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Discuss Brocompany.com (Broco)
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General discussions of a financial company
Natalie18
Broco Representative
- Messages
- 33
Natalie18
Broco Representative
- Messages
- 33
Weekly forex review
Currency Market Review 2/1/10 - 2/5/10
EUR below 2008 closing level
In January currency market was focused on financial problems of European countries and their budget deficits on the first place. Late last week we have learnt that Standard & Poor's does not count British banks among the most low risks banking systems / Weakness of major American stock indexes and oil prices below $75 a barrel boosted USD growth by the end of the third week of January . US fourth quarter GDP data also contributed to dollar's advance. GDP has growth 5,7% against the third quarter of 2009 year on year, US Bureau of Economic Analysis, Department of Commerce reported. This numbers turned out much better, than analysts expected.
Results and Current Situation
In 2009 the major trend was appreciation of currencies dependant of raw materials export (AUD and NZD) and USD decline. This tendency has created a misleading picture of EUR strength. In fact AUD and NZD were also often bought for EUR. Absence of objective basis for EUR/USD growth in November resulted in market going below 1.50. Technical trend of the last quarter of 2009 - lowering from 1.4350 - sent EUR/USD towards the 2008 closing - 1.40. It was only owing to EUR/GBP cross rate trade against EUR, that GBP/USD held near the 1.6150 -1.6350 area in January . EUR/GBP decline dynamics did not reflect the USD growth, but was a EUR depreciation factor, this allowed GBP/USD to stay at 1.60 by the end of January trade.
Currencies dependant on raw materials export - AUD and NZD - declined from key levels. AUD closed below 0.90 at 0. 8835, аnd NZD finished the month at 0.70. Closing above 0.88 and 0.70 came as a result of EUR/AUD EUR/NZD cross rate lowering and gold sinking below 1100 an ounce. USD/CAD grew to 1.0705 on oil decline.
January EUR/USD closing shows, that for the period from the beginning of 2009 USD added 0,78%, from 1.3960 to 1.3850. USD appreciation is not yet big enough for EUR/USD to fall substantially in the first February week.
Expectations, Prognosis
In the February 1-5 period currency market will have a hard time choosing further direction. Market participant might wish to take profit on some long USD positions in the beginning of the month. Fourth quarter financial statements of banks and companies will become a major factor influencing trading decisions. Traders will pay special attention to JPY movements. In January USD/JPY kept moving downward and closed in 0.90 filter between 0.9012 and 0.9031.
Major currency pairs range:
EUR/USD – 1.3788-1.4095, attempts to grow, potential decline
GBP/USD – 1.3788-1.4095, attempts to grow, potential decline
USD/CHF – 1.0431-1.0712, attempts to decline, potential growth
USD/JPY – 0.8731-0.9188 attempts to grow, potential decline
AUD/USD – 8750-9088 attempts to grow, potential decline
USD/CAD – 1.0431-1.0712, attempts to decline, potential growth
Brent – 68.88-73.50 consolidation
Currency Market Review 2/1/10 - 2/5/10
EUR below 2008 closing level
In January currency market was focused on financial problems of European countries and their budget deficits on the first place. Late last week we have learnt that Standard & Poor's does not count British banks among the most low risks banking systems / Weakness of major American stock indexes and oil prices below $75 a barrel boosted USD growth by the end of the third week of January . US fourth quarter GDP data also contributed to dollar's advance. GDP has growth 5,7% against the third quarter of 2009 year on year, US Bureau of Economic Analysis, Department of Commerce reported. This numbers turned out much better, than analysts expected.
Results and Current Situation
In 2009 the major trend was appreciation of currencies dependant of raw materials export (AUD and NZD) and USD decline. This tendency has created a misleading picture of EUR strength. In fact AUD and NZD were also often bought for EUR. Absence of objective basis for EUR/USD growth in November resulted in market going below 1.50. Technical trend of the last quarter of 2009 - lowering from 1.4350 - sent EUR/USD towards the 2008 closing - 1.40. It was only owing to EUR/GBP cross rate trade against EUR, that GBP/USD held near the 1.6150 -1.6350 area in January . EUR/GBP decline dynamics did not reflect the USD growth, but was a EUR depreciation factor, this allowed GBP/USD to stay at 1.60 by the end of January trade.
