tag:blogger.com,1999:blog-81686672202939366052024-03-06T12:02:41.063-08:00Commodity SansarDedicated for Commodity Market in association with www.premsansar.com Unknownnoreply@blogger.comBlogger13125tag:blogger.com,1999:blog-8168667220293936605.post-6456741549385253112012-12-13T23:21:00.004-08:002013-01-09T10:14:12.543-08:00Top 10 Trading Mistakes and It's Precaution <div dir="ltr" style="text-align: left;" trbidi="on">
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Achieving success in futures trading requires avoiding numerous pitfalls as much, or more, than it does seeking out and executing winning trades. In fact, most professional traders will tell you that it's not any specific trading methodologies that make traders successful, but instead it's the overall rules to which those traders strictly adhere that keep them "in the game" long enough to achieve success.<br />
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Following are 10 of the more prevalent mistakes we believe traders make in futures trading. <br />
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This list is in no particular order of importance.<br />
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1. Failure to have a trading plan in place before a trade is executed. A trader with no specific plan of action in place upon entry into a futures trade does not know, among other things, when or where he or she will exit the trade, or about how much money may be made or lost. Traders with no pre-determined trading plan are flying by the seat of their pants, and that's usually a recipe for a "crash and burn." <br />
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2. Inadequate trading assets or improper money management. It does not take a fortune to trade futures markets with success. Traders with less than NRs 50000 in their trading accounts can and do trade futures successfully. And, traders with NRS 500,000 or more in their trading accounts can and do lose it all in a heartbeat. Part of trading success boils down to proper money management and not gunning for those highly risky "home-run" type trades that involve too much trading capital at one time. <br />
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3. Expectations that are too high, too soon. Beginning futures traders that expect to quit their "day job" and make a good living trading futures in their first few years of trading are usually disappointed. You don't become a successful doctor or lawyer or business owner in the first couple years of the practice. It takes hard work and perseverance to achieve success in any field of endeavor--and trading futures is no different. Futures trading is not the easy, "get-rich-quick" scheme that a few unsavory characters make it out to be. <br />
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4. Failure to use protective stops. Using protective buy stops or sell stops upon entering a trade provide a trader with a good idea of about how much money he or she is risking on that particular trade, should it turn out to be a loser. Protective stops are a good money-management tool, but are not perfect. There are no perfect money-management tools in futures trading. <br />
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5. Lack of "patience" and "discipline." While these two virtues are over-worked and very often mentioned when determining what unsuccessful traders lack, not many will argue with their merits. Indeed. Don't trade just for the sake of trading or just because you haven't traded for a while. Let those very good trading "set-ups" come to you, and then act upon them in a prudent way. The market will do what the market wants to do--and nobody can force the market's hand. <br />
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6. Trading against the trend--or trying to pick tops and bottoms in markets. It's human nature to want to buy low and sell high (or sell high and buy low for short-side traders). Unfortunately, that's not at all a proven means of making profits in futures trading. Top pickers and bottom-pickers usually are trading against the trend, which is a major mistake. <br />
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7. Letting losing positions ride too long. Most successful traders will not sit on a losing position very long at all. They'll set a tight protective stop, and if it's hit they'll take their losses (usually minimal) and then move on to the next potential trading set up. Traders who sit on a losing trade, "hoping" that the market will soon turn around in their favor, are usually doomed. <br />
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8. "Over-trading." Trading too many markets at one time is a mistake--especially if you are racking up losses. If trading losses are piling up, it's time to cut back on trading, even though there is the temptation to make more trades to recover the recently lost trading assets. It takes keen focus and concentration to be a successful futures trader. Having "too many irons in the fire" at one time is a mistake.<br />
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9. Failure to accept complete responsibility for your own actions. When you have a losing trade or are in a losing streak, don't blame your broker or someone else. You are the one who is responsible for your own success or failure in trading. You make the trading decisions. If you feel you are not in firm control of your own trading, then why do you feel that way? You should make immediate changes that put you in firm control of your own trading destiny. <br />
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10. Not getting a bigger-picture perspective on a market. One can look at a daily bar chart and get a shorter-term perspective on a market trend. But a look at the longer-term weekly or monthly chart for that same market can reveal a completely different perspective. It is prudent to examine longer-term charts, for that bigger-picture perspective, when contemplating a trade.<br />
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<b>Source: Other websites</b></div>
Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-8168667220293936605.post-36317346060118253442012-10-14T19:39:00.004-07:002012-10-14T19:39:51.301-07:00Advantages and Disadvantages of Pegging <div dir="ltr" style="text-align: left;" trbidi="on">
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Advantages of Fixed Exchange Rates<br />
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The main arguments advanced in favor of the system of fixed or stable exchange rates are as follows:<br />
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<b><span style="color: blue;">1. Promotes International Trade:</span></b><br />
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Fixed or stable exchange rates ensure certainty about the foreign payments and inspire confidence among the importers and exporters. This helps to promote international trade.<br />
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<b><span style="color: blue;">2. Necessary for Small Nations:</span></b><br />
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Fixed exchange rates are even more essential for the smaller nations like the U.K., Denmark, Belgium, in whose economies foreign trade plays a dominant role. Fluctuating exchange rates will seriously affect the process of economic growth in these economies.<br />
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<span style="color: blue;"><b>3. Promotes International Investment:</b></span><br />
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Fixed exchange rates promote international investments. If the exchange rates are fluctuating, the lenders and investors will not be prepared to lend for long-term investments.<br />
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<span style="color: blue;"><b>4. Removes Speculation:</b></span><br />
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Fixed exchange rates eliminate the speculative activities in the international transactions. There is no possibility of panic flight of capital from one country to another in the system of fixed exchange rates.<br />
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<b><span style="color: blue;">5. Necessary for Small Nations:</span></b><br />
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Fixed exchange rates arc even more essential for the smaller nations like the U.K., Denmark, Belgium, in whose economies foreign trade plays a dominant role. Fluctuating exchange rates will seriously disturb the process of economic growth of these economies.<br />
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<b><span style="color: blue;">6. Necessary for Developing Countries:</span></b><br />
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Fixed exchanges rates are necessary and desirable for the developing countries for carrying out planned development efforts. Fluctuating rates disturb the smooth process of economic development and restrict the inflow of foreign capital.<br />
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<b><span style="color: blue;">7. Suitable for Currency Area:</span></b><br />
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A fixed or stable exchange rate system is most suitable to a world of currency areas, such as the sterling area. If the exchange rates of the countries in the common currency area are flexible, the fluctuations in the leading country, like England (whose currency dominates), will also disturb the exchange rates of the whole area.<br />
