Transcription of FOREIGN EXCHANGE TRAINING MANUAL
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FOREIGN EXCHANGE TRAINING MANUAL
CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE LEHMAN BROTHERS FOREIGN EXCHANGE TRAINING MANUAL Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356480 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE TABLE OF CONTENTS CONTENTS .. PAGE FOREIGN EXCHANGE SPOT: INTRODUCTION .. 1 FXSPOT: AN INTRODUCTION TO FOREIGN EXCHANGE SPOT TRANSACTIONS .. 2 INTRODUCTION .. 2 WJ-IAT IS AN OUTRIGHT? .. 3 VALUE DATES .. 4 CREDIT AND SETTLEMENT RISKS .. 6 EXCHANGE RATE QUOTATION TERMS .. 7 RECIPROCAL QUOTATION TERMS (RATES) .. 10 EXCHANGE RATE MOVEMENTS .. 11 SHORTCUT .. 14 BIDS AND OFFERS .. 16 THE RULE OF THE LEFT BID -RIGHT OFFER .. 17 CROSS RATES .. 22 BID-OFFER FOR THE CROSS RATES OF CURRENCIES ON SAME TERMS .. 25 EXCHANGE RATE MOVEMENT REVISITED FOR CROSSES .. 26 BID-OFFER FOR CROSS RATES OF CURRENCIES ON DIFFERENT TERMS .. 27 SUMMARY .. 28 SHORTCUTS .. 31 TRADING CONVENTIONS AMONG MARKET MAKERS .. 32 SUMMARY .. 33 REVIEW PROBLEMS .. 35 FOREIGN EXCHANGE FORWARDS: INTRODUCTION.
participate in the foreign exchange market either on a speculative basis, to facilitate transactions, or to hedge against currency risks associated with their core business. Foreign exchange is a business of exchanging one currency for another. This exchange can take two basic forms: an outright or a swap. When two parties simply exchange one
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