I am looking at a Bloomberg Ticker for the JPY-USD Basis Swap (JYBS5 BGN Curncy). This is a 5yr term, settling on Dec 05 2019 and maturing on Dec 05 2024. The last price is -41. Several questions I have:
1) Does this mean I can only trade this swap before the start/settlement date? If not, how do I enter into a swap that has "already started"?
2) What is the lingo/convention used (how does one go "long" or "short" this swap)?
3) If I understand correctly, a cross currency basis swap exchanges notional currencies. Where can I find the spot and final exchange rate of the contract?
4) How is PnL calculated? Is there a dv01 that looks at the change of the last price from when the trade was entered? Does exchange rate also come into play?
5) Can the trade be cash settled, or does entering the trade actually require physical exchanges of currency? How would this work if one wants to exit the trade before the 5 years are up? Can one enter and exit a cross-currency basis swap trade before it is scheduled to actually start?
6) What does OIS discounting mean? Are both legs discounted at different rates for the USD and the JPY?
I can't seem to find a straightforward, clear answer on Google to some of this questions. Any help/references would be super appreciated. Thank you!