Nick Fleming: Currency Exchange 9-14-21

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Nicks Intel Update

Updates concerning the RV/GCR

09/14/2021 Currency Exchange

WHITE PAPER

Self-lauded amateur experts have recently published blogs regarding currency exchange. Unfortunately the information being published come from parties who have neither been bankers and/or licensed as securities brokers. Hence, this, arguably, is just another example of FAKE NEWS.

As published in an earlier White Paper, currency exchange has always been handled over the centuries by the banks. Then in the 20th century a public exchange was created similar to the New York Stock Exchange and the Chicago Mercantile Exchange. It was specifically created to help stabilize the vast number of global currencies being exchanged in wake of the Fiat dollar being created when the World’s currencies went off the “Gold Standard” and being backed by gold. That  New PUBLIC currency Exchange was called the Foreign Currency Exchange or FOREX. They became the secondary market for currency exchange.

This was necessary because banks are NOT in the business of making markets, much less in the business of stabilizing currency markets. They are BANKS who are in the business of making loans. Not to mention all banks are in competition with one another. Banks exchanging currencies was just a service extended to its customers in the transaction of bank business and, hopefully, in making these currency holders becoming account holders at the bank.

That said, banks have negotiated exchange rates which are established by the Central Banks of Countries. These services are necessary in the settlement of cash transactions across borders and internationally. Banks have their own “currency exchange rate windows” which operate and update and adjust every minute, autonomously, 24/7. It is connected to the Central Bank computer system. In a car or plane it would be referred to as being on “auto pilot”; moving freely with the market between all the World’s banks and their respective Central banks.

The “Central Bank” of the United States is called the Federal Reserve Bank. Most other countries just have Central Banks. For the United Kingdom, the “Central Bank” is called the Bank Of England. Of course,each Sovereign Country has its own Central Bank.

The Federal Reserve DOES NOT have currency traders; as some amateurs have posted on blogs. The currency exchange rates are negotiated between the various Central Banks and the “Bid” & “Ask” ratios are then locked in by contracts. These discounts then freely float and adjust automatically by the bank computer systems as they settle between all the various banks in the open market on a daily, and on a minute by minute, basis.

Hence, the FAKE NEWS that the “currencies” have to be posted and exchange rates posted & updated only on a specific day or time is fabricated FAKE NEWS coming from someone outside the banking or securities world; either attempting to explain something they have no experience or knowledge in making such statements; or is just offering a patronizing statement to appear they are knowledgeable and/or an authority on the matter when in reality they have no clue.

The only “currency traders” are those licensed with their securities licenses for FOREX trading.

As referenced above, the FOREX market is separate and different from the Bank Currency Exchange. The bank’s business is from a cash settlement & bank account perspective, while the FOREX business is from an Open Market currency exchange perspective. And each have their own market screens transmitting the LIVE exchange rates.

The only difference is the FOREX rates are openly published and is readily available thru all the various media outlets including the news, cable news, and the internet. Whereas the Bank open market currency exchange screens are only available to the bankers. However, banks will openly share with their bank clients what the LIVE bank currency exchange rates are if they asked. Its not secret news.

What cannot be accessed is UNPUBLISHED RATES.

This rule applies to BOTH bankers and FOREX traders.

In the case of UNPUBLISHED RATES, those rates are only accessible by the FOREX Directors, and by the Senior VPs of the Banks. And they are only viewable on private screens (screen colors vary based on computer operators screen color choices; just as on your own private personal computers), only accessible by those principal entities. Why? They are UNPUBLISHED RATES. Enough said.

The prudish approach to all comments made by anyone on all this is to innocently ask if the information is coming directly from the actual source; or is it coming from, “the neighbor… who heard it from the gardener… who talked with the pool boy… who heard it from the maid talking to her girlfriend… whose boss knows the driver to a very important businessman… who is friend with the Mayor of a population 250 town out in west Texas… who knows a Texas Senator who passed thru his town last year.”. Yeah, one of those.

Lets be BLUNT. These currency exchange rates are freely & easily verified on the internet. And/or it takes but a few minutes to call the bank and ask if the rate in question is on the screen and freely tradable. All the other information being published by all the various hacks is either to patronize the masses, or to sell their services; by appearing to act as if they are knowledgeable. So do not be shy to ask if they are either a banker, or a securities trader, and who they work for. If they say they are just passing on information they heard, then do your own homework. In fact, ALWAYS verify what you are told. If they do not like questions and/or become defensive, then you know the answer. But it is always prudent to seek proper counsel from licensed professionals. Not unknowns on the internet spinning a story. How many empty promises has the DoD & UST broken over the YEARS? How many times have they cried “Wolf!”? How many times have they offered “drop dead dates” this year alone? How many times have you heard “This is it!”? Ask questions. Do your home work.

James Bradley
US Attorney & European UK Attorney
FINRA Series 24 Principal (ie. manage ALL Series 7 brokers)
Formerly TIER 1 Trader with Morgan Stanley for 10 years
Formerly SVP with Bank of America for 10 years

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