QuoteDislikedPrince William broke the record for the largest foreign currency trade when he joined his father to take part in the ICAP fancy-dress charity day on Wednesday.
The €17bn FX trade was the largest voice-brokered, forward, foreign exchange trade ever undertaken.
...
There was loud applause when the prince eventually completed the deal, which saw Barclays trade €17bn (£14.2bn) with Credit Suisse based on the projected currency value for Wednesday and Thursday.
http://www.telegraph.co.uk/finance/n...ncy-trade.html
So I know basically nothing about forwards. Does this mean that at some point they will buy/sell 14 billion pounds worth of euros in the spot market? Or is it just a trade of existing inventory between two banks and has no effect on the underlying market?
And of possible interest, from the daily mail's article on this:
QuoteDislikedICAP said the deal was the largest single forward foreign exchange deal ever made. The average trade on that desk is worth 1billion euros, a spokesman said.