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EMFX USD/BRL


Guest KE

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Hi - so pricing and trade execution for hedging is actually done off the one month forward. There are non-deliverable forwards which are a type of cash settled financial derivative, rather than the spot price offered by banks (like major currencies).

 

The reason for this is that the underlying spot trade wouldn't settle in the required currency, so the non-deliverable forward is highly correlated to the underlying market without the hassle or cost of dealing spot. Although a little complicated, I hope this clarifies things. Unfortunately I can't post a Bloomberg screenshot of this on a public forum, but I will make sure I email it to you. 

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