American Currency Exchange – Specializing in Foreign Currency

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At American Currency Exchange ( ) we: buy and sell foreign currency, sell foreign drafts, carry over 70 foreign currencies, Provide free currency conversion sheets, buy and sell Canadian coin, have convenient parking, offer group travel currency plans.

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NY Judge nixes plaintiffs’ motion to amend complaint in FX benchmark rate fixing case

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The plaintiffs at a Forex benchmark speed fixing case have had their motion to amend the complaint nixed by Judge Lorna G. Schofield of their New York Southern District Court. The Judge signed an order on Tuesday, denying that the motion by the plaintiffs to expand the scope of the situation, which targets major banks like JPMorgan Chase & Co. (NYSE:JPM), JPMorgan Chase Bank, N.A.,” Barclays Capital, Inc., Citibank, N.A., Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Bank of America,” N.A, HSBC Bank USA, N.A., HSBC North America Holdings, Inc, The Royal Bank of Scotland plc (currently known as NatWest Markets plc), and UBS AG.
The post NY Judge nixes plaintiffs’ motion to amend complaint in FX benchmark speed fixing case appeared initially on FinanceFeeds.

In the end, the plaintiffs argue that the Court did not provide”precise note of this statute of limitations lack” prior to its May 20, 2019, Order, and so Plaintiffs’ second motion for reconsideration should be deemed”not even a re-consideration, however… Plaintiffs’ response and suggested remedy to this Court’s notice of deficiency.” Even supposing this were accurate, the plaintiffs proposed alterations merely restate arguments previously considered and rejected, and would not cure any lack, Judge Schofield reasoned.
This lawsuit is in its fifth year. To add a theory of liability based on a group of foreign exchange transactions at this period bias the defendants and would unduly expand the reach of this case, the Judge said.

According to the most recent Court filings, seen by FinanceFeeds, the Judge has sided with the suspect banks around the situation. From the order issued Tuesday, July 9, 2019, Judge Schofield stated the plaintiffs didn’t recognize”an intervening change of controlling law, the availability of new evidence, or the requirement to correct a clear error or prevent manifest injustice.”
The suspect banks, but disagreed. On June 7, 2019they filed a Letter using the New York Southern District Court, noting that this is the plaintiffs’ fourth attempt over the course of a year and a half to greatly expand the scope of the situation to add new claims resulting from their plaintiffs’ overseas credit card, debit card, and ATM transactions.

But, the Judge explained, it’s black letter law that a motion for reconsideration may not be utilized to advance new data, issues or arguments not previously presented to this Court, nor may it be utilized as a vehicle for relitigating issues already decided by the Court.

The plaintiffs represent a putative class of consumers and end-user companies who allege that they paid Forex rates caused by an alleged conspiracy among the defendant banks to fix costs of FX benchmark prices in breach of Section 1 of the Sherman Antitrust Act, 15 U.S.C. sec. 1 et seq..

The most recent effort  from the plaintiffs to do so was from May this year.
FinanceFeeds –

The suspect banks argued that users of credit, debit, and ATM cards are not efficient enforcers of the antitrust laws for its manipulation in the FX spot markets. They also noted that the plaintiffs’ complaint doesn’t imply that are all direct purchasers of foreign currency. According to the banks, the plaintiffs’ allegations regarding their credit, debitcard, and ATM card transactions fail to satisfy the process demands that are due for bringing claims under the Cartwright Act. Ultimately, the banks stated that the plaintiffs’ claims concerning wire transfers are time-barred and conclusory.

The plaintiffs have tried several occasions to amend their complaint to expand the scope of the definition of”foreign currency exchange trades”. As stated by the plaintiffs,”foreign currency retail trades” should comprise transactions apart from those involving foreign currency purchased with USD and received at the defendant banks’ retail divisions within the USA, such as credit and debit card transactions and ATM cash withdrawals abroad.

Major banks oppose attempt by plaintiffs in FX benchmark rate fixing case to amend complaint

Sourced from: [attempts ]

Big banks targeted at a Forex benchmark speed rigging litigation have sought to dismiss an [attempts ] to enlarge the scope of the situation.
The plaintiffs have tried several days to amend their complaint to enlarge the range of the definition of”foreign currency retail transactions”. As stated by the plaintiffs,”foreign currency exchange transactions” should comprise transactions besides those involving foreign currency purchased with USD and physically received in the defendant banks’ retail branches over the United States, such as credit and debit card transactions and ATM cash withdrawals overseas.

The article [attempts ] appeared initially on [attempts ].

Even the defendants worry which, even if the Court were to find that the plaintiffs’ proposed alterations aren’t time-barred, leave to amend should nevertheless be denied as worthless.

