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understanding fx forwards a guide for microfinance practitioners . 2 forwards use: forward exchange contracts are used by market participants to lock in an exchange rate on a specific date. an outright forward is a binding obligation for a physical exchange of funds at a future date at
original version offoreign exchange transaction processing: execution-to-settlement recommendations for nondealer participants was published in 1999 by the committee’s operations managers working group to serve as a resource for market participants as they evaluate their policies and procedures regarding fx transactions. this 2004 update
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