The Exchange magazine August 2011 sample

www.theexchangemagazine.com

BETWEEN THE TRADING

FLOOR

AND THE

FINAL

SCORE...

How to get a job in the Spread Betting IndustrY Bright young things wanted to join some of the fastest growing companies in the City

issue 10 AUG 2011 ÂŁ3.95

Celebrity Traders: THE GADGET SHOW

The ESCALATING US DEBT PROBLEM

Stepping through a forex trend

CITY GUIDE: LAS VEGAS

......................SPREAD BETTING......................FOREX......................CFDs....................FUTURES.............................

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UK100

DAX

USDJPY

AUDUSD

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THE OPEN | WELCOME

EDITOR’S LETTER EDITOR Alex Hammond

In the summertime, when the weather is…

For months we’ve been promised better weather on the horizon, but with the sky still showing none of the brightness our favourite weather girls have been telling us about since May, things aren’t exactly looking promising.

Oh well, it looks like we’ll have to put the U2 anthems (??) back in their box until a “beautiful day” does indeed decide to make an appearance.

Definitely our loss.

But for the majority of City dwellers the best thing about August annually is the chance to get away from it all for a couple of weeks, and this year looks set to be no different.

Therefore we sincerely hope you’re reading this month’s issue of The Exchange in some far off land, laying lazily under a sweltering summer sun, idyllically lounging by a swimming pool with an ice cold cocktail in your hand.

But if you’re not, we’ll try and brighten your day in our own inimitable way by giving you our highlights of the month ahead.

The best thing about August of course (before the letters come flying in, I know that for just as many people it’s the worst day of the year, let alone the month) is that the football season kicks off this month, meaning that a good proportion of men and women up and down the country now know what they’ll be doing every weekend from here until mid-May. Throw in some Rugby internationals and a great England v India test series and all of a sudden things really are picking up. We’ve got a game or two on our hands, and something to take our minds off the fact that we’re no longer getting regular visits from our big yellow friend.

But if sport isn’t your thing, well then we’re straight out of suggestions. Lastminute.com?

But hopefully you’ve already taken care of that and are indeed sitting comfortably, because this is where the issue begins.

I hope you enjoy it.

ALEX HAMMOND EDITOR

4 | THE EXCHANGE | August 2011

ART DIRECTOR ALEJANDRO GUERRA-PALACIOS Writers & CONTRIBUTORS JOSHUA RAYMOND DECLAN FALLON KEN FISHER ALASTAIR McCAIG MARK SOUTHERN Peter Webb SIMON SMITH GREG MICHALOWSKI ATIF LATIF SVETOSLAV GEORGIEV JENNIFER VON STROHE VICTORIA POWER DIGITAL CONTENT & MARKETING ANDREW CAPEL Public Relations Mark Southern Polygon PR SOCIAL MEDIA MANAGER Simon wiltshire SUBSCRIPTIONS subscription@theexchangemagazine.com

PUBLISHED BY The exchange

admin@theexchangemagazine.com

ISSN: 20472625

© 2011. The Magazine is published by The Exchange.

All rights reserved. The publishers declare that any publication of any advertisement does not carry their endorsement or sponsorship of the advertiser or their products or services unless so indicated. Contributions are invited and, whether or not accepted, submissions will be returned only if accompanied by a stamped addressed envelope. No responsibility can be taken for drawings, photographs or literary contributions during transmission or while in the Managing Editor’s hands. Proof of receipt is no guarantee of appearance.

In the absence of an agreement, the copyright of all contributions, literary, photographic or artistic belongs to the The Exchange. This publication (or any part thereof) may not be reproduced, transmitted or stored in print or electronic format (including, but not limited to, any online service, database or part of the internet), or in any other format in any media whatsoever, without the prior written permission of The Exchange.

The Exchange accept no liability for the accuracy of the contents or any other opinions expressed herein.

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CONTENTS

28 20

contents

the open

the spread

FEATURED

the close

12 Ups & Downs 14 Book Club 16 Five good minutes with...

20 Celebrity Traders: The Gadget Show 24 Networking: eToro

28 Jobs

62

6 | THE EXCHANGE | August 2011

the long

38 The UK & The Euro 40 Eurozone Debt Crisis 42 Ken Fisher 44 The escalating US debt problem 46 Sports Spread Betting 48 Chart Wonk 50 Trading CFDs withiin a SIPP 52 Stepping through a Forex trend

56 City Guide: Las Vegas 60 Restaurants 62 Gin 66 City Guide: Baden Baden 68 Sweet Suite 70 Five Best

74 Flights 76 Who’s Who 80 Glossary 82 Killa Villa

TRADING THE EURO IS EASY? BULL .

