SP Business School teams performed excellently securing the 2nd, 4th and 5th places in the Citi Foreign Exchange Challenge 2011. The competition was held in Asia Square on Saturday, 29th October 2011. There were 300 teams taking part in the tertiary competition. The first and third places were obtained by teams from the Singapore Management University.
The competition involved trading three pairs of currencies on a simulated FX platform where each team acted as an institution trading with each other in the interbank market. The same system is used by Citibank to educate their customers. The teams traded in a simulated market based on news that appeared on their screens, such as a sudden spike in oil prices or a revised forecast of GDP growth. The students had to interpret the news and its effect on exchange rates. It was a test of skill, foresight and speed.
Diploma in Banking and Financial Services students, Yong Feng and Terence, clinched the second position. When asked about the key to their success, Yong Feng said “We defined our roles fairly distinctively. My role was to analyse the news and market situation while my partner Terence who is very fast on the keyboard executed the trading decisions.” Terence added “We had a trading plan. We were also quick to grab arbitrage opportunities and actively managed our positions besides ensuring not to trade beyond the position limit.” “Our school trading practicals may have given us competitive advantage over the teams from other tertiary institutions,” they said.
Securing the fourth position, Jeremy and Gary remarked, “We definitely benefited from this FX trading competition. It was a good opportunity to put into practice the trading principles taught in the classroom.” “FX trading is really exciting and the Citi FX competition is an eye opener of what real market trading is ”, said Ye Jing and Claudia who came in fifth.
The winning teams expressed their appreciation to their lecturer Mr Christopher Cheong for his guidance who taught them to “Trade with the trend and actively manage your position”.