2009_november_Admiral_Markets by shuifanglj


									                                                     Client Magazine

      Admiral Markets AS license in the European Union:
     business transparency is important for every investor!

                New Opportunities for Trading on Stock Markets: Cash-Indices | Trading
autumn–winter   Competition Continues! | Admiral Markets AS Is a Licensed Broker-Dealer in
                EU! | Ruble Accounts and Their Depositing | Golden Trading Accounts – Your
    2009        Deposit in Gold.995 Hallmark! | Analyst’s Days | Start Your Own Business |
                                                  Client Magazine autumn–winter 2009 1
                Publishing Activity of Admiral Markets | Think global, act local! | James Simons
    Content                                             New
     2       New Opportunities for Trading on Stock
             Markets: Cash-Indices
                                                        for Trading
     3       Trading Competition Continues!
                                                        on Stock
     4       Admiral Markets AS Is a Licensed Broker-
             Dealer in EU!                              Markets:
     8       Ruble Accounts and Their Depositing        Cash-Indices
    10       Golden Trading Accounts – Your Deposit
             in Gold.995 Hallmark!
                                                           Admiral Markets’ clients from
                                                        now on have opportunity to trade
    12       Analyst’s Days                             Indices [DJI30], [SP500], [NQ100],
                                                        [FTSE100], [DAX30], [CAC40],
    16       Start Your Own Business                    [JP225]. These instruments are
                                                        contracts for difference Indices
                                                        CFD, Cash. For difference from
    18       Publishing Activity of Admiral Markets     Futures, which have one month pe-
                                                        riod to be traded, Cash Indices are
    20       Think global, act local!                   available for trading without breaks
                                                        and you can hold opened position
                                                        without time limitations.
    23       James Simons
                                                           This is powerful and modern in-
                                                        strument in same time for begin-
                                                        ners and for professionals. Indices
                                                        are presenting stock rates that are
    Client Magazine by Admiral Markets                  quoted at market at different coun-
                                                        tries (for example – NY market in
                                                        USA and London market in Eng-
          Е-mail:     info@fxservice.com                land). To buy or sell Indices CFD
            Web:      www.fxservice.com                 is equal to buy or sell stocks of all
                                                        included in it companies at once!
     Publisher:       Admiral Markets Ltd.
                                                        Growth of Indices means strong
                                                        bulls’ positions – stocks are be-
                                                        coming more expensive. Decrease

    This edition created thanks to:

         Alexander Stanovoy      Chief Editor
          Karina Gabidullina     Deputy Editor
         Olga Konstantinova      Designer

    Next edition is coming out next spring 2010.

2   autumn–winter 2009 Client Magazine
                                        Trading Competition Continues!

of Indices means that bears prevail
on market – stocks are becoming
                                                                         Final 2009
cheaper. It is not necessary to keep
attention on situation in one com-        In previous edition of the journal, we mentioned about the Inter-
pany, which stock price moves in        national trading competition ForexBall™ 2009. It is being carried
different directions and can even       out on Admiral Markets demo accounts, where trading with virtual
go against the trend. Indices allows    money participants were trying to win prizes of real money. The
to trade according to general trend     total sum of the prize fund after first two seasons is 34 000 USD.
of the stock market in certain coun-    On October 4, 2006 finished second season of the contest, which
try. That’s why interpreting and pre-   was free for all traders interested in the competition. Participants
dicting Indices’ movement is easier     from six geographical divisions were competing with traders from
than stocks’ of certain company.        their own region, trying their best to deserve place in "Top 5" trad-
                                        ers on ForexBall™.
  On stock market in general are
effecting fundamental news and            The contest had huge popularity and success: participants were
macroeconomic statistics that are       more than 5100 traders! Results from first and second stages are
provided by Mass media.                 published on www.fxservice.com.

  According to the fact that Indices      As a result of this huge interest to the contest, we took a deci-
CFD are available for Buy and Sell      sion to organize third season. Contest "Golden fever", traditionally
orders – this gives opportunity for     made in the end of the year, from now on is a part of ForexBall™
profit even in crisis situation. And    trading competition. Trading on demo accounts in contest "Gold-
also – use of pending orders and        en fever" was carried out only on one instrument – Gold (ticker
trading robots is allowed as on         GOLD).
Forex market!
                                          Trading on Precious Metals is attractive in its own way. To suc-
                                        ceed in it traders needed to have not only serious knowledge
                                        about "gold" analyzes, but also to have good working sixth sense.
                                        All participants in "Golden Fever" were competing with pleasure,
                                        felt the hazard and gained experience on "Gold" trading.

                                          First 5 finalists in each division and from each season wоn mon-
                                        ey prize and the right to participate on the final contest Forex-
                                        Ball™ 2009 that will be carried out from November 23, 2009 till
                                        December 13, 2009.

                                                          Client Magazine autumn–winter 2009                    3
Admiral Markets AS
Is a Licensed
Broker-Dealer in EU!
Valerius Ovsjanikas,
technical director of Admiral Markets, Lithuanian branch-office director, member of the Board of Directors.
Graduated Vilnius State University in 1986, "Computer Science and Informatics" specialty. In this edition he describes innovations in
Admiral Markets due to obtaining license for main types of investment and brokerage activities in the European Union.

  Hello. I would like to con-                      Thank you! For us this was very                 cess. It took a lot of time and ef-
  gratulate you on receiving                     hard and important year, because                  fort.
  licence in European Union.                     to receive licence in European
                                                 Union is hard and strenuous pro-
                                                                                                     You said that this process
                                                                                                     takes long time. Please, tell
                                                                                                     us what obstacles, what
                                                                                                     stages need to be passed
                                                                                                     to receive a licence for main
         "Employees of the company                                                                   investment and broker ac-
                                                                                                     tivity in European Union?

         had just to approve their                                                                    To reach this goal we had to

         professional qualification                                                                candidate in all places where the
                                                                                                   company is registered and to pre-
                                                                                                   pare huge amount of documents.

         and only then the company                                                                 There was a list of more than 20
                                                                                                   different types of documents such
                                                                                                   as memorandum of incorpora-
         received the licence.                                                                     tion, company regulations, list of
                                                                                                   shareholders and managers, and

         We passed this successfully!"                                                             also our business plan for next
                                                                                                   3 years. A company that candi-
                                                                                                   date for such licence in European
                                                                                                   Union must have funds not less

  4     autumn–winter 2009 Client Magazine
                                              "It was hard, but we’ve
                                              made it and we are going
                                              to continue improving
                                              our services!"

