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OctaFX.Com -Euro Mixed After ECB Holds Rates; All Eyes on Draghi Press Conference THE TAKEAWAY: EUR European Central Bank Rate Decision > Key Rate on Hold at 0.75% as expected > EURUSD NEUTRAL The European Central Bank has announced its key interest rate for the coming weeks, where it is on hold at 0.75%, as expected according to a Bloomberg News survey. The ECB also announced that it would be leaving its marginal lending rate unchanged at 1.50% and its deposit facility rate unchanged at 0.00%. ECB President Mario Draghi is now scheduled to speak at 08:30 EDT / 12:30 GMT. EURUSD 1-minute Chart: October 4, 2012 Charts Created using Marketscope – Prepared by Christopher Vecchio Following the rate decision, the EURUSD perked up more from its pre-release gains, trading as high as 1.2967, before falling back to 1.2951 at the time this report was written. The pair remains near session highs set post-release with the session low coming in at 1.2900. Oct 4, 2012 12:18 PM OctaFX.Com News Updates

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OctaFX.Com - Are the Glory Days of Currency Trading Over? Once upon a time, the foreign exchange (FX) markets enjoyed a clear framework for trading and were seen as a reflection of the health of global economies. But as central bank programs of quantitative easing have been introduced, currency market trades are not so clear cut, according to analysts at HSBC. The latest report from HSBC's global research department heralds "a new era for FX" as currency carry trading, a popular strategy of currency trading that exploits global interest rate differentials, struggles in an era of central bank intervention and low interest rates. "In the glory days of carry, the FX market had the luxury of a clear framework for understanding and trading currencies," the report, led by David Bloom Global Head of FX Strategy at HSBC (London Stock Exchange: HSBA-LN), begins. "Life for FX market was simple. Get your interest rate calls correct, and you could both understand and trade the FX markets....In the low inflation environment, higher short rates meant a stronger currency and vice-versa...FX was beautiful." "It was clear, liquid and transparent," the report surmises. Fast forward through five years of global economic crisis and central banks ranging from the Federal Reserve to the Bank of Japan have introduced near-zero interest rates and quantitative easing (explain this) in an attempt to stimulate economic growth creating "a problem for markets," the report says. Indeed, central bank intervention has made the currency trading world a risk on - risk-off place, according to HSBC's report. Investors are now flocking to emerging market currencies and safe havens alike, which makes currency trading much more volatile and harder for investors to interpret. "Today carry's hold on FX has waned as global rates gravitate towards zero, forcing the FX market to react instead to the far more ambiguous implication of quantitative easing," the report states. "We now live in a world dominated by risk-on/risk-off, and prospects for unconventional monetary easing have become the key element of [that] dynamic." HSBC notes that not all easing has had negative effects for currencies. Indeed, in the euro zone it has been positive as "non-conventional easing" European Central Bank easing has lowered "the possibility of euro (EUR=X) default and disintegration" and has attracted investors. In sum though, central bank policies have created an uncertain environment for currency traders as it becomes harder to identify economic trends. As global economic data points to an uncertain future in the euro zone and events such as the U.S. fiscal cliff approach, the world of FX becomes opaque, HSBC states. "This lack of clarity is creating a puzzling outlook for many currencies...The world of FX has become one of perception rather than concrete links," HSBC says. Read More:What is the "Fiscal Cliff"? In the U.S., for instance, easing has been dollar (.DXY) negative as "the resultant 'risk on' mood takes us to higher yielding more risky currencies." This was indeed exemplified by the dollar falling to a four-month low after the Fed announced "QE3" in September that led to emerging market governments such as Brazil fearing a new era of "currency wars". HSBC's view on currency market volatility is reflected by other FX strategists too. Sebastien Galy, Senior Currency Strategist at Societe Generale told CNBC on Wednesday that the robust Australian dollar was an example of how investors flocking to a safe-haven asset had inflated a currency that should "be massively lower". "It should be massively lower...in a normal environment. But everyone is looking for yields which leads to over-shoot," Galy said, "that overshoot has been happening for years." Indeed, HSBC concludes, as the carry trade dies a bit of the currency market could go with it. "The demise of carry has brought "onion skin" layers of uncertainty into the FX market, tears and all." Oct 3, 2012 10:55 AM OctaFX.Com News Updates

