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Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country's currency in relation to another currency.[1] For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114. The government has the authority to change exchange rate when needed. Exchange rates are determined in the foreign exchange market,[2] which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate
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Bank For International Settlements
The Bank for International Settlements (BIS) is an international financial institution[2] owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".[3] The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland
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Bid–ask Spread
The bid–ask spread (also bid–offer or bid/ask and buy/sell in the case of a market maker), is the difference between the prices quoted (either by a single market maker or in a limit order book) for an immediate sale (offer) and an immediate purchase (bid) for stocks, futures contracts, options, or currency pairs. The size of the bid–ask spread in a security is one measure of the liquidity of the market and of the size of the transaction cost.[1] If the spread is 0 then it is a frictionless asset. The trader initiating the transaction is said to demand liquidity, and the other party (counterparty) to the transaction supplies liquidity. Liquidity demanders place market orders and liquidity suppliers place limit orders. For a round trip (a purchase and sale together) the liquidity demander pays the spread and the liquidity supplier earns the spread. All limit orders outstanding at a given time (i.e
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Spot Contract
In finance, a spot contract, spot transaction, or simply spot, is a contract of buying or selling a commodity, security or currency for immediate settlement (payment and delivery) on the spot date, which is normally two business days after the trade date. The settlement price (or rate) is called spot price (or spot rate). A spot contract is in contrast with a forward contract or futures contract where contract terms are agreed now but delivery and payment will occur at a future date. In finance, the spot date of a transaction is the normal settlement day when the transaction is done today
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United Kingdom

The UK has a railway network of 10,072 miles (16,209 km) in Great Britain and 189 miles (304 km) in Northern Ireland. Railways in Northern IThe UK has a railway network of 10,072 miles (16,209 km) in Great Britain and 189 miles (304 km) in Northern Ireland. Railways in Northern Ireland are operated by NI Railways, a subsidiary of state-owned Translink. In Great Britain, the British Rail network was privatised between 1994 and 1997, which was followed by a rapid rise in passenger numbers following years of decline, although the factors behind this are disputed. The UK was ranked eighth among national European rail systems in the 2017 European Railway Performance Index assessing intensity of use, quality of service and safety.[317] Network Rail owns and manages most of the fixed assets (tracks, signals etc.). Around twenty, mostly privately owned, train operating companies operate passenger trains
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Currency Swap
In finance, a currency swap (more typically termed a cross-currency swap (XCS)) is an interest rate derivative (IRD). In particular it is a linear IRD and one of the most liquid, benchmark products spanning multiple currencies simultaneously. It has pricing associations with interest rate swaps (IRSs), foreign exchange (FX) rates, and FX swaps (FXSs). [1][2]A cross-currency swap's (XCS's) effective description is a derivative contract, agreed between two counterparties, which specifies the nature of an exchange of payments benchmarked against two interest rate indexes denominated in two different currencies
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Forward Exchange Rate
The forward exchange rate (also referred to as forward rate or forward price) is the exchange rate at which a bank agrees to exchange one currency for another at a future date when it enters into a forward contract with an investor.[1][2][3] Multinational corporations, banks, and other financial institutions enter into forward contracts to take advantage of the forward rate for hedging purposes.[1] The forward exchange rate is determined by a parity relationship among the spot exchange rate and differences in interest rates between two countries, which reflects an economic equilibrium in the foreign exchange market under which arbitrage opportunities are eliminated. When in equilibrium, and when interest rates vary across two countries, the parity condition implies that the forward rate includes a premium or discount reflecting the interest rate differential
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