CURRENEX UserGuide

Customer User Guide (February 2004)
Member Services in the US 1(877) 939-8723, all others 1(914) 921-8250
Currenex and the Currenex logo are registered trademarks of Currenex, Inc. Issued by Currenex (UK) Limited. Authorised and regulated by Financial Services Authority. Currenex (UK) Limited, 71 Kingsway, London WC2B 6ST, UK. Telephone in UK: 020 7400 6200, fax: 020 7400 6222 Registered in England No. 3882136. Registered office as above.
Table of Contents 1 INTRODUCTION................................................................................................................. 7 1.1 1.2 1.3 1.4 1.5 2 OVERVIEW OF FXTRADES ................................................................................................ 7 INFORMATION ABOUT THIS USER GUIDE.......................................................................... 8 SUMMARY OF USER PRIVILEGES AND SETTINGS ................................................................ 8 FEATURES OF F EBRUARY 2004 RELEASE ......................................................................... 9 OVERVIEW OF SERVICE MAIN PAGE .............................................................................. 10
GETTING STARTED ........................................................................................................ 11 2.1 OVERVIEW ..................................................................................................................... 11 2.2 ESTABLISHING TRADING COUNTERPARTIES ................................................................... 11 2.3 SETTING UP USER IN FXTRADES .................................................................................... 11 2.4 HARDWARE AND SOFTWARE REQUIREMENTS ................................................................ 12 2.5 INTERNET EXPLORER BROWSER SETTINGS .................................................................... 13 2.6 STEPS FOR LOGGING ON ................................................................................................. 14 2.7 CUSTOM SETUP OF MAIN SERVICE PAGE........................................................................ 18 2.7.1 Overview ............................................................................................................... 18 2.7.2 Customizing Trading Window............................................................................... 18 2.7.3 Mine/All functionality of the Monitors.................................................................. 20 2.7.4 Customization of Trade Columns and Messages Monitor .................................... 21 2.7.5 Column Order ....................................................................................................... 21 2.7.6 Use of Indicative Market Spot FX Rates............................................................... 22 2.8 SETTING UP USER P ROTOCOL......................................................................................... 22 2.9 IMPORTANT NOTES ........................................................................................................ 23 2.9.1 Lost Passwords and other help ............................................................................. 23
DEFINING AND EXECUTING TRADES ...................................................................... 25 3.1 OVERVIEW ..................................................................................................................... 25 3.2 COMPARISON OF NEGOTIATION M ETHODS ..................................................................... 26 3.2.1 Basic Steps for 2-Click Execution of an ESP...........Error! Bookmark not defined. 3.2.2 Basic Steps for ESP Orders .................................................................................. 33 3.2.2 Basic Steps for ESP Orders .....................................Error! Bookmark not defined. 3.2.3 Basic Steps for a Price Request ............................................................................ 34 3.2.4 Basic Steps for an Order Request ......................................................................... 35 3.3 DETAILED EXPLANATION OF ESP TRADING W INDOW AND EXECUTION P ROCESS ......... 36 3.3.1 Detailed Explanation of Trading Window ............................................................ 36 3.3.2 Executing from the ESP Trading Window ............................................................ 45 3.3.3 Sending Execution Requests from Define Trade Page ......................................... 48 3.3.4 Important notes about trading with ESP .............................................................. 49 3.4 DETAILED STEPS FOR TRADING USING ESP ORDERS ..................................................... 52 3.4.1 Placing ESP Orders.............................................................................................. 52 3.4.2 ESP Orders are entered via the Define Trade function ........................................ 53 3.4.3 Editting and Cancelling ESP Orders ................................................................... 54 3.4.4 Quick ESP Order Cancel from Currency Panel ................................................... 54
FXtrades Customer User Guide July 2003 (Confidential for Members Only) 7.1 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
3.4.5 Canceling An ESP Order from the ESP Orders Folder ....................................... 55 3.4.6 Viewing ESP Orders ............................................................................................. 55 3.4.7 ESP Orders Matching and Execution ................................................................... 55 3.4.8 ESP Orders Status Values and Descriptions ..................................................... 56 3.4.9 Tracking and Reporting ESP Orders .................................................................... 58 3.5 DETAILED STEPS FOR DEFINING AND COMPLETING PRICE AND ORDER REQUESTS ........ 59 3.5.1 Setup: Saving Trades as Templates or Drafts....................................................... 59 3.5.2 Step 1: Create or Select a New Request............................................................... 66 3.5.3 Step 2: Complete the Define Trade page .............................................................. 70 3.5.4 Step 3: Click the Send button when ready or take another action........................ 89 3.5.5 Step 4: Complete the trade (Price Request).......................................................... 91 3.5.6 Completing the Trade for an Order Request ........................................................ 99 4 CURRENEX CHAT ......................................................................................................... 103 4.1 4.2 4.3 5 OVERVIEW ................................................................................................................... 103 CHATTING AND CHAT REPORTING ............................................................................... 104 LOGGING OFF CHAT ..................................................................................................... 105
