THE South China Morning Post is offering more capital market information to complement its coverage of equity markets and unit trust and fund activity. It includes quotes on capital markets in the United States, Hong Kong and Europe and features two-way quotes on US Treasury bonds and the London interbank offered rate. Its US dollar swap quotes offer two-way information for readers interested in the most active US dollar interest rate swap market in the world. The quotes are from two to 10 years. The spread refers to the margin over the underlying US government treasuries, the ultimate benchmark for any US dollar pricing. The higher quote is the 'buy' price and the lower is the 'sell' price - the buy-sell margin represents the profit for the bank offering the swap. The right-hand column offers two prices: an actual price based on a 365-day or 366-day year, and a price derived from a 360-day year based on 12 theoretical 30-day months. The bond market works from a 365-day or 366-day year, while the money market is based on a 360-day year. The DM, CHF and ITL columns offer two-way quotes on the mark, the Swiss franc and the Italian lira, respectively. Money forwards offer forward quotes between currencies. See, for example, the one month US dollar-deutschemark price recently quoted in Business Post. To work out the delivery cost one-month from now, subtract the quotes in the right-hand column from the left-hand USD/DM to arrive at a two-way USD/DM quote one month ahead of, say, 1.526/37 (1.514 minus 0.0014/1.515 minus 0.0013). The left-hand column represents US dollar-mark quotes, while the right-hand column is the one-month swap rate - the swap rate one month from the date of the quote. To obtain a quote for US dollars, subtract 14 from 1.514 to arrive at a quote for the US dollar one month in the future of 1.526. When the left-hand figure in the right-hand column is lower than the right-hand figure in the right-hand column, the figures should be added. For example, in the case of the USD/HKD quotes, the quotes were: USD/HKD 7.7338/48 200/250 This gives us a range of 7.7538/7598 (7.7338 plus 0.02/7.7348 plus 0.025). The rate of 7.7338 plus 200 gives a theoretical rate (one month ahead) of 7.7538. One-month swaps are quoted for US dollars-yen, pound sterling-US dollars, US dollars and Swiss francs. Two-month, three-month and six-month swaps are also offered on a daily basis.