A STUDY ON PROMOTION OF FOREIGN EXCHANGE IN FRR FOREX ... · Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange

A STUDY ON PROMOTION OF FOREIGN EXCHANGE IN FRR FOREX, CHENNAI

C.S.Gowtham Chakravarthy1, Dr.J.Hameed Hussain2

Assistant Professor1, Dean Engineering2, Department of Management Studies

1,2

BIST, BIHER, Bharath University, Chennai

[email protected]

I.INTRODUCTION:

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[1-4].

"The 2010 triennial survey shows another significant increase in global foreign exchange market

activity since the last survey in 2007, following the unprecedented rise in activity between 2004

and 2007. Global foreign exchange market turnover was 20% higher in April 2010 than in April

2007. This increase brought average daily turnover to $4.0 trillion (from $3.3 trillion) at current

exchange rates...The higher global foreign exchange market turnover in 2010 is largely due to

the increased trading activity of “other financial institutions” – a category that includes

nonreporting banks, hedge funds, pension funds, mutual funds, insurance companies and central

banks, among others. Turnover by this category grew by 42%, increasing to $1.9 trillion in April

2010 from $1.3 trillion in April 2007." – BIS

Structure

Decentralized 'interbank' market

Main participants: Central Banks, commercial and investment banks, hedge funds,

corporations & private speculators.

The free-floating currency system arose from the collapse of the Bretton Woods

agreement in 1971

Online trading began in the mid to late 1990's

International Journal of Pure and Applied MathematicsVolume 119 No. 12 2018, 3603-3624ISSN: 1314-3395 (on-line version)url: http://www.ijpam.euSpecial Issue ijpam.eu

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Trading Hours

24 hour market

Sunday 5pm EST through Friday 4pm EST.

Trading begins in the Asia-Pacific region followed by the Middle East, Europe, and

America.

Size

One of the largest financial markets in the world

$4.0 trillion average daily turnover, equivalent to:

o More than 12 times the average daily turnover of global equity markets

o More than 50 times the average daily turnover of the NYSE

o More than $500 a day for every man, woman, and child on earth

o An annual turnover more than 10 times world GDP. The spot market accounts for

over one-third of daily turnover

Major Markets

The US & UK markets account for over 50% of daily turnover

Major markets: London, New York, Tokyo

Trading activity is heaviest when major markets overlap

MARKET SIZE AND LIQUIDUTY

The foreign exchange market is unique because of:

Its trading volumes

The extreme liquidity of the market

The large number of and variety of, traders in the market

Its geographical dispersion

Its long trading hours

The variety of factors that affect exchange rates

The use of leverage

Because foreign exchange is an OTC (Over The Counter) market where brokers/dealers

negotiate directly with one another[5-9], there is no central exchange or clearing house.

SOME IMPORTANT TERMS RELATED TO FOREX

Exchange Rate

International Journal of Pure and Applied Mathematics Special Issue

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The value of one currency expressed in terms of another. For example, if EUR/USD is 1.3200, 1

Euro is worth US$1.3200.

Currency Pair

The two currencies that make up an exchange rate. When one is bought, the other is sold, and

vice versa.

Base Currency

The first currency in the pair. Also the currency your account is denominated in.

Counter Currency

The second currency in the pair. Also known as the terms currency.

ISO Currency Codes

USD=US Dollar

JPY = Japanese Yen

GBP = British Pound

CAD = Canadian Dollar

AUD = Australian Dollar

NZD = New Zealand Dollar

Currency Pair Terminology

EUR/USD = "Euro"

USD/JPY = "Dollar Yen"

GBP/USD = "Cable" or "Sterling"

USD/CHF = "Swissy"

USD/CAD = "Dollar Canada" (CAD referred to as the "Loonie")

AUD/USD = "Aussie Dollar"

NZD/USD = "Kiwi"

MARKET PARTICIPANTS

According to the study BIS Triennial Central Bank Survey 2004

53% of transactions were strictly interdealer (ie interbank);

33% involved a dealer (ie a bank) and a fund manager or some other non-bank financial

institution;

and only 14% were between a dealer and a non-financial company.


