Early gains for FTSE fizzle out

Early gains for FTSE fizzle out

The London market was virtually unmoved as an attempted rally from Monday's declines fell flat.

The FTSE 100 Index shed more than 2% on Monday on falling commodity prices, but early gains fizzled out to leave the benchmark index just 2.6 points higher at 4328.6.

Despite a "solid" first quarter performance from supermarket giant Tesco and better than expected US housing figures, further weakness in the mining sector hampered progress.

Investors are still nervous over the sustainability of recent share recoveries, while economic data raised possible inflation concerns after a lower than expected drop in the Consumer Prices Index to 2.2% in May.

Among the Footsie risers, Tesco was helped by underlying like-for-like sales growth of 4.3% in the 13 weeks to May 30. The figure was in line with recent trends and resulted in shares climbing 5.5p to 361.6p, a gain of more than 1%. Rival Sainsbury's, which is due to issue a trading update, was 3.5p higher at 331.75p.

The biggest rise of the session came from BT Group after Morgan Stanley became the latest broker to speculate about an upturn in the company's fortunes following the crisis at its global services arm. Shares, which recently hit a record low, were 7.6p higher at 102.5p, a gain of 8%.

Banks were also on the risers board, with Lloyds Banking Group continuing gains as it rose another 3%, or 2.5p to 69.3p. But elsewhere in the banking sector, Barclays lost 1.75p to 277p despite Shore Capital upgrading the firm to buy.

Shore believes the sale of its fund management arm and an improving economy will mean the bank is unlikely to need further emergency funds. The broker kept Lloyds and RBS - 0.2p up at 38.1p - on hold.

A number of miners began on the front foot after their battering, although many finished the session on the fallers board.

The four biggest Footsie risers were BT up 7.6p at 102.5p, Man Group ahead 11.75p at 286.25p, Lloyds up 2.5p at 69.3p, and National Grid ahead 17.5p at 544.5p. The biggest Footsie fallers were Rio Tinto down 71p at 2829p, BG Group off 24p at 1076p, Smith & Nephew down 9.5p at 452.5p and Amec down 14p at 668p.

Currency Exchange Rates

Quotes delayed at least 60 minutes.
This exchange rate is based on the daily rates for the US dollar.

In the Compare to box, select the currency that you want all other currencies compared to. In the table below, the second column shows the value of one unit of each currency, as expressed in the Compare to currency. The third column shows the value of one unit of the Compare to currency, as expressed in each of the listed currencies

Currency	In British pound	Per British pound
British pound	1.00000	1.00000
Argentine Peso	0.16307	6.13251
Australian dollar	0.48724	2.05238
Brazilian real	0.31466	3.17804
Canadian dollar	0.54153	1.84661
Chinese yuan	0.08969	11.14932
Euro	0.84548	1.18277
Hong Kong dollar	0.07907	12.64719
Indian rupee	0.01286	77.77415
Japanese yen	0.00627	159.59531
Korean Won	0.00049	2,058.22468
Mexican Peso	0.04584	21.81299
Russian Rouble	0.01959	51.05434
Swedish krona	0.07804	12.81397
Swiss franc	0.56117	1.78198
US dollar	0.61280	1.63185

Page generated 21:53 London 15/06/2009

Cross-currency Table

This cross-currency table shows exchange rates for the six most common currencies. UK £ Euro US $ Au $ Ca $ Japan ¥ UK £ 1.00000 1.18296 1.63212 2.05272 1.84691 159.62135 Euro 0.84534 1.00000 1.37969 1.73524 1.56126 134.93378 US $ 0.61270 0.72480 1.00000 1.25770 1.13160 97.80000 Au $ 0.48716 0.57629 0.79510 1.00000 0.89974 77.76100 Ca $ 0.54145 0.64051 0.88370 1.11144 1.00000 86.42630 Japan ¥ 0.00627 0.00741 0.01023 0.01286 0.01157 1.00000

Page generated 21:52 London 15/06/2009

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How does it work?

How does it work?

Step 1

Firstly read our terms and conditions and then complete the application form and return it to us. Please remember to indicate that you wish to use the regular currency transfer plan on Section 5 of the application form. You will also need to provide us with a photocopy of the bank statement for the account from which you will be making your direct debit.

Once your account has been activated, we will contact you to confirm that you can place your order.