than 1,000,000 Euro. Special at-      since you received the li-          them is personal identification –
tention was directed to risk as-      cence?                              verifying the data that clients are
sessment, risk management and                                             applying. Clients have to pres-
capital management.                                                       ent a list of documents (originals
                                       Yes, but it was actually in re-    or notarized copies) – this list is
                                     verse. According to EU rules, our    available on Admiral Markets AS
 Let’s discuss this in details.      company management and Risk
 How do you assess and                                                    page http://www.admiralmarkets.
                                     Manager were inspected. Only         com/trader/docs/ . After all data
 manage the risk?                    after that, as we had all require-   is checked up, both sides sign
                                     ments covered, we could continue     up the "Client Agreement". Then
  One of our highest priorities is   to licence process. This means       company gives to client unique
the software, because today it is    that all employees should prove      login and password for access to
basis for stable management. Us-     their professional qualification,    trading servers.
ing "Component 2" gave us op-        and only then the company was
portunity to use modern methods      ready to receive the licence. We
for risk and capital management.     passed this successfully.             You said that to open ac-
These methods allow us to focus                                            count clients must present
not only on goals of business de-                                          original documents. What
                                      How this licence effect on           document actually do you
velopment, but also on risk as-       process of account open-
sessment, including results from                                           mean?
                                      ing? Are there any changes?
Stress-resistance test to inner
and outer factors.                                                          A natural person must present
                                       Again according to EU rules,       original ID document, bank ac-
                                     signing contract for financial op-   count certificate or bank state-
 Are there any changes in            erations is related to exact con-
 requirements to employees                                                ment proving the personal data
                                     ditions and procedures. One of

                                                          Client Magazine autumn–winter 2009             5
of the client. A legal person must
present few more documents:
memorandum of incorporation
and registration with all changes
                                            "The most important is to move on,
and appendixes - they must be
presented by a person that has              to conquest new peaks!"
rights to operate without power
of attorney (otherwise it is need-
ed notarized power of attorney);
documents that prove company’s             In this moment this service is        guages. In what language
owners and their personal data;          available only for people with EU       they have to present their
licence (if needed for the client’s      citizenship. To open account, it is     documents?
field of activity). This list of docu-   not needed physical presence in
ments is available on our site           Estonia. In future, legal and natu-
                                                                                  We offer to our clients all docu-
www.fxtrading.com in "Trading            ral persons from countries out of
                                                                               ments about conditions and con-
Terms" section.                          EU will also be able to open ac-
                                                                               tracts in three languages: Es-
                                         counts in Admiral Markets.
                                                                               tonian, English and Russian. If
  As I understood, this informa-                                               a client lives in another country,
  tion is about new clients of            According to what you                than we need a notarized transla-
  Admiral Markets AS in Esto-             just said: Admiral Markets’          tion on any of the above languag-
  nia. What about traders from            clients are legal or natu-           es. Usually, any company which
  other countries? What they              ral persons from different           works in EU, has all documents
  have to do to open account              countries, so their docu-            translated at least in English, so
  in Admiral Markets AS?                  ments are on different lan-          there are no difficulties.

  6    autumn–winter 2009 Client Magazine
  What is the profit for clients        since you received the li-          tant – this is step forward, reach-
  since Admiral Markets has             cence?                              ing new goals and we will keep on
  this licence?                                                             improving our services!
                                          Well of course. The main idea
   This licence gives to our client    in taking this licence is the op-     Once again, our congratula-
assurance about deposited funds.       portunity to offer higher level of    tions! We wish success to
Clients see in us reliable partner,    services to our clients, services     Admiral Markets AS and it’s
our activity is seen-through and       according to European Law. As         clients!
under strict control. Our reputa-      always, we want not only to meet
tion is clean and they can trust in    but to surpass all expectations of
                                                                             Thank you!
us. Clients that have EU licensed      our clients. As a result, we have
company for a partner – for them       many new clients on new condi-
are working all European rights        tions and what is most impor-
and conditions in defense of their
interests and investment.

  In which countries Admiral
  Markets has branch offices?
                                              "Having European license
  Having this licence allows Ad-
                                              gives to our clients have
miral Markets AS, through our
branch offices, to offer services in
all countries that are members of
                                              confidence about safety of
European Union.
                                              their trusted funds."
  Does the Admiral Markets
  Company have new clients

                                                            Client Magazine autumn–winter 2009             7
Ruble Accounts
and Their Depositing
Rail Mametov,
since 2007 he is Customer Manager in Admiral Markets (Moscow).
Graduated Physics and Mathematics in Dagestan State Pedagogical University with excellence in 2004.
Graduated in Dagestan State University, specialty "Banking".

  To meet the need of many cli-                way they don’t need to exchange                Room. Fill the needed data, and
ents, since October 1, 2009 Ad-                currencies when depositing or                  then on e-mail that you gave dur-
miral Markets offers accounts in               withdrawing money. This suppos-                ing registration you will receive
Russian rubles. New opportunity                es easier control to profit.                   login and password. And your ac-
is given to all Russian clients – to                                                          count is ready for trading! There
deposit rubles to their accounts,                                                             is no limit about the deposit, so in
                                                 To open account in Russian ru-
no matter what is the currency of                                                             fact you can start with 400–1500
                                               bles is as simple as to open in dol-
the account.                                                                                  Russian rubles.
                                               lars or euro. It suppose filling only
                                               one document "Open account in
  For clients, this is much more               Russian rubles" in section "Ac-                  A client is allowed to have few
comfortable, because in this new               count Management" in Trader’s                  accounts with different curren-
                                                                                              cies in same time and also is
                                                                                              allowed to transfer money from
                                                                                              one account to another. For this
                                                                                              you need to go to your Trader’s
                                                                                              Room and fill only one short doc-
                                                                                              ument. This service is available
                                                                                              for all clients.

                                                                                                There are few methods to de-
                                                                                              posit money on account:

                                                                                                1. Bank transfer on Russian

                                                                                                 Money transfer in Russian ru-
                                                                                              bles is an easy and fast opera-
                                                                                              tion, without difficulties of curren-
                                                                                              cy exchange and without need of
                                                                                              international transfer. Deposit in
                                                                                              Russian rubles is available to any
                                                                                              account – no matter the basic cur-
                                                                                              rency – RUB, USD, EUR or Gold.

  8     autumn–winter 2009 Client Magazine
In this case there will be automat-
ic exchange to the account’s cur-
rency by Trader’s Room currency

  2. Transfer trough WebMoney
(In Russian rubles WMR).

  Deposit to Account in Russian
rubles is analogous to deposit to
other currency account. You can
deposit to account in WMZ (USD),
WME (EUR) or WMR (RUB). To
withdraw money from your account
you can use also WebMoney.

