All about ForEx market in the USA by Cross S.Y.

By Cross S.Y.

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For most currencies, swap points are carried to the fourth decimal place. 0023). The cost of an FX swap is measured by swap points, or the foreign exchange equivalent of the interest rate differential between two currencies for the period. The difference between the amounts of interest that can be earned on the two currencies during the period of the swap can be calculated by formula (see Box 5-4). The counterparty who holds for the period of the swap the currency that pays the higher interest rate will pay the points, neutralizing the interest rate differential and equalizing the return on the two currencies; and the counterparty who holds the currency that pays the lower interest will earn or receive the The FX swap is the difference between the spot and the outright forward (or the difference between the two outright forwards).

1, but for other pairs, viable markets have developed and direct trading sets the cross rates, within the boundary rates established by the derived cross rate calculations. B O X 5 - 1 DERIVING CROSS RATES FROM DOLLAR EXCHANGE RATES There are simplified,short-cut ways to derive cross rates from the dollar exchange rates of the two cross currencies, by cross dividing or by multiplying. There are three cases—the case in which the dollar exchange rates of both of the cross rate currencies are quoted “indirectly”; the case in which both currencies are quoted “directly”; and the case in which one is quoted indirectly and the other is quoted directly.

The difference between the amounts of interest that can be earned on the two currencies during the period of the swap can be calculated by formula (see Box 5-4). The counterparty who holds for the period of the swap the currency that pays the higher interest rate will pay the points, neutralizing the interest rate differential and equalizing the return on the two currencies; and the counterparty who holds the currency that pays the lower interest will earn or receive the The FX swap is the difference between the spot and the outright forward (or the difference between the two outright forwards).

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