91.   To protect itself from greater exchange rate swings, K.U. Sistem Holdings is also taking a foreign exchange position by securing a forward contract.

92.   Unlike forward contracts, futures contracts aretraded in an exchange and are subject to margin calls.

93.   Until then, foreigners were required to hedge their bond positions with forward contracts to buy dollars.

94.   Under the scheme, banks that will buy dollar forward contracts from the BSP will have to sell dollars directly to the central bank.

95.   Under the terms of the deal, both sides agreed to resolve the forward contract issue separately.

96.   Forward trading involves dealing in securities for delivery at a future date on a price agreed when the forward contract is made.