Forward Currency Contract

[Aeroseal]

Hello all.
I am looking for a forward currency contract of GBP/USD for a period of one year (June 07-May 08). I wanted to be bullish on GBP/USD and seek forward contract quote of 0.53 or higher. I am factoring here the likelihood that the pound will further depreciate and the differential interest rate. Is it likely I will get such a quote from major dealers like HSBC, JPMorgan Chase, RBS etc. I'd prefer dealers in Far East, Singapore, Hong Kong.

I am looking into a total transactional
amount of $693.5M, or specifically $1.9m daily delivery. In essence we will need this to be an optional forward contract whereby money is delivered daily and exchanged at the pre-determined rate. Is this even possible or such may not qualify as a forward contract.

What about transactional costs. For those of you who have dealt with Forward Currency Contract, how much transactional costs I'd be incurring (tentative range).

Clearing Issue? Would such a transaction daily raise an alarm and be considered money laundering by the regulatory bodies.

What about legality issue? I'd assume there shouldn't be anyone. Perhaps someone familiar can shed some light on this aspect.

Credit issue hopefully won’t be a problem as we have already discussed this with our bank here. They will provide us with a credit line to the tune of $1.9m. The bank will place $2m in a special depository account which will facilitate the daily transactions. Basically $1.9m will be wired from our bank to the dealer who in turn will exchange to Pound Sterling and wire the money back to our account.

Is this method based on delivery of currency more problematic and would possibly lead to a higher transactional cost? Could there be a better way to do it and in the process lower the transactional cost.

Your feedback is appreciated.
Thanks all.