 3. Deposit through Visa and

  Minimal size of deposit is 1
USD/1 EUR/32 RUB. There are
no charges for this card trans-
fer. If you deposit to your account
through Visa or MasterCard, you
will be able to withdraw money only
to your bank account. There is no
opportunity to do it through Web-
Money. Also in this case you won’t
be able to do transfer between your
accounts through Trader’s Room. If
you decide to deposit through bank
card, please first read the rules
on our site www.fxservices.com in
Trader’s section.

  4. Deposit through      payment
terminal QIWI

  Deposit in Russian rubles is
available through more than 85
000 terminals QIWI on Russian
territory, on QIWI.RU site or by
                                         Deposit in Russian rubles is     Advantages of this method are
mobile phone. This is one of the
                                       available for any account – no     undeniable: it is faster, easier, and
fastest (the transfer takes only few
                                       matter the basic currency - RUB,   cheaper, without additional docu-
minutes) and easiest methods to

    "Roubles as deposit currency make trading and profit control
    easier for our Russian customers"

                                       USD, EUR or Gold. In this case     ments and without international
deposit. Instructions about how to
                                       there will be automatic exchange   bank operations.
use QIWI are available on our site
                                       to the account’s currency by
in "Money transfer" section.
                                       Trader’s Room currency course.

                                                           Client Magazine autumn–winter 2009              9
Golden Trading
Accounts – Your Deposit
in Gold.995 Hallmark!
Renat Kupaev,
Head of research and development department of Admiral Markets since 2002.
Graduated St. Petersburg Academy of Theater Arts with excellence.

  Since July 2009, Admiral Mar-                is Gold – precious metal, which is      national United Nations Monetary
kets offers new and unique in-                 very popular among traders and in-      and Financial Conference, more
vestment service in internet trad-             vestors. Moreover it is the primary     known as "Bretton-Wood’s Confer-
ing – trading account in Gold,                 component of the reserve funds,         ence". As a result was established
which balance is presented not in              managed by world central banks.         new system of international mon-
currency, but in gold. Underlying              Gold always was an instrument for       etary relations and trading settle-
of the deposit for these accounts              payment, because this metal isn’t       ments – known as Bretton-Woods
                                               exposed to corrode, has various         agreement. USA dollar became
                                               applications in industry and jew-       one of basic payment and reserve
                                               elry and its amounts are limited. In    instruments among with precious
                                               fact, the idea to offer such service    metals. Its exchange rate was
                                               on Forex market was borrowed            fixed at $35 per ounce. Exchange
                                               from bank practice of "precious         rates of all other currencies were
                                               contribution" – depersonalized          strictly tightened to dollar. Only
                                               metal accounts (DMA).                   one currency – USD – kept its re-
                                                                                       lation to the gold.
                                                 Client that opens DMA can pur-
                                               sue many goals: long-term invest-         This system initiated such fi-
                                               ments, diversification of the capital   nancial organizations as the In-
                                               with different instruments for low-     ternational Monetary Fund (IMF)
                                               ering risks, and also speculations      and the International Bank for
                                               on metal price changes.                 Reconstruction and Development
                                                 We were very glad to announce
                                               the start of so vast and original         It was a transient stage from the
                                               project on July current year. Be-       standard of gold and fixed rates to
                                               cause exactly 65 years ago – first      free currency conversion based
                                               three weeks of July 1944 – at this      on demand and supply – to inter-
                                               significant time for global finan-      national Forex market!
                                               cial architecture, was held inter-

 10 autumn–winter 2009 Client Magazine
  Gold was continuously growing
and growing while all main global
currencies were moving indirectly
and there was a storm on finan-              "Admiral Markets offers
cial markets, caused by excess
volatility. It is enough to mark out
that from the beginning of 2001 till
                                             advantages to its clients –
3-rd quarter of 2009 prices for gold
grew up onto record 270%. And
that isn’t a limit!
                                             there is no deposit limitation!"
  This precious metal also became
                                       ket of internet-trading didn’t exist   less then .995 hallmarks! Client is
more expensive since establish-
                                       at all. Admiral Markets is going to    able to deposit on his account any
ment of "Golden accounts" – it has
                                       destroy traditional image about        amount of any traditional currency
exceeded level of 1000 USA dol-
                                       trading on global financial markets    and exchange will be automati-
lars per ounce.
                                       and offers to all traders to use the   cally done into Golden units, ac-
                                       advantages of "Gold Account" –         cording to the running rate. That’s
  That allows to our clients that      there is now minimal deposit limi-     why balance and all operations
are managing accounts with gold,       tation.                                on Gold account are presented in
to take additional investment profit                                          comfortable way – each unite from
from the growth gold’s price.                                                 deposit (1.00) equals to 1/1000
                                         Currency of this kind of account
                                                                              troy ounce. When Withdrawal re-
                                       is Golden Unit, presented by Ad-
  As it is known 1 ounce (troy oz)                                            quest is made, there is automatic
                                       miral Markets - XAUUSD.
= 31.10348 gr. If investor on Janu-                                           exchange from golden units to any
ary 2005 deposited his golden ac-                                             chosen currency.
                                         "XAU" is international symbol of
count with $1000 (equals to 2.44
                                       troy ounce of Gold, from chemical
ounce of gold) and didn’t open any                                              Detailed information about ad-
                                       element Au (Aurum).
order, then on January 2009 he                                                vantages of our Gold Accounts is
could have sum of about $2300                                                 available on our website, at Gold
(having the same amount of gold).        Ticker GOLD presents mar-            account section.
In same time such service on mar-      ket’s price of refined gold, not

                                                             Client Magazine autumn–winter 2009 11
Fuad Rassulov,
financial analyst at Admiral Markets, lector on course - "Basics of Investment", practicing trader since 1999.
Graduated Azerbaijan State Economic University in 1998 – "Marketing of production", Master of Business Administration in Concordia
University (Estonia).
He is a candidate for CFA Level I (Chartered Financial Analyst), given by Association for Investment Management and Research, USA.