Step 2

Call us on +44 (0) 117 311 3252 to place your currency order. The exchange rate quoted to you will be fixed for the duration of your transfer plan meaning that both the amount you pay in sterling and the amount of currency paid to you is constant throughout. At the time of placing your order you will need to make a deposit by debit card. Other methods of paying the deposit can be arranged.

Step 3

Once your order has been placed, we will send you a contract note by email, post or by fax. You will need to complete the direct debit mandate on the contract note and return it to us. There is nothing more for you to do once you return the direct debit mandate.

When your transfer plan is coming to an end we will endeavour to contact you to see if you wish to renew your contract.

Frequently asked questions

What currencies can you deal in?

We can deal in more than 25 different currencies and send money to most countries. Call us on +44 (0) 117 311 3252 or email us to see if we can help.

How do I make my payment to Hargreaves Lansdown?

You will need to make a deposit by debit card when placing your order and then all future payments are made by direct debit. Your deposit can be made by an alternative payment method with prior agreement.

Can I use the regular currency transfer plan to convert a foreign currency back to sterling?

The service is for transfers from sterling to another currency only. However we can convert one-off payments from a foreign currency to sterling.

Are there any other costs or charges?

There is no commission and monthly transfers above £500 in value are free of charge. There is a £7 fee for transfers under £500 per month. There are no other costs or charges made by Hargreaves Lansdown, however, correspondent's banks and your recipient bank may make a small charge to route and receive your funds.

What date will the direct debit be collected from my account?

Direct debits will be taken on the 7th of the month, or next working day if the 7th is a non-working day.

When will the ongoing foreign transfer be made?

Onward transfers to your designated bank account will be made five working days after the direct debit collection.

Is there a minimum monthly amount I can transfer?

Yes, the minimum amount is £250.00.

How much deposit will be required to commence my regular currency transfer plan?

Two months' worth of deposit will be needed for regular currency transfer plans between 6-12 months while a three month deposit will be necessary for 12-24 months.

Can I cancel my regular currency transfer plan during the contract?

Yes. But you must give at least one calendar month's notice in writing.

How much could you save?

Month	Amount in £'s	Bank transfer charge	HL transfer charge	Currency received from bank	Currency received from HL
1	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
2	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
3	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
4	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
5	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
6	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
7	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
8	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
9	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
10	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
11	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
12	£1,000.00	£25.00	Nil	€ 1,404.00	€ 1,469.30
Total				€ 16,848.00	€ 17,631.60
You receive an extra This is a typical saving available through the Hargreaves Lansdown Currency Service. The amount of currency received from the bank is calculated after the transfer fee has been deducted. Please note: There is a £7 transfer charge for monthly transfers under £500.					€ 783.60

Regular Currency Transfer Plan

If you have a need to make regular payments abroad in a foreign currency then our regular currency transfer plan could be exactly what you are looking for. Our competitive exchange rates will give you a cost-saving way to convert your currency, the service is commission free and there are no transfer fees for monthly amounts over £500 in value.

To give you the security of knowing exactly how much it will cost you in pounds and how much currency will be transferred, we will fix the exchange rate for the duration of your transfer plan. Plus your payments will be collected by direct debit, making the whole process simple and hassle free.

What can you use the service for?

• Making overseas mortgage payments
• Paying your UK pension overseas
• Paying your UK salary abroad
• Transfers for living expenses
• Transferring rent from a UK property abroad
• Making regular payments to relatives overseas
• Paying monthly instalments for an overseas purchase

Whatever your reason for transferring money abroad, we can save you money by providing low cost exchange rates and low transfer fees (free if over £500 per month) compared to high-street banks.

What are the benefits?

The aim of the regular currency transfer plan is to provide you with a hassle-free way to transfer money abroad, while saving you money on transfer fees and the exchange rate when compared to high street banks. The benefits of using our service include:

• Competitive exchange rates
• No commission
• Free transfers for amounts over £500 per month (£7 if under £500 per month)
• Transfer plans available from 6 to 24 months ahead
• A fixed exchange rate for the duration of your transfer plan
• Knowing how much sterling to pay and how much currency will be transferred each month
• Payments collected by direct debit
• Direct access to a currency specialist
• A global choice of currencies

How to start making savings

Step 1 - Getting started

right click open a new window for donwload
Download an application form or call us on 0117 311 3252 to request an application pack. Once you have received your pack and read the terms and conditions of the service, please complete the short application form and return it with the necessary identification documents and payment information as listed on the front of the application form.

