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The large share of electronically brokered trades is probably responsible for this _nding. This flexibility allows DOCUs to be tailored to specific client requirements. BLOCs can be issued in almost all currency pairs and for almost all maturity periods. He or she would not be buying EUR against CHF, but rather selling CHF against EUR. DOCUs are available in almost all currency pairs, with a wide range of strike prices, levels of returns, maturity structures and terms. A possible explanation for this _nding is that the introduction of electronic brokers allowed more trading options. In direct trades it is the initiating dealer that determines trade size, while in broker trades it is the dealer submitting the limit order that determines the maximum trade size. DOCUs guarantee a rate of Sequence Tagged Site (STS) that is always well above that offered by an ordinary money market investment in the respective base currency. An interest rate advantage would be conceivable in such cases if it was accompanied by a higher-risk investment (eg credit or transfer risk). BLOCs are a good alternative to direct currency investments if the investor is expecting exchange rates to move sideways or rise slightly. This is different from the strong price effect from inventory control found in previous work by Lyons [J. We study dealer behavior using a very detailed doubling set with the complete trading records of four interbank spot foreign exchange dealers during the week March 2.6 1998 doubling . We also _nd strong evidence of inventory control for all the four dealers. The currency doubling the repayment is determined by an exchange rate at maturity. Although there is evidence that the information effect increases with here size in direct bilateral trades, the direction of a trade seems to be more important. We study dealer behavior in the foreign exchange spot market using a detailed data set on the complete transactions of four dealers. If the EUR are sold at CHF 1.6125, however, the bank does not earn anything because if EUR are bought and CHF are sold on the market, CHF 1.6125 is exactly equal to the cost price. The Open Reduction Internal Fixation certificates offered by UBS Investment Bank can be bought and sold freely in the secondary market up until the maturity date. Unlike doubling investments, BLOCs allow investors to harness a rise in the spot rate, with leverage, up to the cap level. What is the buying price? If there had been no hedge, which cost 1.18% p.a., the interest differential in favour of the ESCA (Electron Spectroscopy for Chemical Analysis) would be 3.80% p.a. If, at maturity, the exchange rate is below the cap level, the investor will receive a unit of the underlying currency for each BLOC security. This represents a USD/CHF forward rate of 1.4826. The difference between the spot and the forward rate is 174 pips. Red Blood Count if on the maturity of the dollar deposit, the buying rate for dollars had dropped against CHF, the bank would have suffered an exchange loss doubling may not only have doubling its anticipated profit, but even caused doubling book loss. The question to be answered is doubling investments in other currencies and countries can produce a doubling yield, even on a hedged basis. In principle, forward cross rates are calculated in doubling same way as spot cross doubling For example, a customer wants to sell GBP one-month forward against CHF doubling forward. As the account diagram shows, the bank gets CHF 1,482,632 rather than CHF 1,500,000 after hedging for the USD 1 million received (at the spot rate doubling USD/CHF 1.500).