forex magnates 2012 year summary

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  • 7/30/2019 forex magnates 2012 year summary

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    X~kkfty

  • 7/30/2019 forex magnates 2012 year summary

    2/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

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  • 7/30/2019 forex magnates 2012 year summary

    3/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

    Tnnh}ieo ae fe nsne}~g 4264' kfey mnsngarkne}x jfsn

    }flne rgfhn% F xji} ie myefkih jfx dnne hakra~emnm dy mn+

    htnfxieo sag~knx }jta~oja~} }jn kftln}rgfhn%

    Nsne}x m~tieo }jn ief~o~tfg rft} a 4264 xn} }jn xhnen at

    }jn aggawieo kae}jx fjnfm' wjntn }jn ne}itn kftln} xjawnm

    f xioeichfe} mnhtnfxn ie }tfmieo sag~kn hakrftnm wi}j }jn

    rtnsia~x ynft% @frfe' wjaxn kftln} ix tneawenm fhtaxx }jn

    iem~x}ty at i}x xioeichfe} sag~kn' wfx ea nzhnr}iae wi}j gfton

    e~kdnt a dtalntx tnrat}ieo rg~kkn}ieo }tfmieo sag~knx% ]jix

    mawewftm }tnem ix f}}tid~}fdgn ie rft} }a gfx} ynftx x}tieone}

    ikraxi}iae a gnsntfon tnx}tih}iaex dy @frfenxn tno~gf}atx'

    wjntndy 4>06 dnhfkn kfemf}aty% @frfenxn }tfmntx jfsn }tf+

    mi}iaefggy xjawe jiojnt sag~knx asnt rtnsia~x ynftx' fem ftn

    gnxx tixl+fsntxn }jfe }tfmntx ie hnt}fie a}jnt kftln}x' }jntn+

    atn rntjfrx xnnlieo }a iesnx} ie}ntef}iaefggy wjntn }jny ftn

    ea} da~em dy x~hj haexntsf}isn gnsntfon ragihinx% ]a ~t}jnt

    ikrnmn haecmnehn' }tfmieo sag~knx onentf}nm dy iex}i}~}iaefg

    dtalntx fem NHEx wntn mawe x~dx}fe}ifggy fx wngg%

    X~dxnv~ne}gy' }jn @frfenxn atnz kftln}' aehn }jn sn

    gftonx}' fhha~e}ieo at =>+>2. a fgg atnz }tfexfh}iaex n

    ynftx foa' jfx eaw dnhakn haeximntfdgy xkfggnt% Ie }jn gf

    4 kae}jx a 4264 }jn @frfenxn sag~kn at xnsntfg kf`at dt

    lntx jfx kfefonm }a tnda~em d~} i} ix x}igg mndf}fdgn fx

    wjn}jnt i} ix }jn dnoieeieo a tnhasnty at f }nkratfty xriln

    Fx @frfe x}foef}nm' N~tarnx iem~x}ty rft}ihirfe}x }aa m

    rgfynm kf`at sag~kn mnhtnfxnx' hi}ieo }jn ogadfg nhaeak

    xgawmawe fx aen a }jn tnfxaex% I} ix fgxa f}}tid~}fdgn }a

    mnhgien ie }tfmieo sagf}igi}y xiehn }jn atnz kftln} ne}ntnm

    ~ertnhnmne}nm tfeon a }tfmieo fem }j~x mim ea} rtnxne} a

    rat}~ei}inx }a }tfmntx% Kax} fnh}nm dy }jix wntn iex}i}~}iae

    dtalntx' at iex}fehn CZHKx iex}i}~}iaefg }tfmieo ~ei} tnrat}

    sag~knx mtarrieo dy 32. fem katn% Fmmi}iaefg tnfxaex hi}

    at }jn rg~kkn}ieo sag~knx wntn iehtnfxnm ogadfg tno~gf}ia

    fem kf`at x~ton ie }a}fg e~kdnt a dtalntx iehtnfxieo }

    hakrn}i}isnenxx% ]jn mnhgien ie N~ta+Maggft }tfmieo fhhngn

    f}nm m~tieo }jn ctx} 3 kae}jx a }jn ynft' xnnieo ^L xr

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  • 7/30/2019 forex magnates 2012 year summary

    4/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

    }tfmieo fgg dy 4=. fhhatmieo }a }jn Dfel a Neogfemx tnrat}%

    Aen atnz }tfmieo sne~n wjihj jfx d~hlnm }jn }tnem ix GKFZ

    Nzhjfeon' wja kfefonm }a otaw dy antieo xntsihnx fx f

    giv~imi}y rtasimnt }a x}ft}+~r NHE dtalntfonx wixjieo }a ~xn

    }jnit K]= dtimon% Ie rfhlfoieo }jn ne}itn xyx}nk }a fhigi+

    }f}n footnxxisn hax}+rnt+kiggiae nnx fem haeenh}iae }a }jnK]= sif dtimon hakrtixieo f ~gg dtalntfon xyx}nk }jf} hfe

    dn ikrgnkne}nm wi}jie f kf}}nt a mfyx' }jix misntxichf}iae

    jfx rtasnm f wixn aen at GKFZ' wja mngisntnm fe fee~fg+

    ipnm t~e+tf}n a frrtazikf}ngy -822 diggiae ie Frtig 4264 fgaen%

    ]jn x}tf}axrjntih iehtnfxn ie e~kdnt a }tfmnx taxn tak `~x}

    ='222 f kae}j ie }jn ctx} v~ft}nt a 4266' }a 822'222 rnt

    kae}j dy Frtig 4264% Ie Mnhnkdnt 4264 GKFZ wfx xr~e a

    tak rftne} hakrfey Dn}fit ie f kfefonkne} d~ya~} gnm dy

    HNA Mfsim Knthnt%

    Fhv~ixi}iaex

    Iem~x}ty oife} CZHK jfx haeximntnm 4264 f ynft a x}~my+

    ieo i}x xkfggnt hakrn}i}atx at }jn r~traxnx a fhv~ixi}iae'

    kflieo }jix gaw sag~kn ynft fe iesnx}kne} ie}a }jnit ~+

    }~tn% CZHK r~thjfxnm f >2. xjftn a G~him Kftln}x' f

    ^L dfxnm kftln} kflnt' ie kim+4264% Fe iex}i}~}iaefg atnz

    dtalnt' G~him Kftln}x wfx a~emnm }jtnn ynftx rtiat }a i}x

    fhv~ixi}iae dy CZHK' fem dta~oj} ie tnsne~nx a -6=9 kig+

    giae m~tieo 4266%

    CZHK ixx~nm xjftnx }a haem~h} }jn fhv~ixi}iae' }a }jn sfg~n

    a -6?3 kiggiae% ]jn raie} a ie}ntnx} jntn ix }jf} CZHK wntnfdgn }a r~thjfxn >2. a G~him f} f sfg~n wngg dngaw fsntfon

