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Topic: Forex swap

	FOREX \| Forex broker Foreign Exchange (Forex) Trading On-Line (Site not responding. Last check: 2007-10-22)
		For example, (forex) if the USD/CHF rate equals 1.6215 then one USD is worth CHF 1.6215 In the FX markets, (forex) the US Dollar is normally considered the 'base' currency for quotes, (forex) meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair.
		In contrast, (forex) a broker is an individual or firm that acts as an intermediary, (forex) putting together buyers and sellers for a fee or commission.
		Swap - A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.
	forex.cd (3318 words)

	Perpetual Swaps - article by Warren Edwardes, CEO, Delphi Risk Management
		The swap was soon widely available from other banks through dissemination by corporate clients to their relationship banks in search of a better price and also through the movement of bank staff to other banks (See the separate chapter on ethics!).
		But unlike a rolled Forex contract, which would have fallen foul of Bank of England regulations against transactions at off-market rates, the swap was not rolled; it was simply not terminated until either party opted to do so.
		By maintaining the ability to terminate the swap within a year, the bank was able to regard the swap as a one year transaction.
	www.dc3.co.uk /perpswap.htm (3176 words)

	Interest Rate Swap - Forex Trading, Currency Forecast, FX Trading Signal, Forex Training Course, Education, Tutorial, ...
		A swap is an agreement between two counterparties to exchange something (one "leg" of the swap) for something else (the other "leg").
		For instance a common swap might be "5000 shares of IBM for 50 points over the LIBOR" meaning one counterparty will receive the shares of IBM, and in exchange pay the other a fee as long as they keep them.
		The first swaps were commonly used as a way to hedge exposure to market risk for a low fee.
	actionforex.com /financial_glossary/.../interest_rate_swap (684 words)

	Forex Glossary - Definitions
		In the forex markets, the US Dollar is normally considered the "base" currency for quotes, meaning that quotes are expressed as a unit of US$1 per the other currency quoted in the pair.
		In essence, swapping is somewhat similar to borrowing one currency and lending another for the same period.
		For forex transactions, a working day only occurs if the bank in both financial center's are open for business (all relevant currency centers in the case of a cross are open).
	www.forextradingusa.com /forex-glossary.htm (8657 words)

	[No title]
		A FOREX swap is simply two transactions entered into simultaneously; an agreement is made to exchange currencies now at the prevailing spot rate and also to exchange the currencies back in the future at the prevailing forward rate.
		For example, when a swap trader enters a swap she may agree to give DM and receive $US now (with amounts determined by the current spot) and also agree to give $US and get DM in one year (amounts determined by the prevailing one year forward rate).
		Interest Rate Swaps Interest rate swaps (including currency swaps to be discussed later) are basically the exchange (between two firms, with a bank as an intermediary) of one type of debt for another type of debt.
	husky1.stmarys.ca /~gmackinnon/fin476/476notes9.doc (1816 words)

	Forex Trading Information (Site not responding. Last check: 2007-10-22)
		The huge volume of FOREX means that it is one of the most liquid markets in the world.
		FOREX is a more liquid market — as the largest financial market in the world it dwarfs the futures market in daily exchanges.
		The FOREX is less risky than the futures market because of built-in safeguards in the trading system.
	www.how-to-trade-forex.com (521 words)

	Classroom, Currency, Forex Commentary, Forex, Currency Trend
		Forex Risk Management refers to scientific study of currencies and devising various hedging techniques based of predictions of such currencies.
		Generally, swaps have been quoted in a number of ways, but the most commonly used is setting the floating rate equal to a short term index (such as a given maturity of MIBOR) with no margin or plus/minus a given margin, which are payable in the money market by the couterparties.
		Swap Reversal with new swap equaling the remaining period of original swap with Same Reference Rate and Same Notional Principal.
	www.eforexindia.com /classroom.asp (3073 words)

	FOREXPF.RU - FOREX INTERNET BROKER: ИНТЕРНЕТ ТРЕЙДИНГ НА ФОРЕКС И ИНДЕКСАХ. ... (Site not responding. Last check: 2007-10-22)
		FOREX operations, as any other financial market operation, are characterized by two criteria: the risk level and the yield rate.
		FOREX SWAP is defined as the transfer of an open position to the next business day.
		A SWAP rate is structured in the following way: it equals the difference between the average inter-bank rate of those currency pairs in which you hold opened positions minus one point per lot (consisting of 100,000 base monetary units).
	forex.profinanceservice.com /static.php?sysname=faq_en&Wide=Yeah (4076 words)

	Forex trading learn forex
		The forex news, forex forex trading software, forex chart by forex trader is forex training learn forex forex system, forex software to forex rate and forex trading signal etc. forex trading course (forex chart) forex trading education etc. forex book.
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		forex trading strategy currency forex learn online trading, learn to trade the forex, cms forex by forex currency trading system is future forex trading forex exchange rate forex ira trading forex funds or forex charting etc. forecasting forex is forex trading information to best broker forex.
	online-forex.hut1.ru (2174 words)