Please remember that registering for the service now does not obligate you to make a transaction, but does enable you to act quickly when you need to.

Step 2 - Ordering your currency

Once we have written to you to confirm your account is open, you will be able to order your currency by calling us on 0117 311 3252. By discussing your currency needs with you, we will be able to help you decide on the type of transaction most suitable for you. This will give you the comfort of knowing that the currency will be there when you need it.

If you choose a Spot transaction we will take a deposit of 1% by debit card before taking your order. If you are placing an order to receive the currency at a point in the future, a “Forward”, then we will require typically 10% of the value before taking your order.

Step 3 - Paying for and receiving your currency

Once we have carried out your transaction we will send you a contract note by email, fax or post. The contract note will clearly show the date on which we require cleared funds from you (if you haven't already paid the full amount) and the date on which we will send out your foreign currency. We accept payment by CHAPS (same-day electronic transfer) and debit card. Payment by cheque is available at our discretion. We cannot accept payment by BACS (typically a 3 business day electronic transfer).

Any questions?

Call us now on 0117 311 3252 to talk to a currency specialist.

Fix the exchange rate

When buying a property abroad, or indeed for any large currency transaction where the payment date is some way off, you need to consider the impact that an adverse exchange rate movement could have on your costs. For example, a property costing €200,000 would have cost £148,345.94 on 14th February 2008. Just two months later on the 14th April 2008, the euro had risen in value against the pound and the same property would cost £159,795.46 - nearly £11,500 more, or 7.72%. Of course, the exchange rate could move in your favour but it is a risk you may not want to take. The MSN Currency Service offers you a variety of options giving both the certainty of knowing exactly how much it is going to cost you by fixing the exchange rate from the outset and the flexibility of a timeframe to suit your needs.

Please note: The exchange rates and dates used in the examples are for illustration purposes only.

Forward Contracts - a simple way to fix the exchange rate

The technical term for fixing the exchange rate for a date in the future is a Forward. It means you can fix the exchange rate today on a transfer you intend to make at a later date. This type of transaction can be particularly important for buying an overseas property when the final payment is not due for several months but you need the certainty of how much the foreign currency is going to cost you in sterling. Forward contracts can be anywhere between three working days and two years ahead. You will be required to make a deposit of typically 10% of the value of your transaction when you place your order. The balance is then payable a few days before the settlement date.

For example, the final cost of your new French apartment is €200,000 and you will need to pay the developer in 5 months' time.

You have calculated the amount in Sterling at today's exchange rate and decide that the current amount is very close to your available budget. With this in mind you make a 10% deposit and place a Forward contract to avoid the risk of any adverse currency movements, so that the cost of the apartment will not unexpectedly rise above your budget. You are quoted a rate of €1.2400 which you accept and the deal is confirmed immediately.

You are now safe in the knowledge that whatever happens to the exchange rate, the amount you owe is fixed. All that remains is for you to forward the balance to the MSN Currency Service on the payment date so the €200,000 can be sent to the developer on time.

Immediate transfers - a quick and easy way to buy foreign currency

Occasions may arise where you need your currency straightaway. This could be because you are about to complete on a property or because you want to take advantage of a favourable exchange rate. In most cases we can convert your money immediately and arrange the onward transfer of your chosen currency on the settlement date - normally just two business days after you place your order. The technical name for this type of instruction is Spot and is simply the quickest way of exchanging one currency for another. A one per cent deposit will be required when you place your order.

For example, you have decided to buy a property in France and need to pay €150,000 to the developer as soon as possible to complete the purchase.

After opening an account you discuss your requirements with a MSN foreign exchange specialist. You decide to carry out a Spot transaction and are quoted a rate of €1.2450 to the Pound. After paying your deposit of 1% you accept the quoted rate and the deal is confirmed there and then over the telephone. We immediately send you a contract note giving you full details of your transaction including the amount you owe in Sterling. In this example you would need to pay £120,481.93 within 24 hours of placing your order. It is essential that your payment is made on time so that in most cases we can transfer the €150,000 to you typically just two business days after you placed the order.

Please note: The exchange rates and dates used in the examples are for illustration purposes only.

The flexible way to buy foreign currency

When buying foreign currency there are a number of factors you need to consider.

• When do I need the currency to be transferred? – Straight away, on a specific date, or over a period of time?
• How many payments do I need to make? - A one-off payment or a number of smaller payments?
• How do I protect myself against adverse currency movements? - We can offer you a range of contract types to help you protect yourself against increased costs caused by foreign exchange movements.