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<b><span style="color: blue;">8. Economic Stabilization:</span></b><br />
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Fixed foreign exchange rate ensures internal economic stabilization and checks unwarranted changes in the prices within the economy. In a system of flexible exchange rates, the liquidity preference is high because the businessmen will like to enjoy wind fall gains from the fluctuating exchange rates. This tends to Increase price and hoarding activities in country.<br />
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<b><span style="color: blue;">9. Not Permanently Fixed:</span></b><br />
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Under the fixed exchange rate system, the exchange rate does not remain fixed or is permanently frozen. Rather the rate is changed at the appropriate time to correct the fundamental disequilibrium in the balance of payments.<br />
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<b><span style="color: blue;">10. Other Arguments:</span></b><br />
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Besides, the fixed exchange rate system is also beneficial on account of the following reasons.<br />
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(i) It ensures orderly growth of world's money and capital markets and regularises the international capital movements.<br />
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(ii) It ensures smooth functioning of the international monetary system. That is why, IMF has adopted pegged or fixed exchange rate system.<br />
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(iii) It encourages multilateral trade through regional cooperation of different countries.<br />
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(iv) In modern times when economic transactions and relations among nations have become too vast and complex, it is more useful to follow a fixed exchange rate system.<br />
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Disadvantages of Fixed Exchange Rates<br />
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The system of fixed exchange rates has been criticized on the following grounds:<br />
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<b><span style="color: blue;">1. Outmoded System:</span></b><br />
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Fixed exchange rate system worked successfully under the favorable conditions of gold standard during 19th century when<br />
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(a) the countries permitted the balance of payments to influence the domestic economic policy;<br />
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(b) there was coordination of monetary policies of the trading countries;<br />
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(c) the central banks primarily aimed at maintaining the external value of the currency in their respective countries; and<br />
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(d) the prices were more flexible. Since all these conditions are absent today, the smooth functioning of the fixed exchange rate system is not possible.<br />
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<b><span style="color: blue;">2. Discourage Foreign Investment:</span></b><br />
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Fixed exchange rates are not permanently fixed or rigid. Therefore, such a system discourages long-term foreign investment which is considered available under the really fixed exchange rate system.<br />
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<b><span style="color: blue;">3. Monetary Dependence:</span></b><br />
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Under the fixed exchange rate system, a country is deprived of its monetary independence. It requires a country to pursue a policy of monetary expansion or contraction in order to maintain stability in its rate of exchange.<br />
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<b><span style="color: blue;">4. Cost-Price Relationship not Reflected:</span></b><br />
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The fixed exchange rate system does not reflect the true cost-price relationship between the currencies of the countries. No two countries follow the same economic policies. Therefore the cost-price relationship between them go on changing. If the exchange rate is to reflect the changing cost-price relationship between the countries, it must be flexible.<br />
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<b><span style="color: blue;">5. Not a Genuinely Fixed System:</span></b><br />
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The system of fixed exchange rates provides neither the expectation of permanently stable rates as found in the gold standard system, nor the continuous and sensitive adjustment of a freely fluctuating exchange rate.<br />
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<b><span style="color: blue;">6. Difficulties of IMF System:</span></b><br />
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The system of fixed or pegged exchange rates, as followed by the International Monetary Fund (IMF), is in reality a system of managed flexibility.<br />
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It involves certain difficulties, such as deciding as to<br />
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(a) when to change the external value of the currency,<br />
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(b) what should be acceptable criteria for devaluation; and<br />
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(c) how much devaluation is needed to reestablish equilibrium in the balance of payments of the devaluing country.<span style="font-size: large;"> <a href="http://www.premsansar.com/" target="_blank"><b><span style="color: #c27ba0;">http://www.premsansar.com</span></b></a></span><br />
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Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-8168667220293936605.post-68937381300017789752012-09-09T19:07:00.000-07:002012-09-09T20:41:41.596-07:00Reasons behind increasing price of Gold<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTB6NZDDpZ8kcMv8a10JjowlDXEBYtjm9mMe1veH0JCBf1njS8XxYv_isJFTFeqMQBN0UsNv-NVvQTzGzG1I-Y5jKH4m4CqfeZjyDlg2cA-1fm5znAiI-QkLoCO0kopdboXeHYduEG9uzy/s1600/goldbar.249125138_std.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTB6NZDDpZ8kcMv8a10JjowlDXEBYtjm9mMe1veH0JCBf1njS8XxYv_isJFTFeqMQBN0UsNv-NVvQTzGzG1I-Y5jKH4m4CqfeZjyDlg2cA-1fm5znAiI-QkLoCO0kopdboXeHYduEG9uzy/s200/goldbar.249125138_std.jpg" width="200" /></a>Gold is most malleable and ductile of all metals and pure gold has yellow color. Gold is the second investment alternative after US Dollar. Gold price is in increasing trend and let us find the reasons behind it. Here are the reasons.. <a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow; font-size: large;">http://www.premsansar.com </span></b></a><br />
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1) Increases in Demand of the Gold<br />
2) Weakness in US Dollar<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_P63hdR2veZw2JbqnUwl7ZPC0oLH_XUH69_X9lEZYP68OToXXAOHXoOrd4BtKvC8Qmzhw8oPgEIgvlvRvuIVtOiJZLegPYwwU7dmtBDA3xqxVc3cexnshUksMJ-Vk0Y7DhHdloxTb5h4O/s1600/golddemand.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="119" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_P63hdR2veZw2JbqnUwl7ZPC0oLH_XUH69_X9lEZYP68OToXXAOHXoOrd4BtKvC8Qmzhw8oPgEIgvlvRvuIVtOiJZLegPYwwU7dmtBDA3xqxVc3cexnshUksMJ-Vk0Y7DhHdloxTb5h4O/s200/golddemand.png" width="200" /></a></div>
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3) Economic Crisis<br />
4) Increasing Gold holding by Central Banks<br />
5) Quantum of Gold Production<br />
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8168667220293936605.post-61231205499503310332012-08-15T09:51:00.000-07:002012-08-25T18:57:01.287-07:00Factors affecting Gold Price<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="text-align: justify;">
Contrary to common beliefs gold prices move up
and down just like any other commodity. Since Gold can act as an inflation
hedge and a safe escapement during times of economic uncertainties and
slowdowns it’s crucial to understand the factors affecting gold prices so that
you don’t take wrong investing decisions.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlJlsr8mlROZU9YQYna8c6Hhyphenhyphen1XU5CIHM_MXjZBz0Ywd_xgMY_DYmCNw0WZpndMxJDAxuuyfVfAi106WuaU7pe85NQ3HQjf_4JT1Wfx7Pfhe9IEnkqQujiuHy115iC5cGfb6WsBiUHRE1R/s1600/2_billion_gold_price_bet.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlJlsr8mlROZU9YQYna8c6Hhyphenhyphen1XU5CIHM_MXjZBz0Ywd_xgMY_DYmCNw0WZpndMxJDAxuuyfVfAi106WuaU7pe85NQ3HQjf_4JT1Wfx7Pfhe9IEnkqQujiuHy115iC5cGfb6WsBiUHRE1R/s200/2_billion_gold_price_bet.jpg" width="200" /></a></div>
<h2>
Gold Prices and the US dollar</h2>
<div style="text-align: justify;">
Gold is quotes in US dollar, this means that
those buying and selling Gold must do it in US dollar and therefore when the US
dollar goes up it means that buying dollar has became more expensive and this
in turn makes buying gold more expensive. That’s why gold goes down when the US
dollar goes up and vice versa. </div>
<h2>
Gold prices and Oil</h2>
<div style="text-align: justify;">
When Oil goes up the global economy slows down
which threatens corporate profits and makes gold a higher yielding investment.
