US Dollar Index®

Currency	Weight
Euro EUR	0.576
Japanese Yen JPY	0.136
British Pound GBP	0.119
Canadian Dollar CAD	0.091
Swedish Krona SEK	0.042
Swiss France CHF	0.036

What is the US Dollar Index^®?

Just as the Dow Jones Industrial Average provides a general indication of the value of the US stock market, the US Dollar Index (USDX^®) provides a general indication of the international value of the US Dollar. Similar in many respects to the Federals Reserve Board's trade-weighted index, the USDX does this by averaging the exchange rates between the US Dollar and six major world currencies.

USDX = 50.14348112 × EURUSD^-0.576 × USDJPY^0.136 × GBPUSD^-0.119 × USDCAD^0.091 × USDSEK^0.042 × USDCHF^0.036

These 17 countries (12 countries of the Euro zone plus the five other nations whose currencies are represented in the USDX) constitute the bulk of international trade with the United States, and have well-developed foreign exchange markets with rates freely determined by market participants. In addition, many currencies not included in the USDX move in close correlation with those that are included. The USDX is computed 24 hours a day, seven days a week.

Currencies and weights used in the calculation of the USDX are the same as those used in the Federal Reserve Boards trade-weighted US Dollar Index.

Since the USDX is based only on indications of foreign exchange rate values, it may occasionally differ from a value calculated using other data sources.

The USDX is calculated as a geometric weighted average of the change in six foreign currency exchange rates against the US Dollar relative to March 1973. The USDX measures the dollar's general value relative to a base of 100.00. A quote of 105.50 means the dollar's value has risen 5.50% since this base period.

March 1973 was chosen as a base period because it represents a significant milestone in foreign exchange history when the world's major trading nations allowed their currencies to float freely against each other. This agreement was reached at the Smithsonian Institution in Washington, DC and was a victory for free market theorists. The Smithsonian agreement replaced the unsuccessful fixed rate regime established approximately 25 years earlier at Bretton Woods, New Hampshire.

The current level of the USDX reflects the average value of the dollar relative to this 1973 base period. Since that time, the Dollar Index has traded as high as the mid-160's and as low as the high-70's. Volatility of this instrument is comparable in range and variability to a broad-based, multi-capitalization stock index future.

Probabilistic approach

It's heard on the street, that...

• You can double your money with almost no risk in less than a year.
• You think, we are pulling your leg? Not at all.
• You think, it takes some special skills and long experience? It does not either.
• You think we count on luck? Not at all.

Consider perfectly realistic numbers.

Let's assume, that you are a trader with a little market experience on FOREX. It's clear that in general you will have 50% chance to guess a rate trend (up or down) correctly with no analysis. Imagine that your knowledge and skills would improve your chances by mere 5%, that you would guess the trends correctly in 55% rather than 50% of all cases.

Furthermore. You've deposited $10,000 in your account and are ready to invest up to 15% of this amount in trading each month, while limiting your risk to 5% of the total deposit. To put it differently, you would limit your losses to $1,500 a month, but not more than $500 on each transaction.

To double your investment, you would have to win $10.000:12=$833 each month. Let's assume that each point's worth is $6. Then each month you would have to gain $833:$6=140 points. It should be noted that rates usually move 50 – 100 points a day, thus, taking on average 75 points õ 20 days = 1500 points a month, of which you would have to pick up only 1/10.

Let's consider your chances now.

If your experience, as we have previously agreed, allows you to win in 55% (i.e. 50%+5%) of all cases, the losses on one transaction are stopped at $500 and the loss limit each month is $1,500, then the probability to win an amount allowing to double the initial deposit approaches 88% (the doubting may easily recon the odds of losing in one month as the probability of losing three consecutive bets, that is 0.45x0.45x0.45 plus the probability of two consecutive losses, one win and two losses again, plus the small probabilities of longer chains). To achieve this end, you would have to execute about 240 transactions on average, that is 20 transactions a month.

It should be borne in mind, that as your account would grow, the limit of your losses (5%) would grow too along with the growth of your income. At this rate, the $20,000 level would be achieved in approximately 9.5 months.

You could reduce the number of required transactios in two ways: by improving your skills, and/or by taking larger risks.