FinanceFeeds –
The suspect banks disagree. On Friday, June 7, 2019they filed a Letter together using all the New York Southern District Courton Tuesday. The Letter is signed by lawyers for many defendants, including JPMorgan Chase & Co. (NYSE:JPM), JPMorgan Chase Bank, N.A., Barclays Capital, Inc., Citibank, N.A., Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Bank of America, N.A, HSBC Bank USA, N.A., HSBC North America Holdings, Inc, The Royal Bank of Scotland plc (currently Called NatWest Markets plc), and UBS AG.
The defendants note that this is actually the plaintiffs’ fourth attempt over the course of a season and an half vastly expand the reach of their own situation to add new claims arising out of the plaintiffs’ foreign charge card, debit card, and ATM transactions. As stated by the banks, the plaintiffs’ attempt should be denied.
Let’s recall the prior effort by the plaintiffs to amend their complaint in order to include the expanded definition of”foreign money retail trades” has been [attempts ] by Judge Lorna G. Schofield on May 20, 2019. The Judge explained the motion to amend was futile where”the claims the plaintiff [attempts ] to include will be barred by the relevant statute of limitations”.
The suspect banks note that users of charge, debit, and ATM cards aren’t effective enforcers of the antitrust laws for its alleged manipulation from the FX area markets. They also mention that the plaintiffs’ complaint doesn’t imply that people who engaged in credit, debit, and ATM card transactions are all direct buyers of foreign money. Further, according to the banks, the plaintiffs’ allegations in their charge, debit, and ATM card transactions don’t fit the due process demands for bringing claims under the Cartwright Act. Ultimately, the banks assert that the plaintiffs’ claims concerning wire transfers are conclusory and time-barred.
The most recent effort by the plaintiffs is from May this year.

xPence Plus – Free Money Manager & Expenses Tracker for iPhone

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Available for FREE on the App store:

In Money Matters, xPence Plus Counts! Quick data entry with our innovative “Geo Name” feature and Automatic Currency Conversion. Great when traveling abroad!

FEATURES: Geo Name, Foreign Currency Mode with Currency Converter, Recurrence with Reminders, Beautiful personal Categories, Quick data entry, gorgeous PDF Receipts, Photo Attachments, Passcode Protection, Data Export and Import.

xPence Plus brings a new, smooth, animated and suggestive user interface with powerful features. Its strength lies in the ease of use and customization options. It’s a simple, yet powerful and fully featured personal expenses management solution. xPence will give you the features you need, when you need them.

xPence Plus is
FRIENDLY – Create categories that match your lifestyle
FAST – Tap & Hold a Category to Add an Expense to it
SMART – “Geo Name” suggests expense names via Foursquare(™)
A GREAT TRAVEL COMPANION – Expenses in Foreign Currencies are automatically converted to your home currency. Enable “Foreign Currency Mode” when abroad.
ADVANCED – Export Gorgeous PDF RECEIPTS for single and multiple entries… And CSV files.

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Retail Foreign Exchange Transactions (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition)

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(as of Sep 14,2021 17:46:22 UTC – Details)


The Law Library presents the complete text of the Retail Foreign Exchange Transactions (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition).
Updated as of May 29, 2018

The FDIC is adopting a final rule that imposes requirements for foreign currency futures, options on futures, and options that an insured depository institution supervised by the FDIC engages in with retail customers. The final rule also imposes requirements on other foreign currency transactions that are functionally or economically similar, including so-called “rolling spot” transactions that an individual enters into with a foreign currency dealer, usually through the Internet or other electronic platform, to transact in foreign currency. The regulations do not apply to traditional foreign currency forwards, spots, or swap transactions that an insured depository institution engages in with business customers to hedge foreign exchange risk. The final rule applies to all state nonmember banks and, as of July 21, 2011, also to all state savings associations.

This ebook contains:
– The complete text of the Retail Foreign Exchange Transactions (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition)
– A dynamic table of content linking to each section
– A table of contents in introduction presenting a general overview of the structure

How to Determine an Exchange Rate

An exchange rate is the cost for exchanging one currency for another. Exchange rates oscillate regularly throughout the week since currencies are being actively traded. That makes the price go up and down. The price for a currency on the market differs from the rate you will get from your bank when you exchange currency.

Market Exchange Rates

Traders and companies buy and sell currencies around-the-clock during the week. In order for a trade to take place, a currency must be exchanged for another. For example to buy British Pounds (GBP), another currency must be used to buy it. Regardless of what currency will be used a currency pair will be created. If U.S. dollars (USD) are used to buy GBP, then the exchange rate is for the GBP/USD pair.

