devises à livrer, euros à recevoir

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

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 KudoZ activity Questions: 22 (none open) (2 closed without grading) Answers: 67 France
Local time: 20:22

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:

DCypher (X)
Local time: 20:22

Grading comment

Thank you for you help Paul.
4 KudoZ points were awarded for this answer

Summary of answers provided

4 +3

foreign currency to be delivered and euros to be received

DCypher (X)

NFG

Sylvia Smith

Discussion entries: 1

Answers

30 mins confidence:

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: 20:22
Specializes in field
Native speaker of:

English
PRO pts in category: 214

Notes to answerer

Asker: thanks Sylvia

47 mins confidence:

peer agreement (net): +3

foreign currency to be delivered and euros to be received

DCypher (X)
Local time: 20:22
Specializes in field
Native speaker of:

English
PRO pts in category: 164

Grading comment

Thank you for you help Paul.

Notes to answerer

Asker: thanks

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