Forex is tough.

It takes skill to avoid being gored by the unpredictable.

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LET’S GET GOING

OPEN THE

IN THE OPEN UPS AND DOWNS BOOK CLUB FIVE GOOD MINUTES WITH...

CELEBRITY TRADER TRADING NETWORKS

Bulls & Bears on the Box

Bulls & Bears on the Box Trading’s first television network has arrived Bored of BBC 24? Tired of Sky News droning on about the latest public scandal or slapping you in the face with endless pictures of the Duke and Duchess of Cambridge? Well thankfully you can say goodbye to the humdrum of 24 hour rolling news, because now trading television is finally here.

Launching later this month, TraderTV looks set to re-shape televised financial markets media, providing spread betting, forex and CFD traders with a channel dedicated to the industry.

Financial news updates, and FX, commodities, stocks and indices market round-ups from industry analysts will run on Trader TV daily, with The Exchange columnists including Alastair McCaig and Sandy Jadeja providing technical analysis and trading strategy guides.

And with exclusive entertainment shows dedicated to trading also in the pipeline, it won’t be long before TraderTV’s unique programming is the must-see television for anyone with a spread betting account.

August 2011 | THE EXCHANGE | 11

THE OPEN | UPS AND DOWNS

UPS&DOWNS

From news stories to trading issues, a round-up of the things that have caught our eye this month

Send us your news, views, and unprintable gossip at: editor@theexchangemagazine.com

FSA launches trading ‘inducements’ investigation The Financial Services Authority launched an investigation last month into the practice of paying for trading order flow.

The inquiry looks set to examine commonly accepted market practices including the bestexecution obligations governing the brokerage community and pricing models used by stock exchanges.

The FSA watchdog, led by head honcho and Exchange Top 50 member Hector Sants, will determine whether paying for an order flow constitutes an inducement, creating a conflict of interest which may result in the end-investor getting a rough deal.

Sants & Co. are also considering launching a consultation on the subject, which more often than not indicates a likely change to the existing rules.

Alpari puts pen to paper as latest summer signing for The Hammers Global FX giant Alpari has dipped another toe into sports marketing, with a three year sponsorship agreement with West Ham United being announced earlier this month.

Already sponsors of the New York Knicks basketball team, the move is the first of kind for Alpari in the UK. Alpari’s alignment with one of England’s biggest football club is not the first move of its kind. Last year FxPro was the shirt sponsor of two Premier League clubs, Aston Villa and Fulham, and will again be the main sponsor of the Cottagers again for the 2011/2012 season.

12 | THE EXCHANGE | August 2011

Despite dropping out of the top flight on English football last season West Ham are set to up sticks and move home from Upton Park to the Olympic Stadium before the end of the agreement, so it looks as though Alpari have got themselves a great deal signing up to play with the Hammers.

When asked about the motivation for creating the partnership David Stuart, COO of Alpari (UK), said, “Alpari (UK) and West Ham United share core values such as drive, commitment and passion for what we do. We are excited about this partnership.”

THE OPEN | UPS AND DOWNS

IG profits plummet due to Japan disaster Spread betting giants IG Group announced that annual profits have fallen heavily to just £7m in the twelve months leading up to 31st May, compared to profits of £140m made over the preceding year.

Much of the blame for the slump in profits in being attributed to IG Group’s expansion into the Japanese trading market, IG purchased FXOnline Japan in 2008 for £118m but have seen little return from the investment.

IG was forced to slash the value of its venture into the Japanese market after changes to Japanese trading regulations.

The maximum value of bets Japanese customers could make have been cut by half, causing a dramatic slump in revenue.

Tim Howkins, chief executive of IG Group, said: “That’s a business where we’ve had quite considerable difficulties, really driven by a very unfriendly regulator who imposed restrictions which had a pretty severe impact on revenue.”

Revenue across the entire IG Group over the period rose 7.3% to £320.4m, and profits adjusted after costs incurred through FXOnline Japan and the closure of Extrabet, IG’s sports division, were removed rose 3.4%.

CitiFX Pro claims Saxo Bank US Customers Citi Group added further clients to its foreign exchange division this month when it struck a deal to acquire Saxo Bank’s FX traders.

Saxo clients that meet Citi’s eligibility and other standards will have the opportunity to opt into a seamless process which would enable a smooth transfer of their accounts to Citi.

“We are pleased to reach this agreement with Saxo Bank,” said Kevin Wilson, Citi’s North American Head of Foreign Exchange Margin Trading. “CitiFX Pro will provide a familiar environment for Saxo clients, with similar front-end technology and the added benefit of trading on the MetaTrader 4 platform and spreads from 1.2 pips.”

