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Forex margin trading

Forex margin trading(Gaikoku Kase Shokokin Tori Hiki) is a deposit of deposit (deposit) to a vendorDifference settlementbycurrencyA transaction that involves buying and selling. "FX","Currency margin trading","Forex deposit tradingAlso called. FX is "Fore eXIt is derived from the abbreviation of "change = foreign exchange"."Forex" overseasTheeign exOften called change).Also,JapanThen, as an investment product,Forex margin tradingとContract for Difference (CFD) Is divided, but in reality,Forex margin tradingIs also a type of contract for difference.

in Japan1998ToForeign Exchange and Foreign Trade LawWas revised and Daiwa Futures (currentlySunflower securities),Toyo ShojiEtc. started handling. In 2000Traders securities(CurrentEveryone's FXWhen the operating company) launches the first FX service using the Internet for individual investors in Japan,BroadbandHelped spreadMarketRapidly expanded.

Commodity trader,Securities companyIn addition to handling this transactionForex margin tradingThere are also traders. Very expensive depending on how you traderiskTherefore, in order to carry out the actual transaction, sufficient knowledge and experience regarding the foreign exchange rate are required.

About features

Forex Margin Trading,Foreign currency deposits-Foreign currencyBuiltIMFCompared with other foreign currency denominated financial products, it has the following features.

  • Most foreign currency denominated products are usually bought and sold later, but in foreign exchange margin trading, it is also possible to sell foreign currencies and then buy them back after a certain period of time (so-called “enter from sale”). transaction). Also,Japanese yenEven if you have only (abbreviated as JPY), the deposited funds are margins for the transaction, so even if you make a loss in the transaction,Japanese yen Since you only have to pay the loss equivalent amount after converting from (JPY) to the payment currency (in the case of profit, you will receive the payment equivalent amount of profit).U.S. dollar Sell ​​(USD)Euro You can also trade such as “buy (EUR)”.
  • LeverageYou can trade foreign currency for many times the margin. However, you may lose more than your margin. →ProofOr
  • Unlike physical stock transactions, there is no bond restraint due to the difference settlement, and the same currency can be traded any number of times.
  • When the exchange rate is the same,Selling marketとBuy marketThe difference (spread) between the telegraphic buying market (TTB) and the telegraphic selling market (TTS) in other foreign currency products is smaller than that of other financial products.
  • Of currencies with high interest ratesBuy position (long)In the case of "受取Swap points'Are often more advantageous than other financial products (however, in this case, the profit from the swap point received can be enjoyed only when the currency in the buy position is rising, and the swap point received is depleted when falling) Receive a huge loss).
  • Even in foreign exchange margin trading, in the early days in Japan, there was a contract month system, but nowLimited date trading(Transactions that roll over every business day) have become commonplace.
  • Financial Instruments and Exchange ActAtMarket derivative trading OfFutures tradingThere is Article 2, Item 21 asClick 365"AlsoSpot Forex Futures TradingIncluded in this.However,Limited date tradingRegarding (transactions that roll over every business day), market FX (spot exchange futures trading) is legally futures trading, but from the perspective of the definition of the trading mechanism, what is futures trading? I can not say.Similarly, the Financial Instruments and Exchange Act states thatOTC derivative transactions OfForward transactionThere is Article 2 No. 22 asOver-the-counter FX TheSpot foreign exchange forward transactionsAlthough it is legally a forward transaction, it cannot be said to be a forward transaction from the viewpoint of the definition of the transaction mechanism.
  • Spot tradingWe deal in spot money orders,Futures trading-Forward transactionIt does not deal with futures exchange.There are no domestic exchanges for futures exchanges (currency futures trading existed in financial trading in the past), and internationallyChicago Mercantile ExchangeEtc. are used.Since it is not a futures exchange, it is difficult for FX transactions to deal with when an importer / exporter wishes for a guarantee contract regarding exchange transactions in order to avoid future exchange risks, and it is provided by financial institutions etc.Forex contract (counter-trade)It is necessary to use such as.
  • Transaction unitは店頭取引については各社バラバラで、単位表示が、1通貨単位(SBI FXトレード、外為どっとコム等)、1枚あたりの通貨数量が、1枚=5万通貨(第一商品)、1ロットあたりの通貨数量が、1ロット=1000通貨(ヒロセ通商)、1ロット=1万通貨(FXトレード・フィナンシャル等)、1ロット=10万通貨(外為ファイネスト等)などとあり、最低取引単位が1通貨単位、100通貨単位、1,000通貨単位、1万通貨単位、5万通貨単位、10万通貨単位などとあるので、注意が必要である。
  • Trading time,SpreadEach company is different.
  • Margin tradingでLeverage effectThere is a settlement deadline freelyRolloverYou can, and you can freely participate in and withdraw from selling and buying during trading hours.Futures tradingSimilarly, a means for actual demand sources such as exporters and importers and investors to avoid or mitigate risks associated with future price fluctuations through foreign exchange margin trading at their own discretion (Risk hedging, insurance connection) Can also be used.
  • Also someFinancial instruments business operatorThen,Delivery (foreign currency delivery)It is also an advantage that it can be done.bankIn the case of a forward exchange contract with a contract with a forward spread (swap rate), etc., in the case of foreign exchange margin trading, the point where the daily swap points are adjusted is different, so it is strictly Have different rates of interest rates applied.
  • bankEtc.Financial institutionBy contract withFutures exchange contractAs a general rule, you must use up all of the concluded reservation amount within the execution date or execution period of the reservation decided in advance, and in the case of cancellation in the middle, there are cases where a cancellation penalty will be incurred.exchangeDerivativesProductsBut the product design isbankThere are some products that have become extremely advantageous to the side and have become a social problem,Forex margin tradingbyrisk hedgeIn the case of, it is also an advantage that you can freely set the settlement deadline in the middle of the transaction at your own convenience and discretion within the transaction time, no penalty will be incurred, and you can freely adjust the amount of hedging. be.
  • In addition,Spread(bankOrFinancial instruments business operatorFrom the perspective of the difference between the selling price and the buying price ofbankWith a fixed interest rate between the two currencies of the forward exchange contract withForex margin trading Even if you take into account the difference between the daily interest rates between the two currencies,bankAnother feature is that foreign exchange margin trading has a lower transaction cost than the forward exchange contract with.

