Welcome!

Silverlight Authors: Automic Blog, Michael Kopp, AppDynamics Blog, Kaazing Blog, Steven Mandel

News Feed Item

New World Currency Introduction

LONDON, September 11 /PRNewswire/ -- This week the world's financial markets will see the first ever execution and settlement of a trade conducted in Wocus(TM) (World Currency Unit), the newly-introduced world currency. The Wocu has been developed as a derived world currency unit to allow corporations, financial institutions, governments and even individuals to trade across national boundaries and hold foreign assets with minimal risk of losses caused by exchange rate fluctuations.

Whilst international trade is conducted in US dollars or Euros a sharp change in exchange rates causes huge differentials, vastly complicating risk management and forward planning. With the emergence of Russia, China and India into the world markets a less volatile world currency is needed. As the Wocu is a derivative of the exchange rates of the world's top 20 currencies as measured by GDP it substantially reduces the risk factors. WDX Organisation, the company behind the Wocu, has weighted its algorithm in line with these GDPs, creating a demonstrably less volatile and totally apolitical currency unit.

Howard Flight, fund manager, consultant, politician and author of 'ALL YOU NEED TO KNOW ABOUT EXCHANGE RATES' was the keynote speaker at the launch. He said: "I expect this to be an important moment for the history of currency - a new currency reference is being born which should be very useful for both major buyers and sellers of world commodities." He adds: "The questions are as to who will use it? WDX commercial arrangements are lining up major banks to both trade in and settle international trade transactions on behalf of corporate clients in Wocus. Banks and InterDealer Brokers will also trade Wocu derivatives for clients. It is surprising the IMF has not modernised the SDR, which new technology would enable. The Wocu does just that".

How does the Wocu differ from the IMF's SDR? The SDR, while a valuable tool, is based on 4 currencies and re-weighted only every 5 years, unlike the Wocu which is re-weighted by an independent institute every six months (when the IMF releases its GDP figures).

Michael King, WDX managing director, said: "Market participants and academics are telling us that the Wocu will be well-received. We are offering organisations, governments, and, through them, individuals, a new instrument of great elegance and power. Its use will herald less risk, less volatility and more certainty. Some even see it as the answer to the reserve currency issue. I am delighted that the Wocu, the result of much academic research and technical development, is now a reality."

Flight comments: "Corporate Treasurers and ACT members really like the Wocu concept as it reduces volatility and exchange rate risk and the concept of the Wocu is happily straightforward."

Notes to editors

About WDX

The WDX Organisation sponsors the development and use of the derived basket instrument called the Wocu(TM). The Wocu is being launched by WDX Organisation which has also formed and sponsored The WDX Institute. http://www.wocu.com

About the Wocu

The Wocu was conceptualised in 1996, and after much research and discussion over the next decade whilst the concept was tested for volatility and other characteristics, a detailed plan for the advancement of the Wocu was drawn up; it was made ready for launch in 2009. The Wocu is a derivative of the exchange rates of the world's top 20 currencies as measured by GDP. The algorithm is weighted in line with these GDPs, resulting in a demonstrably less volatile currency unit. It is re-weighted by the WDX Institute every six months, when the IMF produces its GDP figures.

For a limited period following the Wocu introduction the live prices for the Wocu against other currencies are available by clicking the 'Live Prices' menu button under the 'Wocu' menu button on the WDX website (http://www.wocu.com)

Since the Bretton Woods Agreement stalled the markets themselves have decided the value of major floating currencies. This situation will not be altered by the Wocu but it will be associated with much lower volatility and significantly reduced risk.

The Wocu was introduced to market participants on September 10th, 2009 and will be formally launched in a commercially available form on January 1st, 2010.

About the WDX Institute

The WDX Institute is a research body that has been formed and sponsored by the WDX Organisation to further academic research about World Currency Baskets and their application, and in particular the idea of a World Currency Unit.

The Institute will also independently monitor the application of the underlying Wocu Algorithm sponsored by the WDX Organisation and will dictate its revision and its constituents.

Please visit http://www.wocu.com

    
    Editorial contact: 

    Alla Lapidus
    Moonlight Media
    Tel: +44-(0)20-7250-4770
    Email: [email protected]lightmedia.co.uk

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
When Enterprises started adopting Hadoop-based Big Data environments over the last ten years, they were mainly on-premise deployments. Organizations would spin up and manage large Hadoop clusters, where they would funnel exabytes or petabytes of unstructured data.However, over the last few years the economics of maintaining this enormous infrastructure compared with the elastic scalability of viable cloud options has changed this equation. The growth of cloud storage, cloud-managed big data e...
Your applications have evolved, your computing needs are changing, and your servers have become more and more dense. But your data center hasn't changed so you can't get the benefits of cheaper, better, smaller, faster... until now. Colovore is Silicon Valley's premier provider of high-density colocation solutions that are a perfect fit for companies operating modern, high-performance hardware. No other Bay Area colo provider can match our density, operating efficiency, and ease of scalability.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
ScaleMP is the leader in virtualization for in-memory high-end computing, providing higher performance and lower total cost of ownership as compared with traditional shared-memory systems. The company's innovative Versatile SMP (vSMP) architecture aggregates multiple x86 systems into a single virtual x86 system, delivering an industry-standard, high-end shared-memory computer. Using software to replace custom hardware and components, ScaleMP offers a new, revolutionary computing paradigm. vSMP F...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
CloudEXPO has been the M&A capital for Cloud companies for more than a decade with memorable acquisition news stories which came out of CloudEXPO expo floor. DevOpsSUMMIT New York faculty member Greg Bledsoe shared his views on IBM's Red Hat acquisition live from NASDAQ floor. Acquisition news was announced during CloudEXPO New York which took place November 12-13, 2019 in New York City.
In an age of borderless networks, security for the cloud and security for the corporate network can no longer be separated. Security teams are now presented with the challenge of monitoring and controlling access to these cloud environments, at the same time that developers quickly spin up new cloud instances and executives push forwards new initiatives. The vulnerabilities created by migration to the cloud, such as misconfigurations and compromised credentials, require that security teams t...