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Pricing: For a floating-floating currency swap where only the exchange rate is hedged, a market. exchange rate (typically, the spot rate as of the effective date of the swap) is used to convert the. payment amounts of the local currency into the target currency. The same exchange rate is used.
The Fed uses these two types of transactions to offset temporary swings in bank reserves; a repo temporarily adds reserve balances to the banking system, while reverse repos temporarily drains balances from the system. Repos and reverse repos are conducted with primary dealers via auction. In a repo, dealers bid on borrowing money versus various types of general collateral. In a reverse repo, dealers offer interest rates at which they would lend money to the Fed versus the Fed's Treasury general collateral, typically Treasury bills. Among the tools used by the Federal Reserve System to achieve its monetary policy objectives is the temporary addition or subtraction of reserve balances via repurchase and reverse repurchase agreements in the open market.