StrikeAndYield crib sheet · information and education only

FX Derivatives

Optionality on currency pairs — vanilla calls and puts, barriers and digitals on exchange rates.

The shelf — 6 instruments

The right to exchange currencies at a set rate — hedging with the upside left open.

FX Accumulator	Buy currency at a discount, week after week — until the market moves, and the contract quietly doubles your obligation at the worst moment.
FX Barrier Option	Options with trapdoors: touch a barrier level and they spring to life — or vanish, premium and all.
FX Digital Option	All or nothing: a fixed payout if the rate ends (or trades) beyond a level. Probability, directly priced.
Quanto Option	An option on a foreign asset that pays in your own currency at a fixed rate. The FX risk vanishes from the payoff and reappears, priced, as a correlation term.
Target Redemption Forward	A hedge that pays a better rate than the market until it has paid enough — then it stops protecting you and starts multiplying against you.

The forward points, not the spot — Interest-rate differentials set the forward
Cross-currency basis — The arithmetic breaks when balance sheet is scarce
The smile and the risk reversal — Which side of the pair the market fears
Event risk with a date on it — Elections, referendums and meetings price into the surface
Barrier and digital positioning — Defended levels attract and then release price
Hedging demand from real business — Corporate and portfolio hedging is one-directional and scheduled

Counted from the same table each product page prints. Not a rating and not a ranking: there is deliberately no total.