Beginner
Outright rates and forward points
Forward points adjust a spot quotation into a price for a later value date. Their sign does not predict the direction of the currency.
Read articleFOLITIC / FORWARDS TRADING GUIDE
Forwards Trading Guide
Understand forward contracts, interpret quotes and build currency, commodity and portfolio hedges. Follow ten stages from contract basics to advanced valuation, execution and disciplined risk management.
Start with What a forward contract commits you to, then follow the next lesson links. Explore 40 lessons with worked examples, exercises and further reading.
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FX Forwards and Market Quotes · All lessons
FX Forwards and Market Quotes
Read currency quotes, settlement dates and the terms that determine the cash result.
Beginner
Bid and ask prices from the customer side
The correct side of a forward quote depends on what the customer buys or sells. A mid rate is a reference, not a guaranteed execution price.
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Beginner
Value dates tenors and broken dates
A forward rate belongs to an exact settlement date. Holidays, spot lags and nonstandard maturities can change both the quote and the cash planning.
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Beginner
Fixings and non deliverable forwards
A non deliverable forward settles a currency difference without exchanging the underlying currency principals. Its fixing rules are central to the result.
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