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  • Carry Trade – Western Union Business Solutions
    in one simple transaction Because of the low interest rates in Japan and high interest rates in Australia the yen trades at a forward premium relative to the Australian dollar and a seller of JPY against AUD picks up these premium points There are certainly money managers and investors who do that through the fixed income markets in Japan and Australia and New Zealand but borrowing in Japan and investing elsewhere involves a lot of legal and accounting costs not to mention tax implications that most money managers would rather avoid if possible The currency market simplifies the process through the forward market At the end of the forward term if the spot rate has moved up you will have an FX gain to add to your carry gain But if the spot rate moves down as it did in dramatic fashion recently in 2009 the FX loss will cut into your carry gain and may even wipe it out EXAMPLE Here s an example of a yen carry trade a trader borrows 1 000 yen from a Japanese bank converts the funds into U S dollars and buys a bond for the equivalent amount Let s assume that the bond pays 4 5 and the Japanese interest rate is set at 0 The trader stands to make a profit of 4 5 4 5 0 as long as the exchange rate between the countries does not change Many professional traders use this trade because the gains can become very large when leverage is taken into consideration If the trader in our example uses a common leverage factor of 10 1 then they can stand to make a profit of 45 The big risk in a carry trade is the uncertainty of exchange rates Using the example above if the

    Original URL path: http://business.westernunion.sg/resource-centre/fx-101/carry-trade/ (2012-12-22)
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  • The Basics of a Spot Transaction – Western Union Business Solutions
    Transaction A spot transaction refers to an exchange of currencies at the prevailing market rate For most currencies a spot transaction consists of a two day settlement period but for the Canadian dollar CAD and Mexican peso MXN a spot transaction is settled in one business day That being said if CAD or MXN is exchanged for a currency other than the USD or each other then the two day convention stands The Spot Market is the trading mechanism used to move funds on a day to day basis enabling you to buy and or sell your domestic or foreign currency without any rate adjustment to account for interest rate differentials It should be noted that some currencies can settle within spot value same day or next day value but the interest rate differential is factored into the rate EXAMPLE Someone based in Singapore would like to purchase a home in Australia and will need to fund their AUD account for the transaction They will need the funds in two days so they book a spot transaction today thereby locking in the rates at which the two currencies will be exchanged In two days time they transfer the required SGD s to the counterparty and receive the AUD into their account What is Currency Hedging Inbox Intelligence Market intelligence delivered right to your inbox for free Newsletter Sign Up Corporate Solutions Outgoing Payments Incoming Payments Risk Management Industry Solutions Resource Centre Industry News Media Coverage Newsletters White Papers Webinars Events Calendar FX101 Glossary About Us Corporate Profile Global Headquarters Security Compliance Careers Press Centre Strategic Alliances Affiliate Application Personal Transfers Overview Western Union Business Solutions is a division of The Western Union Company Western Union acquired Custom House Currency Exchange Singapore Pte Limited in 2009 and Travelex Singapore Pte Ltd

    Original URL path: http://business.westernunion.sg/resource-centre/fx-101/spot-transaction/ (2012-12-22)
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  • What is Currency Hedging – Western Union Business Solutions
    are designed to achieve specific goals These goals are based on the level of risk the customer is exposed to and seeking protection from and allow the individual to lock in future rates without affecting to a great extent their liquidity Hedging can be a very complicated enterprise The various hedging mechanisms range from basic to extremely intricate The most prudent first steps when considering a hedging strategy would be to take note of potential FX exposure and based on that evaluate what goals need to be set and what actions need to be taken in order to mitigate that risk Learn about Forward Contracts Direct Options Exchange currency at a predetermined rate and benefit from favourable market shifts The risk taken is limited to the premium paid Range Forward Establish both a worst case rate and a best case rate which allows you to know from the outset the range in which you will be able to exchange your currency Custom Forward Maintain a position that is fully hedged but also take advantage of favourable market movements on a predetermined percentage of your exposure Forward Extra Take advantage of favourable market rates up to a preset trigger level If the market is unfavourable you remain protected by a predetermined transaction rate Bonus Forward Establish trigger rates so that wherever the market is at expiry your position is completely hedged against movement within your predetermined range Target Forward Take advantage of a Target Forward where you can achieve a rate that is more favourable than the corresponding forward exchange rate Convertible Options Maintain a position that is fully hedged but also take advantage of favourable market movements if the market trades below a pre set trigger level Inbox Intelligence Market intelligence delivered right to your inbox for free Newsletter Sign