About long/short

In Forex Margin Trading, the currency of the "buy" islong, The currency of the "sell"シ ョ ー ト, Called.Always somethingcurrencySell, somethingcurrencyIt is expressed as buying. This is because the transaction targets fluctuations in the ratio between two currency pairs.Currency pairs are written as USD / JPY, EUR / JPY, EUR / USD, etc., and the value when buying and selling the currency on the left side in the currency on the right side is the transaction value (= currency rate), and the value on the left side. Calls how to trade the currency of.For example, if you buy USD and sell yen, it is called USD / JPY long.

Settlement currencyIs a bilateral currency transaction that is tradedSwap interest rateOr a currency that generates profit or loss.In all cases, it is expressed as the main currency (key currency) / settlement currency.For example, in the case of dollar yen, it is written as "USD / JPY"."Combination of different currencies"Currency pairsAlso called.Therefore, regarding the position, long (or buy) in the case of buying the main currency (key currency) / selling the settlement currency, and selling in the main currency (key currency) / buying the settlement currencyシ ョ ー ト(Or sell).Swap interest rateRegarding, when the main currency (key currency) / settlement currency is sold long (or buy), the plus swap interest rate is received, the minus swap interest rate is paid, and the main currency (key currency) / settlement currency is sold.シ ョ ー トAt the time of (or sell), the positive swap interest rate is paid and the negative swap interest rate is received.Settlement currency is Yen transactionCurrency trading with yen, For cases other than yenNon-yen currency transactionsIt is called (foreign currency denominated transaction).Income for non-yen currency transactions is calculated by converting the realized profit / loss denominated in foreign currency at the time of settlement into yen.

generalNews agencyIs a "yen appreciation" when it reports that the "yen" has risen, but when the "dollar yen" in foreign exchange margin trading rises, as mentioned above, the "yen depreciation is strong." Be careful because it means the opposite.