Thus when Oil goes up gold prices go up and vice versa.<br />
<a name='more'></a><a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></b></a> </div>
<h2>
Gold prices and Inflation</h2>
<div style="text-align: justify;">
Gold is considered an inflation hedge, thus
investors escape to gold when inflation increases in order to preserve the
value of their money. That’s why when inflation rise gold prices rise and vise
versa </div>
<h2>
Gold prices and interest rate on US dollar</h2>
<div style="text-align: justify;">
When interest rates go up, the US dollar
appreciates in value as it becomes more attractive to those seeking higher
yields and this turn results in cheaper gold. When interest rates rise Gold
goes down. </div>
<h2>
<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow;">http://www.premsansar.com</span></a></h2>
<h2>
Gold prices and the economy</h2>
When the economy slows down or when recessions are expected some people
escape to gold as corporate prices might decline. <br />
<h2>
Gold prices and geopolitical tensions</h2>
<div style="text-align: justify;">
<span style="text-align: left;">During geopolitical tensions oil prices rises thus resulting in higher
prices for gold. The more the geopolitical tensions intensify the higher the
prices of gold become.</span> </div>
</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8168667220293936605.post-52107333720401629532012-07-04T01:07:00.003-07:002012-08-19T20:36:35.844-07:00Commodity Queries from visitors and it's answers<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><span style="font-family: 'Times New Roman', serif;">1)</span><span style="font-family: 'Times New Roman', serif;"> </span><b><span style="font-family: Helvetica-Bold, serif;">What is a "Commodity"?</span></b></span><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;"><o:p></o:p></span><br />
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<span style="font-size: large;">Commodity is a product having commercial value that can be produced, bought, sold and consumed. It is normally in a basic raw unprocessed state. But products derived from Primary sector and structured products are also traded at exchanges in Nepal. The list includes metals like Gold, Silver, Copper and non metals like Sugar, Coffee, Soya, Crude Oils etc.</span> </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWv7BtCIZt2s3uXfkSGs95eXDZRPYG46rg_5Fhx3MOEz3kGIKP1LSnL72cY2OSvHMFc8avXUY3vT89NJnFzNULMSD7IN8o4Nj_tekAIJn13ePImtSTtjBoxlf9uKdQFv0AcdiQgU2_Dvzv/s1600/BL19_COM2_PULSES_481790f.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWv7BtCIZt2s3uXfkSGs95eXDZRPYG46rg_5Fhx3MOEz3kGIKP1LSnL72cY2OSvHMFc8avXUY3vT89NJnFzNULMSD7IN8o4Nj_tekAIJn13ePImtSTtjBoxlf9uKdQFv0AcdiQgU2_Dvzv/s320/BL19_COM2_PULSES_481790f.jpg" width="320" /></a></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">2) What are the different types of participants
in Commodity markets?</span></b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">Broadly, the participants can
be classified as Hedgers, Arbitragers and</span><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Speculators. In other words, manufacturers,
traders, farmers, exporters and investors are all participating in this
market.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaJpcZbPV2iCvs5uXzJTlVkcURbHXpNyIU-iF9echNzn3p7tiIIyyB5iAJlk5SHYNztNe-jIKTguSMgrDpASrbQ7bJ_rztspQjLM4ObZmZ4VD_RcnMA2_sC3D338jeg7bELpOv0nVZrblQ/s1600/Arbitrage.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaJpcZbPV2iCvs5uXzJTlVkcURbHXpNyIU-iF9echNzn3p7tiIIyyB5iAJlk5SHYNztNe-jIKTguSMgrDpASrbQ7bJ_rztspQjLM4ObZmZ4VD_RcnMA2_sC3D338jeg7bELpOv0nVZrblQ/s320/Arbitrage.gif" width="320" /></a></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 12pt;"><a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow;">http://www.premsansar.com</span></b></a></span><br />
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">3) How is trading done in the commodity exchanges?</span></b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">Like the stock market
online trading system, commodity exchanges are also</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">typically on the online trading system. It is an
order-driven, transparent trading platform, which is reachable to the various
participants through the Internet,</span><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">4) What is the meaning of "Futures
Contract"? </span></b><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm3WIcNI5TxPEWacz5kahDIwNul5ZAA00bIlN6l-LJ7yJUxOJLBOEfIHSRMCgaZ09cmu2F3xQaLQkDwqqgNB4vjBONXQk6PolO-ACjNM-kED1U6ZCZlFzC72Ne-m_ew5Z8jo0316T2q-9z/s1600/Future-Contracts.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm3WIcNI5TxPEWacz5kahDIwNul5ZAA00bIlN6l-LJ7yJUxOJLBOEfIHSRMCgaZ09cmu2F3xQaLQkDwqqgNB4vjBONXQk6PolO-ACjNM-kED1U6ZCZlFzC72Ne-m_ew5Z8jo0316T2q-9z/s320/Future-Contracts.jpg" width="320" /></a><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">Futures contract is an
agreement between two parties to buy or sell a</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">specified quantity and defined quality of a
commodity at a certain time in future at a price agreed upon at the time of
entering into the contract. This is typically traded at regulated commodity
exchanges.<o:p></o:p></span></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">5) What is the difference between spot market and futures market?</span></b><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">In a spot market
commodities are physically bought or sold usually on a</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">negotiable basis resulting in delivery. While in
the futures markets, commodities can be bought or sold irrespective of the
physical possession of underlying commodity. The futures market trades in
standardized contractual agreements of the underlying asset with specific
quality, quantity and mode of delivery whose</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">settlement is guaranteed by regulated commodity exchanges.</span><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">6) What is meant by Hedging?<o:p></o:p></span></b></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">Hedging means taking a
position in the futures or option market that is</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">opposite to a position in the physical market. It
reduces or limits risks associated with unpredictable changes in price.. The
objective behind this mechanism is to offset a loss in one market with a gain
in</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">another.</span><br />
<a name='more'></a><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<span style="font-family: Helvetica, sans-serif;"><a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: x-large;">http://www.premsansar.com</span></a></span></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">7) Who is a Speculator?<o:p></o:p></span></b></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">A speculator is one who
enters the market to profit from the future price</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">movements. He does not have any physical
exposure. Speculators accept the risk that hedgers seek to avoid, giving the
required liquidity to the market.</span><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;">8) What is meant by arbitrage in commodity markets?<o:p></o:p></span></b></div>
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<span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">Arbitrage is making
purchases and sales simultaneously in two different</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">markets to profit from the price differences
prevailing in those markets. The</span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;"> </span><span style="font-family: Helvetica, sans-serif; font-size: 13.5pt;">factors driving arbitrage are the real or perceived differences in
the equilibrium price as determined by supply and demand at various locations.</span><span style="font-family: Helvetica-Bold, serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Helvetica, sans-serif;">9) What is the benefit
of futures trading in commodities?</span></b><br />
<b><span style="font-family: Helvetica, sans-serif;"><br /></span></b></div>
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<span style="font-size: large;">The biggest advantage of trading in Commodity futures is Price Risk Management and Price Discovery. An investor can avoid price risk, they can lock in their prices. Similarly, Farmers can protect themselves against undesirable price movements and decide upon cropping pattern. </span></div>
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<b><span style="font-size: large;">10) What is the statutory framework for regulating commodity exchanges in Nepal?</span></b><br />
<b><br /></b>
<span style="font-size: large;">The Commodity Exchanges are regulated by Security Board of Nepal(SEBON) </span><br />
<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: large;"><b>http://www.premsansar.com</b></span></a><br />
<br />
<span style="font-size: large;"></span><br />
<b><span style="font-size: large;">11) What is the meaning of Basis?</span></b><br />
<b><br /></b>
<span style="font-size: large;">Basic is the difference between the spot price of an asset and the futures price of the same asset underlying. The spot price is the ready price of prevailing in the physical commodity market while the futures price is the price of any specific contract that is prevailing in the exchanges where it is traded. </span><br />
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<span style="font-size: large;">12) What is meant by ‘basis risk’?</span><br />
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<span style="font-size: large;">Generally, the spot price of a commodity and future price of the same underlying commodity do not change by the same amount during the life of the futures contract. This uncertainty in the variation of basis is called as Basis Risk. </span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">13)What happens to the price of a futures contract on its maturity date?</span></b><br />
<span style="font-size: large;">On the expiry date the futures price usually converted with the spot price.</span><br />
<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: x-large;">http://www.premsansar.com</span></a><br />
<br />
<b><span style="font-size: large;">14) What do you understand by the term contango?</span></b><br />
<span style="font-size: large;"><b><br /></b></span>
<span style="font-size: large;">Under normal market conditions, futures contracts are priced higher than the spot price. This condition is called as "Contango Market". Where the basis is in Negative Region.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"></span><br />
<b><span style="font-size: large;">15) What is meant by ‘backwardation’?</span></b><br />
<b><br /></b>
<span style="font-size: large;">This situation arises when the price of futures contract is below the spot price of the same commodity. This happens when there is a shortage for the underlying asset in the cash market.</span><br />
<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: x-large;">http://www.premsansar.com </span></a><br />
<br />
<b><span style="font-size: large;">16) What is Initial Margin?</span></b><br />
<b><br /></b>
<span style="font-size: large;">It is the minimum percentage of the contract value required to be deposited by the clients or members to the exchange before initiating any new contract(Buy or Sell Position).</span><br />
