Friday, July 31, 2009
Why Information Management?
Only IBM Information Management has the end-to-end capabilities to help you manage your data and content, pull together trusted information that cuts across diverse silos, and also gain valuable insights to optimize your business. Learn more about Information On Demand or get started now with an information agenda.
Saturday, July 18, 2009
Brief history of Forex trading
Initially, the value of goods was expressed in terms of other goods, i.e. an economy based on barter between individual market participants. The obvious limitations of such a system encouraged establishing more generally accepted means of exchange at a fairly early stage in history, to set a common benchmark of value. In different economies, everything from teeth to feathers to pretty stones has served this purpose, but soon metals, in particular gold and silver, established themselves as an accepted means of payment as well as a reliable storage of value.
Originally, coins were simply minted from the preferred metal, but in stable political regimes the introduction of a paper form of governmental IOUs (I owe you) gained acceptance during the Middle Ages. Such IOUs, often introduced more successfully through force than persuasion were the basis of modern currencies.
Before World War I, most central banks supported their currencies with convertibility to gold. Although paper money could always be exchanged for gold, in reality this did not occur often, fostering the sometimes disastrous notion that there was not necessarily a need for full cover in the central reserves of the government.
At times, the ballooning supply of paper money without gold cover led to devastating inflation and resulting political instability. To protect local national interests, foreign exchange controls were increasingly introduced to prevent market forces from punishing monetary irresponsibility.
In the latter stages of World War II, the Bretton Woods agreement was reached on the initiative of the USA in July 1944. The Bretton Woods Conference rejected John Maynard Keynes suggestion for a new world reserve currency in favour of a system built on the US dollar. Other international institutions such as the IMF, the World Bank and GATT (General Agreement on Tariffs and Trade) were created in the same period as the emerging victors of WW2 searched for a way to avoid the destabilising monetary crises which led to the war. The Bretton Woods agreement resulted in a system of fixed exchange rates that partly reinstated the gold standard, fixing the US dollar at USD35/oz and fixing the other main currencies to the dollar - and was intended to be permanent.
The Bretton Woods system came under increasing pressure as national economies moved in different directions during the sixties. A number of realignments kept the system alive for a long time, but eventually Bretton Woods collapsed in the early seventies following president Nixon's suspension of the gold convertibility in August 1971. The dollar was no longer suitable as the sole international currency at a time when it was under severe pressure from increasing US budget and trade deficits.
The following decades have seen foreign exchange trading develop into the largest global market by far. Restrictions on capital flows have been removed in most countries, leaving the market forces free to adjust foreign exchange rates according to their perceived values.
But the idea of fixed exchange rates has by no means died. The EEC (European Economic Community) introduced a new system of fixed exchange rates in 1979, the European Monetary System. This attempt to fix exchange rates met with near extinction in 1992-93, when pent-up economic pressures forced devaluations of a number of weak European currencies. Nevertheless, the quest for currency stability has continued in Europe with the renewed attempt to not only fix currencies but actually replace many of them with the Euro in 2001.
The lack of sustainability in fixed foreign exchange rates gained new relevance with the events in South East Asia in the latter part of 1997, where currency after currency was devalued against the US dollar, leaving other fixed exchange rates, in particular in South America, looking very vulnerable.
But while commercial companies have had to face a much more volatile currency environment in recent years, investors and financial institutions have found a new playground. The size of foreign exchange markets now dwarfs any other investment market by a large factor. It is estimated that more than USD 3,000 billion is traded every day, far more than the world's stock and bond markets combined.
Originally, coins were simply minted from the preferred metal, but in stable political regimes the introduction of a paper form of governmental IOUs (I owe you) gained acceptance during the Middle Ages. Such IOUs, often introduced more successfully through force than persuasion were the basis of modern currencies.
Before World War I, most central banks supported their currencies with convertibility to gold. Although paper money could always be exchanged for gold, in reality this did not occur often, fostering the sometimes disastrous notion that there was not necessarily a need for full cover in the central reserves of the government.
At times, the ballooning supply of paper money without gold cover led to devastating inflation and resulting political instability. To protect local national interests, foreign exchange controls were increasingly introduced to prevent market forces from punishing monetary irresponsibility.
In the latter stages of World War II, the Bretton Woods agreement was reached on the initiative of the USA in July 1944. The Bretton Woods Conference rejected John Maynard Keynes suggestion for a new world reserve currency in favour of a system built on the US dollar. Other international institutions such as the IMF, the World Bank and GATT (General Agreement on Tariffs and Trade) were created in the same period as the emerging victors of WW2 searched for a way to avoid the destabilising monetary crises which led to the war. The Bretton Woods agreement resulted in a system of fixed exchange rates that partly reinstated the gold standard, fixing the US dollar at USD35/oz and fixing the other main currencies to the dollar - and was intended to be permanent.
The Bretton Woods system came under increasing pressure as national economies moved in different directions during the sixties. A number of realignments kept the system alive for a long time, but eventually Bretton Woods collapsed in the early seventies following president Nixon's suspension of the gold convertibility in August 1971. The dollar was no longer suitable as the sole international currency at a time when it was under severe pressure from increasing US budget and trade deficits.
The following decades have seen foreign exchange trading develop into the largest global market by far. Restrictions on capital flows have been removed in most countries, leaving the market forces free to adjust foreign exchange rates according to their perceived values.
