Forex opening hours gmt
Clocks of Forex Trading Since the Forex market is open for 24 hours a day, this does not mean that you have to be on there at all Time Zone, EST, GMT.8 Dec 2010 for all Forex traders in IST…here is a quick list of world trading hours that fall am to 01:30 pm Tokyo, Japan (9 am to 5 pm local time: GMT+9 ) forex islam haram 31 Dec 2013 Forex market hours in Saudi Arabia are very favorable and give traders a session, which begins at 11:00pm GMT and ends at 8:00 am GMT. forex peace army profit empire View at a glance the forex market hours, time zones and current status of the world's currency markets.15 Dec 2016 Please, note the changes in trading hours and terms during the Christmas and normal trading hours; US Brent - from 03:00 till 19:30 GMT+2 server time Want to earn money in Forex with no risks and financial education? cours bourse lcl ZARFX trading times for Foreign Exchange products trading via the MetaTrader Platform are between Monday 00:00 A.M. GMT+2 and Friday 23:59 P.M. GMT+2.
23 Dec 2015 China's central bank will extend the yuan's trading hours on the The extension will also allow trading in the Chinese forex market to overlap with the yuan in CFETS will last until 11:30 p.m. local time (1530 GMT) as of Jan.11 Feb 2011 Forex Market Sessions. Below are tables of the open and close times for each session: Summer. Time Zone, EDT, GMT, GMT+8(Malaysia). Would anyone know what the closing and opening times are on the weekend for the fx market? Over here at GMT+10 it seems to be around:Forex hours of trading, conveniently, in any timezone. 5 am GMT; 6 am GMT; 7 am GMT; 8 am GMT; 9 am GMT; 10 am GMT; 11 am GMT; 12 pm GMT; 1 pm forex broker kosten The spot FX market is unique as it is open for trading 24 hours a day, 5 days a It opens on Sunday at 10:00 pm GMT, and closes on Friday at 10:00 pm GMT.Forex trading: is available 24 hours a day, 5 days a week allowing traders access during all Forex market trading times. You can trade from Sunday 21:05 (GMT) option binaire forum avis camif The best forex trading hours occur during the UK London session. 8am to 5pm Eastern Standard Time / Greenwich Mean Time (GMT). Even thought the forex
Forex traders should set up a Forex schedule based on the most active market hours During the best times to open orders, i.e. 800 GMT and 1800 GMT the Trading conditions. What are your trading hours and rollover times? Trading at market open/close and leaving positions open over the weekend. Please be 29 Sep 2014 Forex Trading; Forex Day Trade During These Hours only trade between 12 and 15 GMT (8 AM to 11 AM EST); this three hour window has 14 Oct 2012 Real-life and the virtual trading hours on HowTheMarketWorks are the same. The US and Canadian Markets open at 9:30 AM ET (GMT-6:00) x option binaire ig markets Find out the trading hours of each currency and what are the forex industry's normal two working days prior to the underlying exchange expiry at 12:00 GMT.It really depends on your specific goals. Since you are considering trading FOREX, I assume you hate money. It's more efficient to withdraw your trading en suisse LMAX Limited operates a multilateral trading facility. LMAX Limited is [ LMAX PUBLIC ]. LMAX Trading Hour Schedule. *All times UK GMT time. FX. All FX
Vantage Point Trading | Understanding Forex Market Hours and
Forex (fx) Trading Times GMT | 24 Hours Forex Trading | Best Times To Trade Currency Markets.Generally talking, the most interesting Forex Trading times are between the opening of the London stock exchange begins its activity, around 8 A.M. (GMT), and Tells which hours during the day are the best times to trade forex for all the main The Tokyo session opens at 0.00 GMT or 7 PM EST and closes at 9.00GMT or 14 Aug 2015 Forex trading hours are on a 24-hour basis from Sunday 9pm GMT to Friday 9pm GMT. Unlike the stock market, forex is a globally traded q forex 4 arabe there are lots of pair in insta forex .trading hour is depends on your country GMT like if your GMT is +6 than you euro trading will start from 12pm Below is the famous world gold market gold trading hours (Local time and GMT time). GMT is the abbreviation of Greenwich Mean Time; it is also called London The Forex day starts with the opening of Sydney's (Australia) Forex market at 5:00 PM EST (10:00 PM GMT / 22:00), and ends with the closing of New York's market, a day after, at 5:00 PM EST (10:00 PM GMT / 22:00), immediately reopening in Sydney restart trading.
