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Refer to the calendars of three countries, USA, Japan and Germany, as shown below.

* asterisk is the bank holiday in that country

a) You made a dollar-yen trade on 10 February in which you buy USD and sell JPY.

i) When will you receive the USD for a spot trade?

ii) When will you pay the JPY if the trade is a 3 month forward (3W)?

b) i)You buy EUR and sell JPY for spot trade on 13 April. What date will it settle?

ii) You do a EUR/USD spot trade on 21 February. What date will it settle?

Calendar US United States January April Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa S 1 1 2 2 3 4 5 6 7 8 3 4 5 6 7 8 9 9 10 11 12 13 14 15 10 11 12 13 14 * 16 1 16 * 18 19 20 21 22 17 18 19 20 21 22 23 1 23 24 25 26 27 28 29 24 25 26 27 28 29 30 2 30 31 3 February May Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa S 1 2 3 4 5 1 2 3 4 5 6 7 6 7 8 9 10 11 12 8 9 10 11 12 13 14 13 14 15 16 17 18 19 15 16 17 18 19 20 21 1 20 * 22 23 24 25 26 22 23 24 25 26 27 28 2 27 28 29 * 31 Calendar JN Japan January April Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 1 2 2 * 4 5 6 7 8 3 4 5 6 7 8 9 9 * 11 12 13 14 15 10 11 12 13 14 15 16 16 17 18 19 20 21 22 17 18 19 20 21 22 23 23 24 25 26 27 28 29 24 25 26 27 28 * 30 30 31 February May Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 4 5 1 2 * * 6 7 6 7 8 9 10 * 12 8 9 10 11 12 13 14 13 14 15 16 17 18 19 15 16 17 18 19 20 21 20 21 22 * 24 25 26 22 23 24 25 26 27 28 27 28 29 30 31 Calendar GE Germany January April Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 1 2 2 3 4 5 6 7 8 3 4 5 6 7 8 9 9 10 11 12 13 14 15 10 11 12 13 14 * 16 16 17 18 19 20 21 22 17 # 19 20 21 22 23 23 24 25 26 27 28 29 24 25 26 27 28 29 30 30 31 February Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 4 5 1 2 3 4 5 6 7 6 7 8 9 10 11 12 8 9 10 11 12 13 14 13 14 15 16 17 18 19 15 16 17 18 19 20 21 20 21 22 23 24 25 26 22 23 24 25 26 27 28 27 28 29 30 31 May

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