OctaFX.Com - Are the Glory Days of Currency Trading Over? Once upon a time, the foreign exchange (FX) markets enjoyed a clear framework for trading and were seen as a reflection of the health of global economies. But as central bank programs of quantitative easing have been introduced, currency market trades are not so clear cut, according to analysts at HSBC. The latest report from HSBC's global research department heralds "a new era for FX" as currency carry trading, a popular strategy of currency trading that exploits global interest rate differentials, struggles in an era of central bank intervention and low interest rates. "In the glory days of carry, the FX market had the luxury of a clear framework for understanding and trading currencies," the report, led by David Bloom Global Head of FX Strategy at HSBC (London Stock Exchange: HSBA-LN), begins. "Life for FX market was simple. Get your interest rate calls correct, and you could both understand and trade the FX markets....In the low inflation environment, higher short rates meant a stronger currency and vice-versa...FX was beautiful." "It was clear, liquid and transparent," the report surmises. Fast forward through five years of global economic crisis and central banks ranging from the Federal Reserve to the Bank of Japan have introduced near-zero interest rates and quantitative easing (explain this) in an attempt to stimulate economic growth creating "a problem for markets," the report says. Indeed, central bank intervention has made the currency trading world a risk on - risk-off place, according to HSBC's report. Investors are now flocking to emerging market currencies and safe havens alike, which makes currency trading much more volatile and harder for investors to interpret. "Today carry's hold on FX has waned as global rates gravitate towards zero, forcing the FX market to react instead to the far more ambiguous implication of quantitative easing," the report states. "We now live in a world dominated by risk-on/risk-off, and prospects for unconventional monetary easing have become the key element of [that] dynamic." HSBC notes that not all easing has had negative effects for currencies. Indeed, in the euro zone it has been positive as "non-conventional easing" European Central Bank easing has lowered "the possibility of euro (EUR=X) default and disintegration" and has attracted investors. In sum though, central bank policies have created an uncertain environment for currency traders as it becomes harder to identify economic trends. As global economic data points to an uncertain future in the euro zone and events such as the U.S. fiscal cliff approach, the world of FX becomes opaque, HSBC states. "This lack of clarity is creating a puzzling outlook for many currencies...The world of FX has become one of perception rather than concrete links," HSBC says. Read More:What is the "Fiscal Cliff"? In the U.S., for instance, easing has been dollar (.DXY) negative as "the resultant 'risk on' mood takes us to higher yielding more risky currencies." This was indeed exemplified by the dollar falling to a four-month low after the Fed announced "QE3" in September that led to emerging market governments such as Brazil fearing a new era of "currency wars". HSBC's view on currency market volatility is reflected by other FX strategists too. Sebastien Galy, Senior Currency Strategist at Societe Generale told CNBC on Wednesday that the robust Australian dollar was an example of how investors flocking to a safe-haven asset had inflated a currency that should "be massively lower". "It should be massively lower...in a normal environment. But everyone is looking for yields which leads to over-shoot," Galy said, "that overshoot has been happening for years." Indeed, HSBC concludes, as the carry trade dies a bit of the currency market could go with it. "The demise of carry has brought "onion skin" layers of uncertainty into the FX market, tears and all." Oct 3, 2012 10:55 AM OctaFX.Com News Updates

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Dollar stronger across the board, hits 11-mth high vs yen Talking Points Euro: Jobless Rate Hits Record-High, ECB Overstepping Mandate British Pound: Fitch Continues To Fire Warning Shots, Larger Correction Underway U.S. Dollar: ISM Manufacturing, Construction Spending On Tap- All Eyes On Bernanke Euro: Jobless Rate Hits Record-High, ECB Overstepping Mandate Although the EURUSD bounced back from an overnight low of 1.2802, the economic docket continued to instill a weakening outlook for the euro-area as the jobless rate climbed to a record high of 11.4% in August. As the debt crisis continues to raise the threat for a prolonged recession, European Central Bank board member Joerg Asmussen warned ‘there could be additional need for external financing’ in Greece, while there’s talk that the periphery country may receive a portion of its next bailout payment as the region continues to request more time in meeting its budget target. As the governments operating under the single currency become increasingly reliant on monetary support, former ECB board members Juergen Stark and Otmar Issing argued that the unlimited bond purchasing program goes beyond the mandate to ensure price stability, and the Governing Council may come under increased scrutiny as President Mario Draghi puts the central bank’s credibility on the line to buy more time. Indeed, the negative headlines coming out of Europe instills a weakening outlook for the region as policy makers struggle to restore investor confidence, and the rebound off of trendline support is likely to be short-lived as the EU maintains a reactionary approach in addressing the debt crisis. In turn, we should see the EURUSD come under additional pressure over the coming days, and we will be keeping a close eye on the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50 as the pair searches for support. British Pound: Fitch Continues To Fire Warning Shots, Larger Correction Underway The British Pound slipped to 1.6107 as manufacturing in the U.K. contracted more-than-expected to September, while private sector credit in Britain remained stagnant as mortgage approvals increased an annualized 47.7K in August amid forecasts for a 49.2K print. Meanwhile, Fitch continued to fire warning shots against the U.K., with the rating agency warning that the government is now ‘standing still in terms of deficit reduction,’ and the growing threat for a credit-rating downgrade may continue to dampen the appeal of the sterling as the fundamental outlook for the region remains clouded with high uncertainty. As the GBPUSD carves out a near-term top coming into October, the pullback from 1.6308 should turn into a larger correction, and we may see the pound-dollar threaten the ascending channel from earlier this year as the relative strength index fails to maintain the bullish trend carried over from June. U.S. Dollar: ISM Manufacturing, Construction Spending On Tap- All Eyes On Bernanke The greenback is struggling to hold its ground ahead of the North American trade, with the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDOLLAR) giving back the advance to 9,891, but we may see the reserve currency regain its footing as the economic docket is expected to reinforce an improved outlook for growth. Indeed, the ISM Manufacturing report is anticipated to show an expansion in business outputs, while building activity is projected to rebound in August as the recovery gradually gathers pace. However, as Fed Chairman Ben Bernanke is scheduled to speak on monetary policy later today, market participants may show a muted reaction to the data, and the fresh batch of central bank rhetoric may set the tone for the first trading week of October as market participants weigh the prospects for future policy. Oct 1, 2012 12:50 PM News Updates