Whatever your currency needs, we can help

The MSN Currency Service can offer you a variety of different choices to help make the whole process as simple and painless as possible. You can choose from:

• Immediate transfers
• Fix the exchange rate
• Choose a timeframe
• Regular currency transfer plan

Welcome to the MSN Currency Service

Save £’000s on your foreign currency

If you have a foreign currency need, for example when buying abroad, you need to know about an easy way to save £’000s on your foreign currency.

MSN have partnered with Hargreaves Lansdown to provide you with highly competitive exchange rates.

Furthermore, the service is commission-free and you will have direct access to a currency specialist who will help you time the transfer and minimise the exchange rate risk.

To find out more call now on 0117 311 3252, or
right click open a new window for download
download an application form.

Benefits of the MSN Currency Service

• No commission
• Competitive exchange rates
• Fast conversions and transfers
• Fixing the exchange rate for up to 2 years ahead
• Fixing the exchange rate for a flexible time period
• Making multiple payments at the same exchange rate
• Setting up a plan to make regular currency transfers
• A global choice of currencies
• Direct access to a currency specialist

Interesting times for Sterling

In the decade prior to the 'credit-crunch', foreign exchange markets were simpler than today. Certain key factors influenced markets in a logical and rational manner, and king of all these factors was interest rates.

Interest rates represent the price of money - they are the rate of return for holding a currency and the price of borrowing it. Historically, a cut in interest rates would tend to lead to a fall in a currency's value, and vice versa. Money flowed from currencies where the cost of borrowing was relatively cheap (e.g. Japan), to currencies where the return (interest rate) was relatively high (e.g. Australia), in what was known as the 'carry-trade'.

Download FREE MSN currency brochure

However, in recent times central banks have tried to stimulate economies by slashing interest rates to record lows: US 0-0.25%; UK 0.5%; Japan 0.1%; Switzerland 0.25% and the Euro zone 1% (at the time of writing). This has levelled the playing field, and caused other factors to become more important for exchange rates. These include signs that an economy might recover more quickly than its peers, levels of government debt, and the cost/effectiveness of unconventional measures such as 'quantitative easing' (increasing the money supply).

Hargreaves Lansdown's weekly currency report

The key theme in 2009 has been risk-aversion. Currencies perceived to carry a greater degree of risk (emerging market currencies, and the high-yielding antipodean Dollars) have been shunned in favour of the perceived "safe-havens" (Yen, Swiss Franc, and most importantly the US Dollar). This explains, for the most part, the Dollar's irresistible rise throughout this crisis. Another key determinant has been the credibility of economic policy - The US Federal Reserve, and to an extent, the US government are perceived to have got to grips with the situation more quickly than other countries' monetary and political authorities. The fast, decisive actions taken pleased the foreign exchange markets, and as a result the Dollar benefited. Sterling, on the other hand, has been hit by the market's negative perception of the UK's fiscal policy, especially the spiralling budget deficit.

So what does this new world order mean for Sterling? Most believe that UK interest rates are likely to remain near zero for some time, and that inflation won't rear its ugly head, in the short-term at least. Markets determine the value of currencies via a mixture of economic fundamentals and sentiment. In a system of floating exchange rates, currencies react to economic variables, adjusting to imbalances in trade flows and productivity and thus bringing relative prices into line.

Save £000's on your foreign currency

Sterling has recovered a little in 2009; indeed it currently stands more than 8% away from its low against the Euro, and nearly 12% off its low against the US Dollar. Many analysts believe that Sterling is undervalued based on a range of economic factors. However, sentiment towards Sterling needs to improve before these factors can produce a meaningful recovery. Sometimes, it takes an 'event' to trigger this - in the case of Sterling versus Euro, this could be as simple as a sudden improvement in UK data, though we suspect that problems in the Euro zone might ultimately prove to be the catalyst. With different member states being hit by the downturn to differing degrees, the difficulties faced by the European Central Bank (ECB) in setting a "one-size-fits-all" monetary policy could become more apparent. Additionally, the internal strains caused by some members' failure to stay within the economic boundaries set for the Euro could further destabilise the Euro zone. In the case of the US Dollar, Sterling's recovery could be more gradual, the greenback sliding as risk appetite improves.