Currencies dependant on raw materials export - AUD and NZD - declined from key levels. AUD closed below 0.90 at 0. 8835, аnd NZD finished the month at 0.70. Closing above 0.88 and 0.70 came as a result of EUR/AUD EUR/NZD cross rate lowering and gold sinking below 1100 an ounce. USD/CAD grew to 1.0705 on oil decline.
January EUR/USD closing shows, that for the period from the beginning of 2009 USD added 0,78%, from 1.3960 to 1.3850. USD appreciation is not yet big enough for EUR/USD to fall substantially in the first February week.
Expectations, Prognosis
In the February 1-5 period currency market will have a hard time choosing further direction. Market participant might wish to take profit on some long USD positions in the beginning of the month. Fourth quarter financial statements of banks and companies will become a major factor influencing trading decisions. Traders will pay special attention to JPY movements. In January USD/JPY kept moving downward and closed in 0.90 filter between 0.9012 and 0.9031.
Major currency pairs range:
EUR/USD – 1.3788-1.4095, attempts to grow, potential decline
GBP/USD – 1.3788-1.4095, attempts to grow, potential decline
USD/CHF – 1.0431-1.0712, attempts to decline, potential growth
USD/JPY – 0.8731-0.9188 attempts to grow, potential decline
AUD/USD – 8750-9088 attempts to grow, potential decline
USD/CAD – 1.0431-1.0712, attempts to decline, potential growth
Brent – 68.88-73.50 consolidation
Natalie18
Broco Representative
- Messages
- 33
Currency Market Review 2/06/10 - 2/12/10
EUR below 2008 closing
The first February week ended with considerable EUR lowering and USD growth. Banks' buying USD against EUR, AUD and NZD in the end of the week was spurred by 5% decline of indexes on Lisbon and Madrid exchanges. Continuing concerns over swelling budget deficits and sovereign debts of EU member countries bolsters banks' appetite for USD. Currency market participants don't take EUR for a serious alternative to USD. Markititraxx Europe Index climbing to the 9-week maximum has further propelled USD against EUR. Michal Gomez, a senior vice president at Pimco (Pacific Investment Management Co) one of the largest investment companies in the world, advices to keep away from EUR, Euro zone and some of the developing European countries’ currencies.
Results and Current Situation
During February 1- 5 trading week EUR has lost 1.44% against USD. EUR/USD slid two figures lower from 1.3850 level to 1.3650 by session closing Friday. Increased USD buying resulted in lowering of the currencies dependant on raw materials export, AUD and NZD. They have lost 100 points. At the same time CAD remained relatively strong against USD. USD/CAD growth for the week comprised 10 points. CAD received support form the oil market, which managed to stay above the $70 level.
GBP turned out to be the biggest looser last week. By trade closing on February 5th GBP has lost 2.15%, which was reflected in GBP/USD decline of 345 points, from 1.5975 to 1.5630.
The major factor of last week's trade was a tendency of decline not only against USD but also against JPY. Growing interest in buying USD against other currencies could not hinder JPY appreciation. By the end of the week JPY added 0.034% against USD. USD/JPY has gone from 0.9025 down to 0.8935. The general JPY growth against other currencies in the market surpassed USD growth. This factor is a strong signal of further weakening of EUR, GBP, AUD and NZD.
Expectations, Prognosis
In the February 8-12 period currency market will remain pressured by increased buying of Japanese and American currencies . Possible attempts of EUR, GBP and other currencies buying in the first half of the week will be countered with large JPY purchases by cross rates. JPY buying will intensify EUR decline and USD growth.
Major currency pairs range:
EUR/USD – 1,3350-1,3769, decline
GBP/USD – 1,3350-1,3769, decline
USD/CHF – 1,0669-1,0888, growth
USD/JPY – 0,8831-0,8969, declining consolidation
AUD/USD – 0,8331-0,8769, decline
USD/CAD – 1,0631-1,0869 growing consolidation
Brent – 68,88-71,50 consolidation, range
EUR below 2008 closing
The first February week ended with considerable EUR lowering and USD growth. Banks' buying USD against EUR, AUD and NZD in the end of the week was spurred by 5% decline of indexes on Lisbon and Madrid exchanges. Continuing concerns over swelling budget deficits and sovereign debts of EU member countries bolsters banks' appetite for USD. Currency market participants don't take EUR for a serious alternative to USD. Markititraxx Europe Index climbing to the 9-week maximum has further propelled USD against EUR. Michal Gomez, a senior vice president at Pimco (Pacific Investment Management Co) one of the largest investment companies in the world, advices to keep away from EUR, Euro zone and some of the developing European countries’ currencies.
