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Comprehensive Theory of a Cross Currency Basis Spread Formula

So far, cross currency and basis swap spreads have been associated with liquidity and credit issues. This paper proposes a different approximation to the problem of Basis Spreads. The result of this new approximation is to find a simple formula that relates the cross currency basis spreads to market quotations of the single-currency interest rate instruments (swaps and basis swaps). Hence, from this point of view, Basis Spread should not be seen as independent market quotations.