracting more foreign capital, which in turn, creates an increase in exchange rates.

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Recession

In the event a country’s economy falls into a recession, its interest rates will be dropped, hindering its chances of acquiring foreign capital. The consequence of this is that its currency weakens in comparison to that of other countries, thereby lowering the exchange rate.

Current Account/Balance of Payments

A country’s current account reflects its balance of trade and earnings on foreign investment. It comprises of the total number of transactions including exports, imports and debt. A deficit in its current account comes as a result of spending more of its currency on importing products than through exports. This has the effect of lowering the country’s exchange rate to the point where domestic goods and services become cheaper than imports, thereby generating domestic sales and exports as the goods become cheaper on international markets.

Terms of Trade

Terms of trade relate to a ratio which compares export prices to import prices. If the price of a country’s exports increases by a higher rate than its imports, its terms of trade will have improved. Increasing terms of trade indicate a greater demand for a country’s exports. This, in turn, results in an increase in revenue from exports which has the effect of raising the demand for the country’s currency and an increase in its value. In the event the price of exports rises by a lower rate than its imports, the currency’s value will decline in comparison to that of its trading partners.

Government Debt

Government debt is public debt or national debt owned by the central government. Countries with large public deficits and debts are less attractive to foreign investors and are thus less likely to acquire foreign capital which leading to inflation. Foreign investors will forecast a rise government debt within a particular country. As a result, a decrease in the value of this country’s exchange rate will follow.

Political Stability and Performance

A country’s political state and economic performance can affect the strength of its currency. A country with a low risk of political unrest is more attractive to foreign investors, drawing investment away from other countries perceived to have more political and economic risk. An increase in foreign capital leads to the appreciation in the value of the country’s currency, but countries prone to political tensions are likely to see a depreciation in the rate of their currency.

All of the factors described above determine foreign exchange rate fluctuations and the exchange rate of the currency in which an investor’s portfolio holds the majority of its investments determines its real return. A declining exchange rate thus decreases the purchasing power of income and capital gains derived from any returns. Overall, exchange rates are determined by many complex factors and although these cannot always be easily explained, it is important for investors to have some understanding of how currency values and exchange rates play a key role both in the economy and in the rate of return on their investments.

Foreign exchange services

Whether you’re traveling or sending money abroad, we can help ensure your foreign currency transactions are processed safely and securely.

For the full list of the foreign currencies and related services we offer,
view our currency and service availability.

Foreign exchange meets convenience

Travel

Payments and transfers

Deposits

Currency and service availability

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This information is for our Personal Banking Customers.

When we refer to foreign currency, we are referring to a currency other than Canadian Dollars. A foreign currency exchange is a purchase that occurs when you purchase foreign currency from us or we purchase foreign currency from you.

An exchange rate is the price at which one currency can be purchased or sold for another currency. For example, the exchange rate determines how much in Canadian Dollars it will cost to purchase U.S. Dollars. Exchange rates fluctuate throughout the day.

How the foreign exchange process works:
We set the exchange rate for foreign currency purchases associated with many services, such as when you:

  • Purchase foreign currency in cash from us, or we purchase foreign currency in cash from you;
  • Purchase a draft in a currency that is different from the currency you are using to buy the draft;
  • Send a wire transfer in a currency that is different from the currency of the account you are sending from; or
  • Receive a wire payment or deposit a cheque in a currency that is different from the currency of the account into which you are depositing the funds.

For these services, we will quote to you our applicable exchange rate for the transaction and you may choose whether or not to complete the transaction.

When funds to be deposited into your account with us are in a currency that is different from that account, such as with an incoming wire transfer, we convert the funds into the currency of your account, and then deposit them into your account. The exchange rate we use is our applicable exchange rate in effect when the deposit is posted to your account.

There are other services where we do not set the exchange rate, such as when you use your debit or credit card outside of Canada to withdraw cash from an ATM or make a purchase. You will pay different exchange rates and fees for those services and you should review the agreements governing services and the use of those cards for more information.

How do we set our exchange rates:
For each foreign currency purchase where we set the exchange rate, the exchange rate we use is a retail exchange rate, except for purchases and sales between banks and other large financial institutions in the interbank (wholesale) market where an interbank exchange rate is used.

We update our Retail exchange rates frequently throughout the day based on many factors, including:

  • Interbank exchange rates (these are the wholesale rates for very large currency purchases and sales between banks and other large financial institutions in the interbank (wholesale) market, That are often quoted in the media);
  • The amount of the foreign currency purchase;
  • Whether the transaction involves foreign currency in cash; and
  • Our costs and risks related to dealing in foreign currency.

Cash and non-cash rates:
Exchange rates for foreign currency transactions not involving physical foreign currency cash (bank notes), such as transfers, payments, cheques or drafts, are generally more favourable to you than rates for buying and selling physical foreign currency cash. This reflects our costs and risks of shipping, handling and holding foreign currency in cash.

Exchange rate fluctuation risk – returns and reversals
If you deposit funds (e.g. cheque or wire transfer) that were converted to the currency of your account before they were deposited), and then that deposit is reversed or returned, we convert the funds (in the original currency of the funds deposited) to the currency of your account, and then debit the converted amount from your account. The exchange rate we use is our applicable rate in effect when the debit is posted to your account. The amount debited may be different from the amount deposited because of exchange rate fluctuations. For example:

Monday:
You come to a branch to deposit a US$100 cheque into your Canadian Dollar account.
Exchange rate: 0.75
Conversion: US$100 x 0.75 = C$75 deposited to your account.

Wednesday:
Cheque is returned unpaid (e.g. insufficient funds in the account of the person who wrote the cheque).
Exchange rate: 0.80
Conversion: US$100 x 0.80 = C$80 withdrawn from your account.

Similarly, if the funds you sent are returned or reversed, the amount returned to you may be different than the amount withdrawn from your account for the transfer because of exchange rate fluctuations. For example:

Monday:
You come to a branch to send EUR100 by wire transfer from your Canadian Dollar account.
Exchange rate: 0.75
Conversion: EUR100 x 0.75 = C$75 withdrawn from your account, converted to EUR100 and sent by wire transfer.

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