Results and Current Situation
During February 1- 5 trading week EUR has lost 1.44% against USD. EUR/USD slid two figures lower from 1.3850 level to 1.3650 by session closing Friday. Increased USD buying resulted in lowering of the currencies dependant on raw materials export, AUD and NZD. They have lost 100 points. At the same time CAD remained relatively strong against USD. USD/CAD growth for the week comprised 10 points. CAD received support form the oil market, which managed to stay above the $70 level.
GBP turned out to be the biggest looser last week. By trade closing on February 5th GBP has lost 2.15%, which was reflected in GBP/USD decline of 345 points, from 1.5975 to 1.5630.
The major factor of last week's trade was a tendency of decline not only against USD but also against JPY. Growing interest in buying USD against other currencies could not hinder JPY appreciation. By the end of the week JPY added 0.034% against USD. USD/JPY has gone from 0.9025 down to 0.8935. The general JPY growth against other currencies in the market surpassed USD growth. This factor is a strong signal of further weakening of EUR, GBP, AUD and NZD.
Expectations, Prognosis
In the February 8-12 period currency market will remain pressured by increased buying of Japanese and American currencies . Possible attempts of EUR, GBP and other currencies buying in the first half of the week will be countered with large JPY purchases by cross rates. JPY buying will intensify EUR decline and USD growth.
Major currency pairs range:
EUR/USD – 1,3350-1,3769, decline
GBP/USD – 1,3350-1,3769, decline
USD/CHF – 1,0669-1,0888, growth
USD/JPY – 0,8831-0,8969, declining consolidation
AUD/USD – 0,8331-0,8769, decline
USD/CAD – 1,0631-1,0869 growing consolidation
Brent – 68,88-71,50 consolidation, range
Hi there,
I wanted an ECN broker facility and thats why I considered Broco. I registered for a demo account and downloaded Broco Investor(MT4) for the purpose. However, I was shocked to see the spreads on the platform. They are much wider than the normal ECN spreads.
Consider this: EU : 1.5 pips, GU 2 pips, GJ 4+ pips. Now these spreads are better than most market makers, but certainly are very wide for ECNs.
I asked their representative if there is a different feed for Demo and Real accounts and he denied that. This has put me off from opening an account with them.
Can the representative here help on the issue?
I wanted an ECN broker facility and thats why I considered Broco. I registered for a demo account and downloaded Broco Investor(MT4) for the purpose. However, I was shocked to see the spreads on the platform. They are much wider than the normal ECN spreads.
Consider this: EU : 1.5 pips, GU 2 pips, GJ 4+ pips. Now these spreads are better than most market makers, but certainly are very wide for ECNs.
I asked their representative if there is a different feed for Demo and Real accounts and he denied that. This has put me off from opening an account with them.
Can the representative here help on the issue?
Natalie18
Broco Representative
- Messages
- 33
Weekly forex report
4-months of the fiscal half year EUR trend points at 1.33
General background of the second February week was not in favour of the Single European currency. Negative tone was aggravated by weak EU macroeconomic staticstics and Greece's financial problems. Still the most important factor was the decion of China's central bank to raise the reserve ratio for Chinese banks by 50 basis points, which was announced on Friday.
Results and Current Situation
The ending of the second February week was in fact the result of the four months of fiscal half year period as well as the first half of the first 2010 quarter. Since the beginning of the fiscal half year period in October EUR has lost 6,45% against USD by session closing on Friday. 4-month EUR/USD decline comprised 9 figures or 950 points. EUR has lost considerably against currencies dependant of raw materials exports such as AUD and CAD (9% and 9.2%). Technically EUR/USD is moving in a well formed downward trend towards the area of 1.33-1.3350, which can be reached by the end of the 1st quarter of 2010 .
As results of the last week's trade show, EUR is held back from sinking below 1.35 only by 1.3650 area (1.3612-1.3688). In the meanwhile the week's trade of USD against JPY goes around 0.90 without a clear deriction. This fact shows that it is EUR depreciation that plays the key role in the market and not USD growth.