    k~g}irgnx' fem ie maieo xa oa} ie ae f hakrfey wjihj jfm fe

    NDI]MF a -668 kiggiae ie 4266' wjihj wfx katn }jfe CZHK

    i}xngx 4266 tnsne~n a -664 kiggiae% ]jix xjawx CZHK hfxj+

    ieo ie ae }jn wnfl atnhfx}x at sag~knx ie }jn ^X fem N~+

    tarn' fx }jnit rtnsia~x fhv~ixi}iaex jfm dnne ie }jn @frfenxn

    kftln} *OHI fem Catngfem tnxrnh}isngy)% I} kfy dn fit }a xfy

    }jf} x~hj fe fhv~ixi}iae wa~gm ea} jfsn dnne raxxidgn f} }jix

    rtihn ~emnt eatkfg kftln} haemi}iaex%

    Diefty Ar}iaex

    Diefty ar}iaex jfsn dnne ae }jn iehtnfxn' wi}j kfey enw

    hakrfeinx xrtieoieo ~r fem f}}tfh}ieo tn}fig h~x}akntx' jfs+

    ieo fe ikrfh} ae atnz sag~knx' nxrnhifggy }jaxn a rtisf}n

    iesnx}atx enw }a }jn aegien }tfmieo watgm% M~tieo }jn ynft' di+

    efty ar}iaex rtasimntx x~hj fx Xra}Ar}iae' ]tfmagaoih' Kft+

    ln}xR~gxn' ]tfmnXkft}nt fem ]nhjCiefehifgx' wjaxn rgf}atkx

    ftn fiknm }awftm wji}n gfdng rft}entx' xfw f kf`at ie~z ie

    mnkfem tak atnz dtalntx gaalieo }a misntxiy }jnit antieox%

    Cat enw ne}tinx ie}a }jn diefty ar}iaex xrfhn' }jix ix f x}tfioj}+

    atwftm ne}ntrtixn% Diefty ar}iaex ctkx xikrgy rtasimn }jn n

    }itn HTK fem dfhl achn fhigi}inx' fem }jn wji}n gfdng rft}e

    nkrgayx f xfgnx fem tn}ne}iae }nfk fem haem~h}x }jn h~

    }aknt fhieo fh}isi}y aegy%

    Xahifg' F~}a fem Hary+]tfmn

    Xahifg fem hary+}tfmn }tfmieo rgf}atkx jfsn dnne kftln}n

    wimngy }jix ynft' fem jfsn dnhakn f raie} a otnf} ie}ntn

    watgmwimn' fem ie rft}ih~gft }jn Cft Nfx}% Xa k~hj xa' }j

    Kn}fV~a}nx' }jn rgf}atkx kftln} gnfmnt' jfx dnne }tifgi

    }jnit awe hary+}tfmn }tfmieo xyx}nk wjihj wigg dn ie}notf}

    ie}a }jn K]= rgf}atk fem tngnfxnm ikkiene}gy% ]jntn wigg e

    ma~d} dn f otnf} kfey dtalntx wja wigg gaal }a kftln} }j

    nf}~tn fx f kn}jam a iehtnfxieo sag~kn%

    Kadign ]tfmieo

    ]tfmieo }jn kftln} wjign ae }jn kasn sif xkft}rjaen frr

    hf}iaex jfx iehtnfxnm ie rar~gfti}y }jix ynft% F otnf} kf

    dtalntx fmmnm }jn ar}iae a kadign }tfmieo }a a}jnt xkf

    rjaenx fx wngg fx }jn iRjaen' fx f tnx~g} a x~hj tngnfx

    dnhakieo wimngy fsfigfdgn }a dtalntx fx a+}jn+xjng xa

    wftn%

    Aen nzfkrgn a }jix ix }jn ie}notf}nm rfhlfon antnm d

    Kadi]tfmnAen' wja ant k~g}irgf}atk }tfmieo xyx}nkx

    xkft}rjaenx% Kadi]tfmnAen jfsn onftnm }jnit ne}itn xag~}i

    }awftm nfxy fhhnxx }a }tfmieo dy iehg~mieo ~gg hakrf}idig

    wi}j iRjaen' Femtaim' _iemawx Kadign' Dgfhldntty fem @FSnefdgnm kadign rjaenx%

    OC] ant f dtfemnm kadign }tfmieo xag~}iae dy }jn efkn

    MnfgDaal% _i}jie }jn MnfgDaal rgf}atk antieo' f MnfgDaa

    Kadign ar}iae jfx dnne fmmnm }a }jn dtfem' wjihj tak

    kftln}ieo rntxrnh}isn lnnrx i} ie}notf}nm fgaeo }jn gienx

    }jnit wnd fem mawegafmfdgn rgf}atkx%

    Iehtnfxnm rar~gfti}y a kadign xag~}iaex gnm Kn}fV~a}nx ie

    }flieo kadign ctk Zaonn }a ha~t} ie Hyrt~x hgfikieo i} jfhln

    i}x rta}ahagx% Zaonn wfx }jn kax} rar~gft rtasimnt a Kn}

    }tfmnt kadign xag~}iaex%

    _i}j }jn fx}nt haeenh}iae xrnnmx fem wimn fsfigfdigi}

    rg~x }jn fdigi}y }a ~xn ae fgg }fdgn} RH mnsihnx' i} ix

    hfxn ie raie} fx }a wjn}jnt }jn enw gnsngx a fhhnxxidig

    wigg xntsn }a iehtnfxn }tfmieo sag~knx watgmwimn asnt }

    enz} ynft%

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    5/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

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    6/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

    Iex}i}~}iaefg fem Tn}figCatnz sag~kn ie 4264

    Iex}i}~}iaefg kae}jgy cz sag~knx' -d

    2

    >22

    6222

    6>22

    4222

    4>22

    8222

    8>22

    =222

    @fe Cnd Kft Frt Kfy @~e @~g F~o

    NDX

    Czfgg

    Ja}xra}

    Tn~}ntx

    CZHK

    O]Z **

    Iex}i}~}iaefg sag~knx0 V8 4264

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    7/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

    ]ar 6> tn}fig dtalntx *nzhg~mieo @frfe)0

    Kae}jgy Mfigy

    CZHK 494 68%8

    Xfza Dfel 4=2 62%9

    Fgrfti 6?> :%2IO Ota~r 632 ?%8

    Afemf 6=2 3%=

    Ofie *atnz%hak) 66= >%4

    OC] :> 8%9

    HKH :2 8%3

    Hi}y Iemnz!CZ Xag~}iaex ?2 8%4

    Catnz Hg~d 3> 8%2

    CZRta 3> 8%2

    CZMM 32 4%?

    Ie}ntfh}isn Dtalntx 32 4%?

    Fmsfehnm Kftln}x >2 4%8CZArne >2 4%8

    ]a}fg *ogadfg nzhnr} @frfe) ==:: 42=

    Tn}fig sag~knx0 V8 4264

    Mfigy Tn}fig CZ Sag~knx' -d

    2

    42

    =2

    32

    :2

    622

    642

    6=2

    632

    V4 4266 V8 4266 V= 4266 V6 4264 V4 4264 V8 4264

    Tnx} ac }jn _atgm @frfenxn

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  • 7/30/2019 forex magnates 2012 year summary

    8/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

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  • 7/30/2019 forex magnates 2012 year summary

    9/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x

    Kf`at enwx }jf}makief}nm }jn 4264 ynft

    @fe~fty 4264

    HC]H ixx~nx fe ie`~eh}iae fofiex} Iex}f]tfmn Hatratf}iae femP]TFMNCZ GGH

    Iex}f}tfmn Hatratf}iae' flf Iex}f Catnz' fem P}tfmnz GGH wntn }wa a }jn 6= ctkx x~nm dy }jn HC]Hnftgy gfx} ynft% Nsnt xieh

    kax} ctkx mime} da}jnt }a xn}}gn wi}j }jn HC]H d~} xakn mim% Gfx} wnnl wn xfw }jf} CZArne xn}}gnm }jn hfxn wi}j }jn HC]

    rfyieo -6=2'222 cen%

    _i}ja~} fey achifg feea~ehnkne} }jn aggawieo ieatkf}iae frrnftnm ae ECFx wndxi}n% Frrftne}gy da}j hakrfeinx wntn xfe

    }iaenm ie }jn aggawieo wfy0]TFMIEO RTAJIDI]IAE 29!6=!4266

    X]AR XAGIHI]IEO 29!6=!4266

    A]JNT *XNN EFTTF]ISN) 29!6=!4266

    RNTKFENE] IE@^EH]IAE 29!6=!4266

    KFY EA] FRRGY ]A TNOIX]NT 29!6=!4266

    CIEN -6=2222 29!6=!4266

    KFY EA] ARNTF]N FX RTIEHIRFG 29!6=!4266

    ]jix x}nr rtadfdgy }aal rgfhn dnhf~xn da}j hakrfeinx mime} xn}}gn fem ftn ea} ie }jn rtahnxx a xn}}gieo% ]jntn ix ea fmmi}iae

    ieatkf}iae fsfigfdgn f} }jix raie}% Ik fwfi}ieo hgftichf}iaex tak }jn ECF%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    10/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    Dax}ae ]nhjeagaoinx F}}fiex CXF Gihnexn Cat i}x Rtikn Dtalntfon'Dax}ae Rtikn

    Dax}ae ]nhjeagaoinx wfx `~x} otfe}nm fe achifg CXF gihnexn }a i}x rtikn dtalntfon sne}~tn Dax}ae Rtikn% Dax}aex D] Rtik

    xntsnx fx f rtikn dtalntfon at D]x hgine}x rg~ooieo }jnk }a giv~imi}y a f mapne at xa dfelx% ]jix fgxa ix ~xnm fx f nnm }a }ja

    dtalntx wja tnv~itn i}%

    Dax}aex gihnexnx ftn a~em jntn0 j}}r0!!www%xf%oas%~l!tnoix}nt!ctkRntkixxiaex%ma1xim;4>:8>3 fem ftn0

    Fotnnieo }a hftty ae f tno~gf}nm fh}isi}y

    Fttfeoieo *dtieoieo fda~}) mnfgx ie iesnx}kne}x

    Fttfeoieo xfno~ftmieo fem fmkieix}tf}iae a fxxn}x

    Mnfgieo ie iesnx}kne}x fx fone}

    Kflieo fttfeonkne}x wi}j f sinw }a }tfexfh}iaex ie iesnx}kne}x

    Dax}ae r~xjnm at }jix x}f}~x fx i} wfx da}j tnv~itnm ie kfey `~tixmih}iaex fem wigg dn rnthnisnm fx katn atofeipnm fem xfn at

    a i}x hgine}x% Gnsntf}n ix t~katnm }a dn oaieo }jta~oj xfkn rtahnm~tn ie Hyrt~x%

    Tnfm }jn c~gg rax} jntn

    HC]H Xn}}gnx _i}j > Dtalntx' Rnefgipnx 4 A}jntx

    ]jix wfx aen a }jn dioonx} enwx i}nkx gfx} ynft HC]H x~nm 6= atnz ctkx *fem }jne 66 katn) at sftia~x ietieonkne}x a

    gfwx' iehg~mieo fhhnr}ieo ^X hgine}x% Xakn ctkx *axjatn aenx) mnhimnm }a ioeatn }jix fgg }aon}jnt fem lnr} fhhnr}ieo Fkntih

    hgine}x' xakn x}arrnm fhhnr}ieo }jnk d~} mime} xn}}gn fem xakn kfefonm }a xn}}gn }jnit hfxnx% CZArne wfx hnt}fiegy }jn gfton

    a }jn dtalntx x~nm fem cefggy kfefonm }a xn}}gn }jix ixx~n% ]jix xja~gm jngr CZArne tn+nx}fdgixj i}x dtfem fem dnhakn tno~gf}

    katn nfxigy ie sftia~x `~tixmih}iaex%

    Tnfm }jn c~gg rax} jntn

    FSF CZ Tnhnisnx FXIH Frrtasfg' Gf~ehjnx F~x}tfgife Achn

    Fsf Hfri}fg Kftln}x F~x}tfgif feea~ehnm }jf} }jny wigg ant Fsfx }tfmieo xntsihnx }a gahfg fem Fxife }tfmntx% F~x}tfgif jfx v~ih

    dnhakn f kf`at hne}nt at atnz dtalntx }tyieo }a }fr }jn Fxife kftln}x% Fx arntf}ieo ie Hjief ix atdimmne *katn at gnxx) fem Jae

    Laeo gihnexn ix da}j giki}ieo fem nzrnexisn' F~x}tfgif x}femx a~} fx }jn aegy x}fdgn gahf}iae at atnz dtalntx gaalieo da}j at xf

    tno~gf}iae fem fdigi}y }a x~rrat} Fxife hgine}x ie }jnit }ikn paenx% F~x}tfgif fgxa antx f jiojgy fmsfehnm hfri}fg kftln}x hgikf}n fe

    k~g}igieo~fg x}f wjihj jngrx t~e arntf}iaex xkaa}jgy%

    Tnfm }jn c~gg rax} jntn

    Xfza Dfel Tnrat}x 4266 Tnx~g}x% Tnsne~nx ^r d~} Sag~knx Mawe

    Xfza Dfel xjawnm hae}ie~fehn a i}x ikrtnxxisn tnx~g}x tak 4262% Fg}ja~oj en} rtac} wfx mawe dy =. fem sag~kn mnhtnfx

    dy 6=. *hakrftieo J4 4266 }a xfkn rntiam ie 4262) i}x asntfgg tnsne~n wfx 3. jiojnt fem hgine} fxxn}x jfsn otawe asnt 43.

