An open position can exist following a buy (long) position, or a sell (short) position. In either case, the position will remain open until an opposing trade has taken place. The foreign exchange position shall be considered open if foreign exchange assets in a certain foreign currency are not equal to foreign exchange liabilities in the respective foreign currency.
The open foreign exchange position is long if the sum of foreign exchange assets in
a certain foreign currency exceeds the sum of foreign exchange liabilities; contrarily it is short if the sum of foreign exchange liabilities in a certain foreign currency
exceeds the sum of
foreign exchange assets in the respective foreign currency.