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Round 6 of OctaFX demo contest started Dear traders! We are proud to announce that Round 5 of OctaFX Champion Demo Contest is now over! It’s been a fascinating month, where leaders’ grid changed every day dramatically! The intrigue was there till the very last day. And the most successful traders have proven their leadership and won the contest! Stay tuned for the official Award Ceremony later on this week. We will introduce the winners to you, talk to them about their success and what key factors in their trading helped them win. In the meantime, we are happy to announce that Round 6 of OctaFX Champion Demo Contest has officially started today! From now on, over 900 strongest traders of the world will be competing for the amazing prizes of this contest, namely: 1st prize gets 500 USD 2st prize gets 300 USD 3st prize gets 100 USD The last place gets another 100 USD The last place gets another 100 USD The results and winners will be announced after October 27, 2012 00:00 (GMT+2). OctaFX would like to sincerely wish good luck to everyone and let the strongest win his/her prize with OctaFX!

OctaFX.Com -Spain's Popular resists state aid with 2.5 billion euro share issue MADRID (Reuters) - Spanish bank Popular (POP.MC) said on Monday it aims for a 2.5 billion euro ($3.22 billion) share issue by mid-November and will scrap its October dividend to shore up capital and avoid taking funds from a euro zone bailout for the country's banks. Popular, Spain's sixth biggest bank by assets, was flagged on Friday in an audit of the country's banking sector as needing an extra 3 billion euros in capital in case of a serious economic downturn. Popular shares sank 9 percent after it said it would not take rescue funds, but other Spanish banking stocks rose on Monday after the publication of the audit removed uncertainty from the sector. The stress test by consulting firm Oliver Wyman put the extra capital needs of 14 Spanish banks tested at 59.3 billion euros, below the 100 million euro credit line Spain agreed with the euro zone in July to clean up the banking sector. Many Spanish banks became saddled with repossessed property after a building bubble burst in 2007 but there has also been a steep rise in bad loans from other sectors of the economy which is in a deep recession. Spain has said it would need 40 billion euros of the euro zone aid since some banks could meet part of the extra capital needs themselves. "We expect to launch the share increase in the next five weeks, probably by mid-November," Popular's Chief Financial Officer Jacobo Gonzalez-Robatto told a conference call with analysts on Monday after announcing the capital raising plan. Popular needs to reduce its capital shortfall to around 2 billion euros by December if wants to avoid a public capital injection in the short term. The Wyman report said Popular's estimated capital needs were based on an adverse scenario in which the economy contracts more sharply than economists currently forecast. Popular, one of seven banks that failed the stress tests, is not planning to merge or acquire another bank in the near future, Gonzalez-Robatto said. Of the seven banks that need capital, four of them have already been taken over by the state. Bankia (BKIA.MC), Spain's biggest failed bank, was seen needing almost 25 billion euros of capital in a stressed scenario. Banco Mare Nostrum, which the audit showed needing 2 billion euros in capital, said on Friday it would sell assets to reduce needs by 1 billion euros. Banco Mare Nostrum and Popular had been in talks for a merger, but the government said on Friday it would not promote tie-ups between weaker banks. Another bank with capital needs, a three way merger known as Liberbank-Ibercaja-Caja3, said it would put soured assets into a "bad bank" the government is setting up as part of the conditions for receiving European aid for the banks. Popular said it would form its own asset management company to handle toxic assets left over from Spain's property market crash four years ago. Popular said it would not pay its October dividend, but hoped to maintain plans for a 50 percent payout in 2013. The bank's shares were suspended on Monday morning after the share issue announcement. When they began trading again they fell 9.11 percent to 1.547 euros per share. Oct 1, 2012 10:39 AM News Updates