	Foreign exchange market - Wikipedia, the free encyclopedia
		The foreign exchange market or currency market or Forex is the market where one currency is traded for another.
		For various reasons, exchange-traded derivatives never caught on the Forex market as they did on all other financial markets (although attempts to launch currency futures in the early 70s actually predate interest rate or stock index futures).
		The only real foreign exchange market is the 'deliverable' orders for individuals and businesses who need to buy and sell x currency at any rate.
	en.wikipedia.org /wiki/FOREX (1144 words)

	Forex Swap (Site not responding. Last check: 2007-10-22)
		FOREX swap = an spot exchange of currencies combined with a forward agreement entered simultaneously.
		In the FOREX market, most inter-bank trading of forwards is done through the trade of FOREX swaps.
		A swap is an agreement between two counterparties to exchange something (one "leg" of the swap) for something else (the...
	www.forex-swap.com (374 words)

	Slowdown of the global OTC derivatives market in the second half of 2000 (BIS Press Release 16 May 2001)
		In the specific case of the interest rate swap market, the deceleration in growth was in sharp contrast to the very rapid pace of business seen since the end of 1998.
		While the stock of outright forward and forex swap contracts fell by 4% and that of currency options declined by 2%, currency swaps expanded by 23%.
		This seems to be consistent with the pattern of implied volatility observed in the second half of 2000, whereby the volatility of the dollar/yen pair dropped sharply, while that of the dollar/euro remained high.
	www.bis.org /press/p010516.htm (1656 words)

	China rules out weaker yuan
		Outlining the historical development of China's forex reform, the representative of China stated that the purpose of China's forex reform was to reduce administrative intervention and increase the role of market forces.
		Forex for personal use by individuals could be purchased directly from the banks upon presentation of valid documents (within a specified limit).
		No restrictions were maintained on the payment and transfer of current transactions by FIEs, and FIEs could purchase forex from designated forex banks or debit their forex accounts for any payment under current transactions, upon the presentation of valid documents to the designated forex banks or SAFE for the bona fide test.
	www.freerepublic.com /focus/f-news/817346/posts (2257 words)

	saxobank.com - Products - Forex - Spreads & Conditions (Site not responding. Last check: 2007-10-22)
		Spot Forex positions held at the end of the business day before their Value Date will be rolled over to a new Value Date on a Tom/Next basis.
		Open Forex trade positions are automatically rolled over one business day before their Value Date on a Tom/Next basis using the prevailing Tom/Next market rate for the currency cross +-0.05%.
		Open Forex trade positions are automatically rolled over one business day before their Value Date on a Tom/Next basis using the prevailing Tom/Next market rate for the currency cross +-0.25%.
	www.saxobank.com /?id=917&Lan=EN&Au=0&Grp=0 (1158 words)

	LUX FOREX
		Lux forex or also “easy forex” with great share of possibilities is the online system, where you can find information about firms, enterprises and their representatives who suggest there shares to customers.
		Lux- forex says that it would not be illegal operation with their fixed stocks.
		Lux forex economizes considerable prices for their issue and delivery as well as guarantees that the quantity of floaters on the investors’ hands is equal to the amount of released floaters.
	www.lux-forex.com (216 words)

	eMecklai- where risk meets its match (Site not responding. Last check: 2007-10-22)
		Further, since the swap is equivalent to having a short dollar exposure, it can be reversed – or partially hedged – by simply buying forward in the domestic forex market.
		The principal only swap would be structured as follows: the company would receive the notional value (in this case, 10 cr) after one year and it would pay the bank X dollars (X = 10 cr divided by today’s one year forward rate) at the spot rate prevailing after one year.
		The flip side of opportunity is risk, and, remarkably, as we have noted, the risk on the principal only swap is actually lower than that on the coupon only swap (since the volatility of the rupee is lower than that of the LIBOR FRA at this time).
	www.emecklai.com /mecklai/NTGEeness45.asp (1292 words)

	Forex Glossary
		Forex Club - Groups formed in the major financial centers to encourage educational and social contacts between foreign exchange dealers, under the umbrella of Association Cambiste International.
		Swap price - A price as a differential between two dates of the swap.
		Swap - The simultaneous purchase and sale of the same amount of a given currency for two different dates, against the sale and purchase of another.
	www.tradecenterinc.com /commoditysystem/ForexGlossary.html (5543 words)

	:: Welcome to Manila Bulletin Online ::
		According to a high-ranking official, the monetary authorities have given the go signal for the fiscal authorities to workout the final arrangement with ADB on the currency swap since the general framework of its availments conforms with the regulations on foreign borrowings.
		It is hoped that the government and the multilateral institution would be able to agree on the fineprints of the swap agreement next month.
		To recall, negotiations between the national government and ADB on the currency swap deal was temporarily shelved because of certain disagreements on issues such as the pricing.
	www.mb.com.ph /issues/2004/05/17/BSNS200405179702.html (352 words)

	forex swap
		All the forex swap information you need to know about is right here.
		Forex link swap and directory exchange will be happy to reciprocate links with your forex site.
		Forex Swap Definition When creating a foreign exchange swap, the SAP R/3 System creates a spot transaction and forward transaction at the same...
	www.56999.com /forex/forex-swap.shtml (159 words)