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Banks

The interbank market caters for both the majority of commercial turnover and large amounts of

speculative trading every day. A large bank may trade billions of dollars daily. Some of this

trading is undertaken on behalf of customers, but much is conducted by proprietary desks,

trading for the bank's own account.

Until recently, foreign exchange brokers did large amounts of business, facilitating interbank

trading and matching anonymous counterparts for small fees. Today, however, much of this

business has moved on to more efficient electronic systems, such as EBS, Reuters Dealing 3000

Matching (D2), the Chicago Mercantile Exchange, Bloomberg and TradeBook(R). The broker

squawk box lets traders listen in on ongoing interbank trading and is heard in most trading

rooms, but turnover is noticeably smaller than just a few years ago[10-14].

Central Banks

National central banks play an important role in the foreign exchange markets. They try to

control the money supply, inflation, and/or interest rates and often have official or unofficial

target rates for their currencies. They can use their often substantial foreign exchange reserves, to

stabilize the market. Milton Friedman argued that the best stabilization strategy would be for

central banks to buy when the exchange rate is too low, and to sell when the rate is too high - that

is, to trade for a profit. Nevertheless, central banks do not go bankrupt if they make large losses,

like other traders would, and there is no convincing evidence that they do make a profit trading.

The mere expectation or rumor of central bank intervention might be enough to stabilize a

currency, but aggressive intervention might be used several times each year in countries with a

dirty float currency regime. Central banks do not always achieve their objectives, however. The

combined resources of the market can easily overwhelm any central bank[15-19].

Investment Management Firms

Investment Management firms (who typically manage large accounts on behalf of customers

such as pension funds, endowments etc.) use the Foreign exchange market to facilitate

transactions in foreign securities. For example, an investment manager with an international

equity portfolio will need to buy and sell foreign currencies in the spot market in order to pay for

purchases of foreign equities. Since the forex transactions are secondary to the actual investment

decision, they are not seen as speculative or aimed at profit-maximisation.


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Some investment management firms also have more speculative specialist currency overlay

units, which manage clients' currency exposures with the aim of generating profits as well as

limiting risk. The number of this type of specialist is quite small, their large assets under

management (AUM) can lead to large trades.

Hedge Funds

Hedge funds, such as George Soros's Quantum fund have gained a reputation for aggressive

currency speculation since 1990. They control billions of dollars of equity and may borrow

billions more, and thus may overwhelm intervention by central banks to support almost any

currency, if the economic fundamentals are in the hedge funds' favor[20-24].

Retail Forex Brokers

Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign

exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion

daily, which is about 2% of the whole market. CNN also quotes an official of the National

Futures Association "Retail forex trading has increased dramatically over the past few years.

Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the

placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that

actually trades foreign exchange (which determines the firm's own net position in the market,

serving as both a proprietary trading desk and a means of offsetting client trades on the interbank

market) and one used for off-exchange trading with retail customers (called the "dealing desk" or

"trading desk").

Many retail FX market makers claim to "offset" clients' trades on the interbank market (that is,

with other larger market makers), e.g. after buying from the client, they sell to a bank.

Nevertheless, the large majority of retail currency speculators are novices and who lose money ,

so that the market makers would be giving up large profits by offsetting. Offsetting does occur,

but only when the market maker judges its clients' net position as being very risky.

The dealing desk operates much like the currency exchange counter at a bank. Interbank

exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so

that the market maker will make a profit) before they are displayed to retail customers. Prices

shown by the market maker do not neccesarily reflect interbank market rates. Arbitrage


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opportunities may exist, but retail market makers are efficient at removing arbitrageurs from

their systems or limiting their trades[25-30].

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail

speculators in FX lack trading experience and and capital (account minimums at some firms are

as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges

from $10,000 to $100,000, force small traders to take imprudently large positions using

extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many

retail Forex firms default client accounts to 100:1 or even 200:1, without disclosing that this is

highly unusual for currency traders. This drastically increases the risk of a margin call (which, if

the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26,

2005) "Even people running the trading shops warn clients against trying to time the market. 'If

15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' "

Speculation

Controversy about currency speculators and their effect on currency devaluations and national

economies recurs regularly. Nevertheless, many economists (e.g. Milton Friedman) argue that

speculators perform the important function of providing a market for hedgers and transferring

risk from those people who don't wish to bear it, to those who do. Other economists (e.g. Joseph

Stiglitz) however, may consider this argument to be based more on politics and a free market

philosophy than on economics.