  Do you often succeed to pre-                    information is represented in the                 possess certain instruments, such
  dict the trend, we all know                     prices).                                          as technical analysis or analysis
  that prognosis/forecast the                                                                       of statistical indicators – so called
  trend is a "thankless art"?                                                                       Fundamental analysis. That’s why
                                                     There are different views about
                                                                                                    in my reviews I try to "break to
                                                  markets’ efficiency: weak, semi-
   I agree, predicting the trend is                                                                 pieces" all existing information, to
                                                  strong and strong form efficiency,
complex and not easy process.                                                                       interpret all published statistics, in
                                                  but for me there is only strong form
Usually analyses are full of all kind                                                               other words - to uncover for traders
                                                  efficiency. And as much the expe-
of prognoses, expectations and                                                                      specific and important for analysis
                                                  rience grows, the confidence that
tries to look into the future. But as                                                               moments. Then let every trader to
                                                  it is impossible to predict to the
it is known – the market is efficient                                                               follow his own strategy and risk-
                                                  dot any future movement on the
enough (I mean that all market                                                                      management, then to make con-
                                                  market will also grow, even if you
                                                                                                    clusions and open orders. Traders
                                                                                                    that operate in narrow range – 1H,
                                                                                                    4H, etc. And traders, that trade on
                                                                                                    wide range, following the global
         "As an analyst, I always                                                                   trend – they have different view
                                                                                                    about the market but they are both
         prepare in advance calendar
                                                                                                      Is it complicated to follow
         with especially important                                                                    on time all macro economi-
                                                                                                      cal indexes about all coun-

         days when, for example,                                                                      tries, to stay tuned about all
                                                                                                      events, news?

         is expected data for GDP                                                                     Actually, as analyst and as a
                                                                                                    trader, I always make plan for

         or Nonfarm payrolls index"                                                                 the next week. At the beginning
                                                                                                    of each week, I prepare calendar
                                                                                                    with points on very special days,
                                                                                                    when for example are expected

 12 autumn–winter 2009 Client Magazine
release of data about GDP or Non-
farm payrolls. Except these days,
there are others, when sudden di-
version between actual data and                  "Without technical analysis
expected data about indexes from
middle importance can provoke
movement on the market.
                                                 there is nothing to do on
  In general, an analyst must be                 currency market, actually, as
able not only to react fast and
adequate on the market, but also
must have an eye on macroeco-
                                                 on any other market too"
nomic indicators and theirs effect
on the trend.
                                             Nothing can replace news sec-       I prefer classical technical anal-
   As addition to all said before, I      tion in MT4 in time of new about     ysis, although there is no such
constantly "stay" on market – si-         statistics or just news. There are   exact name. Main instruments
multaneously I follow price chang-        many sites and TV channels,          that I use are: trend line, chan-
es of few assets – stocks, indices,       where in real time are published     nels, support/resist line, main fig-
currencies, etc. And keep attention       statistics, but the most operative   ures – the most simple and popu-
to Bloomberg TV and CNBC. Late-           and effective method to keep a       lar instruments. Sometimes I take
ly I check Fox Business Channel           close watch on indicators is the     a glimpse on indicators: MACD,
that is totally different from the oth-   built in MT4 section "News". No      ADX and Moving Average. With-
er two that I mentioned. So even          need to waste time and attention     out technical analysis nothing can
if I miss to mark in my calendar          to any other sites, to open any      be done on currency market, ac-
some very important events, I will        other programs in new windows –      tually as on any other market. So
definitely see them on TV.                on MT4 platform both news and        in my trading strategy Technical
                                          graphics, are in one.                analysis has main role.
  Are there any more easy to
  access sources of informa-               Tell us, what methods for             You mentioned that you
  tion?                                    technical analysis do you             not only write analyses, ar-
                                           use?                                  ticles and revues, but you

                                                               Client Magazine autumn–winter 2009 13
  are practicing trader. Tell us       and now this is main part in my in-     How do you start your day,
  about this.                          vestor’s portfolio.                     how do you spend one work-
                                                                               ing night?
   Yes, I trade on many markets,         As a trader selling Options, I am
but in general I trade Options on      committed 24 hours on the market,       Usually I meet the working day
Survey Futures, in particular oil      to be able to know which contracts    together with Bloomberg TV host
and gold. Sometimes I sell Op-         can be "in the money", and which      – Bernard Lo. TV show "Morning
tions of some exact stocks. Cur-       not. Although deals are done for      Call" actually opens the global
rency market also has presence in      example twice per month, the ev-      trading session. It is very impor-
my list of instruments, but it takes   eryday work on market doesn’t         tant to follow the opening and trad-
small part in this sector (it has      let me lose "shape" and gives me      ing directions in Sidney, Tokyo and
smaller part of the capital in this    opportunity to see what process-      Singapore. Lately became more
sector). I started trading Options     es are moving the market, which       frequent the surprises in Asia to
about year and a half ago. My in-      "promises" (Put and Call) worth       effect on traders in Europe and
terest on it has grown in practice     selling and which not.                USA. If in Asia everything on mar-
                                                                             ket is calm – then I can go to bed,
                                                                             for example at 00:00h (GMT).

        "Nothing can replace news                                              In the morning there is huge
                                                                             amount of interesting and impor-

        section in MetaTrader 4                                              tant information, provided by Eu-
                                                                             ropean trading session, statistics
                                                                             about European zone, Great Brit-

        in time of new about                                                 ain, Switzerland. Of course, in the
                                                                             morning I also check Mass Media -
                                                                             from Bloomberg to the information
        statistics or just news"                                             bar. Last but not least, I direct my
                                                                             attention at 13:30 GMT and 14:30
                                                                             by Greenwich (usually at 1:30pm

 14 autumn–winter 2009 Client Magazine
        "To be a trader is not so easy, but as many
        professionals that choose this way, I can’t imagine
        my life without constant analyzing quotes, indexes
        and different economic indicators, in general – this
        working rhythm, that supposes being a trader"
and 15pm) to statistics about USA      USA companies. This information           To be trader is not so simple/
and the market opening. By it –        is usually published before or after    easy, but as many profession-
opening of Stocks indices in USA       market’s opening and it can effect      als that choose this way, I can’t
usually doesn’t bring anything new     really seriously on the market situ-    imagine my life without constant
to the market picture, because in-     ation.                                  analyzing quotes, indexes and
vestors 24 hours follow the Fu-                                                different economic indicators, in
tures’ behavior and till the opening                                           general - this working rhythm, that
                                         At 9pm, after closing USA mar-
of the market they already have                                                being a trader suppose.
                                       ket session, it is possible to sum-
idea what is going to happen.
                                       marize the trades, to evaluate the
                                       effect of indicators, to overview all
  For another example, now is the      trades that are done and to make
time for third quarter summary of      the plan for the next day.

