A currency used in international trade to make quotes and payments, vehicle currency plays a central role in the foreign exchange market (e.g., the U.S. dollar and Japanese yen).


Virtual currency options, also

called 3-Ds

(dollar-denominated delivery), are options that do not require the payment or delivery of the underlying currency. Currently, 3-D options are available on the Deutsche mark and the Japanese yen. They are European-style options that mature anytime from one week to nine months, and they settle weekly. See also CURRENCY OPTION.