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ISO 4217 in Forex Trading
ISO 4217 is an international standard describing three letter
codes to define the names of currencies established by the
International Organization for Standardization (ISO).
The first two letters of the code are the two letters of ISO
3166-1 alpha-2 country codes (which are similar to those used for
national top-level domains on the internet) and the third is
usually the initial of the currency itself. So Japan's currency
code becomes JPY-JP for Japan and Y for yen. This eliminates the
problem caused by the names dollar, franc and pound being used in
dozens of different countries, all with wildly differing
values.
The standard also defines the relationship between the major
currency unit and any minor currency unit. Often, the minor
currency unit has a value that is 1/100 of the major unit, but
1/10 or 1/1000 are also common. Some currencies do not have any
minor currency unit at all. Mauritania does not use a decimal
division of units, setting 1 ouguiya (UM) = 5 khoums, and
Madagascar has 1 ariary = 5 iraimbilanja.
ISO 4217 includes codes for not only currencies, but also
codes for precious metals (gold, silver, palladium and platinum;
normally measured in troy ounces) and certain other entities used
in international finance, e.g. Special Drawing Rights. There are
also special codes allocated for testing purposes (XTS), and to
indicate no currency transactions (XXX). These codes all begin
with the letter "X". ISO 3166 never assigns country codes
beginning with "X", so ISO 4217 can use "X" codes for
non-country-specific currencies without risk of clashing with
future country codes.
Supranational currencies, such as the East Caribbean dollar,
the CFP franc, the CFA franc BEAC and the CFA franc BCEAO are
normally also represented by codes beginning with an "X".
However, the Euro is represented by the code EUR; although EU is
not an ISO 3166-1 country code, it was used anyway, and in order
to do so EU was added to the ISO 3166-1 reserved codes list to
represent the European Union. The predecessor to the Euro, the
European Currency Unit, had the code XEU.
More detail about ISO 4217 can be found on wikipedia.org
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BM&FBovespa Cuts Fees by 55% on Spot Currency Trading BusinessWeek 1 (Bloomberg) -- BM&FBovespa SA, the world's third- biggest exchange by market value, cut fees by 55 percent on spot currency trading to lure business ...
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