                                                              Client Magazine autumn–winter 2009 15
Start Your Own
Anatoly Mikhalchenko,
Director of Regional Development, member of the Board of Directors.
Graduated St. Petersburg State University of Information Technologies, Mechanics and
Optics in 1996 (specialty "Engineer – electro-mechanic").
Since 2004 he is a head of Regional Development Department, Admiral Markets

  As a beginning, let’s start                    Markets, this money will be             Of course, there are no secrets
  with explaining what exactly                   transferred to Admiral Mar-           about this. The main scheme is
  this Partnership program is.                   kets and deposited to cli-            simple – client opens account with
  What are the benefits for Ad-                  ent’s account?                        support from our partner, but the
  miral Markets and for com-                                                           contract is signed directly with
  pany’s clients?                                About this – everything is clear      Admiral Markets Company, as we
                                               and seen through process – the          just said. After that, our partner
                                               advantage is that our clients sign      receive Revenue share, accord-
   Partnership program is one of
                                               up the contract directly with Ad-       ing to our Partnership contract. So
the methods for extending our ser-
                                               miral Markets, our Partner is only      actually Admiral Markets is giving
vices palette and also to offer our
                                               helping in opening the account          to its Partner part of the spread –
services on more geographical ter-
                                               and filling up all registration docu-   part if its own profit.
ritories. For example – every day
people need some kind of favors                ments. This way, our client deposit
and to buy them, clients not always            is directly transferred to Admiral        Below you can see the working
go to the main office of companies.            Markets’ bank account.                  scheme.
They can go to a brunch office,
where the quality of service and                 Sounds great! Then would               Is it allowed to such Part-
prices are the same as in central                you explain the working                ner to offer additional ser-
office. This way there are many                  scheme of such Admiral                 vices such as educational
advantages for the client - territo-             Markets Partner?                       courses, advising, support
rial propinquity, adequate advising
and good support. As I said before,
to meet our clients’ needs Admiral
Markets Company is trying to meet
its clients on more countries and to
expand its service palette. That is
way, for us Partnership program is
high priority mission.

  How do you guarantee that
  when client deposits money
  to bank account present-
  ed by a Partner of Admiral

 16 autumn–winter 2009 Client Magazine
  about the specialized soft-

   Yes, of course. If a Partner
wants to offer such additional ser-
vices, Admiral Markets assure all
needed education and any kind of
support. For example, if such Part-
ner wants to offer education on in-
vestments in global financial mar-
kets to his clients, we will inspect
if this Partner covers all needed
conditions: classrooms, hardware,
                                         it is also needed registration on          If a client gets inspired
software and also the qualification
                                         our site and then the Partner will         by the opportunity that
of all employees in this office. If
                                         receive all links, banners and in-         this Partnership program
needed we will give recommen-
                                         formers for publishing on site. After      gives? If such client wants
dations about educating process,
                                         that, when a client visit our web-         to try his skills and to be-
about teaching methods and ma-
                                         site through our Partner’s web-            come a Partner of Admiral
terials, preparation and qualifica-
                                         site and open account in Trader’s          Markets – what he should
tion to employees. Admiral Mar-
                                         Room – every such client effects           start from?
kets always try to offer the most
                                         on the profit that our Partner will
favorably comfortable conditions
                                         take. Above are few examples for
for our clients. Тhat’s why it is very                                               It is necessary to visit this link
                                         partner links.
important to us when a Partner is                                                 on our website:
opening office to ensure highest
level of service, answering to our         Next Partnership level is "Media
standard.                                affiliate partner"- this is a Partner
                                         that own media resources such
                                         as press, radio or TV channels,
  And now about the most
                                         etc. In this case the methods for
  interesting. If a client of Ad-                                                 Here our client is able to choose
                                         attracting clients and the profit to
  miral Markets decides to be-                                                    "Become Partner" button (link/pic-
                                         the Partner will be by an individual
  come a Partner and to offer                                                     ture). Then he is able to choose
                                         plan, so it will be more flexible and
  your services to other trad-                                                    type of partnership and to fill out
                                         profitable to both sides.
  ers – what Partnership you                                                      registration form. Then he will re-
  will offer?                                                                     ceive a contract, to learn all details
                                            Another type is "Introducing Bro-     about this Partnership. Then our
                                         ker" or IB. This level of Partnership    employees will contact him to dis-
   For all interested in, there are
                                         supposes opening of regional rep-        cuss all details about the chosen
few working Partnerships, from
                                         resentative office. This is more se-     Partnership program.
most simple level – only attracting
                                         rious level that supposes constant
clients, to more complex – open-
                                         office, employees with relevant
ing regional branch office. So let                                                  I suppose that Partnership
                                         qualification, etc. Such Partner
me tell you about all partnerships.                                                 program will be improved
                                         appears to be our representative
                                                                                    more and more, to assure
                                         on its territory – city, region, coun-
                                                                                    perfect service to its clients
   First and easiest level is "Agent".   try. Contact information of such
                                                                                    and to cover Partner’s ex-
This is representative that attracts     Partner is placed on all our sites
clients by its own efforts. Usu-         and also is published on all our
ally, Agents are actual traders that     brochures and magazines. Clients
have many contacts in this field         that open accounts on working ter-          Yes, as usually for all our ser-
and know many people interested          ritory of such Partner are consid-       vices. Partnership program is
in trading. To become Agent it is        ered for his clients and this effect     constantly improving, bringing into
enough just to fill out registration     in his Revenue share. If there is        use new working schemes, includ-
form, to sign up Agent’s contract        existing business and infrastruc-        ing innovations, and all this is to
and then he is ready to start his        ture – office, employees, etc., then     increase our services’ level for our
business.                                becoming IB can be a profitable          clients and to extend partner’s net-
                                         additional activity. For such Part-      work in same time.
   Another Partnership program is        ners Admiral Markets ensure all
"Web-referral". If you have your         needed materials, directions and
own site, you can use it to attract      support about employees’ qualifi-
clients. To become Web-referral          cation and so on.

                                                                Client Magazine autumn–winter 2009 17
Publishing Activity
of Admiral Markets
Admiral Market Company successfully developed projects about publishing and distribution of books, telling
about trading on global financial market and all modern methods for analyzing. Books are addressed to wide
range readers – from beginners to already practicing traders. All books are written on many languages,
authors are actually employees in the company – professionals and traders on high level.

  "100% Forex. Studying                         ing, on which the book is based.                thor is our leading analyst Aleksey
  and trading together"                         The book is focused on secrets                  Almazov – experienced trader,
                                                of trading on global markets, fun-              creator of many modern methods
  The first book that we published              damental and technical analy-                   for fractal analysis that were put
is "100% Forex. Studying and                    ses. Huge attention is given to                 into practice, lector on many re-
trading together". Authors are An-              the practical side of all described             lated courses.
gel Darazhanov, Vassil Banov and                methods and different technical
Miroslav Kozarov – professionals                indicators. That’s why the book is
with rich background experience                 rich in examples, illustrations and
in trading, leading experts in Ad-              explanations. Authors also em-
miral Markets Company. They                     phasize on mathematical analy-
have educated many traders that                 sis and Money management. As
are now practicing all received                 a result of its huge success the
knowledge in their everyday work                book was translated on several
on market. Probably, this is the                languages. In some countries
best indicator about the efficiency             that the book was published it ap-
of their complex methods for trad-              peared the only book about trad-
                                                ing on Forex market.

