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Book with counterpart SwedishAlphaBank, with whom you margin in SEK: USD RUB SEK SEKPnL 0 0 0 0 Buy 100 SEK worth of USD/RUB, meaning buy USD and sell RUB. 100 -100 0 0 With RUB interest rate at 0 (!), USD/RUB moves to 1.1, USD/SEK stays flat at 1 100 -100 0 9.09 Square up back to SEK on USD and RUB: 0 0 ...



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