	Digest forex
		Digest forex means certain technical summary, report or abstract on some forex company which engaged in exchanges of foreign currency trading.
		Typically, if you need more data on forex you find the Digest - articles on forex, where a lot of long-term articles concerning forex as well as latest News are located:reviews, recommendations; commentary, economic calendar, digest, trader`s instruments also are arranged.
		Moreover, a lot of digest forex sets asides for requirements of people, who lives in other country of the world.
	www.digest-forex.com (352 words)

	Forex Directory
		Forex Brokerage Firms Featured list of the forex brokerage firms, online currency trading and forex trading related services.
		Forex Factory™ is the world’s independent Forex community and resource center, committed to bringing you relevant, unbiased currency trading information.
		Forex Investors Resource - The Ultimate Forex Portal with a multitude of forex trading resources and free educational tools.
	www.surefire-forex-trading.com /links.html (2509 words)

	The FOREX Glossary (Site not responding. Last check: 2007-10-22)
		Often investors will swap their trades forward for anywhere from a week or two up to several months depending on the time frame of the investment.
		It is the current spot rate combined with the forward (Swap) rate of the given period.
		A currency deposit transaction or the simultaneous purchase and sale of currency, or vice versa by means of swap for value the next working day against the spot value.
	www.universityforex.com /glossary.html (998 words)

	Bank Mandiri > Corporate Banking > Treasury Product (Site not responding. Last check: 2007-10-22)
		Spot is a forex transaction both selling or buying, against another currency at the current date with settlement 2 (two) working days after dealing date.
		is a contract to buy or sell forex against another currency at the certain value date, all at once with the commitment/agreement to sell or buy again (the reverse of the previous transaction) at a different value date in the future, with the price determined at the contract date.
		The tenor of swap contract ranges from 1 (one) week to 1 (one) year.
	www.bankmandiri.co.id /english/article/312261278522.asp?article_id=312261278522 (424 words)

	Lesson Unlearned: Resurgent Post-Crisis ASEAN Currency Instability
		The phenomenon signaled a dangerous neglect of the basic lesson that the 1997-98 Asian meltdown was fundamentally a currency crisis and that much of the collateral damage - high inflation, higher capital costs, magnified foreign debt burdens - were direct consequences of sliding exchange rates.
		The final agreement was trumpeted as historic but essentially comprised little more than the expansion of the 1997 (pre-crisis) ASEAN Swap Agreement from five ASEAN economies to the full ten.
		In any case, the US$200mn ASEAN Swap Agreement had previously proven completely ineffective in forestalling the fall of the baht and subsequent Asian dominoes in 1997 and its size in the end was not expanded at the Chiang Mai meeting.
	www.us-asean.org /ASEANOverview/currency_instability.htm (1942 words)

	Currency Swap & Forward By Non-Bank Services
		Atlantica Associates LLC - Consulting on European Monetary Union (EMU), Forex and currency risk advice for emerging markets are others.
		Easy-Forex - is a real-time Forex trading platform that offers a complete Forex Dealing room - Forwards, Options, Day Trading, and Limit Order deals.
		As a consultancy, HIMS aim is to complement your relationship with your bank, however, in doing so HIMS focus on being proactive rather than reactive and ensure that you receive a competitive service.
	www.forexlisting.com /currency_futures_non_bank_facilitators.asp (1055 words)

	Commodity Trader \| Foreign exchange trade in China surges
		According to the Shanghai-based national forex swap center, turnover...
		According to the Shanghai-based national forex swap center, turnover of the US dollar, the Japanese yen, the HK dollar and the euro, amounted to US$28.215 billion for the 22 trading days in April.
		The turnover of the four foreign currencies on the Shanghai-based national forex swap center totaled US$91.397 billion in the first four months this year, with the daily transaction volume reaching US$1.115 billion.
	www.commoditytrader.com /archives/000244.php (296 words)

	Forex Blog: ASEAN nations expand currency swap agreement
		The purpose of the swap agreement is to guarantee members with USD that they can use to pay off their debts.
		Currency swaps allow nations to exchange one currency for a different currency at a fixed exchange rate, on a predetermined date in the future.
		That is the most important idea of the swap,” said the president of the Philippine's Central Bank.
	www.forexblog.org /2005/02/asean_nations_e.html (377 words)

	Data on foreign exchange (Site not responding. Last check: 2007-10-22)
		Description of this type of interest rate swap where the fixed interest rate leg is linked to the performance of a defined FX rate.
		Primer on interest rate and currency swaps from University of Michigan's professor Perry.
		A working paper that tests continuous time models of swaps and swaptions via discrete numerical examples; presented by Dempster and Hutton of the University of Essex.
	www.electronicsee.com /Finance/Data_on_foreign_exchange.htm (310 words)

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