Target Redemption Fowards (TARFs) are complex OTC financial instruments used in FX markets. An instrument type that many of us will have heard about in passing, but not had the need or time to delve into the details.
My colleagues, Serena Manti and Gianluca Molteni have written the first of a series of articles on TARFs, please read at Handling the complexities of TARF FX options.
