FX Market Watch Financial Education
Why are people interested in Music, Movies, Gadgets but not Money? Why does the interest in Finance become less as generations grow? Tey all want it (money), but they don’t want to bother understanding how it works. Tey want to be super- consumers without understanding what consuming is. Tat’s not to suggest
that
every person who
wants
to eat should study
biology,
a g r i c u lt u ra l science, and the Food & R e s t a u ran t business, but you do want to understand what you are digesting. In fact, recent c o n s u m e r demand has forced food companies and drug companies to display certain information in a standardized format on every box of food sold in the US. Why doesn’t something like this exist for financial products?
In the old days, family homes used to be a manufacturing base, a source of entertainment, a vacation spot for other family members, and a large storage and distribution facility. Now the home is a source of wealth
46 FX TRADER MAGAZINE April - June 2012
and investment (that you shouldn’t actually ‘live’ in), vacation is done on cruise ships and in casinos, and public storage facilities are used like PODS and Public Storage.
Forex lacks hard data
Unlike other markets, there is little data available for Forex. For example, the annual BIS numbers that are
Only each Forex counterparty has access to his own data, and many of them are reluctant to release it. For example, Forex brokers could publish statistics:
• Number of positive accounts for the day, week, month, year
• Average percent gain or loss for each account
• How many accounts are profitable aſter 1 year
commonly referenced when you hear “3 Trillion per day” turnover is conducted by survey. Te institutions that are surveyed have no reason to lie, but they also have no reason to be 100% transparent. Te problem, like the problem with fraud, is not the honest bankers who report, but those who don’t, who have something to hide in off-balance sheet transactions. Other markets have hard facts, verifiable data. Te NYSE publishes
Te question is why don’t they, why is data like this unavailable
anywhere, in stark contract to non- forex rivals where it is possible to obtain overwhelming amounts of data on the performance of mutual funds.
Why is there no central database where traders and customers can log onto and verify authenticity, receive economic data in a standardized format, including performance information?
daily end-of-day data that can be downloaded from their website
http://www.liffe.com/nyseliffe/. Other exchanges publish similar data, because they are required, but more importantly, because they have it.
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