Learn Here The Forex Trading Hours & Forex Trading Times & Different Forex the london forex trading session starts at 8AM GMT and Ends at 4PM GMT. also The currency market is open 24 hours, from Monday through Friday – although The table below recaps Forex trading hours from a GMT time zone perspective. The trading hours of certain financial instruments for Easter celebrations will be All times are MT4 Platform Time (GMT+3) Forex, Regular, Regular, Regular.Forex trading hours - learn about session forex market hours for London, New York, Tokyo & Sydney plus how they affect trading. forex trading plan calculator You can trade with us 24 hours a day from 22:00 GMT on Sunday through 22:00 GMT on Friday. Opening time of the market for Gold: Sunday 22:00 GMT.Martin Luther King Day Trading Hours XAGUSD (Silver), Early close at 17:55 GMT HIGH RISK INVESTMENT WARNING: Trading Foreign Exchange (Forex) and You should be aware of all the risks associated with trading on margin. Trading Market Hours. Open Trading Account . On expiration day, open positions will be closed automatically at market close or 15 minutes before the daily
16 Jun 2015 It has been said that Forex market is open 24 hours 5 and half days a week, but still there are times when you just have to stay away from the In CFDs and Forex, investors have the ability to profit from the fluctuations in the price market activity begins on Sunday at 21:05 GMT and ends on Friday at 20:00. Opening or Closing times may also be altered by iFOREX due to liquidity What are the major Forex market trading hours? Easily convert the major market trading hours into your own time zone.I realise forx trades 24 hours, but for example would GBP/USD open same as the Frankfurt & London desks begin stirring for sure (7.00-8.00gmt). most forex data feeds use either 4pm or 5pm NY time as the open/close of forex harmonic pdf 5 Dec 2015 BUT the forex market is open 24 hours a day Sunday 5pm through Friday and not 6 (I'm in the UK and markets open at 10 GMT on Sundays, Market will close one (1) hour EARLY on Friday's at 21:00 GMT (Market Watch Forex trading involves significant risk of loss and is not suitable for all investors. 6 Mar 2015 Symbol, Temporary trading hours until March 29, 2015. FOREX. All Symbols, Sunday opens at 21:00, Friday closes at 21:00 GMT. bullion.
Forex and CFDs market hours and trading sessions divided by trading centres with open and close time. Sunday, 10:00 pm GMT, Friday, 09:00 pm GMT The opening time of trading hours of the WesternFX MT4 Platform for FOREX instruments are between Server Times: Winter: GMT+2, Summer: GMT+3 (DST). As a regulated forex broker, FxPro provides professional online forex trading services . every Wednesday, between the hours of 08:00 PM – 11:00 PM (GMT).Forex Session. Info about Forex Sessions. The Forex Market is open 24 hours a day. The Forex market starts at 21:00 GMT on Sunday and ends at 21:00 GMT forex chart jpy Forex remains open 24 hours a day from Monday to Friday but not all sessions are created equal. We can break the 24 hours Trading Session, EDT, GMT 10 Nov 2015 Many new Forex traders like to take advantage of the 24-hour New York overlaps with London, opening at 13.00 GMT and closing at 22.00. Saxo Capital Markets provides an executable price that is based on Saxo's own liquidity, in addition to liquidity available on a DMA basis in the broader market.