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OctaFX.Com - Energy fuels euro inflation but ECB rate cut still on BRUSSELS (Reuters) - Euro zone inflation accelerated in September as energy costs soared but core prices stayed low, likely leaving the European Central Bank on track to cut interest rates soon. Consumer prices in the 17 countries sharing the euro rose 2.7 percent year-on-year, the European Union's statistics office Eurostat said on Friday in a first estimate that marked a rise from 2.6 percent in August. Markets had expected inflation to ease to 2.5 percent. Energy prices jumped 9.2 percent after a 8.9 percent rise the previous month. Core inflation, excluding both energy and unprocessed foods, fell to its lowest level in a year of 1.7 percent in August, the latest month for which the data has been published. Together with recent data indicating that the euro zone economy entered a recession in the third quarter, Friday's inflation reading kept intact expectations that the ECB will not wait long before delivering a growth-boosting rate cut. "It seems highly likely that the ECB will take interest rates down from 0.75 percent to 0.50 percent in the fourth quarter," said Howard Archer, economist at IHS Global Insight. "While the ECB could act as soon as its October meeting next Thursday, we lean towards the view that they will probably hold off to November." Just 14 of 73 economists polled by Reuters this week expect the ECB to cut rates when it meets next Thursday but a majority expect the bank to have lopped off 25 basis points by the end of the year. (ECB/INT) The ECB kept its main interest rate unchanged at a record low of 0.75 percent at its meeting earlier this month, taking another policy-easing route by agreeing to launch a new and potentially unlimited bond-buying program. MUTED PRICE PRESSURES Inflation fell steadily from 3 percent in November 2011 to stabilize at 2.4 percent in May, June and July, as the euro zone economy slowed sharply as a result of the sovereign debt crisis. But it rose again for the first time in 11 months in August due to higher fuel and transport costs. The ECB's target is to keep inflation below, but close to 2 percent, a rate it is not expected to drop back to for some time, though price pressures should ease further as the economy continues to struggle. "Euro zone inflation should resume its downward trend before long as previous sharp increases in energy and food prices cease to boost the annual rate," said Martin Van Vliet, economist at ING bank. "But with commodity prices remaining high and volatile, and further VAT hikes in the pipeline (e.g. in the Netherlands next month and in Finland in January), it is probably going to be a very gradual descent," he said. Headline inflation might stay above 2 percent well into next year. "The bottom line, however, is that underlying inflation pressures remain muted in most parts of the euro zone economy. This gives the ECB scope to ease monetary policy further," he said. In September, Eurostat for the first time provided year-on-year prices changes in the index's components - food, alcohol and tobacco, energy, non-energy industrial goods and services. It publishes a more detailed breakdown for September as well as monthly inflation figures on October 16. Sep 28, 2012 10:59 AM OctaFX.Com News Updates

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OctaFX.Com -Euro zone confidence falls in September, inflation expectations rise BRUSSELS (Reuters) - Euro zone economic sentiment defied expectations of stabilization and again fell sharply in September, underlining the economic gloom brought on by the sovereign debt crisis as the euro zone sinks into a recession. The European Commission's monthly economic sentiment survey showed the index for the 17 countries sharing the euro falling to 85 points this month from 86.1 in August. Economists polled by Reuters had expected a flat reading on Thursday. "It is bad. Everything is down, we are heading towards another quarterly economic contraction," said Carsten Brzeski, economist at ING bank. The euro zone economy stagnated in the first three months of the year quarter-on-quarter and contracted 0.2 percent in the April-June period. Economists expect another contraction in the third quarter, which would take the euro zone into recession. "The data also shows that while the ECB promise of bond buying and the German court ruling (endorsing the euro zone's permanent bailout fund) did a lot to calm financial markets, there is still the big issue of non-existent growth," Brzeski said. The European Commission's business climate indicator for the euro area, which points to the phase of the economic cycle, fell to -1.34 points in September from -1.18 in August, against market expectations of -1.19 points. The September reading was the lowest since October 2009. The Commission survey showed euro zone sentiment in industry declined to -16.1 in September from -15.4 in August, and to -12 in the services sector from -10.8. Sentiment among consumers fell to -25.9 from -24.6 and to -18.6 from -17.2 in retail trade. Construction was the only sector where confidence improved marginally, to -31.9 from -33.1 in August. The data also showed that inflation expectations rose among producers, the services sector and households alike, potentially complicating any possible decision by the European Central Bank to cut interest rates and help the economy. But ING's Brzeski said the results of the Commission survey on inflation expectations were more closely correlated to ongoing price developments, with opinions strongly influenced by the spike in fuel prices. "It does not make life easier for the ECB, but, under (President Mario) Draghi, the ECB has become more growth oriented with inflation more a derivative of growth, so with this drop in growth, the window for another rate cut this year is still open," he added. Sep 27, 2012 09:32 AM OctaFX.Com News Updates

