Communique

Date Subject
16th June 2001 Web-Based Training
14th July 2000 Exchange Rate Quotations



 


























MINUTES OF THE FOREX ASSOCIATION MEETING HELD ON 14th July 2000.

Exchange Rate Quotations

A meeting of the members of the Forex Association of India, convened by the Markets Watch Committee of the Association was held on 14th July 2000 at The Green Hall, Bombay Cricket to discuss implementation of the recent FEDAI decision regarding quotation of forex rates. 30 member banks attended the meeting.   Mr Alok Sharma, Convenor, Market Watch Committee presided over the meeting.

FEDAI in their Managing Committee Meeting held on 14th June 2000 decided to dispense with the stipulation of interbank and merchant dollar rupee quotes upto 4 decimals, the last two digits being in multiples of 25. The member banks appreciated the decision to dispense with this stipulation as it would enable the cash spot and cash tom prices to align with the interbank call money rates to which they are linked.

The members deliberated on establishing a market convention for quoting in interbank transactions. Considering the forex rate quotations for other currencies, both of the developed markets as well those of emerging economies, the members felt that prices quoted in the Indian forex markets are among the sharpest prices made anywhere in the world, including the G7 currencies.  The spreads quoted are also very narrow.  There was a unanimous view that the current practice of quoting upto 4 decimal places with last 2 rounded off to multiples of 25 for spot and forwards, which has served the market well during the last few years, was appropriate and was recommended for continuation by the members present. For cash/tom and cash/spot transactions, the Banks could quote upto 4 digits without any rounding off so as to align these rates with call money rates.

In respect of merchant quotes, it was left to the individual banks to take decision in making prices according to their policies.

All the member banks agreed to abide by the market convention and the secretary was requested to circulate the minutes of the meeting to all the banks to apprise them about the decision.

The meeting ended with the chairman thanking the members for attending the meeting to take an important decision regarding the markets.
 

VENKATESH S BIJOOR
SECRETARY

 
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Web -Based Online Training

EDUCATIONALCOMMITTEE
C/O SYNDICATE BANK
MUMBAI 400 005
PHONE 218 8206-10
FAX 2188205

Dear Sir,

In keeping with the objective of continued education for our members, it has been decided to introduce a Web based Training Programme and we request our members to utilise the opportunity. The salient features of the programme are explained hereunder.

How Does the Online Training Work ?

1. The Forex Association Of India has enlisted the services of Corporateacademy.com and would be subscribing to the services of the same.

2. The Educational committee of the Forex Association of India would allocate one account per interested organisation , be it a bank or a brokerage houses FREE OF COST.

3. The programs are designed for Junior- Mid level dealers. The specific profile of each program that is designed for is stated, before you start the program.

4 The Educational committee of the Forex association of India 'enables' each account - which means that the Committee assigns each user a user ID & password and the designated user can log on, to the area of Finance.

5 The user can now access, for 90 days, ALL the programs in the Finance area, which contains the following modules.

    1. Basics of Foreign Exchange
    2. Advanced Foreign Exchange
    3. Basics of Financial Derivatives
    4. Financial Derivatives - Forwards, Futures & Swaps
    5. Financial Derivatives - Options
    6. Derivative Operations - I
    7. Derivative Operations - II
    8. Basics of Trade Finance
    9. The Debt Market Primer
    10. Interest Rate Swaps - A Trader's Perspective

6. For each program, the level of prior knowledge required, as well as the target participant's profile is mentioned.

7. It begins with the 'Pre-assessment test', a short, multiple choice test and it gives the instant online assessment. By comparing these scores with those after the program, the user gets a quantitative measure of his learning. TheTraining Module provides for focussed learning, and caters to differing knowledge levels: - If the score is 100%, one need not go through the program. - If the score is less than 100%, the user is directed to concentrate only on the chapters he needs to.

8. If the user wishes to take a break after a couple of chapters, , a bookmark will direct him to the place where he stopped last.

9. Summaries at the end of each chapter, and pop-up questions during the program , reinforce learning.

10. At the end of the program, the user takes a post-program test which also has online assessment. The user will also be given an assignment which will be graded by the faculty. This provides for an all-round evaluation.

11. Courses completed, time taken for each chapter, days left in the account, the scores, the answers, etc are available to him in the 'Reports'.

12. The above information, consolidated for all participants is available to the educational committee of the Forex association of India., for enabling us to evaluate the utility of the project .

13. At the end of each program, web site has references for further reading.

14. EVERY PARTICIPANT HAS CONTINUOUS ACCESS TO THE FACULTY - this means, if at any time you have queries about the program, just send an e-mail and your queries will be answered within two working days.

15. There would be on site demonstration by the website after the allotment of user id and pass word, for enabling easier understanding.

If you are interested to take an Account, please furnish us the particluars in the proforma and send the same at the earliest but not later than 15/06/2001 enabling us to allot the User ID and Password. Since the number of Accounts that can be given free of cost, are limited, please rush your entreis.

If you require any further information please feel free to call the undersigned

Yours faithfully

V THIAGARAJAN

PROFORMA

TO
THE EDUCATIONAL COMMITTEE
FOREX ASSOCIATION OF INDIA
C/O SYNDICATE BANK
MAKER TOWERS F
THIRD FLOOR
CUFFE PARADE
COLABA
MUMBAI400005
FAX NO2188205

Dear sir
WE ARE INTERESTED IN THE WEB BASED TRAINING PROGRAMME AND HENCE WE REQUEST YOU TO ALLOCATE THE USER ID AND PASS WORD.

NAME OF THE ORGANISATION

CONTACT PERSON AND PHONE NUMBER


AUTHORISED SIGNATORY.

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