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International Rose and Currency Operations - Savluk M.І.

12.1.3. Swap currency dates to spot (swap tom / next)

Swaps with dates of currency up to spot are quoted in the same way as standard swaps with a watch swap points for a long period (o / n (overnight), t / n (tom / next) and tod / spot (today / spot)) at a big price premium:

tod / tom = 2.45 / 2.37 or 0.12 / 0.15,

tom / next = 2/1 or 1.12 / 1.27.

Існує rule: at the turn of zrostannya zliva to the right of the forward (swap) points, the exchange rate is for the first exchange the swap may be lower, the lower exchange rate is exchange for the other; at the time of lower forwards (swaps), the point is in the right to the right exchange rate for the first time we want to get better, but not for the other.

The most extensive swap volumes / nexs , such as vikoristovuyutsya at times prolonged position with speculative trading in the minds of margin trading. At the same time, the spot exchange rate can be vikoristovuvati yak for the date of currency exchange (before the spot), so for the date of the final swap (no spot on). Golovne, schob rіznitsya dvokh kursіv became the sum of the forward points for the vіdpovіdny period, the date of the spot when all the time come forward є forward date.

Butt. AAA Bank quoted tom / next swap for GBP / USD: 0.38 / 0.48 and that way to please the buy / sell GBP type swap, spot rate at GBP / USD = 1.5923 / 28. AAA Bank is a market maker who sells base currency on the other side of the offer 0.48 for forward win. The spot course can be used in two ways:

a) the AAA bank will pay for the price of the currency tom for the spot rate of 1.5923, and for the price of the currency for the spot on tom for the rate of 1.592348 (1.5923 + 0.000048);

b) the AAA bank will pay for the currency with the date of the currency tom at the rate of 1.592252 (1.5923 - 0.000048), and the price for the currency with the date of the currency on spot is 1.5922.