FX Mash-Up: Norway’s Crown Won’t Be Sold, MetaTrader Market Report and JPMorgan Chase Appointments

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FX Mash-Up: Norway’s Crown Won’t Be Sold, MetaTrader Market Report and JPMorgan Chase AppointmentsNorway’s central bank disclosed on Thursday that it has no plans to place any Norwegian crowns on sale this August in order to purchase foreign exchange for the nation’s sovereign wealth fund as has been its practice over the past few months.

The bank had earlier made it clear that it doesn’t see itself buying any foreign currency for the foreseeable future and that it may even purchase crowns later in 2014, reported Reuters. The sovereign wealth fund, which is the world’s largest, uses the FX acquired to invest in bonds, stocks and property in other countries.

Meanwhile, ever since MetaTrader Market was established in February 2012, user-created products worth more than US$500,000 have been sold, from financial books and magazines to applications.

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MetaQuotes released an infographic showing the market information describing the Freelance service where various trading applications are placed for sale. At first, the Market was developed for MetaTrader 5 before it was later introduced in MetaTrader 4. Over time, the products available for sale on the market have increased, from trading apps to tips and financial literature.

Sales turnover at the Market has gradually increased, with data showing that as of July 2014; around 6,400 products valued over $522,000 were sold in the Market, with over 24,500 buyers and 520 sellers having already transacted over the store. This sales growth has fuelled a substantial increase in the number of developers who earn $10,000 or more every month.

In another report, JPMorgan Chase & Co. has hired Andrew Ferry as the head of its FX and rates market compliance, a newly-created position. Mr. Ferry was previously in charge of swaps for EMEA region. He will operate out of London, with his former position taken up by Tom Prickett. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com