If your experience would allow to transact profitably in 60% of the cases, then you would only need 170 transactions to double your account. By the way, the probability of success would increase to 99% in this case.

If you would increase your loss tolerance to 10% from 5%, the number of required transactions would drop from 240 to 80, that is you could double your account in 4 months, with a lower probability of 77% instead of 88%, though.

Which of these ways to take is up to you. We wish you luck and success that will not hurt any strategy.

Traders without bounds

Just three months ago bankers, brokers and financial traders were perceived by the majority of Russian citizens as space aliens. The future appeared set for many years ahead. Then the crisis made some corrections. For the first time in seven years employment agencies became flooded with the former "celestial beings".

A series of publications was issued by several financial industry magazines saying that highly qualified financial professionals would get to do things unfamiliar to them. This situation should not be overly dramatized, though. The former participants of the securities market can apply their knowledge and experience to world currency market as Eugene A. Sokolinsky, the director of "Anonymous" dealing center thinks.

He says:

An article by A. Zaitsev "Should you trade futures on the Internet?" appeared in "RCB" magazine 16'98. I would like to express my disagreement with a few of his ideas.

INTERNET BUSINESS IS NOT A CAR RIDE

We trade on FOREX foreign currency exchange. Instead of futures we deal with another financial instrument, but from the point of view of trading technology they don't have significant differences, thus all further comments concerning FOREX are equally applicable to the futures. I respectfully quote the author:

A professional trader should analyze the situation continously, he should be concentrated, attentive, and decisive. Can you do it behind the steering wheel?

Unfortunately, other things are also hard to do behind the steering wheel, scratch your back, for example.

Let us compare trader's work on FOREX or futures market over the Internet with the work in a dealing room, whose advantages are often mentioned by my opponent.

Generally speaking, in my opinion, it is best to trade "on the floor" through your own broker on all world currency exchanges with a deposit of a few million dollars. There is no time lag in this case, but it is cost prohibitive to many people. You can also establish a dealing center at home. If you install a satellite dish on your patio, pay Reuters Tenfore or CQG for their services, that would be around $1,500 a month, you could get a rather decent information system, lacking, though, the ability to participate in the trading directly. Traders don't usually spend that much. That is why we should face the reality and come back down to our wicked earth from heaven.

SERVER OVERLOAD

When the market is very volatile, traders close their positions to avoid losses, and the server can not handle the large volume of transactions.

Leading Russian portfolio managers working on Russian securities marked were asked whether FOREX trading might be considered an alternative occupation for traders, analysts and portfolio investors who had worked on Russian securities market but had to leave their companies because of the crisis. Romex's (Moscow) Alexander Gulyi says: Yes, of course. FOREX, as opposed to the domestic securities market, is, at first, highly liquid, at second, the experience gained there by the specialists may be effectively used not only on FOREX. This is also favored by the current situation on world financial markets, when currency rate fluctuations exceed the average level during relatively calm financial conditions, giving the market participants an opportunity to make more money. While the floating rates exist, FOREX will not suffer from the worldwide crisis. On the contrary, we should anticipate new trends that were not possible in the past. I feel, that it would be a nice alternative, but not by a long chalk for all former market participants. It should be kept in mind, that FOREX is not trivial and working there will be, most likely, harder for newcoming specialists.

We can object the author with as just as much confidence that if there are only two or three telephones in the dealing room that are jumped by about 50 people at once when the rates move, then you will have a familiar queue not very conducive to normal trading. This number of requests is nothing for a server.

Our company has approximately 1000 clients, including the training accounts. Should all of them send inquiries at once, the server will, of course, be overloaded. This, by all means, is inconvenient, because a delay of 10-20 seconds may even result. But if these same clients would call us at the same time, even a multi-line telephone would hardly let anybody to reach us.

I maintain that dealing room is inconvenient for the traders. This conviction is based on my personal experience and observation of the traders. As quoted above, my opponent requires concentration and attention from a trader. I would like to ask him, if it is possible for a person to stare at the computer screen continuously during the working day anticipating the rate of this or another currency to move favorably? It is common for a trader to wait day after day and see nothing happening on the market. This stressful downtime leads to the person's being ready to open just any position, not because "the time is ripe" but to have something to do. Even at a loss.

