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Cross-Rate Options
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Currency options on a currency pair that is not standard in the market where the options are traded. For example, in the United States market, standard options would include sterling/dollar options, D-mark/dollar options, and options on any other currency relative to the U.S. dollar. A sterling/D-mark option would be a cross-rate option in the United States market. In London or Frankfurt, this would be a standard option.
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