FX Quotes
Bilaterally agree rates for OTC trading with other participants on the network.
Overview
FX Quotes allows you to bilaterally agree a rate for an FX trade with another participant, which can then be settled using the Link and Settle service.
RTGS.global provides the communication mechanism only, aligned to the FIX Standard specification. RTGS.global does not provide rates or take any margin on agreed trades.
Process
Once the FX Quotes process is complete, FX settlement is triggered as a separate step using Link and Settle. Request for Quote and Quote messages contain expiry times — where expiry has passed, the communications become invalid.
- Request for Quote — Initiate a Request for Quote specifying the currency pair, amount to buy/sell, and intended recipient(s)
- Quote response — Participants who receive the request respond with a Quote Message detailing the offered rate and resulting amounts in both currencies
- New Order Single — Examine responses and send a New Order Single to the counterparty whose quote suits you best
- Execution Report — The counterparty responds with an Execution Report confirming whether the order is accepted and can be settled, or cancelled
If the Execution Report confirms the trade, proceed to Link and Settle to complete settlement.