Again, if a trader works from home or from office, or, even more conveniently from both home and office, he knows that the market is always accessible. Undue stress becomes no longer necessary. He may be doing something else simultaneously, taking a look at the screen every now and then. This doesn not mean taking the work lightly, as my opponent asserts. The screen will show that a ratio of two currency rates should reach maximum in a few hours and then go down. While in the trading room, the trader is screen bound. While in his office, he is at ease and can perform well.

The majority of people all over the world prefer working on financial markets from home. My friend who is a professor at Cambridge likes to play the stock market. He does not put too much time in this business, but when he sees an interesting situation on the screen, he will give an order over the Internet to a brokerage firm to buy or sell certain stock. FOREX is even more appealing to the participants because it allows trading at night that is best done from home.

THE BEST IS THE ENEMY OF THE GOOD

Euroinvest's Îleg Alimov: FOREX is perhaps the only market that did not suffer from the financial crisis. Rather, it gained from the influx of people from other areas of financial market. Securities specialists usually have good command of technical and fundamental analysis and are familiar with the issues of world economy.

To be successful, the trader needs timely and reliable information on market situation and access to the news that affect it. Large information systems, without doubt, surpass the capacities of the Internet in this respect.

Of course, such powerful information systems asReuters or Dow-Jones give much information including unnecessary. Presently, we send a bit less information through the Internet. This can not be argued. But even the people in the dealing room get less information than the floor traders. The same applies to our users who have real-time charts, indicators, news and so on. I assert that the volume of information available over the Internet is perfectly sufficient for normal activities of the traders.

INTERNET DOES NOT IMPEDE THE DECISION MAKING

Even reliable high-quality communications will not solve all problems. Experienced traders know how important the execution time is. In this respect the Internet trails the floor trading too.

As it seems, the author believes that entering an order on your computer takes considerable time. I have to assure the reader that this time is less than time needed to dial a phone number. Meanwhile, the time that server takes to transmit the information varies from 10 ms to 400-500 ms. Thus, the maximum delay will not exceed one half of a second which is negligible in comparison with time needed for decision making, giving orders to the broker and so on. Therefore, for all practical purposes there are no real delays when you trade on FOREX over the Internet.

INTERNET ALLOWS TO AVOID "CROWD MENTALITY"

The Internet does not consult, advise, warn, it will not guide you in the current situation, will not give the necessary information to the trader.

Everybody knows that all advice should be taken skeptically. Everybody knows the rule, but seldom follows it, especially experiencing the psychological pressure of such a group of peole as the crowd of traders in the dealing room. If this psychological issue is considered, the Internet provides a significantly more reliable work environment than the dealing room.

Dictionary

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English	Explanation
Ask	Price at which the seller (dealer) is willing to sell currency or other financial instruments
Bear	Historical term used to denote decreasing trends. (A bear will press its prey down to the ground with its paws.)
Bid	Price at which the buyer (dealer) is willing to buy currency or other financial instruments
Bull	Historical term used to denote increasing trends. (A bull will toss his enemy up his horns.)
Buy
Chart
Close
Currency
Dealer	Professional participant of financial market
GTC	Order to open a position valid until cancelled by the client
Indicator	Mystical symbol akin to philosopher's stone of the Holy Grail. Popular opinion holds that technical indicators help winning on the market.
Last	Price of the last transaction. It is an average of the last Bid and Ask on Forex
Limit	Client's order to the dealer to close a profitable position, if the profit exceeds certain limit
Limit Order	Client's order to the dealer to open a new position at the set price or better
Lot	Smallest indivisible transaction volume for Buy/Sell
Long	Purchasing transaction or open Buy position.(see Short
Margin	Deposit required of a client to cover possible future losses from playing the market. It is usually expressed as a percentage or a fraction, for example 1%, 3:100, equal to the ratio of the deposit to the lot size.
Open
Pip	Smallest possible rate change
Point
Quote	Current value of Ask or Bid
Sell
Short	Selling transaction or open Sell position (see Long)
Spread	Difference between current Bid and Ask values expressed in Points (Pips)
Stop	Order to the dealer to close losing position, if the loss exceeds set level
Stop Order	Order to the dealer to open a new position only if the rate reaches certain value
Transaction	Opening or closing of a position