Large hedge funds and other well capitalized "position traders" are the main professional

speculators[31-34].

Currency speculation is considered a highly suspect activity in many countries. While investment

in traditional financial instruments like bonds or stocks often is considered to contribute

positively to economic growth by providing capital, currency speculation does not, according to

this view. It is simply gambling, that often interferes with economic policy.

In this view, countries may develop unsustainable financial bubbles or otherwise mishandle their

national economies, and forex speculators only made the inevitable collapse happen sooner. A

relatively quick collapse might even be preferable to continued economic mishandling.

FOREIGN EXCHANGE-REGULATIONS

FERA-Foreign Exchange Regulation Act, 1973 – Draconian


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FEMA-Foreign Exchange Management Act, 1999 - Liberalized

PMLA-Prevention of Money Laundering Act, 2002 - in force w.e.f. July 01, 2005 –

amended in Feb. 2009.

The Facilities and Principles for Regulating Fluctuation

The classic formula for determining domestic price levels postulates that the price level is equal

to the velocity of money multiplied by the money supply. Referencing college texts such as the

famous 1948 book Economics by Paul Samuelson:

P=MV

Price =Money Supply * Transaction Velocity

More money in circulation chasing the same number of goods at an increasing velocity leads to

inflation (a rising price level).

PROMOTIONAL STRATERGIES

A successful product or service means nothing unless the benefit of such a service can be

communicated clearly to the target market. An organizations promotional strategy can consist of:

Advertising: Is any non personal paid form of communication using any form of mass

media.

Sales promotion: Commonly used to obtain an increase in sales short term. Could

involve using money off coupons or special offers.

Personal selling: Selling a product service one to one.

Direct Mail: Is the sending of publicity material to a named person within an

organization.

Linking Seller and Buyer

The seller’s four Ps

1) Product

2) Price

3) Place

4) Promotion

The buyer’s four Cs

1) Customer benefit

2) Customer cost


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3) Convenience

4) Communication

Key Factors to Consider

1) Reach Your Target Market

• Clearly define and understand your target audience

• Get in the customer state of mind

• How does this audience make purchasing decisions?

• What methods would be most effective in reaching this target audience?

Consider these groups when developing promotions

• Influencer – a person’s whose view or advice influences the buying decision

• Buyer – a person who makes the purchase transaction

• User – a person who uses the product/service.

2) Meet Your Goals and Objectives

Create promotion strategies (and associated budget) based on…

• Your goal/objectives

• Expected sales

• Costs of marketing activities

Economic interactions play a ubiquitous role in the world economy. Individuals and

organizations interact to find the right party with which to exchange; to arrange, manage and

integrate the activities associated with this exchange; and to monitor performance. These

interactions occur within firms, between firms, and all the way through markets to the end

consumer. They take many everyday forms – management meetings, conferences, phone

conversations, sales calls, problem solving, reports, memos – but their underlying economic

purpose is always to enable the exchange of goods, services, or ideas.

Given the ubiquitous nature of interactions, it is hardly surprising that they are important

determinants of how firms and industries are structured, and how customers behave.

There is a balance to be struck between the transformation costs of production and delivery, and

the interaction costs of arranging and coordinating exchanges[35-39].


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In order to develop relationships with customers that result in repeat business, referrals,

profitable relationships and high life-time value, the following statements must be core to

customer facing activities and processes:

• Every interaction with customers (or lack of interaction) tells customers how much they are

truly valued.

• These interactions are moments of truth are when a customer learns if promises made to them

(the brand) will be honored or not.

• In order to create great experiences for customers, companies must know what they want

customers to feel, think and do at every stage of the relationship.

• The most unsatisfied customers can be a company’s greatest resource for innovation. Customer

engagement failures must be pursued aggressively to find out how to create great experiences

and value WITH – not for –customers.

• Business Processes must enable Brand Promises to be realized as Customer Experiences.