“After developing Saxo Bank as one of the larger foreign brokers offering FX in the U.S., we believe Citi is well positioned to service our U.S. clients going forward,” said Albert Maasland, Chairman of the Board of Saxo Bank London. “We believe Citi has the right technological capability and pricing to provide these clients the high level of service they have come to expect.”

Citi is currently the only major U.S. bank offering margin foreign exchange trading for small to mid-sized institutions and high-end individual investors.

Big City Cook Off really starting to heat up Heston Blumenthal wannabes were put on alert last month, as D&D London announced that it had partnered up with the Lord Mayor’s Appeal to bring the Big City Cook Off to London.

The competition, which kicks off in September, will run until November when the finalists will be set the task of cooking a gala fund raising dinner for 300 people at Floridita, Soho.

Teams of three will be set challenges such as whipping up a three course dinner party on a frugal budget to whittle the entrants down to the finalists.

D&D chefs and restaurants involved in the competition include Mickael Weiss, head chef at Coq d’Argent, Allan Pickett, head chef at Plateau and Robin Gill, head chef at Sauterelle.

All proceeds from the competition will go to charity. Each team must aim to raise a minimum of £5,000 for Coram, a charity dedicated to providing practical and emotional aid to vulnerable children and young people in London, and RedR UK, a charity that trains engineers and other relief workers to respond to worldwide emergencies.

August 2011 | THE EXCHANGE | 13

THE OPEN | BOOK CLUB

The Exchange Book Club The thinking trader’s answer to Oprah

Each month the Exchange takes you through the trading literature you’ll need to amass the ultimate spread betting library.

This month: The Financial Spread Betting Handbook, 2nd Edition by Malcolm Pryor

Four years after the 1st edition hit our bookshelves, experienced financial analyst Malcolm Pryor returns with an updated 2nd edition of The Financial Spread Betting Handbook. It goes without saying that a number of things have changed throughout the spread betting world in those four years, including the number of firms offering spread betting services and the educational training that they provide, and the new edition has been revised to reflect these changes.

The Financial Spread Betting Handbook 2nd Edition is structured to portray the journey to spread betting success like an ascent of a mountain; with the mission for traders being to reach the summit. The first step on the metaphorical climb is to establish a base camp; you then begin your journey up the mountain face, before finally attempting to reach the peak.

Using this mountaineering model as a guide, Pryor splits the book into three distinct parts; the first looks at the various companies, software and types of trading available; the second outlines different strategies for trading, looking at trends, profit taking, re-entry and so on; and the third part is the attack on the summit itself, where Pryor examines the importance of spread betting psychology, how to keep in control through planning and analysis, and then how to develop your trading further.

Part One – Base Camp As Pryor states in the introduction to the first part of the handbook, ‘getting to base camp means we will have the requisite background knowledge and resources to start spread betting.’ This includes knowing how to select an appropriate firm to trade with, choosing hardware resources and an understanding of the various spread betting products available on the market. This section provides all of that information and more. For newcomers it’s an ideal introduction to everything you need to know before you begin trading, and for the more experienced trader it serves as an excellent checklist for those topics you may have long since forgotten. Another chapter in this

14 | THE EXCHANGE | August 2011

section looks at ten common and very expensive errors that traders often make in spread betting.

These are illustrated with case studies.

Part Two – Climbing The Mountain Next comes the time for beginning the ascent up the mountain. This is where traders will have to put all the equipment and knowledge from the first section into practice. Pryor begins by looking at how to find a strategy that suits you, firstly by posing the question ‘What do you like?’ He looks at the length of bets, available time and resources, as well as your discipline and experience. It is very important to make sure you know where you stand on each of these and how your stance affects the way you trade. The rest of this section is dedicated to trends, and Pryor uses examples to explore the identification of trends, selecting bets, bet size, when to exit and re-enter, and so on. He then moves on to looking at betting on reversals, and finally betting in and out within a day.

The final chapter in this section looks at more advanced spread betting techniques, for example arbitrage, pairs trading and hedging.

Part Three – The Route To The Summit In Part Three the book examines how to match a particular strategy to the individual, including risk management concepts, performance reviews, psychology, how to develop a winning attitude and thoughts on continual development, in order that a losing spread bettor can become a winning one.

Many traders take months, or even years, to settle on a style of spread betting which enables them to produce consistent profits, and Pryor points out that each person is different and must find his own way of trading as it is actually very hard to successfully trade someone else’s system.

He recommends looking at your own character – you need to adopt strategies and techniques which fit your character and preferences, whether that’s sticking to commodities or trading a wide range of stocks.

