forex

  

 

FOREX Dealing Report (20%)—Due date is Friday of Week 10 at 5pm local time

You are a FOREX dealing team working for a large Singapore bank or a large Singapore Corporation. The goal of the assignment is to paper trade foreign exchange over a period of five consecutive days in either week 8 or week 9. The task involves the completion of one FOREX dealing report per group and is due two weeks after we have covered all materials about the Foreign Exchange market (Topic 5). The expected submission time is 5pm local time on the Friday of Week 10.

Report presentation and format

The report must be completed in accordance with the University’s published “Written Reports and Essays: Guidelines for Referencing and Presentation in RMIT Business”, that is available on the University’s web page and MyRMIT.

Formatting is important. Reports are to be well written and students are expected to follow the guidelines set out in the document entitled “Written Reports and Essays: Guidelines for Referencing and Presentation in RMIT Business”.  This can be found at the web site:

http://prodmams.rmit.edu.au/s9sx559hurvc.rtf

There is considerable information in this document and it is well worth reading.  There is also material on the web site:

http://www.dlsweb.rmit.edu.au/bus/public/referencing/

 

The report should not exceed 2,500 words in total. This excludes the table of reference and reference list. The document should be formatted following the guidelines below and the RMIT presentation guidelines:

  • Text should be justified
  • 1.5 line spacing
  • Character  size 12 point
  • font, Times New Roman,
  •  1”margins.

 

  • References should be presented using the Harvard (author-date) referencing system. A copy of the referencing and presentation guidelines is available at http://mams.rmit.edu.au/s9sx559hurvc.rtf
  • Your report should be presented as a business report to your senior manager.  As such, it should be clear and concise.  Include all relevant information, but only relevant information.
  • You are the treasury team for your company.  You are free to make any decision that you believe will benefit your firm.  However, you must be able to explain and justify your actions and convince your Senior Manager that you did a good job.
  • We are expecting you to follow the exchange rate closely over the period that you will develop your trading strategy
  • 20% of the mark will be deducted if the report does not follow these guidelines.
  • Once the first draft of the assignment is available, the report must be uploaded by the students on the Turnitin website. Only reports that have been loaded on the website will be marked by the academic staff. The goal is to minimise PLAGIARISM (see section I). Instructions regarding Turnitin will be provided later in the semester on the learning hub. Note that Turnitin upload is not a formal submission of the assessment but rather a test of how much of your work is plagiarised. Our advice is to upload your work into Turnitin at least two days before the due date as it may take up to 48 hours to get an adequate response from the server. You must correct all the plagiarised section until it reaches the green colour—which is the acceptable level of plagiarism for this course. For more information about Turnitin, visit the following website http://www.rmit.edu.au/academicintegrity. The penalty for plagiarism is as follows:

 

Level of Plagiarism (%)       Up to 20      21-40   41-60   61-above         No report

Penalty (%)                                                0           -30       -50         -70                  -70

 

  • Turnitin upload is not a submission to RMIT for assessment. You must submit your essay through the RMIT learning hub system and you will find a folder for the online assignment submission. Yes only submission via the learning hub is regarded as an electronic submission for our assessment. All essays must be submitted electronically via the learning hub by the due date. Students may submit their any essay at any time point in time as long as it is by the deadline. You will find the submission box for the essay under the assignment folder. Hard copies of the assignment will not be accepted at any time. Do not make more than one submission into one allocated area as the system will count the last essay submitted.
  • Make sure that the title page of each essay contains the student details i.e. surname, first name, student number, email address, and phone number.
  • Unless extension has been granted by the course coordinator or the Special Consideration Unit, late submission of assignment the mark awarded will be reduced by 10% for each day (or part of a day) it is late. Assignments that are late by 7 days or more will not be marked and will be awarded zero marks. Note: Extensions to submission deadlines beyond 7 days are allowed only as a result of a successful application for Special Consideration.
  • The assignment will be marked by the local lecturer and will be moderated by the course coordinator.

 

Content of the Reports

The following structure and guidelines are provided to assist you in writing your reports.

