by another mailman » July 17th, 2013, 4:54 pm • [Post 498]
Alan wrote on July 17th, 2013, 11:57 am:
So from Eagle1 we didnt see the IQD hit the forex because the codes expired? I had no idea the codes could expire..
Anyway, so how long does it take for the codes to expire? Its pretty relavent to know when they expire so we can then have an estimate of when the IQD has to be on the Forex before it expires again..
That's a fair question and a good one!
trident704 » July 17th, 2013, 6:23 pm •
Another mailman, and Good afternoon, everyone:
My limited research has found that Currency Codes are part of the Currency System family of software and services are licensed to use official ISO 4217 currency codes, published by the International Organization for Standardization.
The codes covered by this standard, as well as the registered trademark "ISO", are the property of the International Organization for Standardization (ISO), and are used under license. These codes are sometimes also referred to as "SWIFT currency codes".
The official ISO 4217 standard specifies three-letter ("Alpha-3") codes for currencies worldwide. The first two letters of these codes are usually identical with the two-letter ISO 3166-1 Alpha-2 country codes, which are well-known by internet users, as they are used for country domain suffixes.
The third letter is usually the initial of the currency name (but not always, as in the case of EUR, RUB and a handful of other currencies). For example, USD stands for "United States dollar" (note that currency names are written in lower case, unless required otherwise by language rules, as in German, or by the local context, such as titles in English).
Codes beginning with "X", among others, are reserved for special purposes such as non-currency commodities.
As far as IMF codes expiring, I'm still digging on this one. It is POSSIBLE that the codes MAY expire upon a change in designation, i.e., when a currency gets assigned a new, three-letter designator.
For example, when the IQD becomes the IQN. Please do not misunderstand this to mean that this directly indicates anything toward our investment. Again, I'm still digging.
Also, there is a possibility that the IMF codes are time-sensitive in the sense that a measured expiration prevents electronic hacking attempts.
I DO NOT know this to be a fact, however. Hope this illuminates your very good question and sparks a learning opportunity from Eagle1, perhaps.