ONLINE FX GLOBAL CODE PRO

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Confirmation and Settlement (PRO)

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  • 1
    Interdealer Broker (IDB): A financial intermediary that facilitates transactions between broker-dealers, dealer banks, and other financial institutions rather than private individuals. This includes brokers executing by voice or electronic means, or a hybrid thereof. Brokers with any degree of electronic execution are also a subcategory of FX E-Trading Platforms ↩︎
  • 2
    Confidential Information: Information that is to be treated as confidential, including FX Trading Information and Designated Confidential Information ↩︎
  • 3
    A Market Participant that executes orders on behalf of its Clients pursuant to the Client mandate, and without taking on market risk in connection with the order ↩︎
  • 4
    Settlement Risk: The risk of outright loss of the full value of a transaction resulting from the counterparty’s failure to settle. This can arise from paying away the currency being sold, but failing to receive the currency being bought. (Settlement Risk is also referred to as “Herstatt Risk.”) ↩︎
  • 5
    SSI: Standing settlement instruction ↩︎
  • 6
    Direct Payment: The transfer of funds in settlement of an FX transaction to the account of the counterparty to the transaction ↩︎
  • 7
    Third-Party Payment: The transfer of funds in settlement of an FX transaction to the account of an entity other than that of the counterparty to the transaction ↩︎
  • 8
    Applicable Law: With respect to a Market Participant, the laws, rules, and regulations applicable to it and the FX Market in each jurisdiction in which it does business ↩︎