                                                  In this book are concentrated all
                                                key knowledge and habits, which
                                                will help every trader beginner to
                                                build successful and profitable                    In this book is presented the
                                                trading system.                                 basic structure of markets, it is
                                                                                                said about new analytical meth-
                                                  "Fractal theory on Forex                      ods, that are changing the view
                                                  market"                                       about quotes and about price of
                                                                                                financial assets. The book helps
                                                                                                to traders to control the seem-
                                                  In July 2009 Admiral Markets                  ing chaos and to make it work for
                                                published second book "Fractal                  their own profit. Beginners will find
                                                theory on Forex market". Its au-                in this book many interesting ex-

 18 autumn–winter 2009 Client Magazine
                                                                              ered for part of the most profitable
amples that will help them easily                                             and popular instruments for expe-
to understand prices and quotes.                                              rienced traders. Most of all these
Experienced traders will find new                                             are futures, options, forwards,
trading strategies including fractal                                          swaps, and CFD.
                                                                                The book contains full edu-
  "Forex 101"                                                                 cational course on trading and
                                                                              analyzing profit on Bond market.
   The next book that we pub-                                                 Readers will learn how to invest
lished was "Forex 101" – 101                                                  in different types of bonds and
questions about Forex on Lithu-                                               to make profit speculating every
anian language. Its author was                                                day or using the "buy and forget"
Valerius Ovsianikas – Technical                                               way.
Director in Admiral Markets, trad-     miss some world-famous experts,
er since 1997, lector on related       whose books are bestsellers and          It is systemized manual on tech-
seminars and master-classes. In        that gave sufficient contribution to   nical analysis of market prices,
                                       the global development of mod-         currency course, stock’s value,
                                       ern technical analysis. That is        futures and other financial instru-
                                       way Admiral Markets sponsored          ments. It contains wide range of
                                       the publishing of one of the best      examples of modern technical
                                       practical handbooks for prepara-
                                       tion of professional traders – "Full
                                       course on Technical Analysis".
                                       Its author is the famous leading
                                       expert in financial world – Jack
                                       Schwager. The book by itself is
                                       a complex educational course
                                       on technical analyze on Foreign
                                       Exchange Market and also Stock
                                       market, Precious metals market
                                       and Futures market.

Lithuania the book became best-          "Course for beginners"
seller because the content in this
book is written in comfortable and       Admiral Markets always prefers
reader-friendly way "question-         to collaborate with experts in fi-
answer". There are many practi-        nancial sphere. That is way the        analysis. Attention is directed
cal examples, graphics, schemes        Company sponsored series of            to practical use of all presented
and illustrations. In the book are     books "Course for beginners" by        methods and technical indicators.
collected answers on most inter-       Reuters in Russian language (on        The book is rich in graphics, ex-
esting and popular questions that      the next page). In these books is      planations and real examples.
the author met in his practice as      presented the most needed infor-
a lector on master-classes. Be-        mation for beginners – traders           In the book is presented full
ginners in trading are not always      and analysts, that in future will      course, teaching on trading stocks
able to visit educational courses      apply their knowledge into profes-     and also on technical and funda-
and this book can replace a full       sional practice.                       mental analysis on stock market.
course about trading on Forex,
and also it helps to readers eas-
                                         "Currency and Monetary Mar-            Our books are available in all
ily and fast to orientate in global
                                       ket" is systemized handbook            big bookstores in all countries
financial markets’ labyrinths.
                                       about Foreign Exchange Market.         where we published books, and
Soon the book will be published
                                       In this book are discussed instru-     also in all big e-bookstores, that
in Russia.
                                       ments of so called "monetary mar-      are able to send the book to any
                                       ket" – OTC market that is close        place worldwide.
  "Full course on Technical            related to currency market.
                                         This book is manual about anal-
   When choosing books for pub-        ysis and trading derivates – finan-
lishing, Admiral Markets could not     cial instruments that are consid-

                                                             Client Magazine autumn–winter 2009 19
Think global,
act local!
Bartosz Bielec,
Director of Poland branch office since 2007, Regional Director of Central Europe since 2009.
Graduated at School of Economics in Warsaw, specialty "Finance and banking".

  How would you describe you                       How long you are active in                     It depends what you mean with
  carreer before you joined                        Poland providing services                   this term "situation". We have been
  Admiral Markets Ltd.?                            for the polish customers of                 starting with almost nothing – no
                                                   Admiral Markets Ltd.?                       office, no clients, no deposits but
                                                                                               we were keeping a very precious
   As a student of Warsaw School                                                               asset in our hand – knowledge,
of Economics I have been an active                 I started cooperation with Admi-            experience and infinite help from
investor on the Warsaw Stock Ex-                ral Markets Ltd. in September of               our colleagues from AM’s offices
change, dealing mosty with stocks               2007 but it took about four months             all around the world. Right now,
and derivatives. I’ve spend hun-                to prepare for the proper launch               we are one of the biggest broker-
dreds of hours studying market be-              of the company. I can say that we              age companies in Poland. Admiral
havior, browsing charts and reading             have really started in the middle of           Markets is know the synonym of
investment books. About two years               January 2008. We spent that time               Forex in Poland. But on the other
before I graduated with Masters de-             for the preparations that included             hand, nothing has changed for us
gree I made my first steps on the               market research, setting target                when it comes to the way how we
Forex market having an account                  group and needs of the prospec-                make business. We are still treat-
with an local broker. To be honest              tive clients. Such long time invest-           ing our clients as our partners, set-
with you, I was not fully satisfied with        ed in the deep preparations and                ting long term cooperation benefi-
the service provided and I started to           consultations with one of the most             cial for both parties. Probably, this
look for other brokers. That was the            experienced manager in our com-                is one of the factors why we are
first time when I came across Admi-             pany Mr. Ovsianikas from Lithu-                growing in such a fast pace in spite
ral Markets Ltd. and I set up account           anian office resulted in our first             of the increasing competition, both
with them. Having been trading for              small success – first customers                from local and foreign brokers.
more than 12 months with them I                 within first day of our activity.
found a job offer of Admiral Markets
Ltd. I have successfully passed the                                                              So you are dealing with
                                                   And how would you com-                        harsh competition on the
recruitment process and became a
                                                   pare your present situation                   polish forex market?
director of polish branch of Admiral
                                                   on the polish forex market
Markets Ltd. responsible for the de-
                                                   with same situation two
velopment of AML business in Po-                                                                 Indeed. Although, within last cou-
                                                   years ago?
land.                                                                                          ple of years there was only one lo-