OctaFX.Com -Euro zone confidence falls in September, inflation expectations rise BRUSSELS (Reuters) - Euro zone economic sentiment defied expectations of stabilization and again fell sharply in September, underlining the economic gloom brought on by the sovereign debt crisis as the euro zone sinks into a recession. The European Commission's monthly economic sentiment survey showed the index for the 17 countries sharing the euro falling to 85 points this month from 86.1 in August. Economists polled by Reuters had expected a flat reading on Thursday. "It is bad. Everything is down, we are heading towards another quarterly economic contraction," said Carsten Brzeski, economist at ING bank. The euro zone economy stagnated in the first three months of the year quarter-on-quarter and contracted 0.2 percent in the April-June period. Economists expect another contraction in the third quarter, which would take the euro zone into recession. "The data also shows that while the ECB promise of bond buying and the German court ruling (endorsing the euro zone's permanent bailout fund) did a lot to calm financial markets, there is still the big issue of non-existent growth," Brzeski said. The European Commission's business climate indicator for the euro area, which points to the phase of the economic cycle, fell to -1.34 points in September from -1.18 in August, against market expectations of -1.19 points. The September reading was the lowest since October 2009. The Commission survey showed euro zone sentiment in industry declined to -16.1 in September from -15.4 in August, and to -12 in the services sector from -10.8. Sentiment among consumers fell to -25.9 from -24.6 and to -18.6 from -17.2 in retail trade. Construction was the only sector where confidence improved marginally, to -31.9 from -33.1 in August. The data also showed that inflation expectations rose among producers, the services sector and households alike, potentially complicating any possible decision by the European Central Bank to cut interest rates and help the economy. But ING's Brzeski said the results of the Commission survey on inflation expectations were more closely correlated to ongoing price developments, with opinions strongly influenced by the spike in fuel prices. "It does not make life easier for the ECB, but, under (President Mario) Draghi, the ECB has become more growth oriented with inflation more a derivative of growth, so with this drop in growth, the window for another rate cut this year is still open," he added. Sep 27, 2012 09:32 AM OctaFX.Com News Updates

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OctaFX.Com - Instant View: Germany sells 3.2 billion euro of 10-year bonds LONDON (Reuters) - Germany sold 3.19 billion euros of 10-year government bonds on Wednesday but demand fell short of the sales target of 5 billion euros. As at the launch of the bond on September 5, the auction was technically uncovered. Bids were worth 1.2 times the amount allotted to investors, compared with 1.1 times at the debut sale. The average yield was 1.52 percent, above the 1.42 percent at the launch but above a 1.61 percent average at 10-year bond auctions so far this year. LATEST COMMENTS: LYN GRAHAM-TAYLOR, RATE STRATEGIST, RABOBANK, LONDON "Surprisingly, a very weak auction result, technically uncovered, given the current risk off environment in which there is ongoing speculation about when Spain will be forced into a bailout and that the ESM may not deal with legacy problems with regards to recapitalizing banks." EARLIER COMMENTS: NICK STAMENKOVIC, BOND STRATEGIST, RIA CAPITAL MARKETS, EDINBURGH "Pretty sluggish. It clearly shows investors were reluctant to bid at those yield levels ... Bund yields dropped quite sharply in the past few days. "Over the medium term, if the ECB measures begin to work and there is more movement towards a political union, yields could rise. But for the moment safe-haven flows dominate and the auction may (only) take the shine off Bunds a bit." ANNALISA PIAZZA, MARKET ECONOMIST, NEWEDGE, LONDO "All in all, very poor demand for the German long end of the curve. For the second straight month, bids were below total size and tail was large versus historical average. "In relative value terms, the Sept-22 looked rich versus previous rolls. However, we suspect there are other factors behind today's poor demand. Dealers might see limited upside for German debt in the coming weeks, pricing in a sort of smooth-ish resolution of the EMU debt crisis." MICHAEL LEISTER, STRATEGIST, COMMERZBANK, LONDON "At face value it doesn't look like a good auction. Nominal bids fell short of the 5 billion target. So once again, in technical terms, it is a failed auction. Although, against the backdrop of the current environment and Bunds having rallied quite a bit over the past sessions, it's obviously not a good auction but also not a disaster. "It's similar to what we've seen at a bill auction earlier this week where the finance agency explicitly stated that they don't make any price concession, or are not willing to make large price concessions." MARKET REACTION: - Bund future up 84 ticks at 140.90 vs 140.80 before auction - German 10-year yield down 7.2 bps at 1.518 percent vs 1.527 percent before auction. BACKGROUND: - German 10-year yields have risen more than 40 basis points from euro-era lows around 1.13 percent reached in July, after ECB President Mario Draghi vowed to do whatever it took to preserve the euro, later backed by a new bond purchase scheme. - However, uncertainty over when Spain will seek a bailout, necessary to activate the ECB scheme, has underpinned demand for safe-haven Bunds. Sep 26, 2012 09:55 AM OctaFX.Com News Updates