About leverage

In foreign exchange margin trading, leverage can be used to trade foreign currencies above the margin. The higher the leverage ratio, the higher the risk of exchange rate fluctuations. Conversely, if you trade the foreign currency in the same amount as the margin money (called leverage 1 times), you can also trade relatively low risk, which is close to foreign currency deposits.

If the leverage is 100 times, the fluctuation of 1% (1 dollar = 100 yen to 1 dollar = 101 yen, 100 pips [1]) Is a fluctuation of 100%. If it is profit, the margin is doubled, but if it is loss, the margin is completely lost.

It must be understood that the higher the leverage, the higher the return, the greater the risk. It is important to use stop loss (return price) immediately after ordering to minimize damage.

actuallyCommodity futuresMargin tradingStop-loss ruleUnless there is a special contract such asMargin systemAfter the payment deadlineCommodity futures traderYou can choose to settle voluntarily or deposit until the deposit deadline, and there is some time to spare, but unlike that, when the loss exceeds a certain amount,Loss cutRulesForcibly counter-sale.Also, at a stage where the loss is smaller than thatInsertion of additional margin (margin)May be charged (margin call).The loss cut judgment is made almost in real time during trading hours, but it may not always be in real time depending on the system state, and there may be large fluctuations at the beginning of the week, so the loss cut rule is especially for high leverage loss cuts. In many cases, the above loss occurs.

When foreign exchange is used as the underlying asset, it is originally derived from currency exchange, so its nature is essentially different from that of listed securities. Here, the concept of leverage is two-sided with extremely sophisticated credit risk management, which is how often not only the notional amount but also the valuation gains and losses should be managed. There is an attempt to establish a voluntary rule byFinancial instruments business operatorThe reality is that they vary greatly depending on the situation. The maximum leverage of 2010 times was regulated from August 8, 1, and the maximum leverage of 50 times was introduced by the Financial Services Agency from August 2011, 8.

A trader operating in a country without leverage regulation may provide more than 25 times leverage to residents of Japan, but the Financial Services Agency regularly Has been warned, and the agency has called for not to use it because it will be difficult to pursue it when trouble occurs.[2]

The current leverage is up to 15 times under the guidance of the Financial Services Agency, but it has announced that it will increase it to 10 times in the near future. Therefore, there are people who trade at overseas Forex companies. Some companies have a maximum of 3000 times.

Forex Margin Trading Example

When you trade at 1 dollar = 120 yen and leverage 20 times, if you deposit 60 yen (yen worth 5000 dollars) as margin money, you can trade $ 5000 × 20 times = 10 dollars. In other words, the margin is 5% of the transaction amount. Suppose that you started trading when $1 = 120 yen and bought 10 dollars, and then the yen strengthened to 1 dollar = 115 yen. The balance at this time is

  • Since 1 yen-115 yen = -120 yen per dollar, a loss of 5 yen will occur at 10 dollars.
  • Also, when the margin money is 1 yen for 120 dollar, it is 5000 yen because it is 60 dollars.
  • If you subtract the loss of 60 yen from the initial margin of 50 yen, only 10 yen remains, which is 1/6 of the beginning.

Conversely, if the yen depreciates to 1 dollar = 125 yen, the profit will be 50 yen. In other words, the initial margin of 60 yen is 110 million yen, which is about double.

