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

By Cross S.Y.

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In a typical currency swap,counterparties will (a) exchange equal initial principal amounts of two currencies at the spot exchange rate, (b) exchange a stream of fixed or floating interest rate payments in their swapped currencies for the agreed period of the swap, and then (c) re-exchange the principal amount at maturity at the initial spot exchange rate. Sometimes, the initial exchange of principal is omitted. Sometimes, instead of exchanging interest payments, a “difference check” is paid by one counterparty to the other to cover the net obligation.

Before expiration, the total value of an option is based, not only on its intrinsic value (reflecting the difference between the strike price and the then current exchange rate), but also on what is called its time value, which is the additional value that the market places on the option, reflecting the time remaining to maturity, the forecast volatility of the exchange rate, and other factors. Determining the price of an option prior to expiration, on the other hand, is much more Time value is not linear.

C H A R T contracts can be customized, a very large share of the OTC market consists of generic, or “plain vanilla,” options written for major currencies in standard amounts and for even dates. Call Option Value + OTC options are typically written for much larger amounts than exchange-traded options—an average OTC option is $30-$40 million equivalent—and a much broader range of currencies is covered. The volume of OTC options is far greater than that of exchange-traded options; indeed, the OTC market accounts for about four-fifths of the total foreign exchange options traded in the United States.

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