Dual currency deposits: a true FX play with a rev conv-like profile

While FX options and OTC derivatives are very widely used for hedging and speculative purposes, FX linked structured products comprise a relatively small part of the overall market dwarfed by the dominating position of equities. Some FX linked structured products mimic their equity counterparts, for example a medium dated principal-protected product whose underlying is a basket of currencies (often emerging markets) against another (more established) currency. The return is typically a particip