September 2012
Beginner
328 pages
7h 42m
English
Content preview from Key Financial Market Concepts, 2nd Edition
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Forward Outright and Forward Swap
Definition
A forward outright is an outright purchase or sale of one currency in exchange for another currency for delivery on a fixed date in the future other than the spot value date.
A forward swap is an exchange of one currency for another currency, to be delivered on one date, together with an exchange in the opposite direction on a given later date.
How are they used?
Forward outright
Although ‘spot’ in the foreign exchange market is settled two working days in the future, it is not considered as ‘future’ or ‘forward’, but as the baseline from which all other dates (earlier or later) are considered. It is possible in theory for settlement to be on any date other than spot, in which case the deal is a ...
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