In actual trading, there are points that are grounded in the market situation.Lossを行い、1回あたりの取引における損失額を限定する必要がある(損切り時における一般的な損失額は1~3%、最大でも5%以内と言われている=上記例の場合、60万円×5%=3万円が上限となり、損切りまで5円の値幅を見込んだ場合6,000ドルまでしか取引することができない。60万円の資金に対して一度の取引で50万円を失う可能性のある取引はオーバートレードとなり、すべきではないことに注意する必要がある)。

Main risks

The following risks have been pointed out[3].

Market fluctuation risk
Exchange rateAs long as there are fluctuations in profits, profits can be expected, but there may be losses. Because you can trade multiple times the margin, the loss may exceed the margin deposited and you may be charged for additional margin. Also,2015May 1 OfTrading involving Swiss francsLoss cut processing is performed at a price that greatly exceeds the originally expected loss cut price due to sudden fluctuations such as2016May 6 OfNational referendum asking whether Britain should leave the European UnionAs a result ofSterling poundThe sudden fluctuations inbankruptcyThere are also cases that lead to.
Liquidity risk
Foreign exchange trades about 1 trillion yen a day, but if you place a large number of orders in a short period of time, there is a risk that the transaction will not be completed at the desired amount. Also, when the economic indicators are announced,Important personThe spread may increase correspondingly due to the decrease in liquidity due to the announcement of.
System risk
It is a risk when conducting transactions through systems such as the Internet. In other words, depending on the trader, there is a trader who performs maintenance every morning at the timing of setting swap points. Then, at that time, there is a trader who does not perform stop loss stop and automatic loss cut processing during that time period. Therefore, a huge loss may occur during that time. In some cases, the automatic loss cut did not work, so it may be a proof. With such a traderDay tradeBe careful when doing anything other than. There is a risk that you will not be able to trade as you would like due to the server down of the trader, line trouble, power outage, etc.
Credit risk
Click 365,OSE FXExcept for the above, if the vendor goes bankrupt, customers may suffer losses. For example, the margin commissioned by the customer should be kept in a separate account from the company's assets.Trust bankToTrust segregation managementIn the case of a company that does not perform maintenance management such as doing, even if it is segregated, if the company goes through bankruptcy procedures,Bankruptcy lawIt is exposed to the risk of being classified as a general bankruptcy claim above, and in the event of a bankruptcy, it cannot be expected that the margin deposited will be returned properly.
At a trader called FX Sapporo, the position held by the customer is forcibly settled and the margin is not refunded.Margin (maintenance) management methods differ depending on the contractor, so it is necessary to check the terms and conditions.It is also necessary to confirm whether the trust is partially or 100%, and which bank has the trust.In addition, in some cases, there was a shortage of funds to be protected by an illegal trust due to misuse, and the trust protection method is, after all, a trader's method.MoralIt depends a lot on[4].. In addition, there are no confirmed vendors in Japan who are taking measures against insolvency insurance contracts.Securities companyIndustry orCommodity traderThere is no industry investor protection fund that exists in the industry. In addition, even if the business operator does not go bankrupt, the FX service may be withdrawn or service provision may be suspended. In this case, investors may be forced to settle open positions. This risk still exists in exchange FX such as OSE FX.

About classification by order processing method

The method of processing a customer's order is broadly classified into several methods. There are also business operators that choose each method or combine them internally.

DD, bilateral trading

The customer conducts buying and selling transactions with the brokerage business (bilateral trading,OTC, Over The Counter). Show priceLiquidityMarket maker (as it is provided by business maker)MM) Also called method. The brokerage business accepts customer orders at the dealing desk, and if necessary, cancels orders between customers and distributes the orders to the covered bank, so the dealing desk (DD, Dealing Desk) method is also called.

