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By Cross S.Y.

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The top line in each panel represents the value of the option, the bottom line represents the intrinsic value, and the difference is the time value. The point K is the strike price of the option. It is relatively easy to determine the value of a European option at its expiration. The value of a European option at expiration is its intrinsic value—the absolute amount by which the strike price of the option is more advantageous to the holder that the spot exchange rate. ” difficult. 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.

A market maker’s quotes are always presented from the market maker’s point of view,so the bid price is the amount of terms currency that the market maker will pay for a unit of the base currency; the offer price is the amount of terms currency the market maker will charge for a unit of the base currency. 4975-85,” indicating a bid price of CHF 33 ● The Foreign Exchange Market in the United States main instruments: over-the-counter market ALL ABOUT... 4985 per dollar. 49. This differential is the dealer’s spread.

600 per dollar. 0625 x 62 ) 360 A. 0650 x 62) 360 B. 05 x 62) 360 43 ● The Foreign Exchange Market in the United States (continued on page 44) main instruments: over-the-counter market ALL ABOUT... B O X 5 - 4 (continued from page 43) Based on these calculations, the market makers’ spread would be 28-41. 6041 4. CURRENCY SWAPS A currency swap is structurally different from the FX swap described above. 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.

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