Just Essentials - free treasury tool

FX Margin & Savings Calculator

Pips, bps, PPM - one number, three languages.

Banks quote in pips. Treasury policy is written in bps. Just benchmarks in PPM (parts per million) because it's exact and pair-independent. Convert between all three below, then size what closing the gap is worth across your forward book.

Unit converter

Pips
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Bps
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PPM
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1 bp = 100 PPM, always - both are relative measures. Pips are an absolute price increment, so converting to/from pips depends on the pair's decimal convention and the spot rate.

Volume & savings - by tenor

USD/CAD @ 1.3750
Tenor Annual volume Current margin Fair / target margin Annual savings
Total Blended cut -

Margin fields use the BPS/PPM toggle above the table - independent of the converter panel on the left, since pips depend on a rate that can move under a multi-tenor comparison. Switching the toggle converts values already entered, it doesn't reinterpret them. Savings = volume × (current − target) PPM ÷ 1,000,000.