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
India Eases Currency Trading Limits for Some Banks Wall Street Journal By SUDEEP JAIN MUMBAI -- India's central bank has asked banks to approach it individually for relaxing some foreign currency trading limits and has already eased restrictions for some banks, a top official said Monday. "Some limits, based on their ...
FOCUS: Technology Buoys Retail Currency Trading, Reshapes Old Models Wall Street Journal By Eva Szalay Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Retail foreign-exchange trading is emerging as one of the biggest growth areas in the currencies space, and some of the trading firms that facilitate these flows are building up a whole new ...
Argentina Sends Tax Agents to Control Currency Trading Wall Street Journal Afip said that one well-known currency trading business, Banco Piano, refused to let inspectors do their job. As a result, Afip officials interviewed Banco Piano customers outside three of the company's branches. The government will fine Banco Piano ...
Morgan Stanley Currency-Trading Head Stephen Mettler Leaves Bank BusinessWeek By Michael J. Moore Jan. 26 (Bloomberg) -- Stephen Mettler, who oversaw Morgan Stanley's interest rates and foreign-exchange trading businesses, has left the bank. Mettler, who joined the firm in 1997, retired, according to an internal memo obtained by ...
Market Vibrations: Live News And Commentary From The Europe Desk (0630 GMT) TheStreet.com DailyFX is the forex news and research arm of FXCM, Inc (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as ...
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