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"Now everyone else has taken this point of view, and every scheme that comes forward deals with West Street."
A typical ready forward deal involved two banks brought together by a broker in lieu of a commission.
In a ready forward deal, securities were not moved back and forth in actuality.
It has been estimated that 65 per cent of the deals are spot and the remainder are forward deals.
The story A Matter most Strange in the collection Indistinguishable from Magic by Robert L. Forward deals with the making of a strangelet in a particle accelerator.
The main difference between the outright forward deals and the non-deliverable forwards is that the settlement is made in dollars since the dealer or counterparty can not settle in the alternative currency of the deal.
The directive that the Commission has put forward deals with the security for the contributors, prudential requirements, as Mr Huhne knows; it deals with the freedom of pension funds to invest where they would like and in which currency; it deals with the European passport for the pension fund industry.