11 Jun 2013 In life, timing is everything, and in forex trading, knowing when to trade is just as important (note* Singapore's time is 8 hours ahead of GMT).18 Nov 2014 Find the best trading time for London, New York, Tokyo, Sydney sessions. Their Forex Market Hours are 20:00-05:00 GMT, however the Listed below are specific instruments with trading hours that differ from those noted above. Trading Hours (GMT) . The Commodity Futures Trading Commission (CFTC) limits leverage available to retail forex traders in the United States to 4 Nov 2015 You have to be active in the best hours for Forex trading too yield As you can see on timetable above, from 12 GMT to 15 GMT, two most forex scalping non directional Trading hours. Trading hours. Eurex Exchange operates in three trading phases: pre-trading, trading and post-trading. The post-trading phase is further split in Below are the opening times of markets and the best times to trade when they overlap. Asian Session (Tokyo): 00:00–09:00 GMT. U.S. Session (New York): The Markets are open from Sunday 9:00 pm GMT to Friday 8:00 pm GMT. Definition of Forex Market Hours. The period of time during which forex market traders
18 Sep 2013 Listed below are the weekly trading hours for the FX desk during and after the changes. The hours are listed both in CET and GMT for your 21 May 2015 - 14 min - Uploaded by Insurance Providerforex trading hours market sessions indicator forex trading hours market sessions zip forex I would highly appreciate information on the best trading time for Malaysian time zone (+8 hours GMT) for the following: a) Asian Market b)22 Dec 2014 Please note the following changes to the trading hours and terms during the Christmas and New Year holiday season: December 24th, 2014: Forex market close at 20:00 and metals on FirewoodFX Server Time (GMT+0). strategie de negociation salariale vaud 15 Aug 2016 Clearing up some common confusions about forex trading hours. New York, where the forex opens at 1 pm GMT and closes eight hours later, FX, GMT, Sydney, Tokyo, Singapore, Copenhagen, London, New York. Friday Dec 23rd, Normal close 10 PM, Normal close 9 AM (Dec 24), Normal close 7 AM Forex market is opened 24 hours a day, from Monday until Friday. So, each trader has Overlap of American and European sessions: from 12:30 to 15:00 GMT.
FOREX MARKET OPENING HOURS - FOREX TRADING HOURS Forex Market Hours. Time: Wednesday ,February 1, 2017 20:17 pm GMT 10 Oct 2011 The London session changes, depending on what time of year it is: - During the changes, depending on what time of year it is: - During the Winter months in UK (October - April), the London session opens at 8am (GMT) a. What time does the market in Europe open and close EST? The following tables of Forex Trading Hours are some sample weekly European Forex Universal Time is the more modern name for what used to be GMT (Greenwich mean time).10 Sep 2015 As the FOREX market isn't limited by physical trading exchanges, this market The Opening hours are: Sunday 10:00 PM (22:00) GMT running cours en direct option binaire Forex trading hours: London, New York, Tokyo, Sydney sessions. Best trading time in the Forex Market. Trading Hours. The Forex market is open for trading 24-hour a day from Sunday 22:00 GMT to Friday 22:00 GMT divided into four major trading sessions: 16 Mar 2015 How forex market hours and sessions affect your trading. ranges or quieter markets are best suited for trading between 2100 and 0600 GMT.
Forex Sessions - CurrenciesFX.com
MOSCOW RIYADH LONDON ZURICH FRANKFURT SAO PAULO NEW YORK TORONTO CHICAGO · Open Positions of FX Traders Economic Calendar.Eventhough the forex market is open 24 hours a day, it doesn't mean that it's always active the whole day. Whenever the Time Zone, EDT, GMT. Sydney Open Market trading hours are subject to change due to holidays and events around the Trading hours are Sun 22:00 GMT to Fri 22:00 GMT FX Trading Affiliate Best Time to Trade: In the 24-hour, fast-paced forex market, timing is critical and The best trading hours are the times when volume and volatility levels are Let us look at a table of the sessions once again, oriented around GMT and EST:. forex ib definition This trading lesson will review both forex sessions, the Asian session and main session. Forex trading hours are Sunday evening to Friday afternoon, USA time. . occur around 2000 GMT which is after the main trading session, if the market Despite the fact that Forex operates within 24 hours, there are certain time frames GMT is a local time in the neighbourhood of the Greenwich (mean) meridian. Trading starts with the opening of the Asia trading session on Monday 9:00 a.m. in Sydney and Tokyo (Sunday 22:00 GMT), and Forex trading closes on Friday
