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la monnaie passerelle


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10:47 Mar 6, 2008
French to English translations [PRO]
Bus/Financial - Finance (general) / Currency trading (Swiss terminology)
French term or phrase: la monnaie passerelle
This comes in a list of matters in a contract for currency trading services which the service provider is entitled to set or change at any time i.e.:

x) la monnaie passerelle et la monnaie de référence.

I take "monnaie de référence" to be "reference currency/currency of reference", but what is "la monnaie passerelle"? It 'feels' like "gateway currency", but I have not located that term online and I should be grateful for help from someone who knows the subject.

Many thanks.
James Roberts
Local time: 08:10

Summary of answers provided
3 +1intermediate currencyrkillings
4related, not necessarily the answerxxxBourth
2transaction currency or intermediate currency
2information about a currency pair
Claire Chapman

Discussion entries: 3



15 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
transaction currency or intermediate currency

just ideas

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55 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
related, not necessarily the answer

A currency rate always has a quotation which is based on a “BASE CURRENCY” (the currency on the left) and its relative value in terms of the COUNTER CURRENCY (the currency on the right). The quoting conventions follow the international ISO codes which set formats on quoting various currency pairs when transacting with them. Normally the major currency or the currency with greater economic significance (historically/politically) will take its position as the base currency. It will be valued in terms of how many units of the counter currency it can be exchanged for, for instance EUR/USD currency rate of 1.3000 implies 1 unit of Euro will exchange for 1.3000 units of US Dollars (simply 1 euro = 1.3000 US$)
Any quote that uses the home currency of a country as a price currency is known as a direct or price quotation. On the other hand, any quote that uses the home currency of a country as the unit currency is known as an indirect quotation.

In foreign exchange markets, the base currency is the first currency in a currency pair. The second currency is named the quote currency, counter currency or terms currency. Exchange rates are quoted in per unit of the base currency. Note that FX market convention is the reverse of mathematical convention.
Currently the euro is the dominant base currency against all other global currencies. As a result all currency pairs traded against the euro are quoted per EUR 1. e.g the USD - EUR exchange rate will be identified as EURUSD and quoted as US dollars per 1 euro (EUR/USD).
The currency hierarchy for the majors is as follows:
Pound sterling
Australian dollar
New Zealand Dollar
United States dollar
Canadian Dollar
Swiss franc
Japanese Yen

Other currencies (the minors) are generally quoted against one of the major currencies and their cross rates between each other are less well defined.
"Base currency" in foreign exchange can also mean the accounting currency or domestic currency. For example, a British bank may have a "base currency" (accounting currency) of GBP, because all profits and losses are converted to GBP. For example, if a EUR/USD position is closed out with a profit in USD by a British bank, then the "rate-to-base" will be expressed as a GBP/USD rate. Because of the ambiguous meaning of "base currency", many market participants use the expressions "currency 1" and "currency 2", where one unit of CCY1 equals a variable number of units of CCY2.

Note added at 55 mins (2008-03-06 11:43:35 GMT)

That's not supposed to be CL4 either!

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7 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5
information about a currency pair

My thought was that is was the currency which was linked/tied to the relative currency, as in a currency pair. As shown the definition given below, it would be the 'quote currency' which is tied to the 'base currency.'

Currency pair
The quotation and pricing structure of the currencies traded in the forex market: **the value of a currency is determined by its comparison to another currency**. The first currency of a currency pair is called the "base currency", and the second currency is called the "quote currency". The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency. All forex trades involve the simultaneous buying of one currency and selling of another, but the currency pair itself can be thought of as a single unit, an instrument that is bought or sold. If you buy a currency pair, you buy the base currency and sell the quote currency. The bid (buy price) represents how much of the quote currency is needed for you to get one unit of the base currency. Conversely, when you sell the currency pair, you sell the base currency and receive the quote currency. The ask (sell price) for the currency pair represents how much you will get in the quote currency for selling one unit of base currency.

For example, if the USD/EUR currency pair is quoted as being USD/EUR = 1.5 and you purchase the pair, this means that for every 1.5 euros that you sell, you purchase (receive) US$1. If you sold the currency pair, you would receive 1.5 euros for every US$1 you sell. The inverse of the currency quote is EUR/USD, and the corresponding price would be EUR/USD = 0.667, meaning that US$0.667 would buy 1 euro.

Claire Chapman
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17 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
intermediate currency

See referenced link about triangular arbitrage.

    links.jstor.org/sici?sici=0022-3808(197904)87%3A2%3C418%3ACIAAUP%3E2.0.CO%3B2-X -
United States
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agree  gad
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