Moments of truth, when repeatedly resulting in positive outcomes and experiences, lead to

customer loyalty. But what is customer loyalty? Is it repeat purchases by a customer? Is it a

customer who gives a vendor a second chance if the vendor falls short on delivering the

appropriate experience? Is it a customer who refers others to a vendor?

I.REASONS FOR CHOOSING THE TOPIC

Define promotion and fit in marketing.

Clearly define and understand your target audience

Get in the customer state of mind

How does this audience make purchasing decisions?

What methods would be most effective in reaching this target audience?

To under stand the competetors strategy

III.STATEMENT OF THE PROBLEM

1) The database was restricted to Chennai only. So I was not supposed to do my study in

Chennai only.

2) Some of my findings are, subjective in nature so it was difficult to verify those findings and

apply statistical tools on those findings.

3) This report may not be useful for a long period of time because market situation and consumer

behavior is dynamic in nature.


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4) Clients reluctant towards any survey or any questions relating any feedback

5) Not for domestic firms, restricted to international dealing firms.

6) Due to financial year end, appointment issues, created imbalance.

IV.OBJECTIVE OF THE PROJECT

Finding out the competitors strategy.

Also have to find out the drawback of company, and to take suggestions from

customer so that company can be run in a better manner.

Find out customer satisfaction after using the product[40-42].

The purpose of research is to discover answers to questions through the application of scientific

procedures. The main aim of research is to find out the truth which is hidden and which has not

been discovered as yet. Though each research study has its own specific purpose, we may think

of research objectives as falling into a number of following broad groupings:

To gain familiarity with a phenomenon or to achieve new insights into it (studies

with this object in view are termed as exploratory or formulative research studies);

To portray accurately the characteristics of a particular individual, situation or a

group (studies with this object in view are known as descriptive research studies);

To determine the frequency with which something occurs or with which it is

associated with something else .

To test a hypothesis of a causal relationship between variables

Research has its special significance in solving various operational and planning problems of

business and industries.

V.RESAERCH METHODOLOGY

The system of collecting data for research projects is known as research methodology. The data

may be collected for either theoretical or practical research for example, management research

may be strategically conceptualized along with operational planning methods and change

management. Some important factors in research methodology include validity of research data,

Ethics and the reliability of measures most of your work is finished by the time you finish the

analysis of your data.

METHODOLOGIES


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Interaction with different clients belonging to different sectors of the corporate world was carried

out and different promotional strategies were applied to build up business for FRR FOREX.

Area: (Chennai)

DATA SOURCES -In this project, I gathered Primary data as well as Secondary data. Primary

data are those data which are gathered freshly for a specific purpose or for a specific research

project. I met clients directly and tried to convince them for my product. On another hand I

browsed company profile, industry profile and product profile. So my project comprises both

primary and secondary data[43-45].

PRIMARY DATA:

Primary sources provide the 'raw data' that you use first to test the working hypothesis and then

as evidence to support your claim.

Questionnaire method

Survey method

Personal interview

SAMLING:

The total sample size for this project was 110.

TYPES OF QUESTIONNAIRE:

Open ended

Close ended

DATA INTERPRETATION AND ANALYSIS

1. How many of the consumers are Branding Conscious

Table No. 1

Branding Conscious No of Respondent Percentage

Yes 83 82

No 18 18

Total 101 100


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Graph No. 1


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Interpretation:Form the above interpretation we can see that most of the people prefer FRR

Forex are the brand conscious, only 18% of the are not brand conscious. From this we can

conclude that FRR Forex is a bran

2. How many customers are changing the brand frequently

Table No. 2

Graph No. 2

Is the customer is changing the brand frequently No. of Respondent Percentage

Yes 78 77

No 23 23

Total 101 100


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Interpretation:

From the above data we can say that most of the consumer changes their brand regularly this

might because of the reason trend keeps on changing on the change in the service many new

brands are coming up the latest era so that is why the people these days are changing the brand

regularly and the people who does not change the brand regularly are those people who likes the

brand very much and are hesitant to change their brand.

