The settlement (dirty) price for all of the money market instruments supported by Resolution can be calculated using the following general formula: DP = dirty price of the instrument.

The maturity proceeds for a discount instrument are simply equal to the specified face value. For coupon bearing instruments, the maturity proceeds are computed as: FV = face value (principal) of the instrument.

Instruments that are quoted on the basis of a discount rate rather than a market yield are priced using the following formula: P = current price of the instrument.

Alternatively, discount instruments can be priced using the standard money market formula and a market yield that is equivalent to the quoted discount factor. The formula for converting a discount rate to an equivalent yield is as follows: y = equivalent market yield. 

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