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The foreign exchange market (forex, FX, or currency market) is a global, worldwide-decentralized financial market for trading currencies. Commonly traded instruments include spot, forward, swaps, futures, and options. The FX market is the most liquid financial market in the world. There is no unified or centrally cleared market.

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For traders' "back of the envelope" calculations, it's a cubic spline in delta space. Quants will do something more sophisticated, however.
answered Sep 5 '18 by cosplay-raven