OctaFX.Com -Europe worries start share selloff, Spanish yields jump LONDON (Reuters) - World shares fell sharply and the euro hit a two-week low on Wednesday as growing opposition to measures aimed at resolving the euro zone's debt crisis unnerved investors already worried about weak global economic growth. The selling focused on Spain, where the main share index fell 3.5 percent (.IBEX) and yields on 10-year bonds rose back to six percent, as doubts grew about Madrid's commitment to reform due to violent protests and talk of secession by the wealthy Catalonia region. A general strike in Greece and signs of discord among top euro zone officials over new policies to tackle the crisis added to investor concerns, taking the gloss off recent moves by the European Central Bank to calm the markets by buying bonds. "Markets have realized despite reducing a large number of tail risks the ECB's program is not the solution to all the problems in the euro area," Philip Shaw, economist at Investec, said. Markets were also reacting to a letter from Germany, Finland and the Netherlands on Tuesday that implied that any rescue funds Spain receives for its banks will remain part of its public debt - a decision which would also affect Ireland. "Once again, it shows that when the ball is back in the governments' court, I think there's all this room for disappointment," said Tobias Blattner, European economist for Daiwa Capital Markets. The renewed concerns about the euro zone have caused a sharp rise in volatility on equity markets, and led to the biggest daily drop on the S&P 500 index on Tuesday since June and subsequent falls across Asia on Wednesday. The MSCI world equity index <.MIWD00000PUS> was down 0.8 percent at 332.23 points and has retraced most of the gains made after the U.S. Federal Reserve announced a new round of aggressive monetary easing last week. U.S. stocks were looking to extend their losses when Wall Street opened with stock index futures pointing to a weak open. (.N) In Europe the selling was across the board with the STOXX Europe 600 index (.STOXX) down 1.4 percent, its biggest one-day fall since late July, led by declines in Spanish and Italian markets which fell more than three percent. (.IBEX) (.FTMIB) The FTSEurofirst 300 (.FTEU3) had shed 1.5 percent to 1,103 points, having risen 0.4 percent on Tuesday. It is still up about eight percent for the September quarter. SPANISH PAIN Spain's growing problems, exacerbated by uncertainty over when the government might request an EU bailout, pushed the euro down 0.4 percent to $1.2850, its lowest level since September 12. "The Spanish story does seem to be deteriorating. We are seeing Spanish bond yields pushing higher this morning and that's being echoed by a slightly lower euro," said Daragh Maher, currency strategist at HSBC. Spain's benchmark 10-year bond yields rose 23 basis points to 6.00 percent, while the cost of insuring the debt against a default has also risen sharply. But analysts cautioned that the moves came on light turnover with many investors choosing to stay out of the market given the long list of potentially negative news from Madrid this week. "We've got some major event risks in Spain at the end of the week in Spain and it's not really worth having the exposure," Peter Chatwell, interest rate strategist at Credit Agricole. In addition to a tough 2013 budget to be unveiled on Thursday, the government is due to release plans for new structural reforms in the economy and the results of stress tests on the Spanish banking sector. On Friday ratings agency Moody's will publish its latest review of Spain's credit rating, possibly downgrading the country's debt to junk status. Madrid is also facing all these challenges in an environment in which its economy is still contracting at a "significant rate", the central bank said on Wednesday Economically important Catalonia's decision to hold early elections added to the pressure on Spanish Prime Minister Mariano Rajoy, who conceded in an interview with the Wall Street Journal that he would ask for a bailout if the country's borrowing costs remain too high for too long. "Ahead of these elections, we will have that classical political paralysis. So I think the government in Catalonia will probably not try its hardest to meet the targets," said Daiwa's Blattner said of goals set for reducing public deficits. "All the targets for the year as a whole for Spain I think are now under threat." GROWTH WORRIES The stronger dollar and concerns about the global economy added to the European worries to push down oil prices but gold was finding some support from this month's policy easing measures by the world's major central banks. Brent crude oil futures were down $1.30 to $109.15 a barrel, their second drop in three days, and U.S. crude fell $1.04 to $90.33 per barrel. Despite the drop, traders said oil was getting some support from the rise in tension between Iran and the West over its nuclear program, and by worries over possible risks to Middle East supply if hostilities break out in the region. Three-month copper on the London Metal Exchange was down 1.3 percent to $8,164.25 per metric tonne, although this followed a gain of more than 1 percent on Tuesday. "With worries about Europe and Spain in focus this week, and lingering anxiety over China's economic growth, we see the risk of gains in Q3 turning out to be a false dawn," said ANZ Bank's metals analyst Nicholas Trevethan. Gold held above $1,760 an ounce on investor demand after the Fed, the ECB and the Bank of Japan all unveiled bond-buying programs this month which will provide markets with extra liquidity. Sep 26, 2012 07:33 AM OctaFX.Com News Updates