Executive summary or synopsis

  • Your report must include an executive summary or synopsis.
  • What is the name of your organisation?  Are you a bank or a corporate?  What are your objectives?  How do you plan to achieve your objectives at the beginning of the dealing session?  What factors do your particular team need to take into account in trying to achieve your objectives?

Introduction

Body of Report (Do not use “Body of Report” as a heading)

Market view

  • You are required to conduct some research before forming a view about current and future market conditions.  Do you think that exchange rates will go up or down in the next 3 to 6 months?  What are the reasons behind your views?  As a starting point, you can first identify the economic factors that influence the foreign exchange rates (check the lecture notes/textbook).  Using the most recent media releases, you will identify which economic factor(s) will influence the exchange rates. You must rely on both domestic and international financial news. Students are required to select two pairs of currencies for formulating their market view (e.g. SGD/USD and GBP/JPY).

 

  • Do not simply quote other people’s opinions. You should present your opinion, and explain in your own words why you hold that opinion in a way that shows that you understand the theory behind the determination of the exchange rates. You can certainly quote evidence that supports your opinion, and this evidence must be correctly referenced (do not submit copies of your collected articles with your report). For your view you should use at least five references.

Very important: you should do some research and discuss your market view prior to developing your trading strategies.

 

Trading strategy

  • First explain how you intend to achieve your objective.
  • Given your view about current and future market conditions, you should devise a strategy that you will try to implement over the 5 days of trading.  This strategy will specify how you will go about achieving your objective in a way that benefits your organisation – which currencies you will buy or sell.  Where appropriate you should also devise a speculation strategy which will allow you to create a portfolio of currencies which will enable your organisation to take advantage of your predicted changes in the exchange rates.
  • What do academics think about this? Check the website of Professor Imad Moosa—an RMIT academic who has worked extensively on forecasting exchange rates. Read some of his articles and books.
  • The market view and your strategy are critically important components of the report.  You will not get a passing grade on the report without these components.

 

Performance analysis

  • Discuss what actually happened during the five-day session.  Were you able to stick to your strategy?  Why or why not?  Did you achieve your objectives?  Why, or why not?
  • Record all your paper trades over that trading period. Use the output from your accounts section to discuss your performances: what are your final positions, realised profit or losses, average rates, etc…. Ultimately, to what extent have you been able to complete your objective?
  • Do you feel that you have set up your organisation to take advantage of movements in exchange rates, if they move as you have predicted?  Why or why not?  This is more important than making a profit during the session.  For instance, for the FX session, did you finish up being long or short of on SGD?
  • Can you identify any transactions where you have bought and sold the same currency and made a profit or a loss?  If you were buying a currency, how far were you off your benchmark?
  • If you are a corporate, you are unlikely to make a profit for your objective over the course of the session. They will be profit only if you have bought and sold the same currency.  It is important to comment on whether you have set up your organisation so that it will be able to take advantage of future movements in the rates (minimise cost).
  • Looking at your trade you should explain which currencies you have bought and sold expecting to make a profit in week 11 based on you market view.
  • Justify your actions and your final positions to your senior manager. If you made an error during the session, explain what occurred and what you have learned from it.
  • Analyse the session in terms of how you performed as a team.  How did you divide your responsibilities?  Outline what your learned from the session.  How could you improve in future sessions?
  • A conclusion is compulsory. Failure to present a conclusion will result in loss of marks.
  • Your appendices should include all your dealing sheets, i.e. your paper trades. The appendices. Label appendices clearly and refer to them in the body of the report. Ensure that you include cents in your accounts as every cent must be accounted for.
  • The reference list is compulsory. Failure to provide a reference list will result in loss of marks. The format of your reference list should follow the Harvard referencing style.

Conclusion

Appendices

Reference List

This assessment enables students to have a practical view about trading FOREX. Students will learn about both domestic and international markets, drivers of FOREX, use the appropriates terms/languages in the field, calculate the profit and loss from their transactions, develop trading strategies, work in a team environment, financial reporting and the financial regulations surrounding this instrument.

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