3. FRR Forex as a Brand

Table No. 3

FRR Forex as a Brand No. of Respondent Percentage

Excellent 14 14

Very Good 45 44

Good 42 42

Poor 0 0

Very Poor 0 0

Total 101 100

Graph .3


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Interpretation:

Most of the people have rated FRR Forex as the very good this must be because of the reason

that the company is now spending the money to create brand awareness in the mind of the people

company has given advertisement in the times of India and other renowned new papers in India.

But on the whole the company has to improve more in advertising so good brand is created in the

Indian market.

FINDINGS OF THE STUDY:


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The findings of the study is crucial & vital part of a project, that are executed live and hence,

helps the organizations, to over-come the hurdles & to prosper in future, Here are some of the

findings, followed below;

TO DEAL WITH A FOREIGN EXCHANGE (DOLLAR’S, SINGAPORE

DOLLAR,YEAN,EURO,ETC)

CLIENT INTERACTIONS

MARKET STUDY OF FOREX

COMPETITORS & PROMOTIONAL STRATEGY

PERFORMANCE APPRAISAL OF AN INDIVIDUAL’S

ROLE OF FOREIGN EXCHANGE IN INDIAN MARKET

AML GUIDANCE(ANTI MONEY LAUNDERING

DIFFERENCE BETWEEN RATES OF CURRENCIES,TRAVELERS CHEQUE &

TRAVELERS CARDS

SUGGESTIONS FOR IMPROVING TRADE

Forex trading is a risky as well as a beneficial venture. This is because in this trade, you

can make a lot of cash within a very short duration. On the other hand, you can make

huge losses within a short duration. You can reduce the chances of making losses by

improving the tactics to use in the trade. The first tactic that will help in this trade is use

of charts. It is recommended that you should look at the charts of the past events in this

trade. This will help you in making predictions and give direction on the likely changes.

There are some trends in the charts that can repeat themselves.

Another tactic that you can use in forex trade is using online tools. You can use a site to

sell and buy currencies. There are different websites that you can choose from to make

your trades. It is important that you should go for reputable sites where you can start

trading. You do not want to be frustrated by using websites that are undertaking

malicious activities. Therefore, one should research about the foreign exchange website

before investing your trade there.

Another point about winning more trades is keeping your emotions in check. If you trade

differently every time you open a position then you will be inconsistent with your


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winning trades. Decide your strategy and then trade it. Plan your trade and then trade

your plan!

Something which works for me is to think of each trade in pip or point value. So, instead

of thinking of how much money you will gain or lose, look at it in a different way. How

many pips will you gain or risk with your stop loss. Consequently, money is taken out of

the equation together with the associated emotions.

If you are trading a live account, then you would have come a long way in developing

your Forex trading strategies and you will be able to benefit from your hard work.

Keeping your emotions in check will allow you a clear mind to take those trades and

make your profit.

I will also suggest the company to develop more branches through-out the country and

also overseas for the betterment of the business.

SCOPE OF STUDY

This project could be used to analyze the current trends in trading currency market and further

applying new and innovative methods for improvement in client interaction and applying

promotional strategies that could further enhance the trading and develop business in forgein

currency trading.

CONCLUSION

Forex markets, which are also known as currency markets, are the most active trading futures

markets both in terms of volume and amount of money. With a daily volume of over $2

trillion, trading Forex is done mostly between central banks, commercial banks and large

companies.

Forex markets are unique because then aren't traded at futures exchanges; they are traded directly

between investors in such trading centers as London, New York and Tokyo. Forex currency

trading for beginners can seem very different from the stock market. Forex markets have

different regulations and terminology but the same overall principles apply.

Successful trading is hard work! Forex in particular paves the way for many traders to think

they’ve found the Land of Easy Money, but it is exactly the opposite. Forex is the market with

the biggest rewards, but it is also the toughest market to crack. Compounding the problem is the

fact that there are not many well made, honestly offered tools or services in the market to aid the


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average trader. Understanding the major components of a trading plan is a prerequisite for

successful trading.

Working with FRR FOREX, what I analyzed is that the company rather new but is doing good

business in the corporate. The clients I have interacted with mostly are very satisfied by the

service provided by FRR FOREX, mostly look forward to keep the relation going with the

company. For a brand new company it is worth a compliment. In future company looks forward

to further develop its business and aims to overtake FFMC and may be Thomas Cook.

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