Overnight charges

The cost of rolling position overnight

Opening a FOREX position is exchanging one currency for another. For example, opening USDCHF BUY 1 lot, a trader receives 100 thousand US dollars (USD) in exchange for an equivalent value of Swiss franks (CHF). At the time of this writing USD 100,000 is approximately equivalent to 114,000 franks. Usually, the trader does not have such amount of franks (trading is conducted with 1:100 margin). The trader must loan the money first. Once the position is opened, the trader is in debt for CHF 114,000 and his account is credited with USD 100,000. The loan has to be serviced: the trader must pay an interest. On the other hand, the dollar deposit earns interest for the trader. It's unknown how long the trader plans to keep the position open, thus the loan/deposit have to be renewed every day. The interest rate for the shortest possible period is used. Usually it's overnight rates LIBOR for the loan, and LIBID for the deposit. At the time of this writing the LIBOR CHF rate is 0.58%, LIBID USD is 2.18% per annum. Thus, the trader earns more on the dollar deposit than he/she spends on the CHF interest payments.

All transaction are dated by value date, usually the second day from present. The second day from midnight of Thursday (Wednesday to Thursday night) falls on a weekend, thus charges/credits on 00:00 Thursday are tripled to account for it.

The positive numbers in the table mean credit to the trader's account, negative numbers mean charges against the trader's account.

Pip price

How to calculate the point (pip) price All currency pairs can be subdivided into three logical groups - pairs with direct quote (EURUSD, GBPUSD), pairs with inverse quote (USDJPY, USDCHF), and cross rates (GBPCHF, EURJPY etc.).

1. The pip price for currency pairs with direct quote is calculated according to the following formula

[pip] = [lot size] × [tick size]

where [tick size] - is the smallest possible change in price, for example for USDCHF and EURUSD it's 0.0001. For currency pairs with direct quote the pip price is constant. Example. EURUSD. Lot size is 100,000, tick - 0.0001. [pip] = 100000 * 0.0001 = $10.00

2. For currency pairs with inverse quote:

[pip] = [lot size] × [tick size] / [current quote]

For currency pairs with inverse quote the pip price varies depending on the current quote. Example. USDJPY. Lot size is 100,000, tick - 0.01. If current quote is 129.20, [pip] = 100000 * 0.01 / 129.20 = $7.74

3. For cross rates:

[pip] = [lot size] × [tick size] × [base quote] / [current quote]

where [base quote] - the current base pair quote. Example. GBPCHF. The lot size is J62500; if the current quote is 2.3000 and the base GBPUSD quote is 1.4550, [pip] = 62500 * 0.0001 * 1.4550 / 2.3000 = $3.95.

ISO-4217

Tables of Codes for the Representation of Currencies and Funds (2000) Updated January 5, 2000