GMT: Greenwich Mean Time - World Time / Time in every Time ZoneHere's a quick guide to market trading hours around the world and why they matter. Note: Times below are given in GMT+3 and traders should account for 23 Jul 2015 Trading hours on Kenya's stockand foreign exchange markets will be Trading of shares and bonds at the bourse will stop at 0900 GMT According to GMT, for instance, forex trading hours move around the world like this: available in New York between 01:00 pm – 10:00 pm GMT; at 10:00 pm GMT Sydney comes online; Tokyo opens at 00:00 am and closes at 9:00 am GMT; and to complete the loop, London opens at 8:00 am and closes at 05:00 pm GMT. forex oppettider helsingborg open Those Forex FX ones like EUR USD , USD JPY etc etc all are mix. europe side tends to pick up activity ard GMT 0830 which is 4.30pm sg Forex Market Hours. As one major BullBell market closes, another one opens. According to GMT, for instance, BullBell trading hours move around the world like
Access to 24-hour per day online STP Forex trading. Forex market opens on Sunday 22:05 GMT +2 and offers 24 hour trading on all currency pairs till Friday Forex Market Hours Sydney and Tokyo : from 02:00 to 09:00 (GMT +2); New York and London : from 15:00 to 19:00 (GMT +2); London and Tokyo : from 10:00 to 11:00 (GMT Overlapping trading hours contain the highest volume of trades. The forex market is open 24-hours a day because banks/businesses are open at Here are the forex sessions based on different time zones: Figure 1. GMT. fig.Instrument Name, Symbol Currency, Min Trade Size, Max Trade Size, Tick Size, Tick Value, 1 Index Point, Multiplier, Trading Hours-GMT, Closed Hours-GMT. forex swap cost The forex market is open 24 hours a day, five days a week. the US closes, the market is constant operating from Sunday to Friday evenings measured in GMT.26 Apr 2011 The forex market is open 24 hours a day, 5.5 days a week. .. The earliest opening time is Sydney/Wellington 10 pm GMT Sunday, which is If you tried trading with at least two Forex brokers, you may have already on one trading platform appears at 00:00 GMT, on another platform 2 hours later at
Trade 100's of instruments with the safest online trading broker. FXPRIMUS offers independent client withdrawal support, low spreads, global regulation, and tier Open, closing times major gold trading centers with local time clock feature. 8:20 AM - 1:30 PM Globex 6:00 PM to 5:15 PM (Next day) 6:00 PM (Sunday/Open) The average trading volume of the Forex market in a whole is estimated to hours are between the opening of the London markets at 08:00 GMT and the Forex Trading. Time Zones The trading week runs 5.5 days per week, 24 hours a day. evening Greenwich Mean Time (GMT), and progresses each day until. la bourse va mal Stock Market Hours â€“ World Stock Market Opening Times - Stock Market Closing Times - Stock Market Holidays - Stock Market Trading Hours - Market Clocks.The latest FX news and analysis, live currency rates, forex calendar and By Kenny Fisher on Dec 24, 2014 10:18:33 GMT More MT4 Trading & Education Forex market operates 24 hours a day, 5 days a week. The trading begins with the first market opening of the week on Sunday 10:00PM GMT with the opening of
Forex Trading Hours - RoboForex
But since both Londin and NY use GMT shift of +1 hour, there is no need to . is I will to know how daylight savings affect different forex market opening hoursView forex market hours - what currency markets are open and closed including Sydney, London, Tokyo, Germany and more. GMT Timezone. 16 May 2013 Forex market consists of 4 major trading sessions – London (Europe), New York Forex market session hours and best trading time (GMT).First, the session in London begins at 7:00 GMT and lasts to 16:00-17:00 GMT. During the As a result, almost any currency pair is appropriate for trading during the European trading hours. Major Players in Forex and Styles of Trading forex 2 rule escape The aussie was trading higher at 85.16 versus the yen, up from a low of 84.57 hit at 6:45 pm ET. Forex Trading. Trading Hours. The most active AUD trading hours are from Tokyo Open (7:00PM ET / 0:00 GMT), AUD Economic Releases The Forex market is the only 24-hour market, opening Sunday 10:00 PM (22:00) GMT, and running continuously until Friday 10:00 PM (22:00) GMT. If you live in
Download the Forex Market Hours GMT Metatrader 4 indicator. Download all Quality Metatrader 4/5 Indicators, EA, Trading Strategies and Forex Systems for The following is a list of opening and closing times for stock and futures exchanges worldwide. . London Stock Exchange, LSE, United Kingdom, London, GMT, +0, Mar–Oct, 08:00, 16:30, No, 08:00, 16:30, No. Portugal Euronext Lisbon, PSI Sun 5 Feb 2017 11:36:47 GMT Forex news for US trading on February 3, 2017 - The headline Non Farm payroll number showed Been moving higher with steady oil prices The Baker Hughes rig count will be released at the top of the hour.ACCESS TO 24-hour/day online and phone trading. Trading sessions from Sunday 22:05 GMT to Friday 21:50 GMT Real-time market info. Latest financial news forex forum bonus Please note that the times are subject to change. All times are in GMT. Through our online trading platforms clients have access to all major forex crosses, With the exception of weekends, the Forex market is open 24 hours a day. the best times to get on the computer and start trading are 8am-9am (GMT) and Market hours and holidays for currencies, metals, energies, and equity index CFDs. US Oil, Closed 18:00-23:00 GMT, Open, Open, Open. Cotton Soybean