<br />
<b><span style="font-size: large;">17)What is the role of clearing-house in commodity markets?</span></b><br />
<b><br /></b>
<span style="font-size: large;">Clearing house of the exchange performs every activity related to settlement of Profit or Loss, Delivery of the products, margins and managing the settlement guarantee. </span><br />
<br />
<b><span style="font-size: large;">18) What is the meaning of Spread?</span></b><br />
<b><br /></b>
<span style="font-size: large;">Spread is the differences between Bid Price and Ask Price of Commodity. </span><br />
<br />
<span style="color: yellow;"><a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: x-large;">http://www.premsansar.com</span></a></span><br />
<br />
If you have any comments and queries regarding Commodity and Derivative Market, Please feel free to ask us and don't hesitate to comment us. You can contact us though our email. prajwol.munankarmi@gmail.com<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-57961947598428660342012-07-04T00:33:00.003-07:002012-08-20T10:34:50.514-07:00List of Commodity Exchange in Nepal<div dir="ltr" style="text-align: left;" trbidi="on">
Following are the list of Commodity Exchange in Nepal<br />
1) Commodity and Metal Exchange Nepal Limited (COMEN)<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSV_azxAPSp4jUShG79zuhHrFS2gdLLCv45D-TyJVwd7iyj4VM7QdUfSyKcG-FvNjiPF-ojQuKIxW6xAxMedv7AXLb1l8H-sSBpqUfAU3fpONqSm53Z57FCbjCgnesCMdBXNKS2CTzbAmc/s1600/f5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSV_azxAPSp4jUShG79zuhHrFS2gdLLCv45D-TyJVwd7iyj4VM7QdUfSyKcG-FvNjiPF-ojQuKIxW6xAxMedv7AXLb1l8H-sSBpqUfAU3fpONqSm53Z57FCbjCgnesCMdBXNKS2CTzbAmc/s320/f5.jpg" width="320" /></a></div>
<a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></b></a><br />
2) Mercantile Exchange Nepal Limited(MEX)<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JR0hnOnJmRqHqxp3DTU0UZQ5MUKFfgyGphSBmKJRnF42yZUaS6S_qKHppY-u4jbrZYv5DNNFGSsbgwyzoVPWO4StjQlwYURt4tVx6YLW2clULP-RAkdm_UqoGfoCE7vA01-kt1yqHIqI/s1600/mexnepal.com_medium.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JR0hnOnJmRqHqxp3DTU0UZQ5MUKFfgyGphSBmKJRnF42yZUaS6S_qKHppY-u4jbrZYv5DNNFGSsbgwyzoVPWO4StjQlwYURt4tVx6YLW2clULP-RAkdm_UqoGfoCE7vA01-kt1yqHIqI/s320/mexnepal.com_medium.jpg" width="320" /></a><br />
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<a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></b></a><br />
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3) Nepal Derivative Exchange Limited(NDEX)<br />
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<a name='more'></a><a href="http://www.premsansar.com/" target="_blank">http://www.premsansar.com</a><br /><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFBKY98i064ao2aatmvIlnVSO0kCEKIh5JBfpy8xaIX7dz0w44nODV8_V_Qr_tk5PHNWWb_IDKHBa2Y8UYlk0xNPMRfxZdTvChlmnpJfBgXL4JC-D3bi3MJyyZaCrulcIWLlB9rrGIcl7x/s1600/i3web_b_2037ndex-big.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFBKY98i064ao2aatmvIlnVSO0kCEKIh5JBfpy8xaIX7dz0w44nODV8_V_Qr_tk5PHNWWb_IDKHBa2Y8UYlk0xNPMRfxZdTvChlmnpJfBgXL4JC-D3bi3MJyyZaCrulcIWLlB9rrGIcl7x/s320/i3web_b_2037ndex-big.jpg" style="cursor: move;" width="320" /></a></div>
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4) Wealth Exchange Limited (WEX)<br />
<strong><span style="color: #f1c232;"><a href="http://www.premsansar.com/" target="_blank">http://www.premsansar.com</a></span></strong><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSmim76CeaBkeOJPkFbxR1CngUp8eDqIwfpgSR2bLAj2urN_UR-MlhxaTFLD1GGjBAtkfWi3zRk6EP0gJikDh-ijpQz6-0Jw0xv5kmr9e9aohtIvvJAAngB8HRfUcV-rTdwZfVVhw8UdOF/s1600/19.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="91" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSmim76CeaBkeOJPkFbxR1CngUp8eDqIwfpgSR2bLAj2urN_UR-MlhxaTFLD1GGjBAtkfWi3zRk6EP0gJikDh-ijpQz6-0Jw0xv5kmr9e9aohtIvvJAAngB8HRfUcV-rTdwZfVVhw8UdOF/s320/19.jpg" style="cursor: move;" width="320" /></a><strong><br /></strong><br />
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5) Nepal Spot Exchange Limited(NSE)<br />
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6) National Spot Exchange Limited(NSX)<br />
7) Commodity Future Exchange Nepal Limited(CFX) <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgi48WJ_Fv9F2b7oNijJkLgkdrPrd3BiXANcvSmvi0kzjhABPl6F7I1Sl4HInY5eoDFRPADk27gDqy_e8CTOUk-mzzQ81io0Azv8RxBFpu5-h8u8m7THueCXJZCPQtySABAnR-A8GZR8XT/s1600/cft+oc.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="191" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgi48WJ_Fv9F2b7oNijJkLgkdrPrd3BiXANcvSmvi0kzjhABPl6F7I1Sl4HInY5eoDFRPADk27gDqy_e8CTOUk-mzzQ81io0Azv8RxBFpu5-h8u8m7THueCXJZCPQtySABAnR-A8GZR8XT/s320/cft+oc.jpg" width="320" /></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-34197462608818875992012-07-04T00:23:00.003-07:002012-07-04T00:23:45.476-07:00What is Commodity Exchange?<div dir="ltr" style="text-align: left;" trbidi="on">
<b></b><span style="font-family: Helvetica;">Like stock exchanges in capital markets, a commodity exchange is an </span><span style="font-family: Helvetica;">association or a company or any other body corporate that is organizing futures trading in commodities. The new generation national level exchanges have been </span><span style="font-family: Helvetica;">set up in a corporatised / demutualised environment. There are seven nationally recognized commodity exchanges in Nepal. </span><br />
<a href="http://www.premsansar.com/" target="_blank"><strong><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></strong></a><br />
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</span></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-85567302096059439602012-06-24T04:28:00.000-07:002012-08-20T10:40:47.314-07:00Classification of Derivatives Market<div dir="ltr" style="text-align: left;" trbidi="on">
Derivative markets can broadly be classified as<br />
<ol style="text-align: left;">
<li>Commodity Derivative Market</li>
<li>Financial Derivative Market </li>
</ol>
As the name suggest,<b> commodity derivatives markets </b>trade contracts for<br />
which the underlying asset is a commodity. It can be an agricultural commodity like wheat,<br />
soybeans, rapeseed, cotton, etc or precious metals like gold, silver, etc.<br />
<b>Financial derivatives markets </b>trade contracts that have a financial asset or variable as the underlying. The more<br />
popular financial derivatives are those which have equity, interest rates and exchange rates as the underlying. The most commonly used derivatives contracts are forwards, futures and options<br />
which we shall discuss in detail later.<br />
<br />
<span style="font-size: large;"><a href="http://www.premsansar.com/" style="color: yellow;" target="_blank">http://www.premsansar.com</a></span></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8168667220293936605.post-4844950870773629122012-06-24T04:17:00.002-07:002012-08-20T10:40:24.939-07:00Participants of Derivatives Market<div dir="ltr" style="text-align: left;" trbidi="on">
Derivative contracts are of different types. The most common ones are forwards, futures, options<br />
and swaps. Participants who trade in the derivatives market can be classified under the following<br />
three broad categories hedgers, speculators, and arbitragers.<br />
1. Hedgers: The farmer's example that we discussed about was a case of hedging. Hedgers face risk<br />
associated with the price of an asset. They use the futures or options markets to reduce or eliminate<br />
this risk.<br />
2. Speculators: Speculators are participants who wish to bet on future movements in the price of an<br />
asset. Futures and options contracts can give them leverage; that is, by putting in small amounts of<br />
money upfront, they can take large positions on the market. As a result of this leveraged speculative<br />
position, they increase the potential for large gains as well as large losses.<br />
<a name='more'></a><br />
3. Arbitragers: Arbitragers work at making pro ts by taking advantage of discrepancy between prices<br />
of the same product across different markets. If, for example, they see the futures price of an asset<br />
getting out of line with the cash price, they would take offsetting positions in the two markets to lock<br />
in the pro t.<br />
Whether the underlying asset is a commodity or a financial asset, derivative markets performs<br />
a number of economic functions.<br />
Prices in an organized derivatives market reflect the perception of market participants about the future<br />
and lead the prices of underlying to the perceived future level. The prices of derivatives converge<br />
with the prices of the underlying at the expiration of the derivative contract. Thus derivatives help in<br />
discovery of future as well as current prices.<br />
<span style="font-size: large;"><b style="color: yellow;">http://www.premsansar.com</b></span></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8168667220293936605.post-8090145942080750692012-06-23T22:13:00.003-07:002012-08-18T07:58:16.448-07:00Introduction of Derivatives<div dir="ltr" style="text-align: left;" trbidi="on">
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The origin of derivatives can be traced back to the need of farmers to protect themselves against<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpVEkq9lBLlE2boNNfq4-3cgcGhpj2QF36VOPenYA9u-UY-_05r-0Qwxb07DeHQo9F9PSIy9f7ROOLPc9r7ohwo3WppR57LoDJPy0GrxtA9DF1j53af7YL8flsquBTE2mOATkgaUMiscG0/s1600/money_pounds1.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpVEkq9lBLlE2boNNfq4-3cgcGhpj2QF36VOPenYA9u-UY-_05r-0Qwxb07DeHQo9F9PSIy9f7ROOLPc9r7ohwo3WppR57LoDJPy0GrxtA9DF1j53af7YL8flsquBTE2mOATkgaUMiscG0/s320/money_pounds1.jpg" width="320" /></a></div>
fluctuation in the price of their crop. From the the time it was sown to the time it was ready<br />
for harvest, farmers would face price uncertainty. Through the use of simple derivative products,<br />
it was possible for the farmer to partially or fully transfer price risks by lockingin asset prices.<br />
These were simple contracts developed to meet the needs of farmers and were basically a means<br />
of reducing risk.<br />
<b><span style="color: yellow; font-size: large;"><a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow;">http://www.premsansar.com</span></a></span></b><br />
A farmer who sowed his crop in June faced uncertainty over the price he would receive for his<br />
harvest in September. In years of scarcity, he would probably obtain attractive prices. However,<br />
during times of oversupply, he would have to dispose off his harvest at a very low price. Clearly<br />
this meant that the farmer and his family were exposed to a high risk of price uncertainty.<br />
On the other hand, a merchant with an ongoing requirement of grains too would face a price<br />
risk that of having to pay exorbitant prices during dearth, although favourable prices could be<br />
obtained during periods of oversupply. Under such circumstances, it clearly made sense for the<br />
farmer and the merchant to come together and enter into a contract whereby the price of the grain<br />
to be delivered in September could be decided earlier. What they would then negotiate happened<br />
to be a futurestype contract, which would enable both parties to eliminate the price risk.<br />
<br />
A derivative is a product whose value is derived from the value of one or more underlying<br />
variables or assets in a contractual manner. The underlying asset can be equity, forex, commodity or any other asset. In our earlier discussion, we saw that wheat farmers may wish to sell their<br />
harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction<br />
is an example of a derivative. The price of this derivative is driven by the spot price of wheat<br />
which is the underlying in this case<br />
<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: x-large;"><b>http://www.premsansar.com</b></span></a></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-64158502346902702592012-06-20T04:17:00.000-07:002013-07-01T17:40:05.962-07:00List of ''A'' Commercial Banks in Nepal<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></a></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">SN</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Name of Commercial Bank</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Year of Est.</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">(AD)</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Head Office</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nepal Bank Ltd.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1937</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<br /></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Dharmapath Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Rastriya Banijya Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1966</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">3</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Agriculture Development Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1968</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Ram sha Path Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">4</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nabil Bank Ltd</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1984</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Nabil House, Kamaladi, Kathmandu<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">5</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nepal Investment Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1986</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Durbar Marga Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">6</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Standard Chartered Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1987<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Baneshor, KTM</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">7</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Himalayan Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1993</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Tridevi Marg, Thamel<o:p></o:p></span></div>
</td>
</tr>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">8</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nepal SBI Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1993</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Hattishar, Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">9</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nepal Bangladesh Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1993</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">New Baneswor, Kathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">10</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Everest Bank Ltd</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1994</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Baneshwor Main Branch<br />
Kathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">11</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Bank of Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1995</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Kamal Pokhari,kathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">12</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Nepal Credit Commerce Bank Ltd</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1996</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">NB Building, Bagbazar, Kathmandu,<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">13</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Lumbini Bank Ltd</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">1998</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Durbar Marg, Kathmandu, Nepal.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">14</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Machapuchre Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2000</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Naya Bazar, Pokhara<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">15</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Kumari Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2001</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Putali Sadak, Kathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">16</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Laxmi Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2002</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Hattisar, Kathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">17</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Siddhartha Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2002</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Hatissar, KamaladiKathmandu<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">18</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">IME Global Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2007</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Panipokhari Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">19</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Citizens Bank International</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2007</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Kamaladi Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">20</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Prime Commercial Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2007</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Bira Complex, New Road<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">21</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Sunrise Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2007</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Gairidhara Crossing, Kathmandu,
Nepal<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">22</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Grand Bank Nepal Ltd</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2008</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Kathmandu Plaza, First Floor,
Kamaladi<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">23</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">NMB Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2008</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Babarmahal, Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">24</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Kist Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">KIST Building ,Anamnagar,
Kathmandu<o:p></o:p></span></div>
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</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">25</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Janata Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">New Baneshor, Kathmandu</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">26</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Mega Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Mega Mahal, Kantipath, Nepal<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">27</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Commerz and Trust Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Tindhara Road, Kamaladi,
Kathmandu.<o:p></o:p></span></div>
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</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">28</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Civil Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Classic Complex, Tindhara Road,<br />
Kamaladi, Kathmandu-31<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">29</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Century Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Putalisadak, Kathmandu,<o:p></o:p></span></div>
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</tr>
<tr>
<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">30</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">Sanima Bank</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2012</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Naxal, Kathmandu<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 10.1%;" valign="top" width="10%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">31<o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 0in; width: 34.34%;" valign="top" width="34%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">NIC Asia<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 13.14%;" valign="top" width="13%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.5pt; mso-fareast-font-family: "Times New Roman";">2013<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 0in; width: 42.42%;" valign="top" width="42%"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Kamaladi, Kathmandu<o:p></o:p></span></div>
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<a href="http://www.premsansar.com/" target="_blank"><span style="color: yellow; font-size: large;">http://www.premsansar.com</span></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-62180227171133088222012-06-20T04:14:00.002-07:002012-08-18T07:55:10.516-07:00Investment<div dir="ltr" style="text-align: left;" trbidi="on">
<b><span style="font-size: large;">1) What is Investment?</span></b><br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA51AMIBXBGmWtwteSy1gC7R0JZBQdTDu7-DSYipoR-LYAjFumeFuHydPnzDjNQBJ5oev_eCzmKBcpLXSuOH_UJPRyf29GJ8ovIgOof2d5fQnESp5IMDmfufT1Bal57gclRfvjufQTnPd8/s1600/investment1.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA51AMIBXBGmWtwteSy1gC7R0JZBQdTDu7-DSYipoR-LYAjFumeFuHydPnzDjNQBJ5oev_eCzmKBcpLXSuOH_UJPRyf29GJ8ovIgOof2d5fQnESp5IMDmfufT1Bal57gclRfvjufQTnPd8/s320/investment1.jpg" width="296" /></a><span style="font-size: large;">The money you earn is partly spent and the rest saved for meeting future expenses. Instead of keeping the savings idle you may like to use savings in order to get return on it in the future. This is called Investment. Investment of one investor is the income of another.</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">2) Why should one invest?</span></b><br />
<span style="font-size: large;">One needs to invest to:</span><br />
<span style="font-size: large;">§ earn return on your idle resources</span><br />
<span style="font-size: large;">§ generate a specified sum of money for a specific goal in life</span><br />
<span style="font-size: large;">§ make a provision for an uncertain future</span><br />
<a href="http://www.premsansar.com/" target="_blank"><b><span style="color: yellow; font-size: x-large;">http://www.premsansar.com</span></b></a><br />
<b><span style="font-size: large;">3)When to start Investing?</span></b><br />
<span style="font-size: large;">The sooner one starts investing the better. By investing early you allow your investments more time to grow, whereby the concept of compounding (as we shall see later) increases your income, by accumulating the principal and the interest or dividend earned on it, year after year. The three golden rules</span><br />
<span style="font-size: large;">for all investors are:</span><br />
<span style="font-size: large;">§ Invest early</span><br />
