wriddic
04-27-2010, 01:18 AM
The best forex trade (http://www.worldtradesource.com/) platforms offer transparent documentation/trading options. The statement of holding gives the details of all the currencies held by a trader. It is issued even if there are no transactions taking place over the account or even when there is no pending request. This is an important document since it provides the details of the currencies held by an investor. This document helps to confirm your holdings with the regulatory authority. In addition, proper documentation always helps in the event of a dispute.
The broker will require the latest statement of holding for his review, if you wish to sell your currencies. It must be reviewed on receipt and any discrepancy, if any, must be followed up. We give below the format of a blank and completed statement of holding with the detailed explanation of the various narrations:
The information for each company and type of currency is listed separately. The narration appearing in this statement, and in the transaction statement, includes:
• ISIN: International Security Identification Number
• ISIN description: It describes the name of the currency
• Account description: If the currencies have been pledged, it shows the amount pledged and the details
• Quantity: Number of currencies of different countries
• Total Balance: Balance of currency held during the closing date of the statement
An investor can request his depository participant for the statement of holding at any time or at any frequency. This facility is available at an additional charge. The regulatory authority, however, requires its depository participants to send to the investors’ a statement at the following frequency:
• Transaction statement: Within fifteen days of the debit or credit transaction recorded in the account
• Statement of holding: Must be sent on a quarterly basis, irrespective of the balance in the account
The broker will require the latest statement of holding for his review, if you wish to sell your currencies. It must be reviewed on receipt and any discrepancy, if any, must be followed up. We give below the format of a blank and completed statement of holding with the detailed explanation of the various narrations:
The information for each company and type of currency is listed separately. The narration appearing in this statement, and in the transaction statement, includes:
• ISIN: International Security Identification Number
• ISIN description: It describes the name of the currency
• Account description: If the currencies have been pledged, it shows the amount pledged and the details
• Quantity: Number of currencies of different countries
• Total Balance: Balance of currency held during the closing date of the statement
An investor can request his depository participant for the statement of holding at any time or at any frequency. This facility is available at an additional charge. The regulatory authority, however, requires its depository participants to send to the investors’ a statement at the following frequency:
• Transaction statement: Within fifteen days of the debit or credit transaction recorded in the account
• Statement of holding: Must be sent on a quarterly basis, irrespective of the balance in the account