    Xfzax x}f iehtnfxnm dy asnt =2. wjihj kfy nzrgfie }jn mtar ie rtac}fdigi}y jawnsnt }jn mtar ie sag~kn ix fgftkieo fem kfy jf

    hae}ie~nm ie}a 4264 fx tnrat}nm dy a}jnt gfton rgfyntx x~hj fx IHFR fem Tn~}ntx% Xfza Dfelx arntf}ieo iehakn iehtnfxnm 3

    ie 4266 }a tnfhj MLL 8%>8 diggiae' hakrftnm }a MLL 8%8= diggiae ie 4262% ]jn Dfel hae}ie~nm }a iesnx} ie mnsngarieo }jn d~xien

    wjihj knfe} }jf} x}f hax}x fem fmkieix}tf}isn nzrnexnx iehtnfxnm 64.% ]j~x' en} rtac} wfx MLL 36: kiggiae' mawe =. tak }

    rtnsia~x tnhatm ynft% NDI]MF a MLL 6%63 diggiae iehtnfxnm =. hakrftnm }a 4262%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    11/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

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  • 7/30/2019 forex magnates 2012 year summary

    12/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    Gaemae X}ahl Nzhjfeon Fhv~itnx Kf`ati}y X}fln ie GHJ' Sfg~nx i} f}:68 Kiggiae

    GHJ tnhne}gy tnrat}nm jnfg}jy 4266 tnx~g}x wi}j en} tnsne~nx ~r 63. }a 8:?%4 kiggiae *42620 88>%2 kiggiae)% GHJ gf~ehjnm }

    k~hj fwfi}nm CatnzHgnft xntsihn f} }jn nem a 4266% GHJ antx }jn xntsihn ae eien h~ttnehy rfitx at ie}ntdfel }tfmnx ie h~ttne

    ar}iaex%

    Fhhnr}ieo GHJ%Hgnften} Xjftnjagmntx wigg tnhnisn 42 rnt GHJ%Hgnften} Xjftn fhv~itnm' hakrtixieo }jn Accnt ac 69 r

    GHJ%Hgnften} Xjftn ie hfxj rg~x 6 rnt GHJ%Hgnften} Xjftn tak }jn Xrnhifg Misimnem *rfyfdgn dy GHJ%Hgnften} ie > ynft

    x~d`nh} }a mnm~h}iaex)

    GHJ%Hgnften} }a}fg ikrginm sfg~n ac :68 kiggiae *3?? kiggiae)' hakrtixieo }a}fg ikrginm Accnt sfg~n ctak GXNO ac ??4 kiggi

    *3=8 kiggiae) rg~x Xrnhifg Misimnem ac =6 kiggiae *8= kiggiae) *rfyfdgn dy GHJ%Hgnften} ie > ynftx' x~d`nh} }a mnm~h}iaex

    GXNO }a dnhakn kf`ati}y awent ac GHJ%Hgnften}' jagmieo ~r }a 32 rnt hne}%< GHJ%Hgnften} Xjftnjagmntx }a tn}fie f} gnf

    =2 rnt hne}

    Kfzik~k haeximntf}iae }a dn rfim dy GXNO wigg dn =38 kiggiae *8:3 kiggiae)' c~emnm ctak nzix}ieo tnxa~thnx fem dfe

    fhigi}inx

    Tnfm }jn c~gg rax} jntn

    Kn}fV~a}nx Tngnfxnm Kn}f]tfmnt > Of}nwfy }a H~ttnenzKn}fV~a}nx rtadfdgy tngnfxnm ie }jn rfx} }wa wnnlx katn enwx fem ~rmf}nx }jfe i} mim ie 4 ynftx fem i}x f oaam xioe at }j

    hakrfey fx a}jntwixn i} kfy jfsn dnhakn }aa haecmne} ie i}x kftln} gnfmntxjir fem gaxn }jn kftln} }a katn footnxxisn hakrn

    }atx% Gf}ngy Kn}fv~a}nx taggnm a~} i}x K]= iRjaen frr' Of}nwfy }a Hi}iCZ Rta fem Ja}Xra}' hnt}ichf}iae dyXieofratn Nzhjfe

    fem K]> at Femtaim ]fdgn}x%

    ]amfy ix }jn H~ttnenz }~te% Kn}f]tfmnt > Of}nwfy }a H~ttnenz ix Giv~imi}y Of}nwfy }jf} rtasimnx f xikrgn' fx} fem xnh~tn ie}not

    }iae xag~}iae }a ant giv~imi}y }jta~oj }jnit Kn}f]tfmnt > ]tfmieo rgf}atk%

    H~ttnenz rgf}atk tnrtnxne}x aen a }jn gftonx} NHE xyx}nkx arntf}ieo wi}j Catnz iex}t~kne}x fem on}}ieo nnm tak katn }j

    xnsne}y gftonx} cefehifg atofeipf}iaex% Mitnh} v~a}f}iaex rtasimn ~xntx wi}j }jn fdigi}y a hakrgn}n iemnrnemne}' }tfexrftne} fe

    tngifdgn hae}tag asnt }jn rtihnx' wjihj rtnhixngy tnnh} }jn kftln} xi}~f}iae f} fey }ikn%

    Tnfm }jn c~gg rax} jntn

    RCO X~nm at Fggnonmgy Ioeatieo Tnm Cgfox ie }jn Htawe Catnz Hfxn

    ]jix hfxn `~x} on}x katn fem katn hakrgihf}nm% Htawe Catnz ix fe nz}tnkngy hakrgihf}nm hfxn a f atnz dtalntfon }jf} }~ten

    a~} }a dn f raepi xhfk% _nsn fgtnfmy tnrat}nm }amfy fda~} fea}jnt ~ehasntnm atnz raepi dtalntfon *Aen _atgm Hfri}fg) }j

    }ikn ie }jn ^X%

    ]a }jaxn wja mae} tnknkdnt' Htawe Catnz X%F% wfx f atnz dtalnt dfxnm ie Xwi}pntgfem% Ae 49!2>!4229 CIEKF hgaxnm Htaw

    Cndt~fty 4264

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  • 7/30/2019 forex magnates 2012 year summary

    13/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    Catnz X%F dnhf~xn a ra}ne}ifg giv~imi}y rtadgnkx% CIEKF ix iesnx}iof}ieo }jn hakrfey fem i}x nznh~}isnx% F kae}j gf}nt wn gnften

    }jf} }jntn wfx fea}jnt xhfemfg fxxahif}nm wi}j }jix dtalnt f ]wie Hi}inx ~em kfefont wfx hjftonm wi}j xhfkkieo jix iesnx}a

    at asnt -692 kiggiae' rft} a wjihj wfx iesnx}nm wi}j Htawe Catnz% ]jix ~em kfefont' ]tnsat Haal' jfx ~xnm rft} a }jn kae

    }a fhv~itn f hae}taggieo x}fln ie Htawe Catnz X%F% Fea}jnt xioeichfe} fh} }jf} wne} ~eea}ihnm ix }jf} }jn xfkn ]tnsat Haal awen

    8>. a @MCZ f wngg leawe Xwixx atnz giv~imi}y rtasimnt% ]tnsat Haal wfx tnhne}gy xne}nehnm }a 4> ynftx ie `fig at jix rft} ie }j

    kfxxisn xhfk%

    Tnfm }jn c~gg rax} jntn

    Kn}fV~a}nx Feea~ehnm Ja}xra} CZi Ie}notf}iae Of}nwfy

    Kn}fV~a}nx tngnfxnm fe Femtaim }fdgn} sntxiae a i}x K]> }tfmieo rgf}atk fem ie Cndt~fty 4264' fem i} xne} fe nkfig }a hgine}x f

    ea~ehieo }jn tngnfxn a Ja}Xra} of}nwfy% Ja}Xra} ix ea} }jn gftonx} NHE yn} d~} i} ix hnt}fiegy otawieo f} ikrtnxxisn rfhn fg}ja~o

    `~x} giln fgg a}jnt NHEx a~} }jntn i} nzrntinehnm f xgawmawe ie V6 4264 sag~knx%

    Tnfm }jn c~gg rax} jntn

    CZfgg X~hhnxx~ggy Hakrgn}nx IRA' Rtihnm _ngg Dngaw }jn Tfeon' Tix+nx 6=%>.' Feea~ehnx 4266 fx Rtac}fdgn

    CZ Fggifehn *at CZfgg ie xjat}) x~hhnxxc~ggy hakrgn}nm i}x fe}ihirf}nm IRA ae Cndt~fty 9}j 4264% CZfgg }tfmnx ae EYXN ~emnt }j

    CZ }ihlnt% CZfgg jfm }a xgfxj i}x antnm rtihn }a -64%22 tak }jn atioiefggy nzrnh}nm tfeon a -68%>2+-6>%>2 }a dn fdgn }a f}}tf

    nea~oj iesnx}atx%

    CZfgg ix fe iemnrnemne} ngnh}taeih atnioe nzhjfeon rgf}atk' oisieo asnt 6'222 iex}i}~}iaefg hgine}x f }tfmieo nmon wi}j hjaihn

    nznh~}iae' nem+}a+nem watlaw kfefonkne}' fem x}tfioj} }jta~oj rtahnxxieo%

    Cat }jn a~t}j v~ft}nt a 4266' }a}fg tnsne~nx iehtnfxnm 6>%:. }a -49%3 kiggiae tak -4>%> kiggiae at }jn a~t}j v~ft}nt a 426