OctaFx -European Parliament to tackle bank union split fears BRUSSELS (Reuters) - The European Parliament debates plans for a euro zone banking union on Wednesday, with members likely to raise concerns that the project designed to ease the currency bloc's crisis could sow divisions within the wider EU. Earlier this month, Brussels proposed that the European Central Bank should supervise all euro zone banks as a first step towards creating the union, under which the 17 member nations would form a united front to back their lenders. However, the plan has aroused worries in the 10 other European Union states, with their own currencies, that they will be indirectly affected. They are free to join the scheme but many may not. Britain, home to Europe's biggest financial center in London, will not participate but avoids openly criticizing the project. Other governments have publicly expressed their reservations. "The European Commission banking union proposal has the problem that it makes it very difficult for countries outside the euro," said Sven Giegold, a German member of the parliament. "We have a big interest that countries outside have voting rights to stop a split between countries such as Poland and Germany," said Giegold, who will play a leading role in talks with European countries about the plan. "The same goes for Sweden." Legally the European Parliament will have no say in writing much of the legislation to underpin a banking union. But it has powers to amend other important financial regulations and is likely to exert its influence in changing the new regime. Wednesday's debate starts at 0700 GMT. Banking union, which aims to restore confidence in an industry that has been battered by crisis, has three major steps: the ECB takes over monitoring euro zone banks - and others that sign up - from national regulators; a fund is created to close down and settle the debts of failed banks; and a comprehensive scheme to protect savers' deposits is established. Giegold underscored a central problem of the union - that it will drive a wedge between those countries inside the scheme and those outside, whose banks may suffer as a result. Earlier this Swedish Finance Minister Anders Borg said he would not accept ECB oversight of Nordea (NDA.ST), the Nordic region's biggest bank, as long as his country remained outside the banking union. Nordea has its headquarters outside the euro zone in Stockholm but has major operations in Finland, the sole Nordic country to use the common currency. While Britain will stay outside the scheme, many international banks in London have operations in the euro zone that will be affected by the ECB's new supervisory reach. London is worried that the ECB, emboldened by its new powers, will demand regulation that could undermine the city's position as Europe's financial capital. Some believe that the European Banking Authority, set up to coordinate the supervision of banks in response to the financial crisis and which is run by regulators from across the European Union, could act as a counterbalance. The European Commission has already suggested a special voting mechanism among EU regulators as a counterweight to the power of those in the euro zone. The close ties between some troubled governments and the banks they supervise - and on which they also rely to buy their debt - have dragged both ever deeper into crisis. A banking union would break this link by making the policing of banks supranational and establishing central schemes paid into collectively to cover the costs of closing failed lenders and protecting savers' deposits. Sep 26, 2012 12:06 AM OctaFX.Com News Updates

OctaFX.Com - No-Deposit Bonus 8 USD + 30% Bonus on each deposit OctaFX .com Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client's need and requirements. OctaFX sets the highest service level standards and maintains them as well as constantly develops new services and promotions. We are Regulated: Start your successful trading with OctaFX today Customer Support and contact details [email protected] [email protected] [email protected] China Toll Free Phone 4001-200970 Indonesia Toll Free Phone 001-803-015-203-9780 Malaysia Toll Free Phone 1-800-815-304 Belgium +32 2792 4855 © 2012 Octa Markets Incorporated Business license no. 19776 IBC 2011 Legal Address: Cedar Hill Crest, Villa, Kingstown, St. Vincent and the Grenadines

OctaFX.Com - Schaeuble says no need for new Spanish program HELSINKI (Reuters) - Spain does not need a new bailout program but simply to regain market confidence, German Finance Minister Wolfgang Schaeuble said on Tuesday. Investors are watching euro zone leaders' comments on Spain and its financing needs closely for signs of any terms that may be imposed on Madrid in exchange for aid from the European Central Bank and euro zone rescue funds. Asked if Spain needed a new bailout, Schaeuble said it did not need a "new program". The country was making progress with reforms, he added, and just needed to win the markets' confidence. Sep 25, 2012 10:33 AM OctaFX.Com News Updates

Good news for IBs! Higher IB commission and more promo materials! OctaFX values the effort inputted by IBs into their everyday work. Introducing brokers are integral part of any forex broker and we highly appreciate theit work. With this in mind OctaFX is now glad to announce really great news for all our existing and prospective IBs. First of all, we have increased IB commission. It is now 30% of spread for all account types. Get more IB commission with OctaFX, bring new clients and build your stable and profitable IB business with OctaFX. Not to forget, each IB has an opportunity to become an OctaFX office director in his/her region. Now it has become even easier! Secondly, all the variety of OctaFX promo materials is now available here. You are free to use banners in 4 languages and various sizes, promo texts, logos and many more. You can download or copy the banner codes from this page. You can generate or embed referral links into the banners right on this page. Now isn’t it just nice? We would like to thank all our IBs for their cooperation and for staying with us. We’d like to wish you all prosperity of your business!