ENTITY	Currency	Code		Minor unit
		Alphabetic	Numeric
AFGHANISTAN	Afghani	AFA	004	2
ALBANIA	Lek	ALL	008	2
ALGERIA	Algerian Dinar	DZD	012	2
AMERICAN SAMOA	US Dollar	USD	840	2
ANDORRA	Spanish Peseta	ESP	724	0
	French Franc	FRF	250	2
	Andorran Peseta	ADP	020	0
ANGOLA	New Kwanza	AON	024	2
	Kwanza Reajustado	AOR	982	2
ANGUILLA	East Caribbean Dollar	XCD	951	2
ANTARCTICA	No universal currency
ANTIGUA AND BARBUDA	East Caribbean Dollar	XCD	951	2
ARGENTINA	Argentine Peso	ARS	032	2
ARMENIA	Armenian Dram	AMD	051	2
ARUBA	Aruban Guilder	AWG	533	2
AUSTRALIA	Australian Dollar	AUD	036	2
AUSTRIA	Schilling	ATS	040	2
AZERBAIJAN	Azerbaijanian Manat	AZM	031	2
BAHAMAS	Bahamian Dollar	BSD	044	2
BAHRAIN	Bahraini Dinar	BHD	048	3
BANGLADESH	Taka	BDT	050	2
BARBADOS	Barbados Dollar	BBD	052	2
BELARUS	Belarussian Ruble	BYR	974	0
BELGIUM	Belgian Franc	BEF	056	0
BELIZE	Belize Dollar	BZD	084	2
BENIN	CFA Franc BCEAO1	XOF	952	0
BERMUDA	Bermudian Dollar (customarily known as Bermuda Dollar)	BMD	060	2
BHUTAN	Indian Rupee	INR	356	2
	Ngultrum	BTN	064	2
BOLIVIA	Boliviano	BOB	068	2
	Mvdol 2	BOV	984	2
BOSNIA AND HERZEGOVINA	Convertible Marks	BAM	977	2
BOTSWANA	Pula	BWP	072	2
BOUVET ISLAND	Norwegian Krone	NOK	578	2
BRAZIL	Brazilian Real	BRL	986	2
BRITISH INDIAN OCEAN TERRITORY	US Dollar	USD	840	2
BRUNEI DARUSSALAM	Brunei Dollar	BND	096	2
BULGARIA	Lev	BGL	100	2
	Bulgarian LEV	BGN	975	2
BURKINA FASO	CFA Franc BCEAO1	XOF	952	0
BURUNDI	Burundi Franc	BIF	108	0
CAMBODIA	Riel	KHR	116	2
CAMEROON	CFA Franc BEAC3	XAF	950	0
CANADA	Canadian Dollar	CAD	124	2
CAPE VERDE	Cape Verde Escudo	CVE	132	2
CAYMAN ISLANDS	Cayman Islands Dollar	KYD	136	2
CENTRAL AFRICAN REPUBLIC	CFA Franc BEAC3	XAF	950	0
CHAD	CFA Franc BEAC3	XAF	950	0
CHILE	Chilean Peso	CLP	152	0
	Unidades de fomento 2	CLF	990	0
CHINA	Yuan Renminbi	CNY	156	2
CHRISTMAS ISLAND	Australian Dollar	AUD	036	2
COCOS (KEELING) ISLANDS	Australian Dollar	AUD	036	2
COLOMBIA	Colombian Peso	COP	170	2
COMOROS	Comoro Franc	KMF	174	0
CONGO	CFA Franc BEAC 3	XAF	950	0
CONGO, THE DEMOCRATIC REPUBLIC OF	Franc Congolais	CDF	976	2
COOK ISLANDS	New Zealand Dollar	NZD	554	2
COSTA RICA	Costa Rican Colon	CRC	188	2
COTE D'IVOIRE	CFA Franc BCEAO1	XOF	952	0
CROATIA	Kuna	HRK	191	2
CUBA	Cuban Peso	CUP	192	2
CYPRUS	Cyprus Pound	CYP	196	2
CZECH REPUBLIC	Czech Koruna	CZK	203	2
DENMARK	Danish Krone	DKK	208	2
DJIBOUTI	Djibouti Franc	DJF	262	0
DOMINICA	East Caribbean Dollar	XCD	951	2
DOMINICAN REPUBLIC	Dominican Peso	DOP	214	2
EAST TIMOR	Timor Escudo	TPE	626	0
	Rupiah	IDR	360	2
ECUADOR	Sucre	ECS	218	2
	Unidad de Valor Constante (UVC) 2	ECV	983	2
EGYPT	Egyptian Pound	EGP	818	2
EL SALVADOR	El Salvador Colon	SVC	222	2