Until the situation becomes clearer, we expect foreign exchange markets to remain volatile. It has never been more important to make the most of your Sterling, and keep abreast of market developments. The MSN Currency Service aims to offer the best exchange rates, the best service, and the best informtion.

Sterling Dollar Déjà Vu?

"A weak currency arises from a weak economy, which in turn is the result of a weak government." - Gordon Brown, 1992

The then Shadow Chancellor's words in the wake of Black Wednesday, have come back to haunt him in recent months, as he has presided over a similar devaluation of Sterling. Black Wednesday refers to the 16th of September 1992, when the Conservative government was forced to withdraw the Pound from the semi-pegged exchange rate system known as the Exchange Rate Mechanism (ERM). The similarity can be seen in the charts below, which show the value of the Pound against the US Dollar falling from over 2.00 to around 1.40 during the winter of 1992/3 and the second half of 2008:



Indeed Black Wednesday is not the only historical parallel which can be drawn. In 1949, Clement Attlee's government devalued Sterling by 30% (despite repeated assurances that it would not do so). In 1967 the Wilson administration devalued Sterling again, prompting the Prime Minister to deliver his famous "pound in your pocket" speech in an attempt to reassure an uneasy electorate. In 1976 the Callaghan government went cap-in-hand to the International Monetary Fund after Sterling plunged to record lows, amidst fears over the size of the budget deficit.

Sound familiar? Politically the similarity between all these Sterling crises is that the government in power did not survive the next election. Economically the reasons behind the crises vary - the big question now is what happens next?

There is a growing opinion (albeit retrospective) that the events of 1992 were in fact of great benefit to the UK economy, and represented a macroeconomic turning point. The weak Pound allowed exporters to pull the UK out of recession, and we entered a period of stable and low inflation, low unemployment and steady economic growth. Indeed some economists now refer to the 16th of September 1992 as "White Wednesday".

Of course, past events are not a perfect guide to the future, and it would be dangerous to try to forecast upcoming movements in today's unique economic circumstances based on a period of history. However, both the Bank of England and the government have spoken in recent weeks of their hope that Sterling's weakness will help export businesses to lead the recovery (or at least soften the blow of the downturn). Sterling continues to be in the doldrums at present, with no economic recovery evidenced in the data as yet. Indeed it is not entirely clear whether Mr Brown will be the latest Labour Prime Minister to ask the IMF for a bailout.

Until the situation becomes clearer, we expect foreign exchange markets to remain volatile. To find out more about the MSN Currency Service, visit the MSN Currency Centre, or call 0117 311 3252.

Will history repeat itself once more? Whatever the outcome, stay informed and be ready to act.

Futures Trading with CMS

When trading futures with CMS, you have the option of choosing between two state-of-the-art platforms, Vision Advantage and QST. With an account, you will also have access to ION Customer Portal, providing you with a myriad of informative futures trading resources.

QST
QST is an intuitive industry-leading platform, which combines quick and flexible order management with a dynamic charting package. QST provides traders with fast and flexible order management and boasts a simple order entry function—simply left click to buy and right click to sell. QST also features tabbing, so that users can view several instruments in each window, allowing users to organize their trading space according to their individual specifications. Tabs may even be dragged and dropped into external windows for further workspace customization. The QST technical analysis package features fifteen drawing tools and thirty-nine preset technical indicators. For added convenience, the Custom Indicator Builder allows users to write formulas to create new indicators.

Get access to QST for FREE
CMS Forex is now offering a promotion where traders who trade more than 150 contracts per month can receive our QST platform for FREE. If a trader trades less than 150 contracts per month, QST may be offered at a discounted rate depending on the number of contracts traded. Discounts to the cost of QST will be applied at the end of the month.

Contracts per month	Cost of QST per month
>150	Free
120 – 149	$49
90 – 119	$99
60 – 89	$149
30 – 59	$199
0 – 29	$249

Vision Advantage
Vision Financial Markets’ in-house development team has incorporated nearly 5 years of customer feedback to create an intuitive order entry and market analysis tool. This comprehensive and user-friendly platform is designed for both the beginner and experienced futures trader. With Vision Advantage, users will no longer have to sacrifice quality execution for ease of operation; access all major features, including real-time quoting, charting, fundamental and technical analysis tools, with just a click of your mouse. Vision Advantage features over 60 drawing tools, allowing you to use trendlines, regression channels, Fibonacci retracement levels, and a multitude of other tools in your technical analysis. You can also choose to display several different technical indicators at once and overlap them on your charts for better market analysis.