<span style="font-size: large;">§ Invest regularly</span><br />
<span style="font-size: large;">§ Invest for long term and not short term</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">4) What is meant by Interest?</span></b><br />
<span style="font-size: large;">When we borrow money, we are expected to pay for using it – this is known as Interest. Interest is an amount charged to the borrower for the privilege of using the lender’s money. Interest is usually calculated as a percentage of the principal balance (the amount of money borrowed). The percentage rate</span><br />
<span style="font-size: large;">may be fixed for the life of the loan, or it may be variable, depending on the terms of the loan.</span><br />
<a href="http://www.premsansar.com/" target="_blank"><b><span style="color: #ffd966; font-size: x-large;">http://www.premsansar.com</span></b></a><br />
<b><span style="font-size: large;">5) What factors determine interest rates?</span></b><br />
<span style="font-size: large;">When we talk of interest rates, there are different types of interest rates -</span><br />
<span style="font-size: large;">rates that banks offer to their depositors, rates that they lend to their</span><br />
<span style="font-size: large;">borrowers, the rate at which the Government borrows</span><br />
<span style="font-size: large;">The factors which govern these interest rates are mostly economy related</span><br />
<span style="font-size: large;">and are commonly referred to as macroeconomic factors. Some of these</span><br />
<span style="font-size: large;">factors are:</span><br />
<span style="font-size: large;">§ Demand for money</span><br />
<span style="font-size: large;">§ Level of Government borrowings</span><br />
<span style="font-size: large;">§ Supply of money</span><br />
<span style="font-size: large;">§ Inflation rate</span><br />
<span style="font-size: large;">§ The Central Bank of Nepal the Government policies which</span><br />
<span style="font-size: large;">determine some of the variables mentioned above</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">6) What are various options available for investment?</span></b><br />
<span style="font-size: large;">One may invest in:</span><br />
<span style="font-size: large;">§ Physical assets like real estate, gold/jewellery, commodities etc.</span><br />
<span style="font-size: large;">and/or</span><br />
<span style="font-size: large;">§ Financial assets such as fixed deposits with banks, small saving instruments with post offices, insurance/provident/pension fund etc. or securities market related instruments like shares, bonds,</span><br />
<span style="font-size: large;">debentures, derivatives etc</span><br />
<span style="color: #ffd966; font-size: large;"><a href="http://www.premsansar.com/" target="_blank"><b style="background-color: #f1c232;">http://www.premsansar.com </b></a></span><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8168667220293936605.post-74312379476356257712012-06-20T04:08:00.003-07:002012-08-20T10:42:36.107-07:00Some Economic Indicator<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The following is an economic indicator glossary. It’s important for our traders to know and understand market terminology. Comprehension is vital when interpreting Fundamental news and analysis.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Auto </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sales</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The number of cars sold during a particular ten-day period. The timeliness of this indicator (released three days after the 10-day period) makes this the most current piece of US economic data. The size of the item in question and the timeliness of the release allow auto sales to be a useful leading indicator of retail sales and personal consumption expenditures data.<o:p></o:p></span><br />
<span style="color: #ffd966; font-family: Arial, sans-serif; font-size: x-large;"><b><a href="http://www.premsansar.com/" target="_blank">http://www.premsansar.com</a></b></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Balance of </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Payments</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Complete summary of a nation’s economic transactions and the rest of the world including merchandise, services, financial assets and tourism. The balance of payments is separated into two main accounts: the current account and the capital account.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Balance of Trade (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Merchandise Trade Balance</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The difference between a nation’s exports and imports of merchandise. A positive balance of trade, or a surplus, occurs when a county’s exports exceed its imports. A negative balance of trade, or a deficit, occurs when imports surpass exports. Rising exports add to </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> while falling imports are subtracted from it. The US merchandise trade balance has been in a deficit since the mid-1970s. Rising deficits can be reflective of increased consumption, which can be a sign of a strengthening economy.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Beige Book </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fed Survey</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Officially known as the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Survey on Current Economic Conditions</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Beige Book</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, is published eight times per year by a </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Federal Reserve Bank</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, containing anecdotal information on current economic and business conditions in its District through reports from Bank and Branch directors, and interviews with key business contacts, economists, market experts, and other sources. The Beige Book highlights the activity information by District and sector. The survey normally covers a period of about 4-weeks in duration, and is released two weeks prior to each </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">FOMC</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> meeting, which is also held eight times per year. While being deemed by some as a lagging report, the Beige Book has usually served as a helpful indicator to </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">FOMC</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> policy decisions on monetary policy.</span><br />
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Business Inventories and </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sales</span></i></blockquote>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Business inventories and sales figures consist of data from other reports such as durable goods orders, factory orders, retail sales, and wholesale inventories and sales data. Inventories are an important component of the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> report because they help distinguish which part of total output produced (</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">) remained unsold. As a result, this presents us with important clues on the future direction of the economy. Before computerization allowed companies to trim inventories and use minimal stock on hand, inventory build up was indicative of falling demand and potentially a recession.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Capital </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Account</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">(now known as </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Financial Account</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">) Records a nation’s incoming and outgoing investment flows such as payments for entire or parts of companies (direct or portfolio investment), stocks, bonds, bank accounts, real estate and factories. The balance of payments is influenced by many factors, including the financial and economic climate of other countries. See </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Current Account</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">CBI </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Surveys</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Britain’s largest organization of business employers, aims at creating and sustaining favourable conditions for their optimal competition and prosperity. The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">CBI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> publishes monthly and quarterly surveys, on past, current and future assessments on the manufacturing and services sectors. The indexes reflect respondents’ views on various items such as, output, sales, prices, inventories, and export/import orders.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Construction </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Spending</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Construction spending measures the value of construction during the course of a particular month.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Consumer Price Index (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">CPI</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Measures the change in prices at the consumer level for a fixed basket of goods and services paid for by a typical consumer. Items included in the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">CPI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> reflect prices of food, clothing, shelter, fuels, transportation, health care and all other goods and services that people buy for day-to-day living. These items are divided into seven categories (housing, food, transportation, medical care, apparel, entertainment, and other), each of which is weighted by their relative importance. As in the case with the PPI, markets focus on the figure excluding food and energy items (called the core </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">CPI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">) for a truer picture of inflationary forces. Since food and energy prices could fluctuate due to conditions that are unrelated to the economy–such as weather, oil supply or wars– it is important to break down the factors impacting the change in prices.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Current </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Account</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The most important part of international trade data. It is the broadest measure of sales and purchases of goods, services, interest payments and unilateral transfers. The entire merchandise trade balance is contained in the current account. See </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Capital Account</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Durable Goods </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Orders</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">These include large ticket items such as capital goods (machinery, plant and equipment), transportation and defence orders. They are extremely important in that they anticipate changes in production and thus, signal turns in the economic cycle.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">But the large size of these items (aircraft and civilian orders) means that they present equally large changes, which makes them extremely volatile. This also give rise to sizable revisions in the subsequent periods once more complete data become available one week later. Durable goods data are better used when omitting defense orders and transportation orders, while calculating a three-month moving average, and a year-to-year percent <span style="color: #444444;">change</span></span><br />
