December results from BarclayHedge's Managed Currency Fund Rankings were released last month in February.  Once again Galleon is right near the top for the 4th month in a row in 2nd place with 12.15% net returns for the month of December.

These results can also be seen in Currency Traders Magazine on page 38 of the magazine which is also available for download from their website.

Galleon has remained among the top four FX managers in the world during the last 4 months of 2007 ending the year with a 97.35% net return as calculated by BarclayHedge.

With what we have learned in 2007 and with the adjustments and improvements we've already made to our systems, it could be possible to net our clients 100% in 2008, even after starting the year with our worse month ever in January.  We have had a very encouraging February, and March, at the time of this news item is already positive.  Of course there are no guarantees and past performance is surely no guarantee of future results.

We are pleased to announce an encouraging return for February 2008 with our new additional strategies making profits for us already.

The month on the whole was somewhat difficult. For the first three weeks the currency markets were volatile and erratic. It was hard for the strategies to find a grip and profit on short lived moves up and down.  But by the end of February the markets had become decidedly bearish against the Dollar. We initially profited from this anti-dollar move with many longs on the major dollar paired currencies (EURUSD, GBPUSD, AUDUSD, NZDUSD), and then after many of these reached their predefined profit targets, we profited from shorts on the major Yen paired currencies (GBPJPY, AUDJPY, CADJPY).

We are now accepting Affiliate commission payment instructions for paying out affiliate commissions.  The debit cards we were promised are still not available yet but we have additional options. We also finished updating all affiliate commission records and calculations in our system and commission amounts should be accurate now. 

Due to the increasing complexities of moving money around now days we only have 2 options for sending commission payments.  One is by bank wire if your commissions total a minimum of $500 (plus  a $30 bank fee) and the other is by e-gold.  We will lower the minimum wire amount if our bank can easily handle these wires without too many problems or issues.  We know e-gold is still having problems but many people are still using e-gold and we do have some e-gold ourselves just sitting around.  So if you would like to be paid by e-gold still, we can accommodate you and with no minimum.

Affiliates can get further details regarding submitting payment instructions by logging into our website here. Once you are logged in, click "My Profile", then click the "Payments" tab for further instructions.

Other than day to day operations, getting commissions to our affiliates has been our first priority. It all took much longer than we had expected to get to his point and it was much more complicated than we had planned on.  We apoligize for the delay in getting to this point but the technical challenges and what we are doing is unlike any other forex affiliate program has to offer.   Because our brokerage firms systems are independent of our affiliate tracking system, we needed to invent ways of importing, calculating, assimilating matching up trading clients with affiliates and syncing them together.  It consisted of writing 100s of pages of custom code to get to this point and we still have more to polish up. 

Once again, thank you for your patience in this matter and we look forward to sending commissions as we begin processing affiliate payments this week.