NDD(No Dealing Desk)

There is no dealing desk for the face-to-face transaction method. Generally, ECN+STP method and ECN method are collectively referred to. Forex margin trading is basically an ECN+STP method. From the perspective of the foreign exchange market, most of the settlements are made by EBS and Reuters electronic broking systems, which are ECN methods. Businesses make a profit by adding markup to the asking price or paying commissions on a pay-as-you-go basis. With this method, it is not uncommon for the spread seen by the customer to be zero (choice price) or less than zero under fluid conditions. In addition, unlike the bilateral trading method, this method has no possibility of causing a conflict of interest between the broker operator and the customer.

STP(Straight-through processing)

A method in which customer orders are sent directly to the covered financial institution. Liquidity depends on the covered financial institution, and the price is a bundle of offered prices of the covered financial institution.[5].. It is mainly used to add ECN participants with covered financial institutions in order to supplement the liquidity of ECN.[6]

ECN(Electronic Communications Network:Electronic securities trading network )

Similar to a stock exchange that buys and sells stocks, it is a method of trading by matching the trading of all participants on an electronic stock exchange. There are public and private ECNs around the world. What is offered in JapanClick 365,OSE FXThere are publicly-owned ones by stock exchanges and privately-owned ones by businesses such as Currenex, which are indirectly provided to clients through brokerage businesses.

About some currencies

Remarkable growth in recent yearsPeople's Republic of China OfyuanThere are few companies that handle (CNY),swapThere are cases where interest rates are not attached, and in some cases swap interest rates are negative for both buying and selling. This is because the Chinese Yuan Yuan market is less liberalized than the developed world currencies and cannot be traded in the usual way.

About FX in Japan

Application of Financial Instruments Sales Law

2004Enforced on April 4Law on sales of financial products(Financial Instruments Sales Law) Amendment, over-the-counter FX is a spot exchangeForward transactionIt became clear that it corresponds to. (Financial Instruments Sales Law, Article 2, Paragraph 1, Item 12, Law Enforcement Ordinance, Article 4)

What is a spot exchange?Spot tradingIt is said that the settlement date falls within 2 business days from the contract date (not only Japanese holidays, but in principle, overlapping business days of two countries).Since it is a forward contract, the act of exchanging a certain currency with a currency such as an airport on the spot is a cash transaction and does not apply.In addition, since it has become clear that it will be subject to the law concerning the sale of financial products, not only the risk explanation in advance to general investors but also the handling of collateral, etc. will be strictly applied, and collateral will be applied in the future. Can be the subject.There is concern that the handling of existing credit transactions will be significantly affected here.

Therefore, the vendor isAccountabilityIs imposed. If the explanation is exhausted and the customer is damaged,Restitution for DamagesYou will be responsible. (Article 3 Clause 1 Item 2 and Article 4)

Laws and regulations

This transaction used to be unlawful (the so-called “business law”) and was not regulated in the past, so many unscrupulous traders deceived a large amount of fees from customers.2005March 7Financial Futures Trading LawAlthough the following regulations were established due to the amendment, there is no end to troubles at securities companies that are in excessive competition and fraud cases that deceived this transaction.

  • The contractor is a registration system,Financial Services AgencyCame under the supervision of.
  • The following prohibited acts were established.
    • Prohibition of uninvited solicitation
    • Prohibition of re-solicitation for those who have stated that they will not contract
    • Prohibition of solicitation by providing affirmative judgment
  • Advertising regulation
    It was obliged to display fees and risks.
  • Document delivery obligation
    Before the contract was signed, the transaction was completed, and when the margin was received, it was obliged to issue a written document.
  • The sales representatives are now registered.

These regulations came into effect on September 2007, 9Financial Instruments and Exchange ActWas reconstructed as part of.

tax

Taxation method (for individuals)

Forex Margin Trading (FX) falls under “Miscellaneous Income Related to Futures Trading” after 2012 for individualsSeparate taxationIs. For other foreign exchange transactions, the tax on foreign exchange gains isOther income(General taxation, which is a progressive tax rate system),Foreign currency MMFIn this case, 20.315% of the tax on declaring tax returns (from 2016), which corresponds to “transferred income related to listed stocks”, will be levied on interest in both foreign currency deposits and foreign currency MMFs.Interest income(income tax-Local tax20.315% in totalWithholding tax).