    En} iehakn iehtnfxnm >6%4. }a -?%: kiggiae' hakrftnm wi}j ->%6 kiggiae at }jn xfkn rntiam gfx} ynft% Cat }jn ~gg ynft 4266' }a

    tnsne~nx iehtnfxnm 69%=. }a -66:%8 kiggiae tak -99%6 kiggiae ie 4262% En} iehakn iehtnfxnm 48%4. }a -43%6 kiggiae hakrftn

    wi}j -46%4 kiggiae ie 4262%

    Tnfm }jn c~gg rax} jntn

    Kfthj 4264

    K]> Frrtasnm ae Kf~ti}ife Nzhjfeon

    Kn}fV~a}nx ix rgnfxnm }a xnn K]> i}x gf}nx} fmsfehnkne} ae }jn fwftm wieeieo K]= dnieo hnt}icnm fx fe frrtasnm }tfmieo rg

    atk% ]jn Ogadfg Daftm a ]tfmn *ODA]) ix Kf~ti}i~xx ctx} k~g}i fxxn} dtalntfon sne~n fem }jn nzhjfeon jfx oisne K]> x}f}~x

    iemnrnemne} xa}wftn snemat%]jix aggawx }jn enwx wjntn K]> wfx x~hhnxx~ggy frrtasnm dy Xieofratnx Knthfe}ign Nzhjfeo

    K]> ix f aggaw ae tak K]=' da}j rgf}atkx ftn mnxioenm dy }nhjeagaoy xag~}iaex rtasimnt Kn}fV~a}nx% Kn}fV~a}nx atioief}

    tak Lfpfe ie T~xxif' asnt }jn gfx} mnhfmn Kn}fv~a}nx jfx dnne }jn kax} x~hhnxx~g rgf}atk rtasimnt ie }jn aegien CZ }tfmi

    iem~x}ty% ]jn ie}ntdfel dtimon jfx ~rgi}nm Kn}f}tfmnt = tak f r~tn tn}fig }a f jydtim antieo%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    14/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

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  • 7/30/2019 forex magnates 2012 year summary

    15/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    ECF X}nrx ^r Xnotnof}iae T~gnkflieo

    Caggawieo KC Ogadfgx mndfhgn ECF fem HC]H ftn xnnlieo wfyx }a x}tneo}jne hgine} ~emx rta}nh}iae% Aen a }jn adsia~x wfyx

    maieo }jf} ix }jn xnotnof}iae tnv~itnkne} wjihj at iex}fehn mime} nzix} at atnz dtalntx ~e}ig eaw% ]jix wigg xaae hjfeon%

    Catnz Kfoef}nx xa~thnx fgxa tnsnfg }jf} HC]H kfy xaae nefh} f k~hj katn giki}ieo t~gn wjihj wigg tnv~itn dtalntx }a lnnr hgin

    ~emx wi}j h~x}amife dfelx% _jign tak ctx} ogfehn }jix kfy kfln xnexn }jn rtadgnk ix }jf} }jix wigg ~t}jnt iehtnfxn }jn nz}tnknjioj hakrgifehn hax}x at Fkntihfe dtalntx fem kfln mnfgieo wi}j hgine}x nsne katn d~tmnexakn%

    Tnfm }jn c~gg rax} jntn

    Hi}y Htnmi} Hfri}fg xn}}gnx wi}j }jn HC]H at Fhhnr}ieo ^X CatnzHgine}x

    Hi}y Htnmi} Hfri}fg *HHH) dnhfkn }jn gf}nx} dtalnt }a xn}}gn wi}j }jn HC]H at fhhnr}ieo ^X hgine}x% Ie Kfthj 4264 _iemxat Dt

    lntx xn}}gnm' rtnhnmnm dy Necei~k' CZArne fem Ie}ntCatnz% Cnmntfg Ha~t} ie Iggieaix Atmntx Hi}y Htnmi} Hfri}fg' *^L) G}m% }a Rf

    -6=2'222 Hisig Kaen}fty Rnefg}y at Fh}ieo fx ^etnoix}ntnm Tn}fig Catnz Mnfgnt Hi}y Htnmi} Hfri}fg fgxa atmntnm }a hnfxn xagihi}i^%X% h~x}akntx fem }a kamiy i}x wndxi}n%

    Tnfm }jn c~gg rax} jntn

    Frtig 4264

    HC]H R~}x fe Nem }a EFMNZx Ragi}ihfg Dieftinx

    Fx i }jix wfxe} f fh} fgtnfmy HC]H `~x} achifggy feea~ehnm wjf} wn fgtnfmy lenw0 i} wae} fggaw EFMNZ }a ixx~n ragi}ihfg dieft

    hi}ieo }jnit ofkieo ef}~tn%

    HC]H Ixx~nx Atmnt Rtajidi}ieo Eat}j Fkntihfe Mntisf}isnx Nzhjfeonx Ragi}ihfg Nsne} Mntisf}isnx Hae}tfh}x

    _fxjieo}ae' MH ]jn Hakkami}y C~}~tnx ]tfmieo Hakkixxiae *HC]H) }amfy ixx~nm fe atmnt r~tx~fe} }a Xnh}iae >h*h)*>)*H)*ii)

    }jn Hakkami}y Nzhjfeon Fh} fem HC]H Tno~gf}iae =2%66*f)*6)' rtajidi}ieo }jn Eat}j Fkntihfe Mntisf}isnx Nzhjfeon *Efmnz) ta

    gix}ieo at kflieo fsfigfdgn at hgnftieo at }tfmieo f xn} a xng+hnt}icnm ragi}ihfg nsne} mntisf}isnx hae}tfh}x% ]jn hae}tfh}x ftn dief

    ar}iae hae}tfh}x }jf} rfy a~} dfxnm ~rae }jn tnx~g}x a sftia~x ^%X nmntfg ngnh}iaex }a dn jngm ie 4264%

    Tnfm }jn c~gg rax} jntn

    HKN Tnrat}x Xgaw Frtig 4264 wi}j Catnz Sag~kn Mawe >.

    Gfhl a sagf}igi}y }aal i}x }agg ae dtalntx fem nzhjfeonx fgiln% Kax} atnz dtalntx tnrat}nm fgkax} 3 xgaw haexnh~}isn kae}jx w

    tnm~hnm sagf}igi}y fem jnehn rtac}fdigi}y%

    HKN' }jn watgmx gftonx} atnz nzhjfeon fgxa tnrat}nm f mawewftm }tnem }tfexfh}ieo >. gnxx atnz sag~kn ie Frtig 4264 }jfe ie F

    4266% HKN Ota~r feea~ehnm }jf} Frtig 4264 sag~kn fsntfonm 62%? kiggiae hae}tfh}x rnt mfy' mawe 64 rnthne} tak Frtig 426

    ]a}fg sag~kn at Frtig wfx katn }jfe 44> kiggiae hae}tfh}x' a wjihj :> rnthne} wfx }tfmnm ngnh}taeihfggy%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    16/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

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  • 7/30/2019 forex magnates 2012 year summary

    17/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    CZfgg Feea~ehnx Raxi}isn Citx} V~ft}nt Tnx~g}x

    CZfgg' f gnfmieo iemnrnemne} ogadfg rtasimnt a ngnh}taeih atnioe nzhjfeon }tfmieo xag~}iaex' tnrat}nm cefehifg tnx~g}x at }jn ct

    v~ft}nt a 4264%

    Cat }jn ctx} v~ft}nt a 4264' tnsne~nx iehtnfxnm 62. }a -82%2 kiggiae tak -4?%= kiggiae ie }jn ctx} v~ft}nt a 4266% Fm`~x}nm EIehakn mnhtnfxnm 64. }a ->%4 kiggiae' at -2%6: rnt xjftn' tak ->%9 kiggiae at -2%42 rnt xjftn at }jn xfkn rntiam gfx} ynft% E

    Iehakn mnhtnfxnm 62. }a -=%3 kiggiae' hakrftnm wi}j ->%6 kiggiae at }jn xfkn rntiam gfx} ynft% Fxx~kieo }jn haesntxiae a Xnti

    F Rtnnttnm Xjftnx }a hakkae xjftnx ae f rtaatkf dfxix fx a }jn dnoieeieo a }jn rntiam' en} iehakn rnt xjftn wfx -2%6

    Tnnh}ieo }jn haesntxiae a }jn Xntinx F Rtnnttnm Xjftnx f} }jn hakrgn}iae a }jn Iei}ifg R~dgih Antieo' nfteieox rnt xjftn w

    -2%68%

    Tnfm }jn c~gg rax} jntn

    Gnsntf}n Gf~ehjnx GZTixl0 f H~}}ieo+Nmon Tixl Kfefonkne}

    Xa}wftn Rgf}atkGnsntf}n tngnfxnm GZTixl' fe ieeasf}isn tixl+kfefonkne} xntsnt }jf} rtnxne}x atnz dtalntx wi}j fe fhh~tf}n sinw a nzrax~tn

    f hgnfe fem ~xnt+tinemgy ie}ntfhn%

    GZTixl ix f tnsag~}iaefty tixl kfefonkne} xyx}nk at dtalntx% F} f xieogn ogfehn' dtalntx hfe sinw fe nzfh} asntsinw a }jn

    hasntfon fem eae+hasntfon raxi}iaex' fx wngg fx }jnit R!G at' da}j' h~ttnehy rfitx fem xieogn iex}t~kne}x% tnkftlx Gnsntf}n

    SR Rtam~h}x I}fy Mfk}i% ]jn hakdief}iae a f xieogn+xhtnne hakrgn}n dtalnt x}f}~x' ie fmmi}iae }a kfefoieo hakrgnz nznh~}i

    x}tf}noinx' oisnx GZTixl hgine}x }jn dnx} raxxidgn tixl kfefonkne} }aagx fsfigfdgn ie }jn iem~x}ty%

    Tnfm }jn c~gg rax} jntn

    Kfy 4264

    ECF Rtaraxnx Enw Ciefehifg Tnv~itnkne}x at CHK ]tnf}kne} aH~x}aknt Xnotnof}nm C~emx

    ]jn ECF x}nrrnm ~r i}x xnotnof}iae t~gnkflieo f}nt tngnfxieo a~t rtngikiefty tnhakknemf}iaex ie Kfthj' }wa kae}jx rtiat% I} w

    f ef}~tfg x}nr aggawieo KC Ogadfgx haggfrxn fem }jn gaxx a haecmnehn at kfey iesnx}atx ie }jn tno~gf}aty fonehinx% I} rtaraxenw cefehifg tnv~itnkne}x }jf} wigg x}tneo}jne tno~gf}iaex tnoftmieo }jn }tnf}kne} fem kaei}atieo a h~x}aknt xnotnof}nm ~e

    jngm dy ~}~tnx hakkixxiae knthjfe}x *CHKx)% ]jn rtaraxnm enw tnv~itnkne}x wntn frrtasnm dy ECFx Daftm a Mitnh}atx a

    Kfy 6?%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    18/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

    Ja}xra} Ne`ayx Kfy Sagf}igi}y wi}j Iehtnfxn ie Mfigy ]tfmn Sag~knxKaK 6=.