But the idea of fixed exchange rates has by no means died. The EEC (European Economic Community) introduced a new system of fixed exchange rates in 1979, the European Monetary System. This attempt to fix exchange rates met with near extinction in 1992-93, when pent-up economic pressures forced devaluations of a number of weak European currencies. Nevertheless, the quest for currency stability has continued in Europe with the renewed attempt to not only fix currencies but actually replace many of them with the Euro in 2001.
The lack of sustainability in fixed foreign exchange rates gained new relevance with the events in South East Asia in the latter part of 1997, where currency after currency was devalued against the US dollar, leaving other fixed exchange rates, in particular in South America, looking very vulnerable.
But while commercial companies have had to face a much more volatile currency environment in recent years, investors and financial institutions have found a new playground. The size of foreign exchange markets now dwarfs any other investment market by a large factor. It is estimated that more than USD 3,000 billion is traded every day, far more than the world's stock and bond markets combined.
THEMES TO WATCH – UPCOMING SESSION
* New Zealand Jun. Performance of Services Index (Sun 2230)
* UK Jul. Rightmove House Prices (Sun 2301)
* Australia Q2 Producer Price Index (Mon 0130)
Market Comments:
Ahead of the US opening, we seem to be seeing yet another confirmation that the market wants to stay in the ranges for now, as the Dollar Index stepped back from the abyss yesterday (when it broke to a new low since early June for a few minutes) before pushing back strongly in the European session. Still, a further move back, for example, below 1.4000 in EURUSD is needed to fully wipe away the recent USD sell-off, but the latest moves are very consistent with the summer doldrums behavior of the market over the last six or eight weeks of range trading. Trend followers continue to find frustration in this market and need to see the 1.4170/1.4210 levels give way to get up hopes for an extension of the USD sell-off.
The markets saw a number of inputs overnight and this morning, first with a terrorist event in Jakarta and then with the Bank of America and Citigroup earnings this morning, which were generally positive but failed to generate much attention. This was after the hysterical rally that was supposedly sparked by the Goldman Sachs earnings recently, a rally further fueled, if to a lesser degree, by JP Morgan Chase's results. Now we have the threat of a CIT bankruptcy offering some background dissonance. The markets are fickle with their attention if nothing else.
Other good news could be found in the housing starts/building permits data, which were far stronger than expected and sparked a very sharp sell-off in long bonds. While the house building numbers do clearly appear to have stabilized since the beginning of the year, we have to wonder whether the rate of housing starts has even reached anywhere near a sustainable replacement rate. There are well over 100 million households in the US, so a rate of 500-600k probably is far below the necessary rate. At this instant in time, though, the market clearly prefers to focus on stabilization.
A more troubling issue that may garner more focus in coming weeks and months is the potential second round of defaults from so-called Alt A loans, many of which are up for refinancing in this period. These tended to be larger loans than subprime loans. Combine this with the threat of a commercial mortgage debacle and we have good cause to question any further rally impulse from the financial sector. This could do the GBP some harm - and it is interesting to note that despite the huge reversal lower in EURGBP, for example, after the Goldman Sachs earnings report, we are seeing a strong rally in the pair back well above the 0.8600 level.
As we are about to go to press, the bottom continues to completely fall out of the bond market -suggesting that the risk appetite rally is attempting a comeback (or possibly the devaluation concerns). If this move is sustained, it will threaten to push the JPY crosses sharply higher into the close today (Japan has three-day weekend with Monday holiday). It is also interesting to note the CHF selling off - possibly also on the tremors in the bond market.
Chart: EURUSD
The break of the descending trendline did not follow through, nor did yesterday's break above 1.4150. This churning tendency has made life for the technical analyst more than difficult of late. Now the key breaks higher reside at 1.4170/1.4210 (previous high), which could set up at a test of the 1.4338 high for the year. To the downside, the bears need to see the 1.4000 level give way to gain confidence that the USD will continue to resist the sell-off.
Wednesday, July 15, 2009
Technology Overview
We stand alone in our focus on developing the "perfect search engine," defined by co-founder Larry Page as something that, "understands exactly what you mean and gives you back exactly what you want." To that end, we have persistently pursued innovation and refused to accept the limitations of existing models. As a result, we developed our serving infrastructure and breakthrough PageRank™ technology that changed the way searches are conducted.
From the beginning, our developers recognized that providing the fastest, most accurate results required a new kind of server setup. Whereas most search engines ran off a handful of large servers that often slowed under peak loads, ours employed linked PCs to quickly find each query's answer. The innovation paid off in faster response times, greater scalability and lower costs. It's an idea that others have since copied, while we have continued to refine our back-end technology to make it even more efficient.
The software behind our search technology conducts a series of simultaneous calculations requiring only a fraction of a second. Traditional search engines rely heavily on how often a word appears on a web page. We use more than 200 signals, including our patented PageRank™ algorithm, to examine the entire link structure of the web and determine which pages are most important. We then conduct hypertext-matching analysis to determine which pages are relevant to the specific search being conducted. By combining overall importance and query-specific relevance, we're able to put the most relevant and reliable results first.
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PageRank Technology: PageRank reflects our view of the importance of web pages by considering more than 500 million variables and 2 billion terms. Pages that we believe are important pages receive a higher PageRank and are more likely to appear at the top of the search results.
PageRank also considers the importance of each page that casts a vote, as votes from some pages are considered to have greater value, thus giving the linked page greater value. We have always taken a pragmatic approach to help improve search quality and create useful products, and our technology uses the collective intelligence of the web to determine a page's importance.
