FX Glossary(E)



The electronic brokerage system. A brokerage method that can place the foreign exchange transaction order directly from terminals installed in banks, etc. without resorting to the voice broker.


European Central Bank. It was established as the central bank of new euro zone in 1998, prior to the launch of the euro in 1999.

Economic Growth Rate

The proportion of whether business confidence has picked up much. In many cases, GDP growth rate have been treated as a barometer of the economic growth rate.

Either Way

Bid and offer is the sense that the same rate. I also referred to as "Choice". [= Choice]

Emergency Dollar Buying (selling)

In case of an emergency such as war, the "emergency dollar-buying" where certain dollar was being bought as the world’s key currency. On the other hand, during that same time, when dollar was being sold it is called "emergency dollar-selling". During the US terrorist attacks of September 11, 2001 and at the time of the Iraq air strikes by US forces of March 19, 2003 when the “emergency dollar selling” was seen. The “emergency dollar buying” was seen during the North Korea July 5, 2006 missile launch and at that same time on the invasion of the Lebanon by the Israeli army on the 12th.

End Factor

Along with the approaching fiscal year balance sheet, it says the pressure in sales becomes stronger such as stocks. In the case of Japanese companies, the financial institutions and private companies such as banks, so as not to let the trouble comes out of unexpected loss in the end of the period to tighten the financial results for the year, every year, while predicting the stock price level from January to March, there is a place to carry out such as the determination of the results of the evaluation and equity investment holdings shares. Therefore, the determination of profit or loss from the sales is being increased at this time.


An Exchange Rate Mechanism that many EU members had adopted before the introduction of Euro, "a system where each currency varies with each other within a certain range", which forms the core of the European Monetary System (EMS) of the (European Union), to establish the central rate (between each two countries), to mutually bear the intervention obligation to stabilize the variation range within 2.25%.


Refers to the single currency of the European Union (UE) that was established in January 1999. At the time of the 15 countries EU Member States, the United Kingdom, Denmark, and Sweden, with the exception of 12 countries, have adopted the euro to abandon the currency of the country permanently on March 1, 2002. Then, Slovenia in January 1, 2007, Cyprus and Malta on January 1, 2008, then on January 1, 2008, the Slovakia adopted euro. The euro expanded to the following 16 countries. Belgium, Germany, Greece, Spain, France, Ireland, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Finland, Slovakia.


Euro group is established in 1997 for the purpose of planning the coordination of economic policies between countries. It is composed of Ministry of Finance and Financial Ministers of the 16 countries that have adopted the euro.

Euro Money

It refers to your own country's currency to be traded on the market other than one’s country. For example, the yen that are traded outside Japan’s market is called the "Euro-yen" (You must remember that this is totally different from the "Euro / yen" currency pair).

Exchange of Currency

The current received is, in the forex, such as (foreign exchange margin trading), it is about not wanting to do the settle the margin of the buying position on hold but refers to withdrawal of the currency itself. On the other hand, pass now is passing to the other party the currency of the selling position on hold. The transaction to receive the consideration is called the current pass.

Exchange Rate Determination Theory

The analysis of the factors that will affect the fluctuations of the foreign exchange rate. There is the theory of the International indebtedness and purchasing power parity theory.

Export Reservation

It refers to the "dollar-selling reservation" in foreign exchange trading. When the Japanese exporting companies export products to the United States, dollars will be received for its consideration. The Japanese export companies, in order to use these dollars, will have to exchange to yen (by selling dollars, and buy yen). Since the day you receive the dollar has been determined in advance by the contract, the selling-dollar dated from that date is said to be the export reservation.

External Bonds

It refers to the foreign currency denominated security bonds (foreign security bonds).

Evaluation of Gain or Loss

It evaluates the position of outstanding by the rate of a certain point in time, it shows how much profit and loss are realized after the calculation.