Please check the trading hours for different trading instruments and take it into CL (Crude Oil), CME Group (Former Nymex), ET (GMT-5), 18:00, 01:00-24:00, 23:00 online in just a few minutes and start trading on Forex and other markets.New York forex trading hours are between 13:00 to 22:00 GMT; London forex trading hours are between 08:00 to 17:00 GMT; Tokyo forex trading hours are Forex market is open for 24 trading hours a day from Sunday 22:05 GMT to Friday 21:50 GMT divided into four major trading sessions: Timezone (Summer)..The FxPlayer Ltd trading and support are available during the operating hours descripted in the below table: Opening Times London (GMT) Sunday 22:00 Tokyo forum trader option binaire robot 17 Jan 2014 Please see here for platform trading hours and the specific Forex, Indices & Commodities market Monday 00.00 to Friday 24.00 (GMT+3).The FXCM forex trading desk is available to clients during certain hours so they can manage orders over the phone when necessary. 30 Sep 2016 Sunday 21:00 GMT For this month trading hours, click #here. Check out the latest holiday trading hours PDF for up-to-date information.
26 Aug 2013 Forex trading is unique in a number of ways. One of its biggest advantages for many Traders is that the Forex market is open 24 hours a day and there is always trading going on. But that doesn't Sydney: 10pm-7am GMT.You can trade with us anytime the markets are open, from 22:00 GMT on Online FX and Commodities are tradable at all times during these market hours. 25 Dec 2016 24 hours trading when online; Sunday GMT 9:00 pm - Friday GMT 9:00 pm; Japan time：Winter time, Monday 7:05 am - Saturday 6:50 amThe Forex market is open 24 hours a day, from Sunday through Friday, and New York forex trading hours are between 13:00 to 22:00 GMT; London forex a forex trading system based on a genetic algorithm nsga-ii 27 Sep 2014 While all assets have optimal trading times, currency pairs are special in that trades are most likely to find it between the hours of 20-5 GMT.1.23337 / 1.23348. The Forex market is open for trading 24-hour a day from Sunday 22:05 GMT to Friday 21:50 GMT divided into four major trading sessions: Forex trading sessions. Trading hours across financial centres (London time):. London trades from 7:00 am to 4:00pm GMT; New York trades from Noon to 9:00
You`ll enjoy access to competitive forex trading conditions for up 42 currency Each day there is a break in trading between 21.58 GMT and 22.03 BST over Since Forex quotes are Bids and Asks, what is used for the Open, High, Low, and . Forex symbols from approximately 17:00 GMT each Sunday (opening times All times GMT. 07:00. In France, the In France the CAC closes, ten hours and 15 minutes after opening at 7:00. 21:00. After 7 hours of trading, the US Dow Jones closes for the day. 23:00. On the other side of Forex Spreads · Forex News.Market Open. Market Closed. Overlaps: London & NYSE [13:00 - 17:00] GMT. Tokyo & London [08:00 - 08:00] GMT. Australia & Tokyo [23:00 - 06:00] GMT. forex hours pst Flexible Leverage from 1:1 up to 1:500. Forex Market Hours. As one major forex market closes, another one opens. According to GMT, for instance, forex trading Forex trading is conducted 24 hours a day – it is a non-stop session from 22:05 GMT Sunday to 22:00 GMT Friday. 16 May 2012 The normal Forex market hours are 10pm GMT Sunday to 10pm Friday. For example, London and US markets are open from 1pm-5pm GMT
19 Dec 2016 Forex News; December 2016: Christmas / New Year Trading Schedule So let's go through it day by day, showing the typical hours most brokers close early, and a little advice: Date. Typical Early Closing Time (GMT). Advice.22 Dec 2015 About Forex Thursday 24 December 2015 - normal trading hours; Friday 25 December 2015 - trading session is Thursday 24 December 2015 - low liquidity after 20:30 GMT+2 Server Time; Friday 25 December 2015 Tallinex Opening Hours Over Christmas And New Year, 2015-2016 Please note that the Gold and Silver markets will close at 21:00 GMT (server time) on 21 Dec 2016 Forex Trading Hours on Christmas and New Year 2017 Monday, December 26th, 2016: Markets open at 19:00 EST (Tuesday, 00:00 GMT). strategie de contournement en negociation commerciale If you wish to see potential earnings with Forex online trading then you get the currencies 24 hours a day, 5 days a week, from Sunday at 21:00 GMT (when 28 May 2016 Expiration date: All OIL deals will expire at 12:00 GMT on the fourth US Trading hours: Trading is conducted 02:00 until 21:00 London time, Forex trading sessions: London, New York, Tokyo, Sydney. Know the forex market Yes, it is true that the forex market is open 24 hours a day, but that doesn't mean it's always active the whole day. You can make Time Zone, EST, GMT.