 20 autumn–winter 2009 Client Magazine
cal forex brokerage company with       provide. Additionally, we have an       of AM’s managers. I have to high-
monopolistic position - X-Trade        opportunity of the continuous ob-       light that the start of the Hungar-
Brokers, in the recent years we can    servation of the offer of other bro-    ian office was even better that the
observe a rising number of compa-      kers which are operating in our re-     Polish one. Me and my colleagues
nies providing forex services in Po-   gion. Taking advantage of the data      from other AM’s offices were giving
land. We are dealing with the strong   gathered during our analysis, we        some crucial advice but the huge
competition, both of IB’s of foreign   are better prepared to avoid sim-       contribution to the success of the
brokers and new local brokerage        ple mistakes and to prepare our         new office needs to be pointed to
companies. Just as a curiosity I can   offer to meet the rising demands        the managerial skills and commit-
say that within 500 meters from our    of the traders when setting up new      ment of the regional director Mr.
office in Warsaw there are four oth-   branches in other countries.            Robert Guth. It is the best exam-
er forex brokerage offices.                                                    ple that the main value of Admiral
                                                                               Markets are people.
                                         Experience gained on the pol-
  Taking into account rough              ish forex market helpes the
  competition on the market              company as a whole to devel-           In few words – can you tell us
  was it hard to develop?                op on the new markets?                 what standards you imple-
                                                                                ment on the new markets?
  If you are doing something with        That is totally correct. Of course,
passion nothing is hard but just       but not only experience gathered          We do not have enough space
takes more effort and endeavour.       from the polish market but also         to name them all so I will con-
The harder the competition you         other markets. As I mentioned be-       centrate on the most important
encounter the better standards         fore our main asset are people,         ones:
you need to offer to win market        their knowledge and experience.
share. Time spent for the market       Presently, we are finalizing the         ● Best offer on the market,
research helped us to adjust ex-       process of setting new branches in       ● Customer service,
periences from the other markets       the Czech Republic and Slovakia          ● Continuous development.
to polish market. Thanks to the        and recently, we have succeeded
pressure from our competitors we       in opening new office in Hungary         Which of these would you tell
need to follow the best standards      which derives profit from the pre-       is the most important one?
and improve the services that we       vious experiences and knowledge

                                                              Client Magazine autumn–winter 2009 21
   You cannot say that any of men-      students along with 40, 50 and 60        Such a small transaction size en-
tioned is the most important one.       years old investors. What needs          ables traders to find and eliminate
All these factors need to work to-      to be underlined that awareness          their weak points in trading psy-
gether. You cannot be successful        of the forex market has increased        chology and investment strategy as
just with best trading conditions or    significantly in recent years what       well, taking advantage of relatively
customer service. You need to build     brings more and more new inves-          small amount of money that needs
an offer that covers the demands of     tors to our company who have             to be invested.
all types of customers, starting from   never traded on spot market.
beginners, professional traders
                                                                                    Yes but it still seems to be a
and ending with legal entities. The
                                          Don’t you think that forex               little bit too complex for new
unique offer has to satisfy even the
                                          market is too complicated                investors. Do you recom-
most demanding traders having in
                                          and risky for unexperienced              mend any training materials
mind that every one of them has
                                          traders?                                 or investment books?
radically various expectations.

                                           It is a false image of forex mar-         We try to do our best to provide
  And who are your clients?
                                        ket. In my opinion, all the decisions    our clients and prospective custom-
  Do you have some certain
                                        made when trading on forex mar-          ers as much market knowledge as
  group especially interested
                                        ket come from technical analysis or      we can. For all investors who are
  in the forex market?
                                        fundamental analysis which does          interested in technical analysis we
                                        not differ from those used when          always recommend J.Murphy Tech-
  When I was starting with Admi-        investing on the stock market. The       nical Analysis of the Financial Mar-
ral Markets I thought that the main     only difference between stock mar-       kets. We also advise them to get
group of our customers are going        ket and forex market is the way how      known with training materials which
to be young people. After couple        you should manage you capital.           were prepared by our specialists.
of month I realized that forex trad-    You have to always remember that         You can find all the crucial infor-
ing is not restricted to students but   leverage acts two ways. For begin-       mation concerning MetaTrader 4
to all people who sees possibilities    ners, we offer unlimited demo ac-        trading platform, technical analysis,
and know how to take advantage          counts to study the market mecha-        trading strategies and educational
of them. Large group of our clients     nisms and investment strategies. It      movies on our website or download
are professional stock investors        is obvious, that market participants’    it for free. Following our’s colleagues
who wanted diversify their market       behavior can be different when           in other countries, especially in Bul-
portfolio with other assets. Other      trading live account and demo ac-        garia and Lithuania, we are going
group consists of entrepreneurs         count. While trading conditions on       to publish AM’s book concerning in-
who invest their capital surpluses      the live and demo accounts are the       vesting on the forex market.
and hedge their currency risk. Of       same, dealing with real money puts
course, I need to mention about         some unnecessary pressure upon
                                                                                   What would you advise to
speculators as well who are trading     traders. That is why we always rec-
                                                                                   your actual and prospective
forex for a living. When it comes to    ommend new traders to start their
the age of the forex market partici-    trading activities with the lowest lot
pants I am observing 18 years old       size possible which is just 0.01 lot.
                                                                                   I would recommend all inves-
                                                                                 tors to follow three pieces of ad-
                                                                                 vice that Mr. Andrzej Tomczyk, the
                                                                                 coordinator of the Training and
                                                                                 Analysis Department of Admiral
                                                                                 Markets Poland always repeats
                                                                                 during his seminars:

                                                                                   ● Stick to your investment
                                                                                   ● Manage your capital wisely,
                                                                                   ● Relax.

                                                                                   While two of the given rules are
                                                                                 commonly known among investors
                                                                                 they seem often to forget about the
                                                                                 third one, probably as important as
                                                                                 those two: do not thing about the
                                                                                 money but to make good trades
                                                                                 and relax. He relaxes listening to
                                                                                 jazz and …. it works.

 22 autumn–winter 2009 Client Magazine
We continue our series of articles about the most famous and
successful traders. In this edition we will talk about James Harris
Simons - American mathematician, trader and Maecenas.

