A merican-style option An option contract that may be exercised at any time before it expires. Ask The quoted price at which a customer can buy a currency pair. Also referred to as the 'offer', 'ask price', or 'ask rate'. Base Currency For foreign exchange trading, currencies are quoted in terms of a currency pair. The first currency in the pair is the base currency. For example, in a USD/JPY currency pair, the US dollar is the base currency. Also may be referred to as the primary currency. Bid The quoted price where a customer can sell a currency pair. Also known as the 'bid price' or 'bid rate'. Bid/Ask Spread The point difference between the bid and ask (offer) price. Call A call option gives the option buyer the right to purchase a particular currency pair at a stated exchange rate. Counterparty The counterparty is the person who is on the other side of an OTC trade. For retail customers, the dealer will always be the counterparty. Cro...
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