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Employment Cost Index (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">ECI</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Published quarterly, </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">ECI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> measures changes in employment costs of money wages and salaries and non-cash benefits in non-farm industries. One of its major strengths is its ability to break down the changes in wages and benefits as part of total compensation, as well as its ability to point out the growth rate in these variables. Its superiority over other pay measures is also the inclusion of both hourly and salaried workers, and its breakdown by profession, industry and region. The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">ECI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> does not include federal government workers.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Employment </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Report</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">In the US, the employment report, also known as the labour report, is regarded as the most important among all economic indicators. Usually released on the first Friday of the month, the report provides the first comprehensive look at the economy, covering nine economic categories. Here are the 3 main components of the report: Payroll Employment: Measures the change in number of workers in a given month. It is important to compare this figure to a monthly moving average (6 or 9 months) so as to capture a true perspective of the trend in labour market strength. Equally important are the frequent revisions for the prior months, which are often significant.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Unemployment Rate: The percentage of the civilian labour force actively looking for employment but unable to find jobs. Although it is a highly proclaimed figure (due to simplicity of the number and its political implications ), the unemployment rate gets relatively less importance in the markets because it is known to be a lagging indicator–It usually falls behind economic turns. Average Hourly Earnings Growth: The growth rate between one month’s average hourly rate and another’s sheds light on wage growth and, hence, assesses the potential of wage-push inflation. The year-on-year rate is also important in capturing the longer-term trend.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Factory Orders and </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Manufacturing Inventories</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">In many respects this report is a rehash of the durable goods release that became available a week earlier. However, the factory orders report merits review because it also contains data on orders and shipments of nondurable goods, manufacturing inventories, and the inventory/sales ratio. Order data are useful because they tell us something about the likely pace of production in the months ahead. They are extremely volatile and can fluctuate by three or four percentage points in any given month. They are subject to sizable revisions and are very difficult to forecast.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Gross Domestic Product (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">GDP</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Measures the market value of goods and services produced in a country, regardless of the nationality of the firm owning these resources. There are four major components of the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> are: consumption, investment, government purchases, and net exports. The headline figure is the quarterly release of the percentage growth over the previous quarter (q/q) or year (y/y). The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> report has three releases: i) advanced release (first); ii) preliminary release (1st revision); and iii) final release (2nd and last revision). These revisions usually have a substantial impact on the markets. Also see </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Implicit Deflator</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Housing Starts / </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Building Permits</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Starts are divided into single-family and multifamily categories. In both cases, a housing unit is considered “started” when excavation actually begins. The importance of the housing sector lies in its ability to trigger economic turnarounds, presaging changes in growth. Changes in interest rates, especially mortgage rates usually impact housing. Rising interest rates result in a decline for home sales which, which in turn produces a drop in starts. Conversely, lower rates tend to spur both housing sales and starts.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">IFO<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Germany’s leading survey of business conditions. Published monthly by the Institute for </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Economic Research</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, one of the largest economic think tanks in Germany, the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">IFO</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Business Climate Index</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> is a widely followed leading indicator of economic activity known for its track record in calling economic turns in German economic growth. The index surveys over 7,000 enterprises on their assessment of the current business situation and their resulting plans for the short-term. In addition to this aforementioned headline index, there is the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Current Situation Index</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> and</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> Federal Reserve Bank</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Implicit </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Deflator</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Measures the inflationary component of the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> report. It reflects price changes between periods and changes in spending patterns.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Index of Leading Economic Indicators (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">LEI</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">LEI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> is a composite of 10 different indicators, designed to predict future aggregate economic activity. The Index usually reaches peaks and troughs earlier than the overall economic cycle, which makes it an important tool for forecasting and planning. The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">LEI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">’s individual components are selected from various sectors of the economy, including manufacturing, building, financial, retail and consumer variables. The components were chosen because of their economic relevance and statistical adequacy. They are weighted equally to provide a net contribution to the composite index. The specific leading indicators – selected from various sectors of the economy – include the following: the average work week, weekly jobless claims, manufacturers’ new orders for consumer goods and materials, vendor performance, contracts and orders for new plant and equipment, building permits, stock prices (S&P500), interest rate spread of 10-year Treasury note minus federal funds rate, money supply (M2), and consumer expectations index.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Markets rarely react to the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">LEI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Industrial Production and </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Capacity Utilization</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Industrial production measures the monthly percentage change in volume of output of the nation’s factories, mines, and utilities.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Capacity utilization measures the extent to which the capital stock is employed in production. The </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Federal Reserve</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, provider of the index, defines Capacity as the maximum level of production that can be obtained using a normal employee work schedule, with existing equipment, and normal downtime for maintenance, repair, and cleanup. This normal figure lies between 81% and 83%. A greater number may lead to higher prices (</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">PPI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">), which could prove to be inflationary.</span><br />
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">National Association of Purchasing Managers (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">NAPM</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">This is leading survey on US manufacturing activity, arranged by the National Association of Purchasing Management (</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">NAPM</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">). The report is released on the first working day of the month, providing the first detailed look at the manufacturing sector before the release of the all-important employment report.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Highly valued for its timeliness and breadth of information, the headline figure is a function of six major components: prices paid; new orders; supplier deliveries; production, inventories and employment. Note that the latter three components reflect supply forces, while the former three cover demand forces. Watching the relative trend of these two groups (demand and supply) sheds light on the balance between demand and supply forces, and hence, provides insight on the Federal Reserve’s policy decisions since they lend much importance to these balances. The Prices Paid component is widely watched because it assesses price pressures ahead in the sector. A figure of 50 or above indicates expansion in the sector, while a number below 50 suggest a contraction.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">New Home </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sales</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Monthly data new home sales data are released for the nation as a whole and for four geographical areas – the Northeast, the Midwest, the South, and the West. The report also contains information on home prices, and number of houses for sale. Housing is a crucial segment of the economy because it signals changes in consumer spending patterns that are indicative of economic activity. Volatility and revisions, however, are common in the report.