Forward Market. On the forward Forex are used two tools: forward outright deals and exchange deals or swaps. A swap deal is a combination of a spot deal and a forward outright deal.
Forward Market. On the forward Forex are used two tools: forward outright deals and exchange deals or swaps. A swap deal is a combination of a spot deal and a forward outright deal.
Futures Market. Currency futures are specific types of forward outright deals. Because
they are derived from the spot price, they are derivative instruments. (See Figure 1.2). They are specific with regard to the expiration date and the size of the trade amount. Whereas, generally, forward outright deals—those that mature past the spot delivery date—will mature on any valid date in the two countries whose currencies are being traded, standardized amounts of foreign currency futures mature only on the third Wednesday of March, June, September, and December.
Options Market. A currency option is a contract between a buyer and a seller that gives the
buyer the right, but not the obligation, to trade a specific amount of currency at a predetermined price and within a predetermined period of time, regardless of the market price of the currency; and gives the seller, or writer, the obligation to deliver the currency under the predetermined terms, if and when the buyer wants to exercise the option.
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