EQUATORIAL GUINEA	CFA Franc BEAC 3	XAF	950	0
ESTONIA	Kroon	EEK	233	2
ERITREA	Nakfa	ERN	232	2
ETHIOPIA	Ethiopian Birr	ETB	230	2
EUROPEAN MONETARY UNION (EMU)4, 10	Euro	EUR	978	2
FALKLAND ISLANDS (MALVINAS)	Falkland Islands Pound	FKP	238	2
FAROE ISLANDS	Danish Krone	DKK	208	2
FIJI	Fiji Dollar	FJD	242	2
FINLAND	Markka	FIM	246	2
FRANCE	French Franc	FRF	250	2
FRENCH GUIANA	French Franc	FRF	250	2
FRENCH POLYNESIA	CFP Franc	XPF	953	0
FRENCH SOUTHERN TERRITORIES	French Franc	FRF	250	2
GABON	CFA Franc BEAC 3	XAF	950	0
GAMBIA	Dalasi	GMD	270	2
GEORGIA	Lari	GEL	981	2
GERMANY	Deutsche Mark	DEM	280	2
GHANA	Cedi	GHC	288	2
GIBRALTAR	Gibraltar Pound	GIP	292	2
GREECE	Drachma	GRD	300	0
GREENLAND	Danish Krone	DKK	208	2
GRENADA	East Caribbean Dollar	XCD	951	2
GUADELOUPE	French Franc	FRF	250	2
GUAM	US Dollar	USD	840	2
GUATEMALA	Quetzal	GTQ	320	2
GUINEA	Guinea Franc	GNF	324	0
GUINEA-BISSAU	Guinea-Bissau Peso	GWP	624	2
	CFA Franc BCEAO 1	XOF	952	0
GUYANA	Guyana Dollar	GYD	328	2
HAITI	Gourde	HTG	332	2
	US Dollar	USD	840	2
HEARD ISLAND AND MCDONALD ISLANDS	Australian Dollar	AUD	036	2
HOLY SEE (VATICAN CITY STATE)	Italian Lira	ITL	380	0
HONDURAS	Lempira	HNL	340	2
HONG KONG	Hong Kong Dollar	HKD	344	2
HUNGARY	Forint	HUF	348	2
ICELAND	Iceland Krona	ISK	352	2
INDIA	Indian Rupee	INR	356	2
INDONESIA	Rupiah	IDR	360	2
INTERNATIONAL MONETARY FUND (IMF) 4	SDR	XDR	960	N.A.
IRAN, ISLAMIC REPUBLIC OF	Iranian Rial	IRR	364	2
IRAQ	Iraqi Dinar	IQD	368	3 7
IRELAND	Irish Pound	IEP	372	2
ISRAEL	New Israeli Sheqel 5	ILS	376	2
ITALY	Italian Lira	ITL	380	0
JAMAICA	Jamaican Dollar	JMD	388	2
JAPAN	Yen	JPY	392	0
JORDAN	Jordanian Dinar	JOD	400	3
KAZAKSTAN	Tenge	KZT	398	2
KENYA	Kenyan Shilling	KES	404	2
KIRIBATI	Australian Dollar	AUD	036	2
KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF	North Korean Won	KPW	408	2
KOREA, REPUBLIC OF	Won	KRW	410	0
KUWAIT	Kuwaiti Dinar	KWD	414	3
KYRGYZSTAN	Som	KGS	417	2
LAO PEOPLE'S DEMOCRATIC REPUBLIC	Kip	LAK	418	2
LATVIA	Latvian Lats	LVL	428	2
LEBANON	Lebanese Pound	LBP	422	2
LESOTHO	Rand	ZAR	710	2
	(financial Rand) 2	ZAL	991	2
	Loti	LSL	426	2
LIBERIA	Liberian Dollar	LRD	430	2
LIBYAN ARAB JAMAHIRIYA	Libyan Dinar	LYD	434	3
LIECHTENSTEIN	Swiss Franc	CHF	756	2
LITHUANIA	Lithuanian Litas	LTL	440	2
LUXEMBOURG	Luxembourg Franc	LUF	442	0
MACAU	Pataca	MOP	446	2
MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF	Denar	MKD	807	2
MADAGASCAR	Malagasy Franc	MGF	450	0
MALAWI	Kwacha	MWK	454	2
MALAYSIA	Malaysian Ringgit	MYR	458	2
MALDIVES	Rufiyaa	MVR	462	2
MALI	CFA Franc BCEAO 1	XOF	952	0
MALTA	Maltese Lira	MTL	470	2
MARSHALL ISLANDS	US Dollar	USD	840	2
MARTINIQUE	French Franc	FRF	250	2
