[option_greek]

> A financial device called Overnight, were you would convert your brazilian currency (had many names) into USD at night and then convert it back to BR on the next day

Who eats the loss from the fluctuations in this case? Any idea how the providers used to hedge against the risk.

[gjvnq]

The overnight he is talking about is basically an overnight loan banks took in order to balance their books at the end of the day.

This reminds me of the repo load system used in the USA but in the overnight system regular people could loan to banks.