EUR/GBP cross rate decline below 0.8750 helped GBP/USD stay above 1.5650. GBP exchange rates have settled in the comfortable area between the 1.55 and 1.60 levels within a range of 1.57-1.58. This proves once again that the value of EUR is deminishing.
The idea, that the USD is ready to grow, but not yet growing is proved by the fact that AUD/USD climbed from 0.8650 to 0.8870 by the end of trade Friday. Persistant relative USD weakness is also sertified by the fact that by the week's end USD/CAD has declined from 1.07 to 1.05 levels.
Expectations, Prognosis
Within the period from 15 to 19 February curreny market trends will be dominated by Japanese currency purchases for EUR, GBP and raw materials currencies and general
EUR weakness. Federal Reserve rate increase has not become an active factor so far, although it was mentioned in the report by thу FRS President Ben Bernanke. Market participants will be assessing oil market in the range of 71,50-73,50 (Brent oil) and the possibility of prices breaking outside of this range. Apart from that traders will be watching Dow Jones Index dynamics around 10000, within the range of 9850-10150.
Major currency pairs range:
EUR/USD – 1.3350-1.3769, decline
GBP/USD – 1.3350-1.3769, decline
USD/CHF – 1.0669-1.0931, growth
USD/JPY – 0.8931-0.9096, consilidation
AUD/USD – 0.8712-0.8931, consilidation with potential decline
USD/CAD – 1.0431-1.0688, consilidation with potential growth
Brent – 71. 50-73.88, consilidation, potential decline
4-months of the fiscal half year EUR trend points at 1.33
General background of the second February week was not in favour of the Single European currency. Negative tone was aggravated by weak EU macroeconomic staticstics and Greece's financial problems. Still the most important factor was the decion of China's central bank to raise the reserve ratio for Chinese banks by 50 basis points, which was announced on Friday.
Results and Current Situation
The ending of the second February week was in fact the result of the four months of fiscal half year period as well as the first half of the first 2010 quarter. Since the beginning of the fiscal half year period in October EUR has lost 6,45% against USD by session closing on Friday. 4-month EUR/USD decline comprised 9 figures or 950 points. EUR has lost considerably against currencies dependant of raw materials exports such as AUD and CAD (9% and 9.2%). Technically EUR/USD is moving in a well formed downward trend towards the area of 1.33-1.3350, which can be reached by the end of the 1st quarter of 2010 .
As results of the last week's trade show, EUR is held back from sinking below 1.35 only by 1.3650 area (1.3612-1.3688). In the meanwhile the week's trade of USD against JPY goes around 0.90 without a clear deriction. This fact shows that it is EUR depreciation that plays the key role in the market and not USD growth.
EUR/GBP cross rate decline below 0.8750 helped GBP/USD stay above 1.5650. GBP exchange rates have settled in the comfortable area between the 1.55 and 1.60 levels within a range of 1.57-1.58. This proves once again that the value of EUR is deminishing.
The idea, that the USD is ready to grow, but not yet growing is proved by the fact that AUD/USD climbed from 0.8650 to 0.8870 by the end of trade Friday. Persistant relative USD weakness is also sertified by the fact that by the week's end USD/CAD has declined from 1.07 to 1.05 levels.
Expectations, Prognosis
Within the period from 15 to 19 February curreny market trends will be dominated by Japanese currency purchases for EUR, GBP and raw materials currencies and general
EUR weakness. Federal Reserve rate increase has not become an active factor so far, although it was mentioned in the report by thу FRS President Ben Bernanke. Market participants will be assessing oil market in the range of 71,50-73,50 (Brent oil) and the possibility of prices breaking outside of this range. Apart from that traders will be watching Dow Jones Index dynamics around 10000, within the range of 9850-10150.
Major currency pairs range:
EUR/USD – 1.3350-1.3769, decline
GBP/USD – 1.3350-1.3769, decline
USD/CHF – 1.0669-1.0931, growth
USD/JPY – 0.8931-0.9096, consilidation
AUD/USD – 0.8712-0.8931, consilidation with potential decline
USD/CAD – 1.0431-1.0688, consilidation with potential growth
Brent – 71. 50-73.88, consilidation, potential decline
Vitaliy123
Recruit
- Messages
- 7
Avoid this broker - they are a scammers. Huge slippages (about 10pips), quotes stopping, off quotes messages while attempting to close trade in + - it's the tipical metods of this "broker" to screw good traders. SCAMERS
ernest8fingers
Master Sergeant
- Messages
- 488
care to comment?
seems Broco has it's issues?