Planning and staying in control are also key factors in the success of a spread bettor – as Pryor says, ‘It is generally easier to achieve something if you know what it is you are trying to achieve beforehand.’ To illustrate this the book features a couple of case studies, including a week in the life of successful spread bettor Robert, and this shows the effect plans can have on a trader’s actions over a week.

In this revised 2nd edition readers benefit from refreshed and improved trading and risk management techniques incorporating four additional years of spread betting experience and changes in the markets, as well as brand new advice on managing exposure and updated analysis of spread betting firms’ behaviour, order types and other practical issues. As a result, The Financial Spread Betting Handbook, 2nd Edition is the essential guide to getting to the top of the spread betting mountain.

You can get your copy at The Exchange Magazine bookshop for £15 www.harriman-house.com/FSBH_exchangemag About Malcolm Pryor: Malcolm Pryor is a member of the Society of Technical Analysts in the UK and has been designated a Certified Financial Technician by the International Federation of Technical Analysts.

He is a director of a consultancy practice, and is an expert at several g ames, including bridge where he has held the rank of Grandmaster or higher since 1996.

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JPJShare.com is a trading name of Rivington Street Stockbrokers Limited, an Isle of Man Company licensed by the Isle of Man Financial Supervision Commission and regulated in accordance with Manx Law. Registered Office: 18 Athol Street, Douglas, Isle of Man IM1 1JA. The rules made under the Financial Services and Markets Act (FSMA) for the protection of retail clients do not apply because the Isle of Man has its own system of regulation, to which Rivington Street Stockbrokers Limited is subject. Consequently, the Financial Services Compensation Scheme established under the FSMA is not available. This financial promotion has been approved for FSMA Section 21 purposes by Rivington Street Corporate Finance Limited which is authorised and regulated by the Financial Services Authority and is a wholly owned subsidiary of Rivington Street Holdings Plc. Full details of the Isle of Man’s regulatory system may be found at www.fsc.gov.im.

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THE OPEN | FIVE GOOD MINUTES

Five Good Minutes With…

Sanjay Madgavkar, Global Head of Margin FX Trading at CitiFX Pro

What is the profile of the typical CitiFX Pro trader? Is it a platform for novice or experienced traders?

Are you happy with the growth in the CitiFX Pro market share since its launch in the UK earlier this year?

CitiFX Pro is a platform for experienced traders. Our typical client is a sophisticated FX trader - either an individual or a small institutional entity - who relies on Citi for liquidity, pricing and high-quality trading technology.

We are happy with the progress we are making in the UK. Our target market in the UK and the rest of Europe is the professional end of the market and we are making excellent headway in that specific segment.

What distinguishes CitiFX Pro from other forex trading platforms?

Citi offers several features that set it apart from other trading platforms. We offer our clients outstanding liquidity and pricing which have a direct positive impact on their bottom line. Citi also offers its marketleading research and market commentary to its clients.

What is the relationship between CitiFX Pro and Citigroup and how does this benefit CitiFX Pro account holders?

When U S clients deal with CitiFX Pro they transact with Citibank NA, New York which, of course is a regulated U S bank.

By transacting with Citibank, they can feel confident they are transacting with an established global leader in foreign exchange.

Clients in the UK deal with a UK FSA regulated Citibank group company called Citibank International.

Are there any restrictions on opening a CitiFX Pro account?

CitiFX Pro accounts are meant for experienced clients who have the knowledge and experience to trade in the leveraged FX markets. They will need to answer some questions as a part of the application process to establish they meet the knowledge and financial capability requirements.

This is important to ensure clients that are transacting FX meet our suitability requirements.

16 | THE EXCHANGE | August 2011

Can we expect any technological developments of the CitiFX Pro platform in the near future?

We have exciting plans for our product over the next few months. We are going to offer our multi-contributor liquidity offering by early August. This will be offered via a state-of-theart API followed quickly by our market-leading trading platform in a few weeks thereafter.

In terms of product breadth, we plan to offer precious metals and other products, such as forwards and options over the coming months.

Finally, what’s the best piece of advice you could give to an up and coming forex trader?

The most important advice is to get experienced in the market while trading small sums - all of which he should be able to afford to lose. The trader should educate himself on Technicals and Fundamentals and most importantly in good risk management, so that his exposure to losses is always limited and controlled. The FX markets and the trading platforms offer excellent stoploss and limit order functionality and with 24 hour liquidity in most currencies, risk exposure can be managed well. Most importantly, clients should trade on modest leverage levels, which will ensure gains and losses are moderated.

“We offer our clients outstanding liquidity and pricing which have a direct positive impact on their bottom line”