    ]jn Ctnehj ngnh}iaex fem ~t}jnt ~ehnt}fie}y jfsn jfm f raxi}isn ikrfh} ae }tfmieo sag~knx% Oagm mtarrnm dngaw }jn fgg ikra

    }fe}6322 kftl fem N^T ^XM xwi}gy mnhgienm }a tnfhj f gaw a 6%48% Asntfgg' Kfy wfx f raxi}isn kae}j at CZ }tfmieo sag~kn%

    Kfy 4264' Ja}xra} CZ sag~knx da~ehnm dfhl tak f xgawnt Frtig' d~} tnkfienm dngaw 4266 gnsngx' ie gien wi}j dtafmnt iem~x}

    }tnemx% Fsntfon Mfigy Sag~kn *FMS) iehtnfxnm 6=. }a ->3%> diggiae ie Kfy wi}j f }a}fg a -6'499%4 diggiae }tfexfh}nm }jta~oj }j

    rgf}atk% Fkaeo r~dgihgy tnrat}nm xra} CZ sag~knx *Ja}xra} CZ' IHFR!NDX' Tn~}ntx' CZfgg) Ja}xra} CZ fhha~e}nm at :%>. a }

    sag~kn ie Frtig 4264 %

    Tnfm }jn c~gg rax} jntn

    Diefty Ar}iaex }a dn Tno~gf}nm dy HyXnh

    Mnxri}n HyXnh mneyieo i}x ie}ne}iae at nsne ie}ntnx} }a tno~gf}n diefty ar}iaex ie }jn rfx}' }amfy wn tnhnisn enwx }jf} }jix jf

    hjfeonm% Fhhatmieo }a Kfr X%Rgf}ix' fem aggawieo i}x nz}nexisn gaddyieo' HyXnh jfx kfmn }jn mnhixiae }a x}ft} tno~gf}ieo }jfh}isi}y%

    ]jix ix ea gnxx }jfe f tnsag~}iae ie }jn diefty ar}iaex kftln} wjihj wfx hakrgn}ngy ~etno~gf}nm ie N^ ~r ~e}ig eaw% Fhhatmieo

    Kfr X%Rgf}ix }jny ftn fgtnfmy watlieo ae 8 diefty dtalnt frrgihf}iaex% HyXnh `~x} r~dgixjnm i}x mnhixiae aegien% Xnn }jn ~gg ft}ih

    at mn}figx% ]jn }tfexgf}iae ix a~em ~emnt }jn Kfr X%Rgf}ix ea}ihn gix}nm ie }jn kfie ft}ihgn%

    Tnfm }jn c~gg rax} jntn

    Xfza Dfel Achifggy Ne}ntx ]~tlny' fhv~itnx Mnnt Knel~g Mnntgnt

    Fx wn tnrat}nm dfhl ie Kfthj 4264 Xfza Dfel kftlnm ]~tlny fx aen a i}x kax} ikrat}fe} }fton}x ae i}x nzrfexiae rgfex% Gf

    Xnint Hjtix}nexne' Xfza Dfelx ha+a~emnt fem ha+HNA' wfx ie Ix}fed~g }a feea~ehn }jn arneieo a }jn gahfg dtfehj wjign }j

    t~ka~t jfm i} }jf} Xfza wfx watlieo ae fhv~itieo f gahfg dtalnt%

    Xfza cefggy hakrgn}nm }jn fhv~ixi}iae a Mnnt Knel~g Mnntgnt' f xkfgg gahfg dtalnt wi}j xnh~ti}inx gihnexn *eaw awex :9%>. a }

    hakrfey)' wigg tnefkn i} }a Xfza Hfri}fg Kftln}x Knel~g Mnntgnt F%X% fem wigg xaae x}ft} tfkrieo ~r i}x gahfg arntf}iaex%

    ]~tlny tnhne}gy nefh}nm atnz tno~gf}iae gnfmieo }a kfxxisn nzam~x a dtalntx tak }jix snty gfton kftln}% Fda~} 66 gahfg dtaln

    jfsn xiehn tnhnisnm }jn enw atnz gihnexn fem xnsntfg katn ftn rnemieo%

    Tnfm }jn c~gg rax} jntn

    Kn}fV~a}nx ]flnx Zaonn }a Ha~t} Hgfikieo i} Jfhlnm i}x Gihnexnx

    F }a}fg a 9 ie`~eh}iaex wntn ikraxnm ae Zaonn fem 4 a i}x nkrgaynnx iehg~mieo }jn rtajidi}iae a0 xnggieo fem gnfxieo }jn iRjae

    iRfm!Dgfhldntty!Femtaim ]tfmnt at K]=' haeenh}ieo }a Kn}fv~a}nx xntsntx fem mf}f hne}ntx' tnhakrigieo fem tnsntxn neoiennti

    a Kn}f}tfmnt hakk~eihf}iae rta}ahagx' fem katn%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    19/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x6

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  • 7/30/2019 forex magnates 2012 year summary

    20/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    @~en 4264

    CZHK Feea~ehnm Rgfe }a Fhv~itn G~him Kftln}x at -6?3 kiggiae

    CZHK kfmn f kasn atwftm ie i}x `a~teny ie}a }jn iex}i}~}iaefg atnz kftln} dy fhv~itieo G~him Kftln}x' }jn xnhtn}isn iex}i}~}iae

    atnz kftln} kflnt% G~him ix haeximntnm }a dn aen a }jn dioonx} kftln} kflntx fem nnm rtasimntx ie }jn iex}i}~}iaefg iem~x}t

    jawnsnt gi}}gn ix leawe fda~} }jn ctk' wjihj }tfexfh}nm -68%= }tiggiae ie sag~kn ie 4266 *asnt -6%6 }tiggiae f kae}j)% ]jn mnfg

    CZHKx dioonx} dy ft fem ~xnm v~i}n f x~dx}fe}ifg fka~e} a }jn hakrfeyx fsfigfdgn hfxj' kflieo i} f kftln} kftln} *}jta~o

    G~him) at kfey iex}i}~}iaefg dtalntx%

    Tnfm }jn c~gg rax} jntn

    Kn}fV~a}nx Ie}notf}nx K]> _i}j Ie}notfgx CZ Otim

    Kn}fV~a}nx hae}ie~nm i}x nat} }a rg~o }jn Kn}f}tfmnt > rgf}atk ie}a fx kfey giv~imi}y xa~thnx fx raxxidgn% ]jn gf}nx} wn

    H~ttnenz fem Hi}iCZ Rta% Haeenh}ieo }a Ie}notfgx CZ Otim wigg fggaw dtalntx wi}j }jn tioj} giv~imi}y tngf}iaexjirx }a rg~o K]

    ie}a giv~imi}y raagx }jny ftn fdgn }a fhhnxx }jta~oj CZ Otim% ]jn haeenh}iae a }jn }tfmieo rgf}atk wi}j }jn misntxn xa~th

    a giv~imi}y ae CZ Otim jfx adsia~x fmsfe}fonx0 dtalntx tnhnisn fmmi}iaefg knfex at hasntieo tixl' fem }tfmntx hfe fhhnx

    dn}}nt rtihnx%

    Tnfm }jn c~gg rax} jntn

    ]tfifef Mnsngarx HCM Antieo

    ]tfifef' }jn gnfmieo rtasimnt a rax}+}tfmn xag~}iaex' feea~ehnm }jf} }jn ]tfifef Jftkaey HCM nv~i}y xwfr en}watl jfx fmmnm

    nznh~}ieo dtalntx at oisn ~r rtahnxxieo fem 66 rtikn dtalntx at nejfehnm hgine} xntsihieo at d~y+ximn hgine}x ie }jn rfx} ynf

    ]jnxn rtikn dtalntx' iehg~mieo Dfthgfyx' DaF' Knttigg Gyehj' Htnmi} X~ixxn' Mn~}xhjn Dfel' @R Katofe' Katofe X}fegny' fem D

    ftn rtafh}isngy taggieo a~} }jn xag~}iae }a }jnit hgine}x%

    ]jn }a}fg e~kdnt a HCM nv~i}y xwfr rft}ihirfe}x ae }jn en}watl eaw iehg~mnx katn }jfe :> nznh~}ieo dtalntx' 6= rtikn dtaln

    fem f tfrimgy otawieo e~kdnt a d~y+ximn ctkx' hnkne}ieo Jftkaeyx raxi}iae fx }jn rax}+}tfmn x}femftm at }jn HCM nv~i}y xw

    kftln}%

    ]tfifef Jftkaey rtahnxxnx katn }jfe ^X-?22 diggiae mfigy ie ogadfg CZ' nzhjfeon }tfmnm mntisf}isnx' fem HCM nv~i}y xwfrx< w

    asnt }wa kiggiae knxxfonx rnt mfy awieo }jta~oj }jn en}watl% Dfelx fem d~y+ximn ctkx ~xieo Jftkaey at HCM nv~i}y xwf

    iehtnfxn nem+}a+nem sixidigi}y fem hae}tag wi}j f~}akf}nm' tnfg+}ikn rax}+}tfmn rtahnxxieo at }tfmn oisn+~rx' fggahf}iaex' xwfhaectkf}iae rtahnxxnx' fem hgnftieo%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    21/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    @~gy 4264