ANTI-MONEY LAUNDERING ("AML") POLICY OF Octa Markets Incorporated Policy statement and principles Octa Markets Incorporated ("OctaFX") have adopted an Anti-Money Laundering (AML) compliance policy ("Policy") as set forth in the Board minutes, dated 15 of September 2011. Scope of policy This policy applies to all OctaFX officers, employees, appointed producers and products and services offered by OctaFX. All business units and locations within OctaFX will cooperate to create a cohesive effort in the fight against money laundering. Each business unit and location has implemented risk-based procedures reasonably expected to prevent, detect and cause the reporting of transactions. All efforts exerted will be documented and retained. The AML Compliance Committee is responsible for initiating Suspicious Activity Reports ("SARs") or other required reporting to the appropriate law enforcement or regulatory agencies. Any contacts by law enforcement or regulatory agencies related to the Policy shall be directed to the AML Compliance Committee. Policy It is the policy of OctaFX to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. OctaFX is committed to AML compliance in accordance with applicable law and requires its officers, employees and appointed producers to adhere to these standards in preventing the use of its products and services for money laundering purposes. For the purposes of the Policy, money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets. Generally, money laundering occurs in three stages. Cash first enters the financial system at the "placement" stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler's checks, or deposited into accounts at financial institutions. At the "layering" stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin. At the "integration" stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses. Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes. Customer identification program OctaFX has adopted a Customer Identification Program (CIP). OctaFX will provide notice that they will seek identification information; collect certain minimum customer identification information from each customer, record such information and the verification methods and results; and compare customer identification information with OFAC. Notice to customers OctaFX will provide notice to customers that it is requesting information from them to verify their identities, as required by applicable law. Required customer information The following information will be collected for all new insurance and annuity applications: Name Date of birth Address Passport number and country of issuance Alien identification card number or Number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or other similar safeguard. Verifying information Based on the risk, and to the extent reasonable and practicable, OctaFX will ensure that it has a reasonable belief of the true identity of its customers. In verifying customer identity, appointed producers shall review photo identification. OctaFX shall not attempt to determine whether the document that the customer has provided for identification has been validly issued. For verification purposes, OctaFX shall rely on a government-issued identification to establish a customer's identity. OctaFX, however, will analyze the information provided to determine if there are any logical inconsistencies in the information obtained. OctaFX will document its verification, including all identifying information provided by the customer, the methods used and results of the verification, including but not limited to sign-off by the appointed producer of matching photo identification. Monitoring and reporting Transaction based monitoring will occur within the appropriate business units of OctaFX. Monitoring of specific transactions will include but is not limited to transactions aggregating $5,000 or more and those with respect to which OctaFX has a reason to suspect suspicious activity. All reports will be documented. Suspicious activity There are signs of suspicious activity that suggest money laundering. These are commonly referred to as "red flags." If a red flag is detected, additional due diligence will be performed before proceeding with the transaction. If a reasonable explanation is not determined, the suspicious activity shall be reported to the AML Compliance Committee. Examples of red flags are: The customer exhibits unusual concern regarding the firm's compliance with government reporting requirements and the firm's AML policies, particularly with respect to his or her identity, type of business and assets, or is reluctant or refuses to reveal any information concerning business activities, or furnishes unusual or suspect identification or business documents. The customer wishes to engage in transactions that lack business sense or apparent investment strategy, or are inconsistent with the customer's stated business strategy. The information provided by the customer that identifies a legitimate source for funds is false, misleading, or substantially incorrect. Upon request, the customer refuses to identify or fails to indicate any legitimate source for his or her funds and other assets. The customer (or a person publicly associated with the customer) has a questionable background or is the subject of news reports indicating possible criminal, civil, or regulatory violations. The customer exhibits a lack of concern regarding risks, commissions, or other transaction costs. The customer appears to be acting as an agent for an undisclosed principal, but declines or is reluctant, without legitimate commercial reasons, to provide information or is otherwise evasive regarding that person or entity. For no apparent reason, the customer has multiple accounts under a single name or multiple names, with a large number of inter-account or third-party transfers. The customer is from, or has accounts in, a country identified as a non-cooperative country or territory by the Financial Action Task Force. The customer's account has unexplained or sudden extensive wire activity, especially in accounts that had little or no previous activity. The customer's account shows numerous currency or cashiers check transactions aggregating to significant sums. The customer's account indicates large or frequent wire transfers, immediately withdrawn by check or debit card without any apparent business purpose. The customer makes a funds deposit followed by an immediate request that the money be wired out or transferred to a third party, or to another firm, without any apparent business purpose. The customer requests that a transaction be processed in such a manner to avoid the firm's normal documentation requirements. The customer, for no apparent reason or in conjunction with other red flags, engages in transactions involving certain types of securities, such as penny stocks, and bearer bonds, which although legitimate, have been used in connection with fraudulent schemes and money laundering activity. (Such transactions may warrant further due diligence to ensure the legitimacy of the customer's activity.) The customer's account shows an unexplained high level of account activity with very low levels of securities transactions. Attempt to borrow maximum cash value of a single premium policy soon after purchase. If the appointed producer: Exhibits a dramatic or unexpected increase in sales (particularly of single premium contacts) Has consistently high activity in single premium contracts in excess of company averages Exhibits a sudden change in lifestyle Requests client documentation be delivered to the agent Investigation Upon notification to the AML Compliance Committee an investigation will be commenced to determine if a report should be made to appropriate law enforcement or regulatory agencies. The investigation will include, but not necessarily be limited to, review of all available information, such as payment history, birth dates, and address. If the results of the investigation warrant, a recommendation will be made to the AML Compliance Committee to file a blocked assets and/or a SAR with the appropriate law enforcement or regulatory agency. The AML Compliance Committee is responsible for any notice or filing with law enforcement or regulatory agency.