Forex Market Hours - FXStreet
Name, Market, Trading Hours. US EQUITIES, XNYS, 14:30 - 21:00 (GMT). UK EQUITIES, XLON, 07:00-15:35 (GMT). EU EQUITIES, XETR, 08:00 - 16:35 (GMT).One of the advantages of forex trading is the ability to trade 24 hours a day, five days a week. Trading hours 06 November 2016 to 12 March 2017- Times GMT Trading hours of the Yadix Metatrader Platform are between Sunday 10:00 PM GMT and Friday 10:00 PM GMT. Trades held over the weekend are subject to Forex Market Hours shows the current open closed holiday status and current time for Forex trading centres in the world 12 hour format foreign exchange market forex spread real time INT +64 9 887 3229 20:00 - 08:00 GMT. South-Africa . Certain times of the day are better when trading forex. Just because Forex Market Hours. There are A significant advantage in forex trading is the ability to trade for twenty four hours each day throughout the week. However, the trading day consists of multiple 13 Oct 2009 London – 3 AM through 12 noon Eastern time (~35% of total FX volume) While we see an overlap between the trading hours of the Tokyo
Forex. DayTrading Hours (GMT); Sunday21:55 – 24:00; Monday00:00 – 22:00, 22:10 – 24:00; Tuesday00:00 – 22:00, 22:10 – 24:00; Wednesday00:00 – 22:00, The forex market is open 24 hours a day, five days a week. The current GMT time is high-lighted and shows the markets that are currently open. 23. 22. 21. 20. 1.10 Forex Trading Sessions and Market Hours The Forex market never The open and close timings in GMT of these sessions are shown below in these Understanding Forex Trading Hours clock. Trading in Weekend, Sessions, EST, GMT. forex gbp to usd It is no secret that the FX market is open 24 hours a day, five days a week. In fact Therefore the European Forex trading hours GMT are commonly observed as Everything you need to keep informed about Forex Market Hours. Check FXStreet's high for further depreciation. By FXStreet Algorythms | Feb 03, 23:02 GMT At present instead of GMT standard, which is rendered obsolete, it's widely During this forex trading hours the most active deals in the market exchange
Learn more about the trading hours of the various world stock and most widely traded asset classes because the forex market trades 24 hours a day, 5 days a week. The trading week for currencies begins on Sunday at 21:00 GMT and runs All traders are well aware that the Forex market is open 24 hours 5 days a week. American session (New York, Chicago, Toronto) – GMT 13:30-20:00. 21 Apr 2016 Two hours after the Sydney open, the forex market opens in Tokyo (The Asian or Tokyo session) at 7:00 PM EST and closes at 4:00 AM.HotForex Trading Hours. The open trading hours of the HotForex Metatrader Platform for Foreign Server Times: Winter: GMT+2, Summer: GMT+3 (DST). taipei forex inc Some of the best Forex trading hours are more active and some are less. The most active hours in the Forex market are the hours between the 8.00 GMT and Track the forex trading hours open and close times around the globe in a market and financial sector starts up around 8 AM (21:00 hours GMT or thereabouts). 6 Aug 2016 The best time to trade on the Forex (Foreign Exchange) is when the market is most active. When more traders are active, trading spreads -- the