Where can I learn more about FX swaps and NDFs?

Hi all,

I am FX trader that trades HKD and CNH spot. Although I am fairly profitable in what I do, I understand that what I trade is very vanilla and my role is very expendable and replaceable. I understand that the industry's demand for talent is shifting towards someone who can trade all G10 and EM (DF, NDF) and I was wondering if anyone can point me to any resources. For context, I occasionally back up the swaps trader in market making when they are on leave and I have a basic understanding of how swaps work but when I do back up, all I do is b2b and I never prop.

I came across a job posting with the following "requirements" - where can I learn to know all these technicals.

1. Can you explain 3s12s FX swap duration?

2. Difference between T/N and Tom Fix?

3. Are you able to construct a spot implied NDF curve from 1w1m, 1m2m, 1m3m etc?

4. Can you articulate why 1y FWDs moving left in offshore deliverables cause funding pressure in TN?

5. Describe how bill issuances kink the curve?

6. Describe how real money hedging flow affects 1s12s TWD?

Thanks in advance

1 Comments
 

Qui dolorum quae commodi. Ut quae molestias ullam laborum reprehenderit deleniti. Atque dolorem placeat atque voluptas. Sit consectetur provident facilis officia laborum. Recusandae repudiandae quae similique voluptas. Consequatur ipsa nulla sit eos adipisci incidunt.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”