Understanding an Exchange Rate

If the exchange rate for the USD/CAD pair is 1.0950, that means one U.S. dollar costs 1.0950 Canadian dollars. The first currency in a pair always stands for one unit of that currency. The exchange rate shows how much of the second currency is necessary to buy one unit of the first currency. In other words, this rate tells you how much it costs to purchase one U.S. dollar using Canadian dollars.

In order to figure out how much it costs to buy one Canadian dollar using U.S. dollars the following formula should be used: 1/exc. rate. In this case the position of currencies will switch (CAD/USD).

Conversion Spreads

When people go to the bank to exchange currencies, it is most likely that they won’t get the market price that traders get. This is because the bank will markup the price to make a profit. If the USD/CAD rate is 1.0950, the market will say that to buy one U.S. dollar it costs 1.0950 Canadian dollars. However the bank says it may cost 1.12 Canadian dollars. This difference represents the profit. If you need to calculate the percentage discrepancy, take the difference between the two exchange rates and divide it by the market exchange rate as follows: 1.12 – 1.0950 = 0.025/1.0950 = 0.023.

Currency exchanges and banks compensate themselves for this service. The bank offers cash, while traders do not deal in cash in the market. To get cash, processing, wire or withdrawal fees will be applied to a forex account. For most people who are looking for currency conversion, getting cash momentarily and without fees, but paying a markup, is a reasonable compromise.

Determine Your Needs

If you need a foreign currency, you should use exch. rates to calculate how much foreign currency you need as well as how much of your local currency you will need to purchase it.

If speaking about Europe, you will need euros (EUR) and will need to check the EUR/USD rate at your bank. The market rate can be 1.3330, but an exchange house can charge you 1.35 or more.


Buying Foreign Currency Is a Great Investment Scheme

There must be very few people on earth who would not like to earn some extra money over and above what they already earn. This is the very reason for the immense popularity of games of chance like lotteries and casinos, all over the world. But there are other ways of making money too and these ways are more foolproof than lotteries or casinos.

There are stock markets, share markets and currency markets. If you know how to trade in these markets you can actually become rich overnight but there are risks involved too. But what is gain without a little risk? Just make sure you do not take any unnecessary risks as that can cost you all your savings. First read and understand the workings of these markets and once you are ready you can start trading and earning profits.

Among the three markets mentioned above, the currency market is possibly the most lucrative. Buying foreign currency against the currency of a country and selling it against the currency of another country is a trading option that involves less risk than trading in the share or the stock market, the reason being that economies of countries do not generally oscillate between good to bad overnight. But to be a good trader, you would have to keep track of all the business and economic development of the countries all over the world. Without knowledge, you can not earn any profits in the currency market. One sure shot way of earning some profit though is to buy Iraqi currency. Iraqi currency or dinar investment has become quite a craze among traders in the currency market because of its low value and high return. But then again like it is said before, you need to know thoroughly about Iraqi dinar before you go to buy Iraqi currency.

Buying foreign currency and selling it might sound simple but actually it is anything but that. For one thing you can not trade directly in the currency market, you need a reliable broker. This broker would more often be a company than an individual and would be available to you only through phones, emails and faxes. And since for buying foreign currency, it is important that you first choose your broker carefully. There are numerous companies that would offer you different services along with brokerage but do not fall for the trap. Make a well-informed and sensible decision.


The Foreign Exchange "Forex" Market and the Two Main Provisions of Trade – Part 2

In part 1 we looked at the global nature of the forex market and that many of us may engage in forex deals without really being conscious of it. We took a look at what makes the price spread on rates and how this can vary depending on who we are doing our deal with. We looked at the speculative trader who is seeking to make profits on market value changes and so loves volatile markets that give opportunity. We also looked at the other type of trader being primarily business and corporate entities. These traders seek risk reduced business transactions across countries and different currencies. In part 2 we take a closer look at the two types of deal and trader.

The depth of the forex market is truly astonishing with a staggering average daily turnover of 1 Trillion US Dollars, making it by far the largest financial market in the world.

The market opens in Sydney and then follows the start of the new business day to other center openings such as Tokyo, London, New York.