    Original URL path: http://business.westernunion.sg/resource-centre/fx-101/hedging/ (2012-12-22)
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  • Forward Contract – Western Union Business Solutions
    the price of the forward is calculated by adjusting for the time value of money a concept that states a dollar today is worth that much plus interest in the future An adjustment called the forward points is applied to the spot price to compensate for the interest rate differential between the two currencies in question with the passage of time A forward is no different than a standard currency trade except that the settlement date is pushed forward into the future and the rate is adjusted slightly to account for the interest rate differential between the two currencies in question When you sell a currency with a low interest rate and buy a currency with a higher interest rate in the forward market you can obtain a forward price that is more favourable than can be achieved in the spot market The forward contract doesn t cost anything up front to book and provides you with a predetermined rate of exchange for a specified amount of currency A forward contract has one downside on the day of settlement you are obligated to settle at the predetermined price In exchange for this rate certainty you forgo the ability to participate in the spot market if the prevailing market rate is more favourable than your predetermined forward rate The forward exchange rate is the rate at which the counterparties will execute the future currency exchange This rate is based solely on the interest rate differential between the currencies It is structured to eliminate any possible arbitrage opportunities between the spot and interest rate markets Inbox Intelligence Market intelligence delivered right to your inbox for free Newsletter Sign Up Corporate Solutions Outgoing Payments Incoming Payments Risk Management Industry Solutions Resource Centre Industry News Media Coverage Newsletters White Papers Webinars Events Calendar FX101

    Original URL path: http://business.westernunion.sg/resource-centre/fx-101/forward-contract/ (2012-12-22)
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  • General Enquiry – Western Union Business Solutions
    Chile China Christmas Island Cocos Keeling Islands Colombia Comoros Congo Cook Islands Costa Rica Cote D Ivoire Croatia Local Name Hrvatska Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Malvinas Faroe Islands Fiji Finland France France Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea Bissau Guyana Haiti Heard Island Mcdonald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran Islamic Republic Of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea Democratic People S Republic Of Korea Republic Of Kuwait Kyrgyzstan Lao People S Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia The Former Yugoslav Republic Of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Federated States Of Moldova Republic Of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts And Nevis Saint Lucia Saint Pierre And Miquelon Saint Vincent And The Grenadines Samoa San Marino Sao Tome And Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia Slovak Republic Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Svalbard And Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Province Of China Tajikistan Tanzania United Republic Of Thailand Togo Tokelau Tonga Trinidad And Tobago Tunisia Turkey Turkmenistan Turks And Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican City State Holy See

    Original URL path: http://business.westernunion.sg/contact/general/?subject=strategicalliances (2012-12-22)
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  • General Enquiry – Western Union Business Solutions
    Chile China Christmas Island Cocos Keeling Islands Colombia Comoros Congo Cook Islands Costa Rica Cote D Ivoire Croatia Local Name Hrvatska Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Malvinas Faroe Islands Fiji Finland France France Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea Bissau Guyana Haiti Heard Island Mcdonald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran Islamic Republic Of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea Democratic People S Republic Of Korea Republic Of Kuwait Kyrgyzstan Lao People S Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia The Former Yugoslav Republic Of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Federated States Of Moldova Republic Of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts And Nevis Saint Lucia Saint Pierre And Miquelon Saint Vincent And The Grenadines Samoa San Marino Sao Tome And Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia Slovak Republic Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Svalbard And Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Province Of China Tajikistan Tanzania United Republic Of Thailand Togo Tokelau Tonga Trinidad And Tobago Tunisia Turkey Turkmenistan Turks And Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican City State Holy See

    Original URL path: http://business.westernunion.sg/contact/general/?subject=BusinessSolutions (2012-12-22)
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  • General Enquiry – Western Union Business Solutions
    Chile China Christmas Island Cocos Keeling Islands Colombia Comoros Congo Cook Islands Costa Rica Cote D Ivoire Croatia Local Name Hrvatska Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Malvinas Faroe Islands Fiji Finland France France Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea Bissau Guyana Haiti Heard Island Mcdonald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran Islamic Republic Of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea Democratic People S Republic Of Korea Republic Of Kuwait Kyrgyzstan Lao People S Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia The Former Yugoslav Republic Of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Federated States Of Moldova Republic Of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts And Nevis Saint Lucia Saint Pierre And Miquelon Saint Vincent And The Grenadines Samoa San Marino Sao Tome And Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia Slovak Republic Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Svalbard And Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Province Of China Tajikistan Tanzania United Republic Of Thailand Togo Tokelau Tonga Trinidad And Tobago Tunisia Turkey Turkmenistan Turks And Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican City State Holy See

    Original URL path: http://business.westernunion.sg/contact/general/ (2012-12-22)
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  • General Enquiry – Western Union Business Solutions
    Chile China Christmas Island Cocos Keeling Islands Colombia Comoros Congo Cook Islands Costa Rica Cote D Ivoire Croatia Local Name Hrvatska Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Malvinas Faroe Islands Fiji Finland France France Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea Bissau Guyana Haiti Heard Island Mcdonald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran Islamic Republic Of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea Democratic People S Republic Of Korea Republic Of Kuwait Kyrgyzstan Lao People S Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia The Former Yugoslav Republic Of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Federated States Of Moldova Republic Of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts And Nevis Saint Lucia Saint Pierre And Miquelon Saint Vincent And The Grenadines Samoa San Marino Sao Tome And Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia Slovak Republic Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Svalbard And Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Province Of China Tajikistan Tanzania United Republic Of Thailand Togo Tokelau Tonga Trinidad And Tobago Tunisia Turkey Turkmenistan Turks And Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican City State Holy See

    Original URL path: http://business.westernunion.sg/contact/general/?subject=RetailServices (2012-12-22)
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