MAURITANIA	Ouguiya	MRO	478	2
MAURITIUS	Mauritius Rupee	MUR	480	2
MEXICO	Mexican Peso	MXN	484	2
	Mexican Unidad de Inversion (UDI) 2	MXV	979	2
MICRONESIA, FEDERATED STATES OF	US Dollar	USD	840	2
MOLDOVA, REPUBLIC OF	Moldovan Leu	MDL	498	2
MONACO	French Franc	FRF	250	2
MONGOLIA	Tugrik	MNT	496	2
MONTSERRAT	East Caribbean Dollar	XCD	951	2
MOROCCO	Moroccan Dirham	MAD	504	2
MOZAMBIQUE	Metical	MZM	508	2
MYANMAR	Kyat	MMK	104	2
NAMIBIA	Rand	ZAR	710	2
	Namibia Dollar 6	NAD	516	2
NAURU	Australian Dollar	AUD	036	2
NEPAL	Nepalese Rupee	NPR	524	2
NETHERLANDS	Netherlands Guilder	NLG	528	2
NETHERLANDS ANTILLES	Netherlands Antillian Guilder	ANG	532	2
NEW CALEDONIA	CFP Franc	XPF	953	0
NEW ZEALAND	New Zealand Dollar	NZD	554	2
NICARAGUA	Cordoba Oro	NIO	558	2
NIGER	CFA Franc BCEAO 1	XOF	952	0
NIGERIA	Naira	NGN	566	2
NIUE	New Zealand Dollar	NZD	554	2
NORFOLK ISLAND	Australian Dollar	AUD	036	2
NORTHERN MARIANA ISLANDS	US Dollar	USD	840	2
NORWAY	Norwegian Krone	NOK	578	2
OMAN	Rial Omani	OMR	512	3
PAKISTAN	Pakistan Rupee	PKR	586	2
PALAU	US Dollar	USD	840	2
PANAMA	Balboa	PAB	590	2
	US Dollar	USD	840	2
PAPUA NEW GUINEA	Kina	PGK	598	2
PARAGUAY	Guarani	PYG	600	0
PERU	Nuevo Sol	PEN	604	2
PHILIPPINES	Philippine Peso	PHP	608	2
PITCAIRN	New Zealand Dollar	NZD	554	2
POLAND	Zloty	PLN	985	2
PORTUGAL	Portuguese Escudo	PTE	620	0
PUERTO RICO	US Dollar	USD	840	2
QATAR	Qatari Rial	QAR	634	2
REUNION	French Franc	FRF	250	2
ROMANIA	Leu	ROL	642	2
RUSSIAN FEDERATION	Russian Ruble	RUR	810	2
	Russian Ruble	RUB	643	2
RWANDA	Rwanda Franc	RWF	646	0
SAINT HELENA	St Helena Pound	SHP	654	2
SAINT KITTS AND NEVIS	East Caribbean Dollar	XCD	951	2
SAINT LUCIA	East Caribbean Dollar	XCD	951	2
SAINT PIERRE AND MIQUELON	French Franc	FRF	250	2
SAINT VINCENT AND THE GRENADINES	East Caribbean Dollar	XCD	951	2
SAMOA	Tala	WST	882	2
SAN MARINO	Italian Lira	ITL	380	0
SAO TOME AND PRINCIPE	Dobra	STD	678	2
SAUDI ARABIA	Saudi Riyal	SAR	682	2
SENEGAL	CFA Franc BCEAO 1	XOF	952	0
SEYCHELLES	Seychelles Rupee	SCR	690	2
SIERRA LEONE	Leone	SLL	694	2
SINGAPORE	Singapore Dollar	SGD	702	2
SLOVAKIA	Slovak Koruna	SKK	703	2
SLOVENIA	Tolar	SIT	705	2
SOLOMON ISLANDS	Solomon Islands Dollar	SBD	090	2
SOMALIA	Somali Shilling	SOS	706	2
SOUTH AFRICA	Rand	ZAR	710	2
SPAIN	Spanish Peseta	ESP	724	0
SRI LANKA	Sri Lanka Rupee	LKR	144	2
SUDAN	Sudanese Dinar	SDD	736	2
SURINAME	Surinam Guilder	SRG	740	2
SVALBARD AND JAN MAYEN	Norwegian Krone	NOK	578	2
SWAZILAND	Lilangeni	SZL	748	2
SWEDEN	Swedish Krona	SEK	752	2
SWITZERLAND	Swiss Franc	CHF	756	2
SYRIAN ARAB REPUBLIC	Syrian Pound	SYP	760	2
TAIWAN, PROVINCE OF CHINA	New Taiwan Dollar	TWD	901	2
TAJIKISTAN	Tajik Ruble	TJR	762	0
