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But the point about neg rates is precisely that you CAN lend and borrow thus. EURIBOR, CHF and JPY LIBOR etc forwards trade >100. So arbitrarily assuming zero rates and thus pricing the forwards at 100 would generate an arbitrage, spoon-feeding others a free lunch. Nobody prohibits or enforces the FX markets to price in any way. FX will just price itself ...


The OpenGamma guide ( has info on both TONAR and TIBOR. It was published in 2013 so some info might now be out-of-date, but it's a useful starting point.

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