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By Alan Hicks

Construction at the good fortune of his bestselling foreign currency techniques, Alan Hicks has produced this new and worthy advisor to using forex innovations for company treasurers and different monetary executives. atmosphere the important OTC tools in the company’s threat administration framework, he presents an authoritative advisor to the features, merits and makes use of of foreign money techniques within the administration and keep an eye on of foreign currency echange danger. Alan Hicks’ particular event permits him to be aware of the sensible program of suggestions as skilled within the genuine international of foreign currencies, illustrated by means of case examine fabric through the publication.

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Location T h e r e is n o single market-place o r building that houses the OTC market as all transactions are c o n d u c t e d over the t e l e p h o n e , t h e Reuters dealing system (a telecommunications device used extensively in foreign e x c h a n g e . Telex is rarely used t h e s e days e x c e p t as a form o f written confirmation for deals already concluded. T h e market operates continuously b e t w e e n counterparties all over the world and is therefore o p e n 2 4 hours a day. T h e only e x c e p t i o n is at w e e k e n d s w h e r e liquidity drops t o near zero although, in theory, banks in the Middle East may provide s o m e market support if this area develops in the future.

Intrinsic value. 60, then If the option intrinsic ago, a UK importer one-month invoice the option option payment would at USD of date (better or 5 and to sell cents. 65). 5970. 65, the same intrinsic week This value). 60 than If current priced struck than the strike date). e. underly­ value options. T h e p r i c e ( p r e m i u m ) o f an option will reflect the full amount o f any intrinsic value and this direct relationship is further discussed in Chapter 5. T h e following are explanations o f s o m e jargon associated with intrinsic value: D e e p in the m o n e y - an option with very high intrinsic value.

However, t h e PHLX introduced its united c u r r e n c y options market ( U C O M ) in N o v e m b e r 1 9 9 4 w h i c h g o e s a long way to replicating t h e flexibility o f t h e OTC c o n t r a c t - users are allowed t o specify strike and maturity dates across a matrix o f c u r r e n c y pairs for European-style options. At t h e time o f writing, UCOM volumes are expanding t o t h e point o f e x c e e d i n g t h e standardised options that are declining. U C O M may well b r a n c h into e x o t i c options some­ time in t h e future.

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