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Hypertext-Matching Analysis: Our search engine also analyzes page content. However, instead of simply scanning for page-based text (which can be manipulated by site publishers through meta-tags), our technology analyzes the full content of a page and factors in fonts, subdivisions and the precise location of each word. We also analyze the content of neighboring web pages to ensure the results returned are the most relevant to a user's query.
Our innovations don't stop at the desktop. To give people access to the information they need, whenever and wherever they need it, we continue to develop new mobile applications and services that are more accessible and customizable. And we're partnering with industry-leading carriers and device manufacturers to deliver these innovative services globally. We're working with many of these industry leaders through the Open Handset Alliance to develop Android, the first complete, open, and free mobile platform, which will offer people a less expensive and better mobile experience.
From the beginning, our developers recognized that providing the fastest, most accurate results required a new kind of server setup. Whereas most search engines ran off a handful of large servers that often slowed under peak loads, ours employed linked PCs to quickly find each query's answer. The innovation paid off in faster response times, greater scalability and lower costs. It's an idea that others have since copied, while we have continued to refine our back-end technology to make it even more efficient.
The software behind our search technology conducts a series of simultaneous calculations requiring only a fraction of a second. Traditional search engines rely heavily on how often a word appears on a web page. We use more than 200 signals, including our patented PageRank™ algorithm, to examine the entire link structure of the web and determine which pages are most important. We then conduct hypertext-matching analysis to determine which pages are relevant to the specific search being conducted. By combining overall importance and query-specific relevance, we're able to put the most relevant and reliable results first.
*
PageRank Technology: PageRank reflects our view of the importance of web pages by considering more than 500 million variables and 2 billion terms. Pages that we believe are important pages receive a higher PageRank and are more likely to appear at the top of the search results.
PageRank also considers the importance of each page that casts a vote, as votes from some pages are considered to have greater value, thus giving the linked page greater value. We have always taken a pragmatic approach to help improve search quality and create useful products, and our technology uses the collective intelligence of the web to determine a page's importance.
*
Hypertext-Matching Analysis: Our search engine also analyzes page content. However, instead of simply scanning for page-based text (which can be manipulated by site publishers through meta-tags), our technology analyzes the full content of a page and factors in fonts, subdivisions and the precise location of each word. We also analyze the content of neighboring web pages to ensure the results returned are the most relevant to a user's query.
Our innovations don't stop at the desktop. To give people access to the information they need, whenever and wherever they need it, we continue to develop new mobile applications and services that are more accessible and customizable. And we're partnering with industry-leading carriers and device manufacturers to deliver these innovative services globally. We're working with many of these industry leaders through the Open Handset Alliance to develop Android, the first complete, open, and free mobile platform, which will offer people a less expensive and better mobile experience.
Software Principles
At Google, we put a lot of thought into improving your online experience. We're alarmed by what we believe is a growing disregard for your rights as computer users. We've seen increasing reports of spyware and other applications that trick you in order to serve you pop-up ads, connect your modem to expensive toll numbers or hijack your browser from the site you're trying to visit.
We do not see this trend reversing itself. In fact, it is getting worse. As a provider of services and monetization for users, advertisers and publishers on the Internet, we feel a responsibility to be proactive about these issues. So, we have decided to take action. As a first step, we have outlined a set of principles we believe our industry should adopt and we're sharing them to foster discussion and help solve the problem. We intend to follow these guidelines ourselves with the applications we distribute (such as the Google Toolbar and Google Desktop). And because we strongly believe these principles are good for the industry and users worldwide, we will encourage our current and prospective business partners to adopt them as well.
These guidelines are, by necessity, broad. Software creation and distribution are complex and the technology is continuously evolving. As a result, some useful applications may not comply entirely with these principles and some deceptive practices may not be addressed here. This document is only a start, and focuses on the areas of Internet software and advertising. These guidelines need to be continually updated to keep pace with ever-changing technology
We do not see this trend reversing itself. In fact, it is getting worse. As a provider of services and monetization for users, advertisers and publishers on the Internet, we feel a responsibility to be proactive about these issues. So, we have decided to take action. As a first step, we have outlined a set of principles we believe our industry should adopt and we're sharing them to foster discussion and help solve the problem. We intend to follow these guidelines ourselves with the applications we distribute (such as the Google Toolbar and Google Desktop). And because we strongly believe these principles are good for the industry and users worldwide, we will encourage our current and prospective business partners to adopt them as well.
These guidelines are, by necessity, broad. Software creation and distribution are complex and the technology is continuously evolving. As a result, some useful applications may not comply entirely with these principles and some deceptive practices may not be addressed here. This document is only a start, and focuses on the areas of Internet software and advertising. These guidelines need to be continually updated to keep pace with ever-changing technology
System z software
In today's challenging economy, cost containment is a competitive necessity. With new and forthcoming technology announcements, System z can help you drive down IT costs - not just in energy and space consumption, but in the development, integration and performance of today's critical applications.