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Personal Income and Personal Consumption Expenditures (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">PCE</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Personal Spending, also known as </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">PCE</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">, represents the change in the market value of all goods and services purchased by individuals. It is the largest component of</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">GDP</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">. Personal income represents the change in compensation that individuals receive from all sources including: wages and salaries; proprietors’ income; income from rents; dividends and interest; and transfer payments (Social Security, unemployment, and welfare benefits). The release of these two figures gives you the savings rate, which is the difference between disposable income (personal income minus taxes) and consumption, divided by disposable income. The ever-declining savings rate has become a key indicator to watch as it signals consumer spending patterns.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Producer Price Index (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">PPI</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Measures the monthly change in wholesale prices and is broken down by commodity, industry and stage of production. It is an accurate precursor of the important Consumer Prices Index (</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">CPI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">) figure. Markets usually focus on the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">PPI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> excluding volatile food and energy items (called the core rate) for a truer picture of inflationary forces.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Productivity<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Quarterly measure of the change in the amount of goods and services produced per unit of input. It incorporates labour and capital inputs. The unit cost of labour component is a useful indicator of any emerging wage pressures. The importance of productivity has grown over the past few years since the </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">Federal Reserve</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> has begun attributing its growth trend to relatively low levels of inflation.<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Purchasing Managers’ Index (</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">PMI</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">)<o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use </span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">PMI</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks. Also see National Association of Purchasing Managers (</span><b><span style="font-family: Arial, sans-serif; font-size: 10pt;">NAPM</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">)<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Retail </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sales</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Measures the percentage monthly change in total receipts of retail stores, and includes both durable and nondurable goods. It is the first real indication of the strength of consumer expenditure. The limits of the retail sales figure, however, lie in the fact that it focuses on goods while ignoring services and other items such as insurance and legal fees. In addition, the report is stated in nominal terms rather than real, thus, not accounting for inflation. The retail sales figure is also subject to sizable revisions, even when excluding auto sales (core retail sales).<o:p></o:p></span></div>
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<i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tankan </span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Survey</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></div>
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<span style="font-family: Arial, sans-serif; font-size: 10pt;">Japan’s chief business survey, compiled quarterly by the Bank of Japan. It consists of a questionnaire to manufacturing and non-manufacturing firms, both large and small. The survey consists of two major parts; the“judgment survey,” asking businesses about their situation in the previous, current and following quarters on macro-economic variables, business conditions, inventory levels, capacity utilization levels and employment level. The other main part is related to “current management issues” confronting companies. The headline index is the diffusion index of business conditions, calculated by subtracting the number of businesses saying conditions are “bad”, from the number of businesses saying conditions are “good<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;">The Key to Fundamental Forex Trading<o:p></o:p></span></b></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Understanding the significance and the meaning of the economic data can help you make smarter and more profitable trades. Below are some of the primary pieces of data that successful Forex traders follow.<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">What are the Key Indicators?</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Forex Traders can gauge the financial health of a given country (and its currency) through its economic data. But, just like a doctor monitoring a patient's vital signs, the information is not equal in terms of its impact. Here is a short description of the key economic indicators that often affect currency trads.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Economic indicators divide into leading and lagging indicators:<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Leading indicators</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"> are economic factors that change before the economy starts to follow a particular trend. They're used to predict changes in the economy.<o:p></o:p></span></li>
<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Lagging indicators</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"> are economic factors that change after the economy has already begun to follow a particular trend. They're used to confirm changes in the economy.<o:p></o:p></span></li>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Major Economic Indicators</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Gross Domestic Product (GDP)</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The sum of all goods and services produced either by domestic or foreign companies. GDP indicates the pace at which a country's economy is growing (or shrinking) and is considered the broadest indicator of economic output and growth.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Industrial Production</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">A chain-weighted measure of the change in the production of the nation's factories, mines and utilities, industrial production also measures the country's industrial capacity and how fully it's being used (capacity utilization).<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The manufacturing sector accounts for one-quarter of the major currencies' economies, so it's critical to watch the health of factories and whether their capacity is being maximized.<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;">Prime Data<o:p></o:p></span></b></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Purchasing Managers Index (PMI)</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The National Association of Purchasing Managers (NAPM), now called the Institute for Supply Management, releases a monthly composite index of national manufacturing conditions. The index includes data on new orders, production, supplier delivery times, backlogs, inventories, prices, and employment, export and import orders. It is divided into manufacturing and non-manufacturing sub-indices.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Producer Price Index (PPI)</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Measures average changes in selling prices received by domestic producers in the manufacturing, mining, agriculture, and electric utility industries.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The PPIs most often used for economic analysis are those for finished goods, intermediate goods, and crude goods.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Consumer Price Index (CPI)</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Measures the average price level paid by urban consumers (80% of the population in major currency countries) for a fixed basket of goods and services. It reports price changes in over 200 categories.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The CPI also includes various user fees and taxes directly associated with the prices of specific goods and services.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Durable Goods</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Durable Goods Orders measures new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. Durable goods are a product that lasts over three years, during which its services are extended.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Companies and consumers sometimes put off purchases of durable goods during tough economic times - so this figure is a useful measure of certain kinds of customer demand.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Employment Cost Index (ECI)</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Payroll employment is a measure of the number of jobs at larger companies in more than 500 industries in all 50 U.S. states and 255 metropolitan areas. ECI counts the number of paid employees working part-time or full-time in the nation's business and government establishments.<o:p></o:p></span><br />
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<b><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;">Secondary Data<o:p></o:p></span></b></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Retail Sales</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Measures total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. It is the timeliest indicator of broad consumer spending patterns and is adjusted for normal seasonal variation, holidays, and trading-day differences.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Retail sales include durable and nondurable merchandise sold, and services and excise taxes incidental to the sale of merchandise. It doesn't include sales taxes collected directly from the customer.<o:p></o:p></span></div>
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<li class="MsoNormal"><b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Housing Starts</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><o:p></o:p></span></li>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Measures the number of residential units on which construction is begun each month. A "start" refers to excavation of the foundation of a residential home.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Housing is usually one of the first sectors to react to interest rate changes. Significant reaction of start/permits to changing interest rates signals interest rates are nearing trough or peak. To analyze, focus on the percentage change in levels from the previous month. Report is released around the middle of the following month.<o:p></o:p></span></div>
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