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This Concept Map, created with IHMC CmapTools, has information related to: Topic 2 Exchange rate representations, Quoting Spot Rate Bid and Offer Rate Bid Offer spread m = Sa - Sb where, Sb is the bid rate and Sa if the affer(offer) rate Mid Rate (Average of Bid and Offer rate): m = (Sb + Sa) / 2, Quoting Spot Rate type Direct Quote S(D/F), Changes in spot rate for currency Y S (X/Y)= (S1(X/Y) - S0(X/Y)) / S0(X/Y) Where , S0(X/Y) is the initial exchange rate and S1(X/Y) is the rate after the change Also (inverse) S (Y/X) = (1/1+ S (X/Y)) - 1, Quoting Spot Rate Percentage change Changes in spot rate for currency Y S (X/Y)= (S1(X/Y) - S0(X/Y)) / S0(X/Y) Where , S0(X/Y) is the initial exchange rate and S1(X/Y) is the rate after the change, Quoting Spot Rate type Indirect Quote S(F/D), Bid Offer spread m = Sa - Sb where, Sb is the bid rate and Sa if the affer(offer) rate Mid Rate (Average of Bid and Offer rate): m = (Sb + Sa) / 2 Percentage change m% = (Sa -Sb) / Sb