Forward
Book a forward contract and lock in a specific exchange rate for a future date
Request a Quote
The forward booking process begins with a request for quote (RFQ) via the forward quote endpoint.
Requesting a quote will return you a bookable rate. If you are looking for an indicative market quote please use the estimate endpoint.
Once requested, the quote is valid for 10 seconds. During these 10 seconds, you will need to complete the trade booking process by passing the QuoteID in to the forward trade endpoint.
🕵️ Before returning a valid quote we will conduct a credit check
The maximum volume you can request to book will be the 'facility balance' on your credit term (facility term limit - utilisation). To check your available credit, you can use the credit terms endpoint.
Please ensure the value date requested is valid and within your agreed credit tenor limit. To check your maximum tenor you can use the credit terms endpoint.
⚙️ Please ensure the credit term you are booking a trade against is API enabled.
To increase tenor limits or add a new credit term, please contact [email protected]
If the value date requested is not valid, then an error will be returned and you will need to make another request with an appropriate value date.
Book a Forward Trade
To accept the quote and book a trade (within 10 seconds of the RFQ response), you will need to pass the QuoteID as a parameter to the book forward trade endpoint.
As all the necessary credit checks have been conducted in the previous quote step, the only additional information we need to book the trade is the forward booking reason. The available options for ForwardReasoning are provided below:
- Asset Hedging
- Capex
- Commodities
- Debt hedging
- Direct Investment
- Divestment
- Dividends Share classes
- Exits
- Goods
- Infrastructure hedging
- Injecting Capital into Subsidiary
- Intergroup payments
- Investment
- Management fees
- Operational Support
- Other
- Payroll
- Portfolio Hedging
- Project Hedging
- Real Estate
- Real estate hedging
- Revenue repatriation
- Services
- Share Class hedging
- Suppliers
If all the details above have been provided in advance of the quote expiry and valid ForwardReasoning values have been submitted - you will receive a successful response from the book trade request API and the trade status will show as Executed.
Should you wish to cancel the trade, you will need to contact your account manager. Cancelling will require booking an equal and opposite trade which may incur a financial loss; this is the responsibility of the API User (executing entity) to cover.
Initial Margin Settlement Details
You may need to pay initial margin. This will be indicated in the trade booking response in the InitialMarginRequiredfield.
It is not necessary to have funds on account for initial margin payment if margin is required.
To view your initial margin settlement details, use the GET Trade Initial Margin endpoint. The response will contain the currency, amount and bank details.
The initial margin payment should be made via wire transfer to the details returned in the response. You will have 1 working day to complete the initial margin payment.
In addition, you may be required to pay an additional margin if the market moves against your position. Please check credit terms to check the additional margin percentage you are liable to pay.
Updated 2 months ago