FX

Foreign exchange products exchange one currency for another, now or later, or give the right to. This family covers the deliverable products — forwards, swaps and options — and their non-deliverable versions, which settle in cash in a third currency because the local one cannot be delivered offshore. Every page prices on curves marked from quote sheets and an FX spot the market holds.

Start with How FX products work for the ideas behind every FX product, then look up the calls on the reference pages.

Pages

Page	What it covers
How FX products work	covered interest parity, swap points, how the surface is quoted, delta strikes, offshore curves and non-deliverable settlement
fx-forwards	covered interest parity; an outright forward's value; a settled forward
fx-swaps	near and far legs; swap points; an FX swap as a curve rung
fx-options	Garman-Kohlhagen off the pair's surface; put-call parity; strikes by delta; expiry
ndf	non-deliverable forwards from their templates; the fixing; value on the offshore curve
ndo	non-deliverable options from their templates; expiry on the fixing; the offshore forward; parity with the NDF
nds-and-ndccs	non-deliverable swaps and cross-currency swaps; offshore curves; the CD projection from NDS par rates; flows that settle in dollars

Common tasks

• Price an FX option from a delta quote

Where next

The conventions each pair trades under — spot lags, calendars, fixing sources and settlement currencies — are in the FX conventions and non-deliverable conventions catalogs.