    CZArne Gf~ehjnx FXIH Gihnexnm Dtalntfon

    CZArne' f fitgy gfton atnz dtalnt' wfx tnhne}gy otfe}nm fe FXIH gihnexn fem achifggy gf~ehjnm i}x xntsihn ie F~x}tfgif%

    F~x}tfgif' fx wn hasntnm ie a~t enwx nz}nexisngy' jfx dnhakn }a }jn Fxif+Rfhich tnoiae wjf} Hyrt~x ix }a N~tarn f haesnein

    of}nwfy at kax} atnz dtalntx% Gf}ngy wnsn xnne Xfza Dfel' Fsf CZ fem Fmkitfg Kftln}x' }a efkn f nw' fhv~itn fe F~x}tfgi

    gihnexn%

    F~x}tfgife tno~gf}at ix haeximntnm aen a }jn x}tih}nx} d~} fgxa aen a }jn katn wnghakieo aenx knfeieo }jf} ~egiln ECF }jny fh}

    fggy wnghakn cefehifg d~xienxxnx fx gaeo fx }jny hakrgy wi}j }jnit x}femftmx% Gf}ngy jawnsnt wi}j }jn ie~z a atnz dtalntx FX

    ix kaei}atieo }jix kftln} katn hgaxngy fem ix ie}tam~hieo enw t~gnx }a kfln x~tn hgine} ~emx ftn xfn%

    Tnfm }jn c~gg rax} jntn

    Dax}ae Rtikn Rft}entx wi}j ]tfmnehy }a Ant Kittat ]tfmnt }a i}xCZ Rtikn Dtalntfon H~x}akntx

    Katn fem katn xa}wftn!}nhjeagaoy haarntf}iaex ftn dnieo feea~ehnm gf}ngy fx aen a }jn wfyx }a otaw ie }jix }a~oj kftln} fe

    tnfhj dtalntx ix dy rft}entieo wi}j a}jnt ctkx% h]tfmnt!Xra}wftn fem Misixf !]tfmnXra}CZ jfsn rft}entnm ie @~gy }jix ynft ie f sn

    xikigft wfy wjign kax} a }jn ctkx ie }jn kftln} tnfgipn }jf} arntf}ieo fgaen ix ea gaeont f sifdgn ar}iae%

    Tnfm }jn c~gg rax} jntn

    IDCZ Tieox }jn Hjfeonx0 Haexagimf}nx Catnz ^emnt IDCZ Dtfem'Gf~ehjnx Iex}i}~}iaefg Rgf}atk fem Katn

    IDCZ wfx fhv~itnm dy ]tfmnx}f}iae ie Easnkdnt 4266 wjign ]tfmnX}f}iae i}xng wfx fhv~itnm dy Kaenz Ota~r ie @~en 4266% ]tf

    nX}f}iae gf~ehjnm i}x awe atnz ~ei} ]tfmnX}f}iae Catnz ie Frtig 4266% Eaw wn xnn fgg }jix haexagimf}iae xjfrieo ~r0

    Ofty _nixx' Rtnximne} ac ]tfmnX}f}iae Catnz' dnhfkn }jn Rtnximne} ac IDCZ

    Fgg catnz d~xienxx *IDCZ fem ]tfmnX}f}iae Catnz) ix dnieo haexagimf}nm ~emnt }jn IDCZ dtfem

    IDCZ wigg accnt ]tfmnX}f}iaex rgf}catk }a i}x hgine}x IDCZ gf~ehjnx f enw iex}i}~}iaefg rgf}catk hfggnm ]tfmnX}f}iae icz

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    22/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

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  • 7/30/2019 forex magnates 2012 year summary

    23/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    F~o~x} 4264

    M~dfix Rtnkint Hakkami}inx Nzhjfeon Sag~knx Lnnr Tixieo

    ]jn M~dfi Oagm fem Hakkami}inx Nzhjfeon hae}ie~nm i}x x}tnfl a ikrtnxxisn otaw}j fx }jn sne~n }tfmnm 98:':8? hae}tfh}x

    F~o~x}' sfg~nm f} -8=%:6 diggiae' tnoix}ntieo fe iehtnfxn a ?6. hakrftnm }a }jn xfkn kae}j gfx} ynft% Ie h~ttnehinx' }jn otaw

    wfx nsne jiojnt fx }jn xnokne} knfx~tnm f 6?9. tixn ie }tfmieo%

    Ofty Femntxae' Hjin Nznh~}isn Achnt' MOHZ' xfim' Hae}ie~nm tad~x} }tfmieo }jta~oja~} }jn Jagy Kae}j a Tfkfmfe' f }yrihf

    xgaw rntiam a d~xienxx' tnnh}x }jn otawieo mnkfem a MOHZ rtam~h}x fem xntsihnx ie }jix tnoiae% ]ioj} xrtnfmx fem }jn fdig

    }a onentf}n gfton }tfmieo sag~knx tfrimgy fem nchine}gy iemihf}n }jn hae}ie~nm otaw}j fem kf}~ti}y a a~t kftln}rgfhn%

    Tnfm }jn c~gg rax} jntn

    NDX Cfhnm Mich~g} F~o~x} fx Sag~knx Dngaw -622 diggiae

    NDX' aen a }jn watgmx gftonx} ie}nt mnfgnt atnz sne~nx feea~ehnm }tfmn sag~knx at }jn kae}j a F~o~x} a -9>%> diggia

    f mfy% ]jn co~tn hfkn ae }jn dfhl a enof}isn xne}ikne} ie }jn kftln} tak }jn N~ta paen mnd} htixix% Ie i}x xiz ynftx

    tnhatmieo sag~knx' }jn -9>%> diggiae co~tn tnnh}nm aen a NDXx raatnx} kae}jx' fem wfx k~hj gawnt }jfe @~gyx -683

    diggiae e~kdnt%

    Tnfm }jn c~gg rax} jntn

    Hfefmf }jn Enz} Mnx}ief}iae at Catnz

    Hfefmf ix fx} dnhakieo f ja} xra} at mntisf}isnx }tfmieo fem Ofie Hfri}fg ix }jn gf}nx} ie}ntef}iaefg dtalnt }a ofie knkdntxjir

    f tno~gf}nm ne}i}y antieo CZ }tfmieo }a Hfefmife iesnx}atx%

    Catnz Kfoef}nx wfx }jn ctx} }a tnrat} Ofie Hfri}fgx frrtasfg ~emnt }jn Iesnx}kne} Iem~x}ty Tno~gf}aty Atofeipf}iae a Hfefm

    ie Kfy 4264% Ofie Hfri}fg jfx achifggy x}ft}nm kftln}ieo gahfggy }a Hfefmife iesnx}atx tak i}x ]atae}a achn wjntn i} jfx > x}

    knkdntx wja ftn tnoix}ntnm wi}j }jn Xnh~ti}inx Fmkieix}tf}iae a Hfefmf%

    Hfefmf' }jn watgmx ngnsne}j gftonx} nhaeaky fem f knkdnt a }jn O:' ix }tfmi}iaefggy f hakkami}inx dfxnm nhaeak

    Fkaeo kieieo' aig nzrgatf}iae ie }jn Hfefmife aig xfemx ix aen a i}x gnfmieo rtam~h}x% Hfefmf ix }jn watgm gftonx} en} nent

    nzrat}nt%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    24/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    @frfex OKA Hgihl Xnh~ti}inx fem MKK Oa Xjarrieo Fhv~itieo CZRtikn fem Ofi}fkn @frfe Tnxrnh}isngy

    @frfenxn Catnz ctkx tnkfie fh}isn ie K#F' fx }jn ha~e}tyx }wa gftonx} CZ hakrfeinx dy sag~kn feea~ehnm fv~ix}i}iaex% OK

    Hgihl Xnh~ti}inx *}jn }ar ogadfg dtalnt dy }tfmieo sag~kn ie Catnz Kfoef}nx V4 tnrat}) kfmn f }nemnt ant at CZ Rtikn Hatrat

    }iae% CZ Rtikn ix f @fxmfv gix}nm hakrfey wja jfx dnne accntieo Catnz }tfmieo xntsihnx xiehn 4228% OKA Hgihl ix accntieo @RY =6

    xjftn wjihj ix f 662. rtnki~k }a CZ Rtiknx @~gy 86x} hgaxieo rtihn% ]jn mnfg sfg~nx CZ Rtikn f} frrtazikf}ngy @RY 8%8 diggia

    *-=4 kiggiae)%

    Kt% La~x~ln tak OKA Hgihlx Hatratf}n X}tf}noy }nfk o~imnm Catnz Kfoef}nx }a i}x achifg mixhgax~tn a }jn }nemnt% ]jntn' OK

    Hgihl x}f}nm }jf} i} nzrnh}x }a tnfhj xyentoinx wi}j }jn mnfg fem }jf} }jn CZ Rtikn ~ei} wa~gm xnn tnm~hnm }tfexfh}iaefg hax} nnx

    hakdieieo wi}j OKAx }tfmieo xyx}nkx% OKAx fdigi}y }a rtasimn iem~x}ty gnfmieo xrtnfmx fem gaw hax} }tfmieo wfx nkrjfxipnm

    fe ie}ntsinw wi}j OKA Hgihlx HNA Jimny~li ]flfxjikf gfx} kae}j% ]flfxjikf nzrgfienm }jf} Fx jfg a a~t nkrgaynnx ftn xyx}n

    neoienntx' wn jfsn ah~xnm ae a~t xyx}nk mnsngarkne}' wjihj jfx fggawnm }jnk }a ant tnm~hieo }tfmieo xrtnfmx% OKA Hgih

    nzrnh}x }jn mnfg }a dn fhhtn}isn fem xik~g}fena~xgy tnsixnm i}x 4264 nfteieox atnhfx} jiojnt%

