FREE one week trial to our Live Trade Room

Hi guys, Michael and I are offering a free one week trial to our live trade room. If you are interested, simply email support@beamfx.com requesting login details.


BeamFX is an guaranteed introducing broker of Institutional Liquidity (ILQ.) Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST. 

Goldman Sachs to cut 20-30 jobs in Sales & Trading

And from Zerohedge we can see why...

BeamFX is an guaranteed introducing broker of Institutional Liquidity (ILQ.) Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.

Currency Flows Reversing

Just three months after the biggest developing economies sold dollars to support their currencies, policy makers from Colombia to China are moving to weaken exchange rates and revive exports as the International Monetary Fund forecasts the slowest trade growth in three years.

Colombian Finance Minister Juan Carlos Echeverry urged the central bank on Aug. 3 to boost minimum dollar purchases from $20 million a day, saying the country needs “more ammunition” to drive down the peso in the global “currency war.” The Philippines banned foreign funds from deposit accounts and unexpectedly cut interest rates in July as the peso hit a four- year high. In China, authorities lowered the yuan reference rate to the weakest since November, which according to Citigroup Inc. will create “headwinds” for other Asian currencies.

After spending more than $59 billion in foreign reserves in May and June to stem currency depreciation, developing nations are reversing policies as the European debt crisis outweighs the risk of faster inflation. South Korea and Chile may weaken exchange rates to make their exports cheaper, according to UBS AG. The IMF estimates global trade will expand at the slowest pace since 2009.

“Policy makers will become more aggressive,” said Bhanu Baweja, a London-based strategist at UBS. “The currency strengthening is in contrast with the state of the economy. That argues for much weaker foreign-exchange rates.”

http://www.bloomberg.com/news/2012-08-13/currency-flows-reversing-china-to-colombia-as-trade-slows.html

BeamFX is an guaranteed introducing broker of Institutional Liquidity (ILQ.) Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.

The BeamFX Live Trade Room

Hi Guys,

As most of you know, at BeamFX we strive to provide excellent customer service and technical support. In addition, Michael Weissman and I have recently started a live trade room. Here are the details:

1. Access to our live trade room is absolutely FREE if you open and fund a live trading account with BeamFX. ($199 per month for non-BeamFX account holders.)

   

2. We run the live trade room 5 days a week, from 7:45 - 10:15 A.M. EST. This time period is generally regarded as one of the best times of the day to trade as both the U.S. and European markets are open and active.

3. The trade room is interactive and we will be discussing all aspects of trading on a daily basis. Special emphasis is placed on trade setups, risk management, proper placement of stop loss/take profit targets, and most importantly (in our opinion) - trading psychology.

4. Your questions are important to us. We'll take the time to answer them - you will not be ignored.

If you trade with us, we want you to be successful and are here to personally help you navigate the forex market. Feel free to stop by our office in New York or give us a call. 

BeamFX is an guaranteed introducing broker of Institutional Liquidity (ILQ.) Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.

Standard Chartered CEO Says ‘No Grounds’ For Revoking License

And the expected denial is released.

"Standard Chartered Plc (STAN) Chief Executive Officer Peter Sands hit back at a New York regulator’s claims the bank broke U.S. sanctions, and said he saw “no grounds” for revoking the lender’s license.

“We reject the position and portrayal of facts by the Department of Financial Services,” Sands said on a conference call with reporters yesterday, his first public comments since the regulator’s report on Aug. 6. “It would be disproportionate and wholly inconsistent with the actions of other U.S. authorities in other sanctions matters” to revoke the bank’s New York license, he said.

A settlement of $700 million would match the amount that HSBC Holdings Plc (HSBA) set aside last month after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the U.S. financial system." - http://www.bloomberg.com/news/2012-08-08/standard-chartered-ceo-sands-rejects-n-y-regulator-s-claims-1-.html

BeamFX is an guaranteed introducing broker of ILQ. Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.

Standard Chartered Bank Faces License Suspension

Apparently HSBC isn't alone in being accused of a massive compliance breach. A complaint was filed against Standard Chartered Bank the other day for intentionally misleading U.S. regulators and committing fraud. They are accused of laundering money for Iranian clients. That sounds more serious than HSBC laundering money for Mexican drug cartels, because as far as we know those drug cartels aren't trying to build nuclear weapons - not that they wouldn't like having a bomb to play with.

So Standard Chartered Bank has to show up in a New York court in a week or so and explain why they shouldn't lose their licenses to operate in New York. I imagine there will be some sleepless nights for their executives and some lawyers in nice suits making a small fortune.

On a side note, I've heard market talk that other U.S. regulators are furious that the New York State Department of Financial Services didn't give them a heads up before taking action. Talk about a missed opportunity for the Obama administration to take credit for further cracking down on Iran.

Ironically, Iranian buyers are still potentially able to launder money via the U.S. real estate market, because the National Association of Realtors is exempt from complying with Anti Money Laundering (AML) regulation. And we wouldn't want them to have to comply with that, because that would hurt the housing market, which has supposedly already bottomed.




BeamFX is an guaranteed introducing broker of ILQ. Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.

Safe Havens?

There is a terrible irony in export-dependent nations being viewed as "safe havens." Their safe haven status pushes their currencies higher, which then crushes their export sector, which then weakens their entire economy and stability, undermining the very factors that created their safe haven status.

- Charles Hugh-Smith



BeamFX is an guaranteed introducing broker of ILQ. Join us in our free live trade room Mon. - Fri. 7:45 - 10:45 AM EST.