For over-the-counter transactions
  • 2012
    From the income for 2012, the exchange system and the tax system are exactly the same (income tax15%Prefectural tax2%Municipal tax3% combined 20% proportional tax rateSeparate taxation).CFD-Futures trading-Option tradingIt is possible to carry over the total profit and loss with investment income (miscellaneous income related to futures transactions, etc.) and carry forward losses for three years. However, over-the-counter transactions that do not correspond to over-the-counter derivative transactions stipulated in the Financial Instruments and Exchange Act will be treated as general income tax as miscellaneous income, not as tax separation based on filing tax returns.[7].
  • Until 2011
    Both margin and swap pointsOther income(Progressive tax rate systemComprehensive taxation). Investment return (Nikkei XNUMX futures,Commodity futuresSuch as miscellaneous income related to futures trading, etc.) However,Public pensionIncome and loss with miscellaneous income other than investment income such as miscellaneous income related to etc. is possible.
In case of exchange trading (Tokyo financial exchange OfClick 365)
  • Until 2012
Miscellaneous income related to futures transactions for both profits and swap points (20% of income tax and local tax combinedSeparate taxation). It is possible to carry over the total profit and loss with other investment income (stock index futures, miscellaneous income related to futures transactions such as commodity futures) and carry forward losses for three years. Closed in October 3Osaka Stock Exchange OfOSE FXAlso applies to this.
2013 years from January 1, 1 to December 2037, 12
2.1% of income taxSpecial income tax for reconstructionIs imposed. Therefore,income tax15%・Reconstruction special income tax 0.315% (15%×2.1%)・Prefectural tax2%Municipal tax3% combined 20.315% proportional tax rateSeparate taxation(After 2038,income tax15%Prefectural tax2%Municipal tax3% including 20%).

Taxation method (for corporations)

For corporations, the usual taxable income.

problem

Forex trading,income tax Oftax evasionThere were many reports of omissions and omissions, and low tax awareness was a problem. From January 2009, payment records will be issued not only for exchange transactions but also for over-the-counter transactions.Tax officeWill be submitted to. The My Number system has started in 2016, and it is easier to check the tax office.

About FX in Europe and America

米 国

In the United StatesCommodity Futures Trading Commission (CFTC)Manages leverage[8]. However, the National Futures Association (NFA) is also authorized to temporarily raise margin rates.[8].

In the US, there are NFA regulations[8].

  • Merchant capital requirements
    • Fixed portion-Minimum capital of $2,000 million (since May 2009)[8]
    • Variable portion — 5% of customer-deposited assets less $1,000 million (since May 2015)[8]
  • Risk management
    • Stress Test-Stress test at least once every half a month[8]
    • Risk management program-Obligation to create and save risk management program, obligation to submit a copy when requested by CFTC or NFA[8]
  • Reporting system-Daily reporting of customer transaction data to NFA (since February 2011)[8]

EU

In the EUEuropean Securities Market Supervisory Authority(ESMA) new regulation proposals (regulation by leverage, introduction of margin close-out rule, introduction of negative balance protection, etc.)[8].

footnote

  1. ^ Forex Trading Forex-Definition of PIPs
  2. ^ Please be aware of solicitations from non-registered overseas companies FSA website
  3. ^ So-called foreign exchange margin trading FSA official website
  4. ^ Regarding administrative penalties for Initia Star Securities Co., Ltd. Kanto Finance Bureau website dated December 24, 12
  5. ^ Features of "Click 365" Click 365 official site
  6. ^ OSE FX features transparency Osaka Stock Exchange official website
  7. ^ No.1521 Foreign exchange margin trading (FX) taxation National Tax Agency Tax Answer
  8. ^ a b c d e f g h i Current status of over-the-counter FX trading and its risk management (March 2018) Financial Services Agency

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