   We continue our series of ar-                   when he invested $500 (present           and commodity exchange without
ticles about the most famous and                   for his first wedding) in soy-beans.     using the knowledge and support
successful traders.                                In 1974 Simons and his partners          of traders, counting only on math-
                                                   – also teachers from university,         ematical algorithms. "We are hir-
  In this edition we will talk about               invested about $600,000 in sugar         ing physicians, mathematicians,
James Harris Simons - American                     and made profit about $6 billions,       astronomers and statisticians. And
mathematician, trader and Mae-                     after the price vastly grew up.          they don’t know anything about fi-
cenas.                                                                                      nances" – said Simons in his re-
                                                                                            port at LAFE conference.
                                                      In 1978, he left academia to run
  James Simons always dreamed                      an investment fund, called "Mone-
to become scientist. He received                   metrics" that traded in commodi-            About professional traders and
his B.S. degree in mathematics                     ties and financial instruments on a      financiers Simons said, "We don’t
from the Massachusetts Institute                   discretionary basis. For a partner       hire anybody from Wall Street".
of Technology in 1958, and his                     Simons invited his old friend and        Today only in NY office of Re-
Ph.D. degree, also in mathematics,                 colleague from IDA – Leonard             naissance Technologies there are
from the University of California at               Baum – coauthor of "Baum-Welch           about 200 employees, 1/3 from
Berkeley in 1961, at the age of 23.                algorithm". This algorithm is used       them are with Ph.D. degree. Re-
Between 1964 and 1968, he was                      to find different likelihoods in biol-   naissance Technologies currently
on the research staff of the Com-                  ogy, automatic speech recognition        has more than $30 billion in as-
munications Research Division of                   and statistics. At first Simons de-      sets under management, for ex-
the Institute for Defense Analyses                 cided to apply the "Baum-Welch           ample – this is near the Moscow’s
(IDA). Simons taught mathematics                   algorithm" to trading strategy –         budget for 2007. Plus this, in 2007
                                                   and the idea worked out.                 the amount that Simons was man-
at the Massachusetts Institute of
Technology and Harvard Univer-                                                              aging was twice more. This is why
sity. In 1968, he was appointed                                                             Renaissance Technologies Corp.
                                                      Later Simons put mathematical
chairman of the math department                                                             is one of the biggest fund manage-
                                                   methods in his company to ab-
at Stony Brook University.                                                                  ment companies.
                                                   solute priority. This helped him to
                                                   obviate the "human factor" in trad-
  Later he moved to New York,                      ing. In next few years he enrolled         Simons became millionaire long
but he got bored. Although he                      about 60 mathematicians, physics         time ago, but he didn’t forget the
was teaching mathematics at uni-                   and experts in economical analysis       science. He is keen on quantum
versity, he had a lot of free time.                from all over the world that devel-      theory and he corroborate that
                                                   oped computer models for predic-         knowledge on FOREX helps him
And from nothing to do he started
                                                   tion of price changes on market.         a lot.
to trade on FOREX. At the begin-
ning Simons spent his money on                     Today, all structures owned by Si-
commodity exchange in 1958,                        mons are trading on Stock, Futures

                                                                          Client Magazine autumn–winter 2009 23
          Estonia                           Bulgaria                            Russia
Tallinn                            Sofia                                Moscow
10151, Ahtri 6A                    Maria Luisa st. 19-1                 123317, Presnenskaya st. 10,
(Admirali maja/B), 8 floor;        tel./fax: +(359 2) 98 11 111         С, office 568
tel.: +372 6309 303                e-mail: info@forextrade.bg           tel/fax: +7 (495) 775-75-08
fax: +372 6309 304                                                      e-mail: info@forextrade.ru
e-mail: info@forextrade.ee         Varna
                                   tel.: +(359) 899 924 709             St. Petersburg
Narva                              e-mail: varna@forextrade.bg          Nevskij avenue 170, office 29
Voksalii st. 19-21                                                      tel./fax: +7 (812) 327-39-99,
tel.: +372 3566 294                Plovdiv                              e-mail: info@forextrade.ru
e-mail: narva@forextrade.ee        Vasil Aprilov st. 25
                                   tel./fax: +(359 32) 240 417          Nizhny Novgorod
                                   e-mail: plovdiv@forextrade.bg        Novaja st. 32, office 2-b
          Latvia                                                        tel: +7 831 428 67 14
                                   Sliven                               e-mail: nnov@forextrade.ru
Riga                               Predel st. 1, Kredo Hotel
Terbatas st. 49/51, office 6;      tel./fax: +(359 44) 630 285
tel/fax: +371 6784 5341,           e-mail: sliven@forextrade.bg                 Kazakhstan
+371 29470361
e-mail: info@forextrade.lv         Dobric                               Almaty
                                   Treti Mart st. 15-1                  Bogenbay Batyra st. 221,
                                   tel./fax: +(359 58) 62 08 07         office 223;
5400, Saules st. 38-1;             e-mail: dobrich@forextrade.bg        tel.: +7 (3272) 54 70 71;
tel: +371 26600204                                                      fax: +7 (3272) 54 77 03;
e-mail: info@forextrade.lv                                              e-mail: info@forextrade.kz
          Lithuania                Bucharest                            080012, Abaja st. 110,
                                   Buzesht st. 59, А5-60                office 1-10
Vilnius                            tel.: +40 74 64 78 152               tel./fax: +7 (3262) 43-71-62
Shvitrigailos st. 11b              e-mail: info@admiralmarkets.ro       e-mail: amk@forexkz.kz
tel.: +370 5 210 48 41,
fax: +370 5 210 48 42
e-mail: info@forextrade.lt                  Belarus                             China
Siauliai                           г.Минск                              Shanghai
Mickiaviaciaus st., 5              Minsk, K. Chernogo st. 35            Yuyuan lu,168 hao Huanqiu
tel. +370 698 04680,               tel. +375 17 280-45-90               Shijie Dasha 1101 shi.
+370 841 420471                    tel. +375 33 694-04-44               Tel: 62496812
                                   tel. +375 44 754-04-44                    62496813

          Poland                            Ukraine
Jerusalem avenue 133/34;                                                Kuala Lumpur
                                   Saksaganskogo st. 121, office 115;
tel.: +370 (5) 210 4841,                                                50450 Kuala Lumpur
                                   tel. + 38 044 491 75 75;
fax: +370 (5) 210 4842                                                  UOA Centre,
                                   fax + 38 044 219 28 74;
e-mail: info@admiralmarkets.pl                                          Office Suite Unit 19-8-3A No. 19,
                                   tel. 8 800 507 508 0
                                   info@admiralmarkets.com.ua           Jalan Pinang
                                                                        Tel. 03 – 2171 1889,
          Croatia                                                       kuala-lumpur@admiralmarkets.com

Zagreb                                      Uzbekistan
10000, Draškovićeva 5;             Tashkent                             Admiral Markets Ltd.
tel.: +385 14573620,               Mikumi st. 178, offices 39, 40;
fax: +385 14573621                 tel/fax: +998 (71) 173 4534,         UK Tel. +44 (0) 20 3239 7789
e-mail: info@admiralmarkets.hr                        173 9163          US Tel. +1 (646) 797 3257
e-mail: office@admiralmarkets.hr   e-mail: centralasia@forextrade.ru    E-mail: info@fxservice.com

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