Easy Access to News Headlines and Resources
Through ION Customer Portal, traders have access to a number of informative features, such as commodity quotes, charts, and educational trading tools, such as margin sheets and an electronics futures calendar. Fundamental traders will enjoy up-to-date futures news headlines and daily and weekly futures research reports. With ION, traders can also obtain their account information and daily statements. 

CMS Forex Now offers Futures Trading

Looking to tap into the global futures market? Trade Futures with CMS Forex.

Now you can add Futures to your portfolio. CMS Forex provides an excellent opportunity to expand into other markets, diversify your investments, and create strategies that use futures to complement your Forex trading.

Along with offering spot currency trading, CMS Forex offers opportunities to trade a broad range of futures products, including interest rates, stock indexes, currency futures, energy and metals, agriculture products, and other commodities.

You will have easy access to premium research reports and trading recommendations, including in-depth Commitment of Traders reports every Friday. Enjoy comprehensive back-office support and quality execution services, including online statements. You can even speak to a representative and have your trades input at no additional cost!

Place your trades electronically through one of our reputable platforms, Vision Advantage and QST. Our platforms feature dynamic charting and informative fundamental and technical analysis resources, providing users with a well-rounded trading environment. Coupled with our competitive fee structure, you can expect the same level of service from a leading broker you already trust with your Forex trading.

Get Access to QST for FREE
Traders who trade more than 150 contracts per month can receive our QST platform for FREE. When trading less than 150 contracts per month, QST may be offered at a discounted rate depending on the number of contracts traded. Discounts will be applied to the cost of QST at the end of the month.

Contracts per month	Cost of QST per month
>150	Free
120 – 149	$49
90 – 119	$99
60 – 89	$149
30 – 59	$199
0 – 29	$249

Guide to Futures Trading Unfamiliar with futures trading? CMS offers a free downloadable white paper which provides a basic overview of futures covering the different types of futures traders, commodities traded, fundamental vs. technical analysis, placing orders, and margin requirements.

For additional information, you may contact a Futures Account Executive at futuresinfo@cmsfx.com or 212-563-2100 ext. 4199.

CMS introduces clients to Vision Financial Markets.

Funds can only be deposited in the following currencies: USD, EUR, JPY, GBP, CAD, AUD, NZD, and CHF.

Futures trading involves a substantial risk of loss and may not be suitable for all investors.

Quality Dealing Services

As a Forex trader, you don’t want your hard work to be undermined by substandard dealing desk staff. The CMS Forex team of experienced dealers is dedicated to ensuring that your trades are executed in the most timely and accurate manner possible. Unlike some other Forex brokers, we will never execute a market order at a price other than one which you approve. In addition, our dealers will often execute your order at your original price even if the market has moved against you — another practice that sets CMS Forex apart from the average broker.

The CMS Forex dealing desk strives to provide its clients with some of the fairest and highest quality order execution in the market. Our dealing desk offers both online as well as phone based execution when necessary. Our dealing support team is available 24 hours a day to handle dealing related issues and disputes.

Market Orders
Market orders are created when a trader wants to open a position at the current market price. After the trader clicks on a price, he or she must confirm the price prior to execution. The price sent to the dealing desk will be the price shown in the confirmation window the moment the trader accepted the trade. CMS Forex will execute the trade in real-time if the available price is at or within a few pips of the requested price. Once the order is executed the opened position instantaneousely appears on the client’s trading platform.

If the market has moved and no price within a few pips of the requested price is available, the dealing desk will send the client a requote at the most current market price. The client can then either accept or reject the requote. Orders will never be executed at the new price without the client’s prior consent. This means that there is never slippage on market orders. Slippage is defined as the difference between the price approved by the client and the price at which the order is actually executed.

In an attempt to decrease the occurrence of requotes during fast moving markets and to help guarantee effective market entry during major jumps in market price, CMS Forex has introduced a Trader’s Range feature in its VT Trader software. The Trader’s Range option allows clients to automatically approve requotes within a chosen range. For example, if Trader’s Range is set to 10, requotes within ten pips of the requested price will be processed without requiring the client’s confirmation. Please note that because orders placed by trading systems are classified as market orders, they are subject to requoting as per market order processing procedures.