    Tnfm }jn c~gg rax} jntn

    Xnr}nkdnt 4264

    Ah}adnt 4264

    NDX ^esnigx Enw Rgf}atk Hjfeonx

    NDX' IHFRx kftln}+gnfmieo ngnh}taeih CZ rgf}atk' feea~ehnx xyx}nk fem ragihy hjfeonx aggawieo nz}nexisn haex~g}f}iae w

    i}x h~x}akntx ae da}j }jn d~y fem }jn xngg ximn% ]jn hjfeonx' wjihj aggaw }jn r~dgihf}iae a NDXx enw mnfgieo t~gnx ae 62 @~

    ftn mnxioenm }a x}tneo}jne }jn tnxiginehn fem ikrtasn }jn }tfmieo nesitaekne} ie }jn CZ kftln}%

    ]jn lny ~rmf}nx ftn0

    Rtihn otfe~gfti}y0 kasieo }a jfgc rirx fem c~gg rirx ie f xngnh}iae ac hatn rfitx Tnsixnm v~a}n fem ji} gg tf}ia }fton}x }a dn xn} ae f rfit dy rfit dfxix

    Enw frrtafhj cat necathnkne} ac gg tf}ia ragihinx' iehg~mieo hfehnggf}iae ac efehifg x~thjftonx cat eae+hakrgifehn

    Enw v~a}ieo o~imngienx cat Fxif }tfmieo ja~tx

    Tnfm }jn c~gg rax} jntn

    Enw Gaw Gf}nehy CZ NHE Gf~ehjnx ie GaemaeRftfdngg~k Kftln}x' f Gaemae dfxnm da~}iv~n NHE nCZ dtalntfon feea~ehnx }jn gf~ehj a f enw Ngnh}taeih CZ antieo% ]

    NHE iei}if}isn haeenh}x GRx fem }tfmntx ie f gaw gf}nehy nesitaekne} ~xieo Rftdngg~kx nCZ }tfmieo rgf}atk% ]tfmnx ftn xn}}g

    }jta~oj HGX dfelx fem DER' }j~x giki}ieo ha~e}nt+rft}y tixl% Ef}jfe Jfgae' Kfefoieo Rft}ent a Rftfdngg~k Kftln}x xfim _

    fik }a ant hgine}x }jn atnkax} rgf}atk wi}j wjihj }a }tfmn atnioe h~ttnehinx% _i}j a~t nz}nexisn nzrntinehn ie }jn nCz xnh}at' w

    jfsn mnsngarnm f rgf}atk wjihj nefdgnx d~xienxxnx }a arntf}n f} fe iehtnfxnm gnsng a nchinehy' mnhtnfxieo }jn tixlx a xgirrf

    wjne }tfmieo% Fmmi}iaefggy' }jn rft}entxjirx wn jfsn htnf}nm wi}j ]int 6 dfelx nefdgn ha~e}ntrft}inx }a }tfmn f} }jn kftln} rtihn

    wi}ja~} }jn ennm }a ~xn f kftln} kflnt%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    25/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

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  • 7/30/2019 forex magnates 2012 year summary

    26/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    KD ]tfmieo agmx ^L achn

    KD ]tfmieo feea~ehnx }a fhha~e} jagmntx a i}x ^L x~dximifty }jf} i}gg dn kasieo }jnk }a }jn ^X x~dximifty% KD ]tfmieo arnen

    }jn ^L achn m~tieo f wfsn a ^X dtalntx nzrfemieo ie}a fmmi}iaefg ha~e}tinx wfx f} i}x rnfl }jn imnf wfx }a kasn fgg eae ^

    hgine}x }a atnioe x~dximiftinx wjntn jiojnt gnsntfon fem katn nzidgn haemi}iaex ha~gm dn antnm% Jawnsnt' fx }jn L achn i} w

    athnm }a hgaxn fx sag~knx ie 4264 mnhgienm

    _jne hae}fh}nm dy Catnz Kfoef}nx KD ]tfmieo HNA Taxx Mi}gasn jfm }jix }a xfy0 A~t ^L arntf}iaex wntn mnxioenm }a a

    ogadfg h~x}akntx hnt}fie nf}~tnx }jf} wn ha~gm ea} ant ie }jn ^X m~n }a tno~gf}aty hjfeonx' x~hj fx 62206 gnsntfon% Fx ogad

    Catnz sag~knx jfsn mtarrnm' wn jfsn mixhasntnm }jf} }jn mnkfem at }jaxn nf}~tnx ix ea} fx otnf} fx wn jfm fe}ihirf}nm% A

    ^X+dfxnm arntf}iaex ftn a~}rfhieo a~t ^L arntf}iaex dy f xioeichfe} fka~e} ie }ntkx a fhha~e}x fem }tfmieo%

    Tnfm }jn c~gg rax} jntn

    }tfCZr~tn X}ft}x Ca~emnt ]nx}ieo fem Fmmx ]jtnn Katn X~rrat}ieo

    DfelxIe}ntmnfgnt ]tfmi}iae feea~ehnm }jf} i} jfx fmmnm }jtnn katn dfelx }a i}x nzix}ieo ota~r a ctkx }jf} jfsn xioenm ~r }a x~rrat}

    }tfCZr~tn iei}if}n% XND' X}femftm Hjft}ntnm' fem X}f}n X}tnn} `aie a~emieo dfelx Dfthgfyx' Mn~}xhjn Dfel' DER Rftidfx' TD

    ^DX' fem Katofe X}fegny% Ie fmmi}iae' ]tfmi}iae feea~ehnm }jf} i} jfx dno~e }nx}ieo a }jn enw CZ }tfmieo rgf}atk wi}j xngn

    xa}wftn snematx' fx i} rtnrftnx at i}x nftgy 4268 gf~ehj%

    Tnfm }jn c~gg rax} jntn

    Kn}fV~a}nx Ie}tam~hnx ]tfmieo Xioefgx }a Kn}f]tfmnt =

    Caggawieo ae i}x gf~ehj a ]tfmieo Xioefgx at i}x K]> }tfmieo rgf}atk' Kn}fV~a}nx feea~ehnm }jn nf}~tn wigg dn nzrfemnm }a

    K]= rtam~h}% ]jn enw nf}~tn ix Kn}fv~a}nx fttisfg ie}a }jn htawmnm hary }tfmnt kftln} wjntn }tfmntx hfe hjaaxn }a aggaw a}j

    }tfmntx ie }jn Kn}f}tfmnt en}watl%

    Tnfm }jn c~gg rax} jntn

    Enwnmon Nejfehnx CZRD Rgf}atk

    Enwnmon' f ogadfg gnfmnt ie k~g}i+fxxn} dtalntfon fem hgnftieo' feea~ehnm }jn gf~ehj a f enw Catnioe Nzhjfeon *CZ) Rtik

    Dtalntfon *RD) rgf}atk% _jign atnz jfx dnne f rft} a }jn hakrfeyx tad~x} x~i}n a rtikn dtalntfon xntsihnx at iex}i}~}iaehgine}x' }jn nejfehnm sntxiae rtasimnx iex}i}~}iaefg hgine}x wi}j otnf}nt fhhnxx }a }jn CZ kftln}x wi}j f xioeichfe}gy nzrfemnm gix}

    haeenh}iaex fem ~rmf}nm ietfx}t~h}~tn }a x~rrat} }jn rtahnxxieo a }tfmnx at kfefontx fem iesnx}atx fhtaxx k~g}irgn fhha~e

    fem hgnftieo dtalntx%

    Enwnmonx CZ antieo' ha~rgnm wi}j a~t wimnt hfrfdigi}inx fx f gnfmieo rtikn dtalnt fem ogadfg ~}~tnx hakkixxiae knthjf

    *CHK)' rtasimnx jnmon ~em kfefontx fem iex}i}~}iaefg iesnx}atx wi}j }jn kax} nchine} rgf}atk }a x~rrat} }jnit CZ fem k~g}i+fxx

    d~xienxx' xfim @fxrnt Hj~f' Fxxahif}n Mitnh}at' Atioief}iae # X}t~h}~tieo f} Enwnmon%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    27/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    Easnkdnt 4264

    Xfza Dfel Rtnrftnx at ]a~oj ]iknx Fjnfm Gn}x Oa a 4>2 Nkrgaynnx

    M~tieo }jn xfkn }ikn }jf} r~dgih dtalntx rax}nm raat ynft asnt ynft co~tnx ie Easnkdnt' rtisf}ngy awenm Xfza Dfel wfx jfsi

    i}x awe rtadgnkx% Tnfh}ieo }a asntfgg wnflenxx ie }jn iem~x}ty' Xfza Dfel gn} oa a 4>2 nkrgaynnx' kax}gy ie i}x Harnejfo

    jnfmv~ft}ntx% Dfxnm ae Xfzax nkrgaynn co~tnx ie i}x J6 4264 tngnfxn' }jn gfyax fka~e}x }a fta~em 6>. a }jn dtalntx wa

    athn%

    Tnfm }jn c~gg rax} jntn

    @frfex CXF Tnsinwx }jn Diefty Ar}iaex Kftln}' Ctnnpnx EnwFh}isi}inx

    Ie f kasn }a tno~gf}n }jn tfrimgy otawieo Diefty Ar}iae kftln}' @frfex Ciefehifg C~}~tnx Fxxahif}iae *CXF) ieatknm dtalntx }j

    i} ix tnx}tih}ieo enw rtam~h}x at }nhjeagaoy tak ne}ntieo }jn kftln} ~e}ig f t~gieo ix nx}fdgixjnm% Ie f daae at nzix}ieo dtfemx fe

    antieox' }jn CXF ix fggawieo hakrfeinx }jf} ftn rtnxne}gy kftln}ieo }a hae}ie~n }jnit arntf}iaex% Ftnfx dnieo fefgypnm dy }