These new and enhanced capabilities can help you:
Do more with less
- Boost productivity with easy cross-platform development
- Leverage existing skills and popular languages
Centralize management
- Rectify potential problems before they impact customers
- Increase visibility across IT infrastructure
- Gain accurate insight into IT costs
Get more insight
- Improve service with more accurate and timely information based on real-time data
- Minimize the cost of gaining business insight
Simplify and integrate
- Integrate existing systems into low-cost Web 2.0 applications and services
- Create reusable services out of existing applications
- Simplify integration of applications
Connect, collaborate and innovate
- Build business-centric portals fast and efficiently
- Provide greater visibility for faster business response
The Birth of IMS/360
Uri Berman worked with Pete Nordyke at Rockwell's Space Division on a massive parts list application for the Apollo space capsule. They had the idea of separating the disk access and recovery functions from the applications programs which accessed the data. Uri created Data Language/I (DL/I) which was also used with the program when it was converted to run as Information Management System (IMS) for the IBM S/360. IMS became a major program product for IBM with many thousands of installations and Uri was given an Outstanding Contribution Award with a large check attached.
Tuesday, July 14, 2009
The Title Plant Operating System: A Data Base System of Index Files for Recorded Documents
Jerry describes his experience in the mid-1960s while working for PRC in developing a comprehensive system for a Title Insurance company to manage the records for both real property transfers and related court actions. This system was an early application on the IBM S/360. Jerry notes that the system was still in operation in 2006.
by Jerry Koory
by Jerry Koory
Operating System Roots
Bob traces the evolution of operating systems from his early work on CPCs and the first IBM scientific computers through the GMR-NAA system and the development of SOS, IBSYS and the Direct Couple to the IBM OS/360.
First Person Essays
The Software Industry Special Interest Group, under the leadership of Bob Patrick, has initiated a new page on our website to enable people to tell stories about significant systems and applications in which they were involved.
We're looking for informal descriptions giving some background on the event (or product or program) and how you became active in it. We're not looking for a detailed technological description, but rather the application, marketing, business and technical highlights which made the experience memorable to you. For instance, you might want to note how the project came about, how it was organized and staffed, what hardware and software were used, its relationship with other projects and its significance and usage.
In addition to stories on systems, operations and applications, we're also interested in a broad range of topics including stories about publishing, conferences, financing of companies, consulting experiences and any stories that will help others better understand how the software industry grew and became such an important part of our daily lives.
We're looking for informal descriptions giving some background on the event (or product or program) and how you became active in it. We're not looking for a detailed technological description, but rather the application, marketing, business and technical highlights which made the experience memorable to you. For instance, you might want to note how the project came about, how it was organized and staffed, what hardware and software were used, its relationship with other projects and its significance and usage.
In addition to stories on systems, operations and applications, we're also interested in a broad range of topics including stories about publishing, conferences, financing of companies, consulting experiences and any stories that will help others better understand how the software industry grew and became such an important part of our daily lives.
An Overview of the History of the Software Industry
The following is a brief overview of each of the first three decades in the history of the software industry including links to lists of companies founded in each of those decades. We're always adding to our lists of companies, so if you know of ones that aren't yet on our list, please send us an email and let us know about them.
The 1950s
* Computers become extensively used for business applications
* First contract programming firms formed
The 1960s
* Contract programming services industry grows rapidly; some companies go public
* First software products come on the market
* ICP Quarterly, a catalog of available software programs, first published in January, 1967
* Thousands of companies formed by the end of the decade
* IBM announces unbundling in June, 1969
The 1970s
* Software products become accepted by customers
* First ICP Million Dollar Awards given to 29 software products in 1971
* Software industry grows rapidly despite lack of financing sources; Cullinane Corp goes public in 1978 (first software product company to go public)
* First PC software companies founded
The 1950s
* Computers become extensively used for business applications
* First contract programming firms formed
The 1960s
* Contract programming services industry grows rapidly; some companies go public
* First software products come on the market
* ICP Quarterly, a catalog of available software programs, first published in January, 1967
* Thousands of companies formed by the end of the decade
* IBM announces unbundling in June, 1969
The 1970s
* Software products become accepted by customers
* First ICP Million Dollar Awards given to 29 software products in 1971
* Software industry grows rapidly despite lack of financing sources; Cullinane Corp goes public in 1978 (first software product company to go public)
* First PC software companies founded
Forex History - The Evolution OF FX Markets QUICK LINKS FREE DEMO ACCOUNT OPEN AN ACCOUNT The Gold Exchange and the Bretton Woods Agreement
In 1967, a Chicago bank refused a college professor by the name of Milton Friedman a loan in pound sterling because he had intended to use the funds to short the British currency. Friedman, who had perceived sterling to be priced too high against the dollar, wanted to sell the currency, then later buy it back to repay the bank after the currency declined, thus pocketing a quick profit. The bank’s refusal to grant the loan was due to the Bretton Woods Agreement, established twenty years earlier, which fixed national currencies against the dollar, and set the dollar at a rate of $35 per ounce of gold.
The Bretton Woods Agreement, set up in 1944, aimed at installing international monetary stability by preventing money from fleeing across nations, and restricting speculation in the world currencies. Prior to the Agreement, the gold exchange standard--prevailing between 1876 and World War I--dominated the international economic system. Under the gold exchange, currencies gained a new phase of stability as they were backed by the price of gold. It abolished the age-old practice used by kings and rulers of arbitrarily debasing money and triggering inflation.
But the gold exchange standard didn’t lack faults. As an economy strengthened, it would import heavily from abroad until it ran down its gold reserves required to back its money; consequently, the money supply would shrink, interest rates rose and economic activity slowed to the extent of recession. Ultimately, prices of goods had hit bottom, appearing attractive to other nations, who would rush into buying sprees that injected the economy with gold until it increased its money supply, and drive down interest rates and recreate wealth into the economy. Such boom-bust patterns prevailed throughout the gold standard until the outbreak of World War I interrupted trade flows and the free movement of gold.