The huge diversity of traders and players in the market, both in terms of background and deal size, makes for a truly exciting market. This can be a real conundrum for governments seeking to control their country's currency exchange level in the market through central bank intervention – not always successfully. This liquidity and volatility is perfect for forex traders who want to make profitable forex trades on exchange differences and also ideal for the many automated trading systems now being used by lay traders and professionals. Before the development of internet trading access for the general population in the 1990's, bank dealing rooms and large brokerage firms developed computerized trading models to reliably control speculative risk in trading and reduce the reliance on human brokers. The recent rush to access the forex market, using similar tools by lay traders, has seen the development of forex robot trading systems that are modifications or facsimiles of the systems used by the larger institutions. Many of these automated trading systems that are offered on the internet are light weight, poor quality and do not reliably deliver the profitable trades that are promised, but some of the systems do – if set up and used correctly.

Most forex robot trading models use mathematical algorithms and precise programming to make trades in a controlled manner. Some forex robots are designed to perform many trades delivering small gains over very short trade time windows such as one minute. They can be set to stay on 24 hours and trade the full time of the world market with no need of a human broker. Other automated forex systems are designed to use much longer trade time windows such as 4 hour. The point here is that the trading robots and automated systems vary in the designed method of the trading system but all are intended to isolate human emotion, greed and error by automatically delivering the bulk of the trades made as profits against a smaller number of loss trades , thus incrementally growing a profitable account. The added advantage of these automated trading systems is that they take away the need for thorough knowledge of the market and forecast systems that broker and dealers once had to know and rely on. Obviously, knowledge and understanding is a huge benefit when trading the market for profit, even using a forex robot to do it for you. With little or no knowledge, the consumer is still left with the decision of choosing a forex trading robot that works and setting it up correctly. Some forex robots do have problems in that trading system design is not flexible and sophisticated enough to cope with unusual market conditions and hence can fail when the market changes. Other forex robot systems are more robust and sophisticated in their programming design and they are able to detect market conditions where trades, using their particular method and model, must be avoided.

At its simplest, for business, foreign exchange is essentially about exchanging one form of currency for another. Complexity occurs due to three factors. Firstly what is the foreign exchange exposure (how much and what currencies?), Secondly what will be the rate of exchange, and thirdly when the actual exchange occurs. It is through trying to control these factors that a trader or customer seeks the best advantage in making a deal.

Foreign exchange exposures come in about many diverse situations. A traveler has the risk that if that country's currency appreciates against their own, their trip will be more expensive.

An exporter, who sells a product in foreign currency, has the risk that if the value of that foreign currency falls then the earning and profit in the exporter's home currency will be lower.

An importer who buys goods priced in foreign currency has the risk that the foreign currency will appreciate causing the local currency cost to be greater than expected and so reducing profit.

Fund Managers and companies who own foreign assets are exposed to falls in the contracts where they own the assets and so are exposed. The exposure affect would occur if they were to sell the foreign assets in a falling market so that their exchange rate would have a negative effect on the home currency value that they would realize.

Other foreign exchange exposures are less obvious and relate to the exporting and importing activities in your home country where the negotiated price is being effected by exchange rate movements. The consumer would see this in retail where prices may gradually change, rising or falling, according to exchange rate variation and the retailers effort to maintain the margin, or offer a discount with no impact on his margin factor.

The aim of foreign exchange risk management is to stabilize a business cash flow against exchange exposure and reduce uncertainty from financial forecasts. There are also a range of hedging instruments that achieve exactly that, and two forms of the market that enable these instruments to work for the business person. One form of the market gives an immediate or 2 day deal maturity exchange price (spot price market) the other form is the forward or future market that enables an exchange deal to be locked in, months in advance of the exchange taking place, but takes into account a forward adjustment rate on the spot rate at the time the transaction is arranged. The forward adjustments rate allows for interest rate changes on a forward 'future' contract where a future settlement date is agreed for the deal. It is a bit like taking out a loan at a fixed rate.

These are all issues of concern for standard business between currency types where seeking a reliable, predictable or stable exchange rate is the major concern for business. This is needed so that profits from business activities, unrelated to exchange rate issues and disconnected from them, can be relied on in the home currency.

We can now understand that the speculator trader is not as concerned about stability but relations on market volatility and movement between currency pairs to create a profit making market environment and so opportunity arises through a rising or falling value in one currency against another. The business and corporation looks for the opposite to stabilize budgets and deals.

Banks, traders and even Governments, trading to profit from value changes between currency pairs, can effect the market and speculators may abhor flat stable markets; but the market is really a barometer measuring the value of one currency relative to another as determined by a many complex economic and political factors in each country.

So it is that the trader must still, through prediction, try to ride changes in currency values ​​to make profitable trades. The trader does so using brokerage, online trading or online automated trading and employing forex robot tools, technical or fundamental forecasting methods. The business person, looking for stability and reduced risk in his currency trading, tries to reduce his exposure to value changes via hedging and forward contracts.

Thanks for reading and see you again for the next article.

Eric Bray