A shark forward (a structured forward contract) that is used for fixing a forward price, while providing exposure to a spot movement in the underlying against the position taken by the holder. In other words, the holder can decide at any time before maturity to untap potential benefits of any unfavorable participation (just contrary to a shark forward plus in which the holder participates in favorable movements in the spot). If the spot rate at maturity turns out to be against the position, the holder can participate in any unfavorable movement in the spot rate.
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