After the Wars, the Bretton Woods Agreement was founded, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar and a corresponding rate of gold as needed. Countries were prohibited from devaluing their currencies to their trade advantage and were only allowed to do so for devaluations of less than 10%. Into the 1950s, the ever-expanding volume of international trade led to massive movements of capital generated by post-war construction. That destabilized foreign exchange rates as setup in Bretton Woods.
The Agreement was finally abandoned in 1971, and the US dollar would no longer be convertible into gold. By 1973, currencies of major industrialized nations floated more freely, as they were controlled mainly by the forces of supply and demand. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.
In the 1980s, cross-border capital movements accelerated with the advent of computers and technology, extending market continuum through Asian, European and American time zones. Transactions in foreign exchange rocketed from about $70 billion a day in the 1980s, to more than $1.5 trillion a day two decades later.
The Bretton Woods Agreement, set up in 1944, aimed at installing international monetary stability by preventing money from fleeing across nations, and restricting speculation in the world currencies. Prior to the Agreement, the gold exchange standard--prevailing between 1876 and World War I--dominated the international economic system. Under the gold exchange, currencies gained a new phase of stability as they were backed by the price of gold. It abolished the age-old practice used by kings and rulers of arbitrarily debasing money and triggering inflation.
But the gold exchange standard didn’t lack faults. As an economy strengthened, it would import heavily from abroad until it ran down its gold reserves required to back its money; consequently, the money supply would shrink, interest rates rose and economic activity slowed to the extent of recession. Ultimately, prices of goods had hit bottom, appearing attractive to other nations, who would rush into buying sprees that injected the economy with gold until it increased its money supply, and drive down interest rates and recreate wealth into the economy. Such boom-bust patterns prevailed throughout the gold standard until the outbreak of World War I interrupted trade flows and the free movement of gold.
After the Wars, the Bretton Woods Agreement was founded, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar and a corresponding rate of gold as needed. Countries were prohibited from devaluing their currencies to their trade advantage and were only allowed to do so for devaluations of less than 10%. Into the 1950s, the ever-expanding volume of international trade led to massive movements of capital generated by post-war construction. That destabilized foreign exchange rates as setup in Bretton Woods.
The Agreement was finally abandoned in 1971, and the US dollar would no longer be convertible into gold. By 1973, currencies of major industrialized nations floated more freely, as they were controlled mainly by the forces of supply and demand. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.
In the 1980s, cross-border capital movements accelerated with the advent of computers and technology, extending market continuum through Asian, European and American time zones. Transactions in foreign exchange rocketed from about $70 billion a day in the 1980s, to more than $1.5 trillion a day two decades later.
Forex History - The Evolution OF FX Markets QUICK LINKS FREE DEMO ACCOUNT OPEN AN ACCOUNT The Gold Exchange and the Bretton Woods Agreement
In 1967, a Chicago bank refused a college professor by the name of Milton Friedman a loan in pound sterling because he had intended to use the funds to short the British currency. Friedman, who had perceived sterling to be priced too high against the dollar, wanted to sell the currency, then later buy it back to repay the bank after the currency declined, thus pocketing a quick profit. The bank’s refusal to grant the loan was due to the Bretton Woods Agreement, established twenty years earlier, which fixed national currencies against the dollar, and set the dollar at a rate of $35 per ounce of gold.
The Bretton Woods Agreement, set up in 1944, aimed at installing international monetary stability by preventing money from fleeing across nations, and restricting speculation in the world currencies. Prior to the Agreement, the gold exchange standard--prevailing between 1876 and World War I--dominated the international economic system. Under the gold exchange, currencies gained a new phase of stability as they were backed by the price of gold. It abolished the age-old practice used by kings and rulers of arbitrarily debasing money and triggering inflation.
But the gold exchange standard didn’t lack faults. As an economy strengthened, it would import heavily from abroad until it ran down its gold reserves required to back its money; consequently, the money supply would shrink, interest rates rose and economic activity slowed to the extent of recession. Ultimately, prices of goods had hit bottom, appearing attractive to other nations, who would rush into buying sprees that injected the economy with gold until it increased its money supply, and drive down interest rates and recreate wealth into the economy. Such boom-bust patterns prevailed throughout the gold standard until the outbreak of World War I interrupted trade flows and the free movement of gold.
After the Wars, the Bretton Woods Agreement was founded, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar and a corresponding rate of gold as needed. Countries were prohibited from devaluing their currencies to their trade advantage and were only allowed to do so for devaluations of less than 10%. Into the 1950s, the ever-expanding volume of international trade led to massive movements of capital generated by post-war construction. That destabilized foreign exchange rates as setup in Bretton Woods.
The Agreement was finally abandoned in 1971, and the US dollar would no longer be convertible into gold. By 1973, currencies of major industrialized nations floated more freely, as they were controlled mainly by the forces of supply and demand. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.
In the 1980s, cross-border capital movements accelerated with the advent of computers and technology, extending market continuum through Asian, European and American time zones. Transactions in foreign exchange rocketed from about $70 billion a day in the 1980s, to more than $1.5 trillion a day two decades later.