TANZANIA, UNITED REPUBLIC OF	Tanzanian Shilling	TZS	834	2
THAILAND	Baht	THB	764	2
TOGO	CFA Franc BCEAO 1	XOF	952	0
TOKELAU	New Zealand Dollar	NZD	554	2
TONGA	Pa'anga	TOP	776	2
TRINIDAD AND TOBAGO	Trinidad and Tobago Dollar	TTD	780	2
TUNISIA	Tunisian Dinar	TND	788	3
TURKEY	Turkish Lira	TRL	792	2
TURKMENISTAN	Manat	TMM	795	2
TURKS AND CAICOS ISLANDS	US Dollar	USD	840	2
TUVALU	Australian Dollar	AUD	036	2
UGANDA	Uganda Shilling 8	UGX	800	0
UKRAINE	Hryvnia	UAH	980	2
UNITED ARAB EMIRATES	UAE Dirham	AED	784	2
UNITED KINGDOM	Pound Sterling	GBP	826	2
UNITED STATES	US Dollar	USD	840	2
	(Same day) 2	USS	998	2
	(Next day) 2	USN	997	2
UNITED STATES MINOR OUTLAYING ISLANDS	US Dollar	USD	840	2
URUGUAY	Peso Uruguayo	UYU	858	2
UZBEKISTAN	Uzbekistan Sum	UZS	860	2
VANUATU	Vatu	VUV	548	0
VENEZUELA	Bolivar	VEB	862	2
VIET NAM	Dong	VND	704	2
VIRGIN ISLANDS (BRITISH)	US Dollar	USD	840	2
VIRGIN ISLANDS (U.S.)	US Dollar	USD	840	2
WALLIS AND FUTUNA	CFP Franc	XPF	953	0
WESTERN SAHARA	Moroccan Dirham	MAD	504	2
YEMEN	Yemeni Rial	YER	886	2
YUGOSLAVIA	New Dinar	YUM	891	2
ZAIRE	New Zaire	ZRN	180	2
ZAMBIA	Kwacha	ZMK	894	2
ZIMBABWE	Zimbabwe Dollar	ZWD	716	2
Entity not applicable	Gold	XAU	959	N.A.
	Bond Markets Units
	European Composite Unit (EURCO)	XBA	955	N.A.
	European Monetary Unit (E.M.U.-6) 9	XBB	956	N.A.
	European Unit of Account 9 (E.U.A.- 9)	XBC	957	N.A.
	European Unit of Account 17 (E.U.A.- 17)	XBD	958	N.A.
	Palladium	XPD	964	N.A.
	Platinum	XPT	962	N.A.
	Silver	XAG	961	N.A.
Entity not applicable	Special settlement currencies
	UIC-Franc	XFU	Nil	N.A.
	Gold-Franc	XFO	Nil	N.A.
	Codes specifically reserved for testing purposes	XTS	963	N.A.
	The codes assigned for transactions where no currency is involved	XXX	999	N.A
	1 CFA Franc BCEAO; Responsible authority: Banque Centrale des Etats de l'Afrique de l'Ouest. 2 Funds code [See table A.2(E) for definitions of funds types]. 3 CFA Franc BEAC; Responsible authority: Banque des Etats de l'Afrique Centrale. 4 This entry is not derived from ISO 3166, but is included here in alphabetic sequence for convenience. 5 Currency name was effective 1985-09-04 6 The Namibia Dollar became effective 1993-09-15 7 The lowest unit of recorded value for the Iraqi Dinar is the Dirham (1 Iraqi Dinar = 20 Dirhams). 8 The Uganda Shilling was denominated as from 1987-05-18. 9 E.M.U.-6 is sometimes known as the European Currency Unit. This should not be confused with the settlement unit of the European Monetary Cooperation Fund (E.M.C.F.) which has the same name (see entry for 'European Monetary Cooperation Fund' in this table). 10 The Euro became a legal currency on 1999-01-01.