Foreign exchange quotation adopts two-way quotation, that is, the bidder simultaneously quotes the buying exchange rate and selling exchange rate of the benchmark currency. Take A/B =1.1500/10 as an example, where A is the base currency and B is the quotation currency. The former is the exchange rate at which the offeror buys the benchmark currency A (buying a benchmark currency to pay for the quantity of the quoted currency B), and the latter is the exchange rate at which the offeror sells the benchmark currency A (selling a benchmark currency A is charged 1. 15 10 quoted currency B), and the bid-ask difference is regarded as the income of the offeror's intermediary.

1, spot exchange rate USD1= SF1.2870—1.2880.

Forward exchange rate: USD1= SF (1.2870+0.0050)-(1.2880+0.0070) =1.29201.2950.

Let the spot exchange rate after 3 months be USD1= SF1.3680-1.3690, which is greater than the forward exchange rate.

Speculation: Sign a forward contract to buy $6,543,800+million. At maturity, if the bidder buys USD 6,543.8+million according to the contract (that is, the bidder sells the benchmark currency USD at the exchange rate of 654.38+0.2950), it needs to pay CHF 6,543.8+029.5 million and then sell USD 6,543.8+million in the market (that is, the bidder buys the benchmark currency USD at the exchange rate of 654.38+0.3680)

100000 * (1.3680-1.2950) = 730000 Swiss francs.

2. The spot exchange rate is USD1= JYP125.50—125.80.

Forward exchange rate: 1 USD = jyp (125.50+0.60)-(125.80+0.80) =126.10120.

In anticipation of the decline of the US dollar, a forward contract for selling the US dollar was signed, and the US dollar1261000000 yen was sold at the expiration (here, the base currency is US dollar, and the customer sells US dollar, which means that the offeror buys the base currency, and the exchange rate is 126.5438+00).

Then it sold 126 1 ten thousand yen in the market two months later (the exchange rate was 1 13.30). Get dollars. Subtract $654.38+$ million, which is income:

126 1 ten thousand/13.30-1ten thousand = 1 129744 USD.