Previous researchers, such as: Fleming and Remolona (1999) and Li et al. (2009), accounted some dealers having private information. On contrary, this study begins with introducing a situation in government bonds and currency forwards markets where all participants always have commonly shared...

Spot term structure is rarely available as its methodological procedures are complicated and therefore market participants substitute it with traditional term structure as an approximation. This paper proposes two hybrid optimisation algorithms consisting of traditional algorithms to reduce...