Conditional Orders (stops, limits, entry stops and entry limits)
Conditional orders are triggered when the market price reaches the price specified in the order. When this happens, the client’s initial order is activated, requesting that the order be filled at the specified price. Under normal market conditions, CMS Forex will honor the specified price on conditional orders of up to 100 mini or 10 standard lots. Larger orders as well as orders executed in extremely volatile markets will be executed at the next available quote if the market has passed over the requested price. This is known to occur over the weekend, when Sunday’s opening price is sometimes significantly different from Friday’s closing and during major market moves.

Many Forex dealers widen their spreads prior to a major market move, thus making market entry more difficult. We may limit the placement of new conditional orders to at least 35 pips away from the current market price for approximately 15 minutes before major news announcements. Under normal market conditions you may place conditional orders as close as 5 pips from the market price

The CMS Forex Advantage

Competitive spreads as low as 2 pips
CMS Forex offers competitive spreads in 25 currency pairs. Receive a 1-pip volume rebate on every 5 lot trade. Read more »

Real-time trade execution
We pride ourselves on fast, fair, and reliable order execution. CMS Forex ensures the price you click is the price you get.* Read more »

Trade mini or standard size lots
Our Universal trading account allows clients to easily trade both 10k mini and 100k standard lots without the need to open an additional account. Read more »

Low minimum deposit
CMS Forex makes it easy for novice traders to get started by allowing you to trade Forex with a minimum initial deposit of only $200 USD. Read more »

Over 100 technical indicators
CMS Forex offers over 100 of the most powerful technical indicators. Technical indicators help traders gain a better
understanding of market movements. Read more »

Access to fundamental analysis tools
We offer access to fundamental analysis such expert commentaries by professional market strategists, and economic data release calendars. Read more »

Rollover interest
Both mini and standard lot positions held after 5pm EST are credited or charged rollover interest reflecting the difference in interest rates between the two currencies being traded. Read more »

Interest on unused margin
Accounts with initial deposits of 10,000 USD or greater will receive 2% interest on unused margin.† Read more »

Up to 400:1 leverage
Increase your buying power. The margin you put down on a trade can control a position up to 400 times greater in size. This may increase the size of your potential profits, as well as losses.
Read more »

Quality customer service
Friendly and helpful customer service representatives are available by phone, live chat, and e-mail. Our dealing desk and support department are available 24 hours a day. Read more »

Forex education
Online Forex tutorials and courses guide you every step of the way toward gaining knowledge about Forex, trading strategies, and our proprietary trading software. Read more »

Combine the CMS Advantage with CMS Forex’s powerful Visual Trading software and ample educational and news resources, and you can be sure you are getting one of the best values in the Forex market. 

Trading Sotware - VT Trader

Since its inception, CMS Forex’s VT Trader™ has been a
comprehensive and easy to use Forex trading toolkit and
a pioneer in the industry.

Easy access to powerful tools

Highly developed charting technology

Advanced customization

Reuters news and market analysis

Sophistication and convenience set VT Trader™ apart from other Forex 

Learn Forex with CMS

FOREX (the Foreign Exchange market) is an international market where participants speculate on the value of different currencies, buying and selling dollars, pounds, euros, and other currencies.

There are only a few major currencies to follow, compared to hundreds of stocks in the equities market. In order to get started understanding Forex, sign up for a free practice account today and learn as you trade!

Trading risk free with a practice account is the best way to get familiar with this ever-growing market. And once you are signed up, CMS Forex will provide you with thorough educational resources to guide you along the way.

So don't wait, take this opportunity to get started trading Forex! 

Programming Services

Strategy Consulting

As a leader in the retail currency trading markets, FXCM Programming Services is able to leverage its experience and expertise to help clients implement their automated strategy designs on platforms such as TradeStation, MetaTrader, among others, upon request.

Automated strategies are useful for both seasoned and novice traders alike. Clients often favor trading certain currencies, types of markets, or times of day. An automated strategy allows a program to trade what and when you want to. As an example, if you prefer trading range-bound markets, develop a trending strategy to compliment your style. Additions like this can make a trader's overall approach more complete.

FXCM's team of expert programmers can take your trading concepts and implement an automated strategy in the language of your choice, on the platform of your choice. With the assistance of FXCM Programming Services a lack of programming experience is no longer a barrier to the rapid development of your automated strategy.