The Bretton Woods Agreement, set up in 1944, aimed at installing international monetary stability by preventing money from fleeing across nations, and restricting speculation in the world currencies. Prior to the Agreement, the gold exchange standard--prevailing between 1876 and World War I--dominated the international economic system. Under the gold exchange, currencies gained a new phase of stability as they were backed by the price of gold. It abolished the age-old practice used by kings and rulers of arbitrarily debasing money and triggering inflation.
But the gold exchange standard didn’t lack faults. As an economy strengthened, it would import heavily from abroad until it ran down its gold reserves required to back its money; consequently, the money supply would shrink, interest rates rose and economic activity slowed to the extent of recession. Ultimately, prices of goods had hit bottom, appearing attractive to other nations, who would rush into buying sprees that injected the economy with gold until it increased its money supply, and drive down interest rates and recreate wealth into the economy. Such boom-bust patterns prevailed throughout the gold standard until the outbreak of World War I interrupted trade flows and the free movement of gold.
After the Wars, the Bretton Woods Agreement was founded, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar and a corresponding rate of gold as needed. Countries were prohibited from devaluing their currencies to their trade advantage and were only allowed to do so for devaluations of less than 10%. Into the 1950s, the ever-expanding volume of international trade led to massive movements of capital generated by post-war construction. That destabilized foreign exchange rates as setup in Bretton Woods.
The Agreement was finally abandoned in 1971, and the US dollar would no longer be convertible into gold. By 1973, currencies of major industrialized nations floated more freely, as they were controlled mainly by the forces of supply and demand. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.
In the 1980s, cross-border capital movements accelerated with the advent of computers and technology, extending market continuum through Asian, European and American time zones. Transactions in foreign exchange rocketed from about $70 billion a day in the 1980s, to more than $1.5 trillion a day two decades later.
MG Financial History
MG Financial, founded in 1992, is one of the oldest and most recognizable names in retail foreign exchange industry. MG's strength and focus are in providing online trading services for the foreign exchange market. MG Financial accepts customer orders via the Internet as well as over the phone.
In April of 1997, MG Financial released the first version of its online trading platform. This trading platform enabled traders to view real-time quotations, execute transactions, and track open positions. Since the trading platform’s introduction, important features such as real-time charting have been added.
DealStation™, which went live on January 30th 2000, has revolutionized forex-trading platforms by offering traders the latest Java “Push” Technology, which immediately “pushes” new information to your computer, automatically updating your screens. The implementation of Java technology enhances overall system performance, which will improve speed and execution time. Since then MG has also added Desktop and HTML versions of the DealStation™.
MG Financial began a news/research in the middle of 1997. This division was formed to provide MG Financial 's clients with up-to-date information on the foreign exchange market. Analysts of the news/research division contribute expert commentary on MG's affiliate news & analysis website, Forexnews.com. MG's team of analysts is frequently quoted in publications such as The Wall Street Journal, The Financial Times, Investors Business Daily, and interviewed on Bloomberg TV.
In order to increase the connectivity between the trader and the market, MG also added alert!fx™ and Wireless trading to its product line. Traders can now use their web-enabled Mobile Phones or Personal Digital Assistants to connect to our proprietary wireless version of the DealStation™ to check rates, charts & news, to monitor account status, and to place orders. alert!fx™ sends rate, news, margin and technical indicator alerts to any email-enabled device of trader's choice.
In 1998, MG Financial became the first foreign exchange market maker to obtain fidelity bond insurance. The insurance, issued through the subsidiary of a NYSE company, protects the assets of MG Financial from fraud and embezzlement by members of the firm.
MG Financial's greatest asset is its people. The firm has recruited individuals from all nationalities and backgrounds in order to obtain its own in-house global environment. The firm's talented and competent staff is dedicated to exceeding our clients' highest standards of satisfaction.
In April of 1997, MG Financial released the first version of its online trading platform. This trading platform enabled traders to view real-time quotations, execute transactions, and track open positions. Since the trading platform’s introduction, important features such as real-time charting have been added.
DealStation™, which went live on January 30th 2000, has revolutionized forex-trading platforms by offering traders the latest Java “Push” Technology, which immediately “pushes” new information to your computer, automatically updating your screens. The implementation of Java technology enhances overall system performance, which will improve speed and execution time. Since then MG has also added Desktop and HTML versions of the DealStation™.
MG Financial began a news/research in the middle of 1997. This division was formed to provide MG Financial 's clients with up-to-date information on the foreign exchange market. Analysts of the news/research division contribute expert commentary on MG's affiliate news & analysis website, Forexnews.com. MG's team of analysts is frequently quoted in publications such as The Wall Street Journal, The Financial Times, Investors Business Daily, and interviewed on Bloomberg TV.
In order to increase the connectivity between the trader and the market, MG also added alert!fx™ and Wireless trading to its product line. Traders can now use their web-enabled Mobile Phones or Personal Digital Assistants to connect to our proprietary wireless version of the DealStation™ to check rates, charts & news, to monitor account status, and to place orders. alert!fx™ sends rate, news, margin and technical indicator alerts to any email-enabled device of trader's choice.
In 1998, MG Financial became the first foreign exchange market maker to obtain fidelity bond insurance. The insurance, issued through the subsidiary of a NYSE company, protects the assets of MG Financial from fraud and embezzlement by members of the firm.
MG Financial's greatest asset is its people. The firm has recruited individuals from all nationalities and backgrounds in order to obtain its own in-house global environment. The firm's talented and competent staff is dedicated to exceeding our clients' highest standards of satisfaction.
Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial
Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial market in the world, with the equivalent of over $1.9 trillion changing hands daily; more than three times the aggregate amount of the US Equity and Treasury markets combined. Unlike other financial markets, the Forex market has no physical location and no central exchange (off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one zone to another in all the major financial centers.
Traditionally, retail investors' only means of gaining access to the foreign exchange market was through banks that transacted large amounts of currencies for commercial and investment purposes. Trading volume has increased rapidly over time, especially after exchange rates were allowed to float freely in 1971. Today, importers and exporters, international portfolio managers, multinational corporations, speculators, day traders, long-term holders and hedge funds all use the FOREX market to pay for goods and services, transact in financial assets or to reduce the risk of currency movements by hedging their exposure in other markets.
MG Financial, now operating in over 100 countries, serves all manner of clients, comprising speculators and strategic traders. Whether it’s day-traders looking for short-term gains, or fund managers wanting to hedge their non-US assets, MG's DealStation™ allows them to participate in FOREX trading by providing a combination of live quotes, Real-Time charts, and news and analysis that attracts traders with an orientation towards fundamental and/or technical analysis.
Traditionally, retail investors' only means of gaining access to the foreign exchange market was through banks that transacted large amounts of currencies for commercial and investment purposes. Trading volume has increased rapidly over time, especially after exchange rates were allowed to float freely in 1971. Today, importers and exporters, international portfolio managers, multinational corporations, speculators, day traders, long-term holders and hedge funds all use the FOREX market to pay for goods and services, transact in financial assets or to reduce the risk of currency movements by hedging their exposure in other markets.
MG Financial, now operating in over 100 countries, serves all manner of clients, comprising speculators and strategic traders. Whether it’s day-traders looking for short-term gains, or fund managers wanting to hedge their non-US assets, MG's DealStation™ allows them to participate in FOREX trading by providing a combination of live quotes, Real-Time charts, and news and analysis that attracts traders with an orientation towards fundamental and/or technical analysis.
How to Get Started
People are introduced to the exciting world of foreign exchange in many ways: friends, current events, newspapers, television, and many others. For those of you who are new to forex, the following guidelines cover the basics of currency trading.
Step 1: "Practice makes perfect"
Demo trade. The demo account was designed to help traders gain familiarity with the speed and movements of the market. When you are demo trading, you should learn how to: 1) place market orders to enter a trade, 2) place stop-loss orders to protect your positions, and limit orders to take profits, 3) place OCO orders and If Done Orders to execute more advanced strategies.
Step 2: "Study, Study, Study".
Forex traders use fundamental analysis, technical analysis, quantitative analysis and sometimes a combination of all three to make their trading decisions. Fundamental analysis involves the use of economic, financial and political news to determine trading decisions. Technical analysis involves the study of Charts to predict future price movements based on past price patterns and trends. Quantitative analysis consists of the use of preset statistical models and properties in quantifying price formations such as averages, retracements as well as identifying oversold and undersold situations.
In order to help novice and experienced traders alike, MG has developed www.forexnews.com, a leading site on foreign exchange analysis, news and education. Comprehensive previews and summaries updated 4 times per day, insightful editorials covering the latest market developments and an open forum for discussing trading tips and ideas, are just some of the many features of Forexnews.com and MG's commitment to educating and informing Forex participants.
Step 3: Manage your money wisely.
You should always be aware of the amount of money in your account before placing a trade. If you think a long-term trend is developing, then you should consider whether you have enough funds to maintain your margin and withstand any movements against your position(s) that may occur. We encourage everyone who opens an account with us to ask themselves the following questions prior to entering each trade:
1) How much am I willing to risk?
2) What is my upside and downside potential?
3) What are the market conditions? (Is the market volatile or calm?)
4) What is the logic behind entering this trade?
5) When can I conclude if the assumptions/logic behind the trade are/is correct or wrong?
Before entering an order, you should consider both your entry and exit points. One of the mistakes most commonly made by traders, especially new traders, is letting emotions get in the way of their strategy.
Step 4: Stay Connected:
It is impossible to follow the forex market 24 hours day, 7 days a week. For better management of your account, we encourage you to use our Wireless Service and alert!FX™.
Step 5: Open a Live Account.
If you feel ready to trade this market, fill out our application forms and submit them today. Since the emotional factor may be higher than it was when you were demo-trading (as you are now committing real money), it is essential that you develop an effective strategy while demo-trading and plan to abide by it when trading your live account.
Step 1: "Practice makes perfect"
Demo trade. The demo account was designed to help traders gain familiarity with the speed and movements of the market. When you are demo trading, you should learn how to: 1) place market orders to enter a trade, 2) place stop-loss orders to protect your positions, and limit orders to take profits, 3) place OCO orders and If Done Orders to execute more advanced strategies.
Step 2: "Study, Study, Study".
Forex traders use fundamental analysis, technical analysis, quantitative analysis and sometimes a combination of all three to make their trading decisions. Fundamental analysis involves the use of economic, financial and political news to determine trading decisions. Technical analysis involves the study of Charts to predict future price movements based on past price patterns and trends. Quantitative analysis consists of the use of preset statistical models and properties in quantifying price formations such as averages, retracements as well as identifying oversold and undersold situations.
In order to help novice and experienced traders alike, MG has developed www.forexnews.com, a leading site on foreign exchange analysis, news and education. Comprehensive previews and summaries updated 4 times per day, insightful editorials covering the latest market developments and an open forum for discussing trading tips and ideas, are just some of the many features of Forexnews.com and MG's commitment to educating and informing Forex participants.