"The Commission’s complaint alleges that BroCo Investments, Inc., its president Valery Maltsev, and/or individuals acting in concert with them hijacked the online brokerage accounts of unwitting investors using stolen usernames and passwords and subsequently placed unauthorized trades through the compromised accounts to manipulate the markets of at least thirty-eight issuers between August 2009 and December 2009. In almost every instance, prior to intruding into these accounts, the Defendants acquired positions in their own account. Then, just minutes later, without the accountholders’ knowledge, the Defendants, and/or individuals acting in concert with them, placed scores of unauthorized buy orders at above-market prices using the compromised accounts. After these unauthorized buy orders were placed, the Defendants sold the positions held in their own account at the artificially inflated prices."
This was just released from SEC.
seems Broco has it's issues?
"The Commission’s complaint alleges that BroCo Investments, Inc., its president Valery Maltsev, and/or individuals acting in concert with them hijacked the online brokerage accounts of unwitting investors using stolen usernames and passwords and subsequently placed unauthorized trades through the compromised accounts to manipulate the markets of at least thirty-eight issuers between August 2009 and December 2009. In almost every instance, prior to intruding into these accounts, the Defendants acquired positions in their own account. Then, just minutes later, without the accountholders’ knowledge, the Defendants, and/or individuals acting in concert with them, placed scores of unauthorized buy orders at above-market prices using the compromised accounts. After these unauthorized buy orders were placed, the Defendants sold the positions held in their own account at the artificially inflated prices."
This was just released from SEC.
Natalie18
Broco Representative
- Messages
- 33
Official statement of the President of the company
Official statement of the President of the company
Within the nearest time we will explain in detail the situation around sub-broker accounts of our company in Genesis Securities, USA, which allow our Clients to operate on stock market of the USA.
Securities and Exchange Commission of the USA did not arrest these accounts in fact but had just temporarily suspended all operations of Clients until thecircumstances on one of Client's trading accounts are clarified.
I underline that neither me no BroCo are associated with trading on this specific account.
BroCo as an official sub-broker of Genesis operates on stock market of the USA. We register accounts for all clients wishing to trade on the USA stock market and therefore have commission remuneration. All largest actors of the Russian stock market do apply the same scheme for operations in Genesis.
It means that accumulated omnibus account is registered in the name of our company in Genesis and within the it's frames our Clients' accounts are opened. Full procedure for registering Client's account of this type is introduced on our web-site in details. These accounts are certainly opened officially, we provide Genesis with complete information about holders of these accounts in compliance with Genesis' demands and procedures as well as all required documents by our Clients.
The account suspected in price manipulation in market belongs to Client of the company. The client performed his own trading and traded at his own responsibility.. Our company together with Genesis only procures technical and brokerage facilities. Thus BroCo company is not associated with trading on above-mentioned account.
In the nearest time we will carefully study all claims of USA Securities and Exchange Commission. I can assure that all claims upon securities are civic and in fact represent request for all relevant and essential documents of Client, it is not a criminal case.
Our lawyers prepare essential papers and today or tomorrow will file the package to Commission.
Russian mass media did not investigate the situation thoroughly and published wrong information. We have already requested our mass media to cease the inflow of not unexamined information.
BroCo works in normal operation. Soon all misunderstandings will be cleared.
Today I will respond the questions of Russian mass media and I am here to answer all questions of our Clients because it is an ordinary case of proceedings between broker and regulating authority which was presented in a not ordinary way by Russian mass-media including web sources.
Official statement of the President of the company
Within the nearest time we will explain in detail the situation around sub-broker accounts of our company in Genesis Securities, USA, which allow our Clients to operate on stock market of the USA.
Securities and Exchange Commission of the USA did not arrest these accounts in fact but had just temporarily suspended all operations of Clients until thecircumstances on one of Client's trading accounts are clarified.
I underline that neither me no BroCo are associated with trading on this specific account.