Consider the following benefits of using automated trading strategies in the forex market: • Automated strategies lack emotion when trading. • Trading using predefined programmed rules allows virtually instant decision making in
   active markets. • Defining set ways to manage money and risk allows a trader to maintain discipline. • The 24-hour-a-day nature and deep liquidity of the forex market lends itself well to technical trading. • An automated strategy never sleeps, has to go to work, or needs to step away for lunch.
   It runs until its turned off. Get Started In order to obtain a strategy-consulting quote, please submit your specifications via the Request For Quote (RFQ) link. If you have any specific questions or concerns, we encourage you to contact one of our representatives.

The standard hourly service rate is $100.

Forex System Selector (FSS)

Automated Currency Trading Remove the Emotion and Guesswork from Trading Create Customized Portfolio from over 40 Back-Tested Systems Automate Your Trading to Capture Opportunities 24 Hours a Day Web-Based Automated Trading Platform—View Performance Anywhere Launch FSS Platform Free Demo Account Overview View Top Performing and Added Systems* Training Videos and Forums Request Help from a Specialist Open an Account Live Chat Live Chat and Ask Questions — 24/7 Top Performing and Top added systems in Forex System Selector View the Forex System Selector video How It Works: 3-Step Process: Check, Select and Apply! With Forex System Selector, currency trading is a simple 3-step process. All you need to do is: Check the available systems Select the systems that you like based on performance or your criteria Apply the systems to your portfolio and view the performance Why Forex System Selector? Many traders struggle with the following: What makes currency rates move? How will I develop a strategy to trade in this market? How do I find the time to trade in this market? Forex System Selector will help you to: Identify potential for improved returns Diversify from other investments Trade 24 hours a day when you're not available Provide risk management options for you to select Fee Structure Forex System Selector accounts incur a $1 round turn commission per Standard (10K) lot traded (in addition to the bid/ask spread compensation to FXCM). System Performance Results: View Top Performing & Added Systems View top performing and added systems on a weekly and monthly basis.

FXCM Active Trader

Trade With An Edge: Level II Type Market Depth

• EUR/USD 0.7 pips, GBP/USD 1.8 pips
• No Dealing Desk* (Agency) Execution
• 5 Levels of Market Depth
• Lower Commissions For High-Volume Traders
• Web-Based Trading Platform

Free Active Trader Demo AccountOpen Platform

Minimum: $25,000 Deposit

• Overview
• Commissions and Spreads
• Market Depth and
  Platform Features
• Gold Features
• Contact Us

View the Active
Trader Video

Open an Active
Trader Account

Learn strategies
to use on
Active Trader Platform

FXCM Active Trader Platform: Shows Market Liquidity and Gives You the Speed to Exploit It

• Minimum: $25,000 deposit OR trade more than 10M per month in notional volume

Why Trade With a Limited View of the Market?

Active Trader provides a three-dimensional market view: Price, Available Liquidity, and Market Depth. Active Trader gives you the same type of view as a market maker.

• 5 Levels of Market Depth
• View Available Liquidity at Each Price Level

1-Click Market Orders with the option to pre-set stops/limits

• Ideal for scalping and short-term trading

1-Click Entry Orders

FXCM's Active Trader is an agency/external execution platform, with commissions determined by trading volume.

Forex Trading Platform

Key Features
	The FX Trading Station is equipped with cutting-edge technology, including some of the best execution in the forex industry and the ability to trade directly on charts. Below you can learn about the individual features of the platform.
	Streaming Quotes Trading From Charts Orders Types Hedging Reporting One-Click Trading MyFXCM Customization
	Forex Trading Station Support User Guide
	Free $50,000 Practice Account  Live Streaming Prices    Trading from Charts  24-Hour Customer Support

Forex Trading Education

FXCM has developed a series of courses that are designed to teach the novice trader to trade like a professional.  Watch this video to learn more about FXCM's 3-Step Education Program.

FX Power Course Beginner Learn more • Use charts to identify trading opportunities. • Trade the market based on news events and economic data. • Learn to maximize your trading opportunities while managing risks. • Over 12,000 students enrolled since inception.

Trading the Majors Intermediate Learn more • Learn 3 strategies for trading EUR, JPY, and GBP. • Learn how to identify carry trade opportunities. • Trade as a professional using technical indicators. • Learn how to leverage the correlation between forex and the   commodities market.

Day Trading Course Advanced Learn more • Receive 6 specific strategies for trading economic indicators. • Discover high probability, short-term chart set-ups. • Learn how to strategically trade a range-bound market. • Learn how to exploit proprietary trading models that give you   an edge over other traders.