Step 3: Manage your money wisely.
You should always be aware of the amount of money in your account before placing a trade. If you think a long-term trend is developing, then you should consider whether you have enough funds to maintain your margin and withstand any movements against your position(s) that may occur. We encourage everyone who opens an account with us to ask themselves the following questions prior to entering each trade:
1) How much am I willing to risk?
2) What is my upside and downside potential?
3) What are the market conditions? (Is the market volatile or calm?)
4) What is the logic behind entering this trade?
5) When can I conclude if the assumptions/logic behind the trade are/is correct or wrong?
Before entering an order, you should consider both your entry and exit points. One of the mistakes most commonly made by traders, especially new traders, is letting emotions get in the way of their strategy.
Step 4: Stay Connected:
It is impossible to follow the forex market 24 hours day, 7 days a week. For better management of your account, we encourage you to use our Wireless Service and alert!FX™.
Step 5: Open a Live Account.
If you feel ready to trade this market, fill out our application forms and submit them today. Since the emotional factor may be higher than it was when you were demo-trading (as you are now committing real money), it is essential that you develop an effective strategy while demo-trading and plan to abide by it when trading your live account.
Monday, July 13, 2009
software history
The 1950s
* Computers become extensively used for business applications
* First contract programming firms formed
The 1960s
* Contract programming services industry grows rapidly; some companies go public
* First software products come on the market
* ICP Quarterly, a catalog of available software programs, first published in January, 1967
* Thousands of companies formed by the end of the decade
* IBM announces unbundling in June, 1969
The 1970s
* Software products become accepted by customers
* First ICP Million Dollar Awards given to 29 software products in 1971
* Software industry grows rapidly despite lack of financing sources; Cullinane Corp goes public in 1978 (first software product company to go public)
* First PC software companies founded
* Computers become extensively used for business applications
* First contract programming firms formed
The 1960s
* Contract programming services industry grows rapidly; some companies go public
* First software products come on the market
* ICP Quarterly, a catalog of available software programs, first published in January, 1967
* Thousands of companies formed by the end of the decade
* IBM announces unbundling in June, 1969
The 1970s
* Software products become accepted by customers
* First ICP Million Dollar Awards given to 29 software products in 1971
* Software industry grows rapidly despite lack of financing sources; Cullinane Corp goes public in 1978 (first software product company to go public)
* First PC software companies founded
Forex Historical Data
Forex historical data for all major currency pairs.Historical data for Forex can be found by scrolling down in the box below the stock tickers.
Select your prefered time frame for your data,monthly data, daily data or intraday data.Historical data can also be found for Crude Oil,Indices and Many U.S and U.K Stocks.
Select your prefered time frame for your data,monthly data, daily data or intraday data.Historical data can also be found for Crude Oil,Indices and Many U.S and U.K Stocks.
Wednesday, July 8, 2009
CDMA2000
The 3rd Generation Partnership Project (3GPP) is a collaboration between groups of telecommunications associations, to make a globally applicable third generation (3G) mobile phone system specification within the scope of the International Mobile Telecommunications-2000 project of the International Telecommunication Union (ITU). 3GPP specifications are based on evolved Global System for Mobile Communications (GSM) specifications. 3GPP standardization encompasses Radio, Core Network and Service architecture.[1]
The groups are the European Telecommunications Standards Institute, Association of Radio Industries and Businesses/Telecommunication Technology Committee (ARIB/TTC) (Japan), China Communications Standards Association [2], Alliance for Telecommunications Industry Solutions (North America) and Telecommunications Technology Association (South Korea).[1] The project was established in December 1998.
3GPP should not be confused with 3rd Generation Partnership Project 2 (3GPP2), which specifies standards for another 3G technology based on IS-95 (CDMA), commonly known as CDMA2000.
Personal Communications Service
Personal Communications Service or PCS is the name for the 1900 MHz radio band used for digital mobile phone services in Canada, Mexico and the United States. Code Division Multiple Access (CDMA), GSM, and D-AMPS systems can be used on PCS frequencies. The FCC, as well as Industry Canada, set aside the frequency band of 1850-1990 MHz for mobile phone use in 1994, as the original cellular phone band at 824-894 MHz was becoming overcrowded. Dual-band GSM phones are capable of working in both the 850 and 1900 MHz bands, although they are incompatible with 900 and 1800 MHz European and Asian systems. However, GSM "world phones" (some of which are known as tri-band or quad-band phones, because they operate in three or four different frequency bands, respectively) offered by North American carriers support both European and domestic frequencies. Outside the USA, PCS is used to refer to GSM-1900. In Hong Kong, PCS is used to refer to GSM-1800.
Sprint was the first company to set up a PCS network, which was a GSM-1900 network in the Baltimore-Washington metropolitan area in the USA.[1] Eventually however, Sprint converted that network to CDMA technology and sold the GSM infrastructure to Omnipoint, which later became part of T-Mobile USA. Nowadays, the PCS frequencies have been adopted for usage in most parts of the Americas.
Sprint was the first company to set up a PCS network, which was a GSM-1900 network in the Baltimore-Washington metropolitan area in the USA.[1] Eventually however, Sprint converted that network to CDMA technology and sold the GSM infrastructure to Omnipoint, which later became part of T-Mobile USA. Nowadays, the PCS frequencies have been adopted for usage in most parts of the Americas.
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