A Currency Options Primer (The Wiley Finance Series) by Shani Shamah

By Shani Shamah

A brief and concise consultant to forex optionsAn knowing of foreign money strategies is vital for these operating in funding and foreign currency. A foreign money techniques Primer units out to offer readers a transparent consultant to how the foreign money alternative marketplace features, providing sensible suggestion on getting to know the required elements and ideas for absolutely knowing the workings of this industry.

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1 MARKET MAKERS Market makers are those market participants that both buy and sell currencies. As market makers, dealers (or traders) generally, according to market practice, quote a two-way price to another market maker, but not to most corporations. The terms dealer and trader are used interchangeably when referring to market makers. For market makers, reciprocity is standard practice. They constantly make prices to one another. Market makers are primarily major banks, for example Barclays, HSBC, JP Morgan Chase, Morgan Stanley, Deutsche Bank, Union Bank of Switzerland and Citibank.

To generate a cash flow (short option); To transfer cash to another entity. To transfer profit and loss over time. 1 Example 1 A British-based company that exports consumer goods to several countries. Currently, the company have contracted to supply 10 million dollars’ worth of goods to America and expect to receive payment in three months’ time, in dollars. The company believes that the dollar will appreciate against the British pound over this three-month period. The company has several alternative strategies: 1.

Currency swap – a contract, which commits two counterparties, to exchange streams of interest payments in different currencies for an agreed period of time and to exchange principal amounts in different currencies at a pre-agreed exchange rate at maturity. Currency option – a contract, which gives the owner the right, but not the obligation, to buy or sell a currency with another currency at a specific rate during a specific period. Foreign exchange futures – this is a forward contract for standardised currency amounts and for standard value dates.

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