The Citi Foreign Exchange Challenge 2009 was held in Millenia Walk on Saturday, 31st October 2009. There were a total of 300 teams (doubled from last year) taking part in the competition, grouped in six qualifying rounds of 50 teams each.
The competition involved trading three pairs of currencies on a simulated FX platform that is the same system used by Citibank to educate their customers. The teams traded based on simulated market news that appeared on their screens, such as a sudden spike in oil prices, or a revised upward forecast of GDP growth, and had to interpret the news as to whether to buy or sell forex accordingly.
A DBF Year 3 team, consisting of Calister and Henry, clinched the third position. When asked the key to their success, Henry said “We defined our roles fairly distinctively, my role was to analyse the news and market situation while directing my partner to execute the buy or sell orders as Calister kept track of the running prices.” Calister added “We had a trading plan and were very focused in our roles. We were also quick to grab arbitrage opportunities and clear our positions when we realized we made a mistake.”
The team would like to thank their lecturer Mr Christopher Cheong for his guidance and support throughout the competition. His key strategy to “trade with the trend” was certainly helpful.