A fixed forward allows you to secure a protection rate (called the benchmark forward rate), for a given amount and on a given date.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Equal
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A window forward allows you to secure a protection rate (less favourable than the benchmark forward rate), for a given amount and for a given period of time. You can drawdown on the forward as many times you want on the period, in the limit of the given amount.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A participating forward allows you to secure a protection rate (much less favourable than the benchmark forward rate), while allowing you to take full advantage of a favourable move in the spot rate at expiry (no ceiling), in the limit of the participation rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Much less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A forward ratio allows you to secure a better protection rate than the benchmark forward rate. However, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the protection rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Better
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A range forward allows you to secure a protection rate (much less favourable than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, in the limit of the participation price.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Much less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A ratio range forward ratio allows you to secure a protection rate (less favourable than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, in the limit of the participation price. However, you may be obligated to buy an amount higher than the notional amount (at participation price and within the limit of the defined ratio) if the spot rate at expiry is higher than the participation price.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Simple

A knock-out forward allows you to benefit from an improved rate that is better than the benchmark forward rate, provided that the level of the spot rate at expiry is above the knock-out barrier. Nevertheless, this strategy does not offer a guaranteed protection rate and you remain fully exposed to adverse exchange rate fluctuations.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	N/A
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A knock-out ratio forward allows you to benefit from an improved rate that is much better than the benchmark forward rate, provided that the level of the spot rate at expiry is above the knock-out barrier. However, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the improved rate. Nevertheless, this strategy does not offer a guaranteed protection rate and you remain fully exposed to adverse exchange rate fluctuations.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	N/A
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A forward extra allows you to secure a protection rate (less favourable than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A ratio forward extra allows you to secure a protection rate (slightly better than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier. However, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the knock-in barrier.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly better
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A forward extra plus allows you to secure a protection rate (less favourable than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier. In this case, you must buy the notional amount at a readjusted rate, that is less favourable than the spot rate at expiry but better than the protection rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A ratio forward extra plus allows you to secure a protection rate (slightly less favourable than the benchmark forward rate), while allowing you to take 100% advantage of a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier. In this case, you must buy an amount higher than the notional amount at a readjusted rate, that is less favourable than the spot rate at expiry but better than the protection rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A forward releasable allows you to secure a protection rate (less favourable than the benchmark forward rate) while allowing you to take 100% advantage and fully (no ceiling) of a favourable move in the spot rate. However, this scenario is possible only if the low barrier is touched during the lifetime of the contract. This is known as an American barrier.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A participating forward releasable allows you to secure a protection rate (slightly less favourable than the benchmark forward rate) while allowing you to take full advantage (no ceiling) of a favourable move in the spot rate at expiry, in the limit of the participation rate. However, this scenario is possible only if the low barrier is touched during the lifetime of the contract.This is known as an American barrier.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Moderate

A KIKO forward extra allows you to secure a protection rate (slightly less favourable than the benchmark forward rate), while allowing you to take 100% advantage from a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier. Nevertheless, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the knock-in barrier. There is a low barrier which, if touched during the lifetime of the contract, releases you from any obligation without removing your right to buy the notional amount at protection rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A ratio bonus forward allows you to secure a protection rate (slightly better than the benchmark forward rate), while allowing you to benefit from an improved rate in case of an unfavourable move in the spot rate at expiry, in the limit of the improving low barrier. However, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the protection rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly better
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A ratio bonus forward extra allows you to secure a protection rate (slightly less favourable than the benchmark forward rate) while allowing you to take 100% advantage from a favourable move in the spot rate at expiry, provided that the spot rate at expiry is not above the knock-in barrier. You can also benefit from an improved rate in case of an unfavourable move in the spot rate at expiry, in the limit of the improving low barrier. However, you may be obligated to buy an amount higher than the notional amount (at protection rate and within the limit of the defined ratio) if the spot rate at expiry is above the knock-in barrier.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A boosted forward allows you to secure a protection rate (less favourable than the benchmark forward rate) while allowing you to benefit from an improved rate, provided that one or the other of the two barriers are not touched during the lifetime of the contract. This improved rate is better than the initial protection rate and better than the benchmark forward rate.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A ratio boosted forward allows you to secure a protection rate (slightly less favourable than the benchmark forward rate) while allowing you to benefit from an improved rate, provided that one or the other of the two barriers are not touched during the lifetime of the contract. This improved rate is much better than the initial protection rate and better than the benchmark forward rate. However, you may be obligated to buy an amount higher than the notional amount, at protection rate or at improved rate (depending on the case), within the limit of the defined ratio.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Slightly less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A ratio two-way bonus forward, allows you to secure a protection rate (less favourable than the benchmark forward rate) while allowing you to benefit from an improved rate, provided that the low barrier is touched during the lifetime of the contract. This improved rate is much better than the initial protection rate and better than the benchmark forward rate. However, you may be obligated to buy an amount higher than the notional amount, at protection rate or at improved rate (depending on the case), within the limit of the defined ratio.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	Less favourable
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

An accumulator allows you to benefit from an improved rate that is better than the benchmark forward rate, provided that the spot rate is above the knock-out barrier. The principle is to define before booking the contract, a schedule of daily or weekly fixings over a given period. The notional amount of the contract is then divided by the number of fixings to obtain the accumulated amount by fixing. At each observation, we will therefore compare the spot rate to the knock-out barrier rate to determine the accumulated amount. On a monthly basis or when the contract expires, you must buy the amount accumulated over the period. Please note that this strategy does not offer a guaranteed protection price and you remain fully exposed to adverse exchange rate fluctuations.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	N/A
Amount dealt at expiry	Lower or same as the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

An accumulator ratio allows you to benefit from an improved rate that is much better than the benchmark forward rate, provided that the spot rate is above the knock-out barrier. However, you may be obligated to buy an amount higher than the notional amount (at improved rate and within the limit of the defined ratio) if the spot rate at expiry is above the improved rate. The principle is to define before booking the contract, a schedule of daily or weekly fixings over a given period. The notional amount of the contract is then divided by the number of fixings to obtain the accumulated amount by fixing. At each observation, we will therefore compare the spot rate to the knock-out barrier rate to determine the accumulated amount. On a monthly basis or when the contract expires, you must buy the amount accumulated over the period. Please note that this strategy does not offer a guaranteed protection price and you remain fully exposed to adverse exchange rate fluctuations.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	N/A
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex

A target redemption forward (TARF) allows you to benefit from an improved rate that is much better than the benchmark forward rate, as long as your bonus reserve is not exhausted. The principle is to define before booking the contract, a schedule of monthly or bi-monthly fixings and a bonus reserve expressed in number of "pips". At each observation, we will compare the spot rate to the improved rate. If the spot rate is less favorable than the improved rate, you can buy the notional amount at improved rate using your bonus reserve. If the spot rate is better than the improved rate, you don't use your bonus reserve and you have to buy an amount higher than the notional amount (at the defined ratio) at the improved rate. The strategy is deactivated when the bonus reserve is exhausted, or at expiry of the contract. The reserve is consumed based on the difference in pips between the spot price and the improved price observed at each fixing. Please note that this strategy does not offer a guaranteed protection price and you remain fully exposed to adverse exchange rate fluctuations.

Guaranteed protection rate
Protection rate level vs benchmark forward rate	N/A
Amount dealt at expiry	Potentially higher than the notional amount
In what market to use it
Participation in a favorable move in spot
Strategy's level - Catégory	Complex