NISM Series XIII Common Derivatives Certification Exam Notes
Page 144 Of 303
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Price Bands: Based on delta and volatility; adjusted daily.
Use in Hedging: Protects against adverse currency moves.
Cash vs Physical Settlement: Exchange-traded are cash settled; OTC may be delivery-based.
Market Participants:Hedgers, speculators and arbitragers are the main participants in ETCD markets.
Hedgers:Hedgers protect themselves from price movements in foreign currency by using ETCD to reduce currency risk.
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