 Most retail trading by speculators is conducted in margin accounts, requiring only a small percentage (typically 1%) of the purchase price as equity for the transaction.The Japanese Yen is an exception to this rule because of its worth against the US dollar being 0.01 

If the NZD/USD spot is trading at 0.8325 and the NZD/USD 1-year forward contract is traded at -270 pips, the outright 1-year forward is priced at 0.8055 (0.8325 - 0.0270).Electronic trading platforms have brought greater price transparency and price competition to the foreign exchange markets.