Foreign Exchange

currency pairs

  • Direct ccy: means USD is part of currency pair
  • Cross ccy: means ccy wihtout USD, so except NDF, the deal will be split to legs, both with USD. e.g. EUR/GBP will split to EURUSD and USDGBP
  • non-convention ccy pair: that’s depends on where you sit on. e.g. for Aussie traders, they would trade AUDNZD, but for kiwi traders, they would trade for NZDAUD, then AUDNZD would be non-convention