InternationalFinancialMarketsCHaper2(课件发送3,2011).pptVIP

CHAPTER 2 FOREIGN EXCHANGE MARKETS 2.4 Types of Transactions CHAPTER 2 FOREIGN EXCHANGE MARKETS CHAPTER 2 FOREIGN EXCHANGE MARKETS 2.4.2 Forward Exchange Transaction CHAPTER 2 FOREIGN EXCHANGE MARKETS ② delivery day CHAPTER 2 FOREIGN EXCHANGE MARKETS （2）Functions CHAPTER 2 FOREIGN EXCHANGE MARKETS CHAPTER 2 FOREIGN EXCHANGE MARKETS （4）Calculation of Forward Exchange Rate CHAPTER 2 FOREIGN EXCHANGE MARKETS 2.4.3 Swap Transaction CHAPTER 2 FOREIGN EXCHANGE MARKETS （2）Types of Swap Transaction * * 2.4.1 Spot Exchange Transaction refering to the foreign exchange transaction settled in two business days after the foreign exchange transaction has been concluded. The settlement day （delivery day） is the value date. The value date will be postponed if it falls out of the bank working day or during the holidays. the second business day Value Spot/VAL SP（standard） the first business day Value Today/VAL TOD（cash delivery） the same day （1） delivery day Value Tomorrow/VAL TOM （2）Spot Exchange Rate （3）Calculation of Cross exchange rate 货币 Bid Ask High Low EUR/USD 1.3349 1.3352 1.3388 1.3336 USD/JPY 104.17 104.21 104.75 103.83 GBP/USD 1.9240 1.9244 1.9318 1.9242 USD/CHF 1.1631 1.1636 1.1632 1.1585 AUD/USD 0. 7933 0.7936 0.7985 0.7933 USD/CAD 1.2095 1.2100 1.2137 1.2056 EUR/CHF 1.5530 1.5533 1.5535 1.5497 GBP/JPY 200.46 200.54 201.96 200.07 EUR/JPY 139.14 139.18 139.85 138.87 EUR/GBP 0.6937 0.6941 0.6944 0.6917 （1）Definition refering to the foreign exchange transaction settled at some specified time （the agreed date） in the future for the agreed exchange rate after the finalization of business by both parties. margin delivery day agreed funds initial margin/variation margin day after the second working day after the conclusion of transaction. The most common maturities for forward contracts are one month, three months, six months or one year. Nonstandard maturities such as 37 days or 81 days are available. ① Elements in a forward con