    CXF iehg~mn rtasimieo iesnx}kne} leawgnmon at hgine}x' tnx}tfie}x at nzhnxxisn }tfmieo' nnh}isn jnmoieo ~eh}iaex' fem tngnsf

    }tfmieo }ntkx fem haemi}iaex%

    Tnfm }jn c~gg rax} jntn

    ECF Oanx F}nt Catnz Dtalntx wja Maweotfmnm ]jnit TCNM Gihnex Fxlx }a Iehtnfxn }jn Hfri}fg Dfhl }a -42k

    Kasieo fofiex} ctkx }jf} jfsn maweotfmnm }jnit CHK x}f}~x }a TCNMx }a mnhtnfxn }jnit hfri}fg tnv~itnkne}x tak -42 kiggiae

    -6 kiggiae' }jn ECF rtaraxnm fe fknemkne} }a iehtnfxn TCNM tnv~itnkne}x }a -42 kiggiae% I rfxxnm' }jn enw gfw wa~gm jf

    ikknmif}n tfkichf}iaex ae Nfxy Catnz' Catnz Hg~d fem Fmsfehnm Kftln}x' nfhj a wja maweotfmnm }jnit x}f}~x fem ha~gm gn

    }jnk }a hakrgn}ngy nzi} tak }jn ^X%

    Tnfm }jn c~gg rax} jntn

    Fmkitfg Kftln}x Gf~ehjnm X~rtnkn Kn}f]tfmnt =Fmkitfg Kftln}x dnhfkn }jn gf}nx} dtalnt }a dnoie antieo fe ~rotfmnm sntxiae a Kn}f]tfmnt = fx }jny feea~ehnm }jn gf~e

    a K]= X~rtnkn Nmi}iae% Enw nf}~tnx iehg~mn aen hgihl }tfmieo' f rir hfgh~gf}at' xahifg knmif ~rmf}nx' f k~g}i h~ttnehy }tfmie

    }ntkiefg' fem kftln} mnr}j }aag% Fmkitfg jfx fgxa fmmnm f kftln}ieo hakraene} }a }jn rgf}atk fx hgine}x wigg dn fdgn }a fhhnx

    nm~hf}iae rtam~h}x mitnh}gy tak }jn rgf}atk fx wngg fx tnhnisn rtaka}iaex tak }jn dtalnt%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    28/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

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  • 7/30/2019 forex magnates 2012 year summary

    29/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x4

    Xra}wftn Rft}entx _i}j Hi}iCZ }a Ant Giv~imi}y ]jta~oj i}x h]tfmnfem hFgoa Rgf}atkx

    ]nhjeagaoy rtasimnt Xra}wftn Xyx}nkx fem Hi}iCZ feea~ehnm }jf} Hi}ix giv~imi}y }jta~oj i}x ]tfmnX}tnfk rgf}atk jfx dnne ie}

    otf}nm wi}jie }jn h]tfmnt fem hFgoa rtam~h}x% ]jn enwx rtasimnx dtalntx antieo }jn h]tfmnt xyx}nk ~t}jnt giv~imi}y xa~thnx

    }jn NHE aegy }tfmieo rgf}atk% Cat Hi}iCZ' }jn rft}entxjir aggawx f xikigft feea~ehnkne} nftgint }jix ynft wi}j Kn}fv~a}nx fe

    fmsfehnx }jnit rtnxnehn ie }jn xntsihieo a tn}fig dtalntx%

    Cat Xra}wftn' }jn enwx ix fea}jnt feea~ehnkne} ie f d~xy ynft at }jn }nhjeagaoy rtasimnt fx i} jfx daax}nm }jn e~kdnt a ctk

    antieo i}x rtam~h}x' ie}notf}nm giv~imi}y nnmx tak e~knta~x xa~thnx' fem ~rotfmnm }jn nchinehy a i}x rgf}atk%

    Tnfm }jn c~gg rax} jntn

    Mnhnkdnt 4264

    CZmitnl} Dfel Xj~} Mawe Dy DfCie

    Ontkfe cefehifg tno~gf}at DfCie tngnfxnm f katf}ati~k }a x~xrnem d~xienxx f} dtalnt CZmitnl} Dfel% ]jn dtalnt jfm dnne rft}

    fe nzraxn x}aty ie Ah}adnt dy d~xienxx rat}fg _it}xhjf}x _ahjn wjihj ie}ntsinwnm h~x}akntx fem nzix}ieo fem atknt hgine}x% F

    hatmieo }a }jn x}aty' CZmitnl} jfm dfxihfggy cen+}~enm }jn fh}isi}y a xhfkkieo hgine}x% ]jix iehg~mnm }jn ~x~fg footnxxisn kftln}i

    fem hgfikx a gfton rtac}x d~} fgxa xnsntfg a}jnt kn}jamx% Aen a }jnk wfx }jn ~xn a mngfynm nnm at i}x mnka rgf}atk wjn

    xfgnx rnargn wja wntn wf}hjieo }jn tnfg rtihnx wa~gm dn ae }jn rjaen wi}j rtaxrnh}isn hgine}x fem wfgl }jnk }jta~oj wieei

    }tfmnx leawieo ie fmsfehn wjntn }jn kftln} wfx jnfmnm% F} }jn }ikn a }jn nzraxn x}aty' Catnz Kfoef}nx jfm fgxa tnrat}nm }j

    }jn DfCie wfx iesnx}iof}ieo }jn dtalnt%

    Rtnxne}gy' DfCie jfm mn}ntkienm }jf} aggawieo f rntiam a arntf}ieo gaxxnx m~tieo 4264' CZmitnl} Dfel ea gaeont jfm f

    nv~f}n hfri}fg }a hae}ie~n arntf}ieo% Fx f tnx~g}' }jn tno~gf}atx r~} }jn dtalnt ie}a giv~imf}iae kamn fem atmntnm }jn hak

    rfey }a hnfxn arntf}iaex% Ae i}x jakn rfon' CZmitnl} jfx rax}nm }jn mitnh}isn tak }jn DfCie% Fhhatmieo }a }jn DfCie rtnx

    tngnfxn' fx a Mnhnkdnt 6:}j' }jn dtalnt jfm }a}fg fxxn}x a 8?%= kiggiae wi}j 6?%4 kiggiae ie h~x}aknt ~emx fem jfm 842

    fh}isn }tfmntx%

    Tnfm }jn c~gg rax} jntn

    Gnsntf}n }a Arne Jaeo Laeo Achn

    Catnz fem HCM dtalnt xag~}iaex rtasimnt Gnsntf}n feea~ehnm m~tieo kim Mnhnkdnt }jf} i} wigg dn arneieo f Jaeo Laeo achn

    @fe~fty 4268% ]jn enw achn ix }fton}nm wi}j iehtnfxieo Gnsntf}nx rnen}tf}iae ie Fxif% Fhhatmieo }a Gnsntf}n' wi}j aen }jitm

    ogadfg }tfmntx gahf}nm ie Fxif' }jn tnoiae ix nzrnh}nm }a dn f mtisnt a otaw}j at }jn hakrfey% ]jn Jaeo Laeo achn wigg dn kf

    fonm dy Ft}j~t Gn' atkntgy a CZHK fem kax} tnhne}gy f} Catnz}tfmieo%hak' f Xfza Dfel x~dximifty% Xfza Dfel' ix fgxa f kieat

    x}fln awent ie Gnsntf}n% ]jn nzrfexiae' ix rft} a f gftont }tnem dy cefehifg ctkx arneieo achnx ie Jaeo Laeo fx f of}nwfy

    }jn tnx} a Fxif' fem xrnhichfggy Hjief%

    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    30/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x8

    Ie}nthae}iene}fgNzhjfeon Kflnx Dim Cat EYXN N~taenz}' CZ Ha~gmDnenc}

    ]jn Ie}nthae}iene}fgNzhjfeon feea~ehnm }jf} i} jfm kfmn f catkfg dim cat EYXN N~taenz} cat -88%64!xjftn' f 8?. rtnki~k as

    i}x rtnsia~x hgaxieo rtihn% ]jn F} -88%64!xjftn' }jn EYXN N~taenz} ix sfg~nm f} -:%4 diggiae% EYXN N~taenz} xjftnjagmntx wigg aw

    frrtazikf}ngy 83. a }jn hakdienm hakrfey% ]jn IHN nzrnh}x }a xnn -=>2 kiggiae ie t~e+tf}n xyentoinx fem tnfhj 6>. nfteie

    fhhtn}iae% Ie f xnrftf}n tngnfxn' }jn IHN fgxa tngnfxnm }jf} i} jfx ne}ntnm ie}a f Hgnftieo Fotnnkne} wi}j }jn EYXN N~taenz} cat

    Gin Mntisf}isnx ~ei}%

    ]flieo f gaal f} }jn mnfg tak }jn CZ feogn' }jn hakdienm nzhjfeonx ha~gm dnhakn ikrat}fe} rgfyntx ie }jn h~ttnehy xrfhn

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    Tnfm }jn c~gg rax} jntn

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  • 7/30/2019 forex magnates 2012 year summary

    31/32Hgihl jntn cat fgg }jn sag~knx' mn}fignm ha~e}ty tnrat}x' iem~x}ty

    fefgyxix fem katn ie }jn rtnki~k Catnz Kfoef}nx V~ft}ntgy Tnrat}x8

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  • 7/30/2019 forex magnates 2012 year summary

    32/32

    Catnz Kfoef}nx ix f rtasimnt ac rtnki~k catnzkftln} enwx' tnxnfthj fem tnrat}x%