Forward Contract for Forex

Closed Thread
  1. #1

    Forward Contract for Forex

    Hi everyone,

    I want to transfer money from HKD to £ Sterling.

    My hunch is that the pound is going to creep higher so I want to lock in today's rate with a forward contract.

    I thought I could do this, but the guy at OFX told me that new legislation passed a couple of years ago saying that forward contracts are only now possible if you are paying for goods or services.

    Is there another way to do this?

    Could I do it via my Interactive Brokers account?

    Many thanks as usual to the fine people of this forum!


  2. #2

    Sorry, I should have clarified that I won't have the bulk of the funds until late January... I would have enough for 10% deposit...


  3. #3

    Join Date
    Nov 2005
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    forwards are derivatives... so if you company has a full documentary relationship with a bank, u can check with the banks to see if you can execute that forward (they need to have lines for you)..

    other wise look for exchange traded futures... not sure who would offer GBP - HKD, i think you shld be able to get at least GBP - USD pair trades..

    for individual, if you signed an ISDA with a private bank and have account there.. they will let you do forwards.