BroCo as an official sub-broker of Genesis operates on stock market of the USA. We register accounts for all clients wishing to trade on the USA stock market and therefore have commission remuneration. All largest actors of the Russian stock market do apply the same scheme for operations in Genesis.
It means that accumulated omnibus account is registered in the name of our company in Genesis and within the it's frames our Clients' accounts are opened. Full procedure for registering Client's account of this type is introduced on our web-site in details. These accounts are certainly opened officially, we provide Genesis with complete information about holders of these accounts in compliance with Genesis' demands and procedures as well as all required documents by our Clients.
The account suspected in price manipulation in market belongs to Client of the company. The client performed his own trading and traded at his own responsibility.. Our company together with Genesis only procures technical and brokerage facilities. Thus BroCo company is not associated with trading on above-mentioned account.
In the nearest time we will carefully study all claims of USA Securities and Exchange Commission. I can assure that all claims upon securities are civic and in fact represent request for all relevant and essential documents of Client, it is not a criminal case.
Our lawyers prepare essential papers and today or tomorrow will file the package to Commission.
Russian mass media did not investigate the situation thoroughly and published wrong information. We have already requested our mass media to cease the inflow of not unexamined information.
BroCo works in normal operation. Soon all misunderstandings will be cleared.
Today I will respond the questions of Russian mass media and I am here to answer all questions of our Clients because it is an ordinary case of proceedings between broker and regulating authority which was presented in a not ordinary way by Russian mass-media including web sources.
Natalie18
Broco Representative
- Messages
- 33
Explanation of the situation with Genesis company, the USA
On March, 16, some mass media published the information that the US district Court of southern district of New York froze assets of BroCo Investments Inc. hold in Genesis Securities company. The company was accused in illegal accessing investors' accounts for further market manipulations.
Reasons and claims of the USA Securities and Exchange Commission do not seem founded for the company.
"As representative of Broco states, to provide our Clients with an access to the US stock market, we signed a sub-brokerage agreement with Genesis Securities LLC. The procedure is that for every Client we open subaccount in Genesis Securities LLC and submit the package of documents for Client. Client account is opened upon examination and they get access to Laser Trade platform. Transactions on subaccounts are performed by Clients not by the Company. We provide this service starting from 2008 fall and since that time we have not received any complaint from Clients regarding unauthorized accessing, hacking, damage or other problems on their accounts. What is important is that our contractor - Genesis Securities LLC — had never made any claim regarding trading style of our Clients"
— comments official representative of the company.
"Among traders using Laser Trade platform there are many professional traders who demonstrate sustainable results and achieve high yield. It is possible that their successes attracted attention of SEC. Please note that this situation will not affect your trading on other platforms in Broco. Currently we have only Laser Trade account frozen. Personal accounts of company's president are not frozen as well and he can continue operations on stock market. Now our lawyers examine the situation and we are waiting for representatives of Genesis Securities LLC. Thus very soon we will have full information about reasons of complaint and hope that the situation will be resolved. "
On March, 16, some mass media published the information that the US district Court of southern district of New York froze assets of BroCo Investments Inc. hold in Genesis Securities company. The company was accused in illegal accessing investors' accounts for further market manipulations.
Reasons and claims of the USA Securities and Exchange Commission do not seem founded for the company.
"As representative of Broco states, to provide our Clients with an access to the US stock market, we signed a sub-brokerage agreement with Genesis Securities LLC. The procedure is that for every Client we open subaccount in Genesis Securities LLC and submit the package of documents for Client. Client account is opened upon examination and they get access to Laser Trade platform. Transactions on subaccounts are performed by Clients not by the Company. We provide this service starting from 2008 fall and since that time we have not received any complaint from Clients regarding unauthorized accessing, hacking, damage or other problems on their accounts. What is important is that our contractor - Genesis Securities LLC — had never made any claim regarding trading style of our Clients"
— comments official representative of the company.
"Among traders using Laser Trade platform there are many professional traders who demonstrate sustainable results and achieve high yield. It is possible that their successes attracted attention of SEC. Please note that this situation will not affect your trading on other platforms in Broco. Currently we have only Laser Trade account frozen. Personal accounts of company's president are not frozen as well and he can continue operations on stock market. Now our lawyers examine the situation and we are waiting for representatives of Genesis Securities LLC. Thus very soon we will have full information about reasons of complaint and hope that the situation will be resolved. "
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