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

The author blog: Online Forex Resource - http://forexbroker.blogspot.com

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601080%26sid%3DaGxB4t5jCm.U%26refer%3Dasiacid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNEtxsscbEW6kv0zZSpNxvBQ_WhwIQAsian Currencies: Indian Rupee, Rupiah, Singapore Dollar Tumble/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr18 hours ago/nobr/fontbrfont size=-1The bcurrency/b fell as much as 4.4 percent from a week ago to an all-time low of 49.26, the biggest loss since March 1993. Singapore#39;s dollar dropped 2 b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/newsOne/idUSTRE4992T320081010cid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNGI5XzlTCDsl2xVkGnvfpIubmQItQS.Korea scrambles to defend sliding markets/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.chinapost.com.tw/business/asia/korea/2008/10/11/178158/S.-Korean.htmcid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNGyd0c1EdfJaSX70WCDvq0RlF4uzAS. Korean won swings most in a decade on intervention/a font size=-1 color=#6f6f6fnobrChina Post/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/08/AR2008100800441.html%3Fhpid%3Dtopnews%3Fhpid%3Dartslotcid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNEPaMqznO1liwwXe9U89NmOJsoN2ANikkei Dives 9.4 Percent in Biggest 1-Day Fall Since #39;87/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ftalphaville.ft.com/blog/2008/10/08/16807/asian-pain-the-ghosts-of-1997-98-return/cid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNEj2SkVWcg61-la7bKPiwB-hVB5nAnobrFT Alphaville/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/euDealsNews/idUSTRE4982TP20081009cid=1255727515ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNFwuWTcZC3vCkZ3upFL8UC7KURHngnobrReuters/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255727515hl=ennobrall 149 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/reutersEdge/idUSTRE4976YB20081008cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNEwKp96C1AS0aZYqViyy9LS9ZjB1gimg src=http://news.google.com/news?imgefp=btkFLXuMuWwJimgurl=www.reuters.com/resources/r/%3Fm%3D02%26d%3D20081008%26t%3D2%26i%3D6302436%26w%3D192%26r%3D2008-10-08T141520Z_01_BTRE49713LQ00_RTROPTP_0_BRAZIL-MARKETS width=80 height=52 alt= border=1brfont size=-2Reuters/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/reuters/feeds/reuters/2008/10/10/2008-10-10T154550Z_01_N10423432_RTRIDST_0_MARKETS-BRAZIL.htmlcid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNF_YHTD9VQqfzPwrx8es33bSzPmoQBrazil stocks, bcurrency/b plunge on global turmoil/abrfont size=-1font color=#6f6f6fForbes,nbsp;NYnbsp;-/font nobrOct 10, 2008/nobr/fontbrfont size=-1After the intervention, the real was btrading/b at 2.276 per US dollar, weakening 3.2 percent. The bank offered dollars in the spot bcurrency/b markets three b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/marketsNews/idUSN0939374620081009cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNGz5JgoQBhbRDpO3ND_ygTg3_AdYQBrazil#39;s bcurrency/b jumps, stocks fall on US rout/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.monstersandcritics.com/news/business/news/article_1436191.php/Trading_suspended_in_Sao_Paulo_Stock_Exchange_as_prices_plunge_cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNHeJMmGNcpuhNZlRfAS7DTyd-257QbTrading/b suspended in Sao Paulo Stock Exchange as prices plunge/a font size=-1 color=#6f6f6fnobrMonsters and Critics.com/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5j7_tu6M1MYLbJcdtKtSeeXzhvUmgD93NLNMO0cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNF3hkK3N_xLKVIzgsCRmIli-pDEcQBrazil stocks open sharply down on global losses/a font size=-1 color=#6f6f6fnobrThe Associated Press/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.guardian.co.uk/business/feedarticle/7846967cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNHYshG_GVOOgo00-D-h-lgZCH4iHQnobrguardian.co.uk/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/marketsNews/idUSN0639931320081006cid=1254844160ei=odbwSN7HAqbU6gOE3pnaAwusg=AFQjCNHX_h3T4dtm7YtOUR7Es5euSp6jCwnobrReuters/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254844160hl=ennobrall 101 news articles/nobr/a/font/div/font/td/tr/table
currency trading - Google News


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