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devises à livrer, euros à recevoir

English translation: foreign currency to be delivered and euros to be received

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08:58 Apr 3, 2007
French to English translations [PRO]
Bus/Financial - Finance (general) / Derivatives
French term or phrase: devises à livrer, euros à recevoir
Sur la partie de ces titres qui n’était pas libellée en euros, des swaps de devise ont également été conclus ; leurs encours est de 1 Md€ de devises à livrer (1.1 Md€ d’euros à recevoir).

I've come across the following translation "€1 billion of currencies to be delivered (€1.1 billion euros to be received)" but I'm not sure this is correct.

I think it should be "Currency swaps were also negotiated for the portion of non-euro denominated securities; outstanding spot contracts stood at €1 billion and forward contracts for euros at €1.1 billion.

Thanks for your suggestions and help!
John Di Rico
France
Local time: 07:39
English translation:foreign currency to be delivered and euros to be received
Explanation:
Definition of swap

"In a currency swap, one simultaneously purchases and sells a given currency at a fixed exchange rate and then exchanges those currencies at a future date."

The equivalent of €1 billion to be delivered (in foreign currency) and €1.1 billion to be received (in euros). These are linked movements...ie, a swap

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Note added at 1 day3 hrs (2007-04-04 11:59:13 GMT)
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For the avoidance of doubt about the use of the verb delivery in relation to swaps....following is an extract from SEC filing in relation to a currency swap in place on a Morgan Stanley investment product

"Currency swaps usually involve the **delivery** of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual **delivery** obligations."
Selected response from:

xxxDCypher
Local time: 07:39
Grading comment
Thank you for you help Paul.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3foreign currency to be delivered and euros to be receivedxxxDCypher
3NFGSylvia Smith


Discussion entries: 1





  

Answers


30 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
NFG


Explanation:
It sounds like the swap is for €1 billion worth of currency to be exchanged at the spot rate in return for €1.1 billion in the future, something that comes across more clearly in the original translation. The translation you propose, with "and", sounds a bit like you are talking about two separate contracts rather than one.

You may also want to be careful about using "swaps" and "forward contracts" interchangably, because the forward portion is included in the swap agreement.

These are just some thoughts; hopefully one of our colleagues can offer a translation.

Sylvia Smith
Local time: 07:39
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 214
Notes to answerer
Asker: thanks Sylvia

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47 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
foreign currency to be delivered and euros to be received


Explanation:
Definition of swap

"In a currency swap, one simultaneously purchases and sells a given currency at a fixed exchange rate and then exchanges those currencies at a future date."

The equivalent of €1 billion to be delivered (in foreign currency) and €1.1 billion to be received (in euros). These are linked movements...ie, a swap

--------------------------------------------------
Note added at 1 day3 hrs (2007-04-04 11:59:13 GMT)
--------------------------------------------------

For the avoidance of doubt about the use of the verb delivery in relation to swaps....following is an extract from SEC filing in relation to a currency swap in place on a Morgan Stanley investment product

"Currency swaps usually involve the **delivery** of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual **delivery** obligations."

xxxDCypher
Local time: 07:39
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 164
Grading comment
Thank you for you help Paul.
Notes to answerer
Asker: thanks


Peer comments on this answer (and responses from the answerer)
agree  BusterK
32 mins

agree  Val Traductions
37 mins

agree  Evi Prokopi
3 hrs

neutral  rkillings: The usual verbs for any swap (currency, interest rate, etc.) are "pay" and "receive".
1 day31 mins
  -> you will find ample examples of both
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