ROLL PROCESS .............................................................................................................. 106 5.1 OVERVIEW ................................................................................................................... 106 5.2 STEPS FOR UPLOADING A ROLL..................................................................................... 106 5.3 STEPS TO ROLL A SPOT TRADE FORWARD THROUGH THE USER INTERFACE ................. 108 5.3.1 Step 1: Indicate Pending Action in Trade Definition.......................................... 108 5.3.2 Step 2: Retrieve Trade for Editing ...................................................................... 109 5.3.3 Step 3: Define Split Dates and Amounts............................................................. 112 5.3.4 Step 4: Send Split to Bank ................................................................................... 113 5.3.5 Step 5: Accept or Reject Bank Prices.................................................................. 115 5.4 IMPORTANT NOTES ....................................................................................................... 116
AMENDMENTS ............................................................................................................... 121 6.1 OVERVIEW ................................................................................................................... 121 6.2 STEPS TO REVISE AN AMOUNT ..................................................................................... 121 6.2.1 Step 1: Indicate Pending Action in Trade Definition.......................................... 121 6.2.2 Step 2: Edit the Trade with the Revised Amount................................................. 123 6.2.3 Step 3: Enter Agreed Changes............................................................................ 126 6.2.4 Step 4: Select Request to Amend button when ready. ......................................... 126 6.2.5 Step 5: Acknowledge Amendment ....................................................................... 128 6.3 IMPORTANT NOTES ....................................................................................................... 129
ALLOCATIONS ............................................................................................................... 133 7.1 OVERVIEW ................................................................................................................... 133 7.2 STEPS TO ALLOCATE AN AMOUNT ............................................................................... 133 7.2.1 Step 1: Indicate Pending Action in Trade Definition.......................................... 133 7.2.2 Step 2: Retrieve trade for allocation................................................................... 134 7.2.3 Step 3: Allocate the trade amount....................................................................... 136 7.2.4 Step 4: Select Submit button when ready............................................................ 137
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IMPORTANT NOTES:..................................................................................................... 137
CUSTOMER REPORTS .................................................................................................. 142 8.1 OVERVIEW ................................................................................................................... 142 8.2 TRADE TICKET AND DETAILS ....................................................................................... 143 8.2.1 Overview ............................................................................................................. 143 8.2.2 Accessing and Printing Trade Ticket from the Done folder ............................... 144 8.2.3 Printing all of Todays Trade Tickets................................................................. 147 8.2.4 Seaching, Accessing and Printing Reports from the Reports Menu or Toolbar. 147 8.2.5 Detailed Information on Trade Tickets............................................................... 153 8.3 ACTIVITY REPORT ........................................................................................................ 159 8.3.1 Overview ............................................................................................................. 159 8.3.2 Steps to view and print Activity Details .............................................................. 159 8.3.3 Important notes ................................................................................................... 164 8.4 AUDIT REPORT ............................................................................................................. 165 8.4.1 Overview ............................................................................................................. 165 8.4.2 Steps to view and print Audit Details.................................................................. 165 8.4.3 Important notes ................................................................................................... 168 8.5 AMENDMENT HISTORY REPORT ................................................................................... 169 8.5.1 Overview ............................................................................................................. 169 8.5.2 Steps to view and print Amendment History Details .......................................... 169 8.6 ESP ORDERS REPORT .................................................................................................. 173 8.6.1 Overview ............................................................................................................. 173 8.6.2 ESP Orders Event Log........................................................................................ 174 8.6.3 Steps to view and print ESP Orders Event Log .................................................. 174 8.6.4 ESP Orders History Log ..................................................................................... 176 8.6.5..................................................................................................................................... 176 8.6.6 Steps to view and print ESP Orders History Log ............................................... 176
RESEARCH ...................................................................................................................... 179 9.1 TRADERMADE ............................................................................................................. 179 9.1.1 Overview ............................................................................................................. 179 9.1.2 Steps to use TraderMade Charting ..................................................................... 179 9.1.3 Important notes:.................................................................................................. 182
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INTEGRATION ........................................................................................................ 183 10.1 OVERVIEW ................................................................................................................... 183 10.2 STEPS TO UPLOAD TRADE REQUESTS AND ALLOCATIONS ............................................. 184 10.2.1 Step 1: Click Trading on the main menu and select Upload .............................. 184 10.2.2 Step 2: Enter the file name for the trade request ................................................ 185 10.2.3 Step 3: Click Upload File button to upload the file. ........................................... 185 10.3 STEPS TO DOWNLOAD A TRADE AND/OR SETTLEMENT DETAILS. .................................. 186 10.3.1 Step 1: Click Trading from the main menu and select Download. ..................... 186 10.3.2 Step 2: Specify the required information. ........................................................... 188 10.3.3 Step 3: When ready, click the Download Now button. ....................................... 189 10.4 IMPORTANT NOTES:..................................................................................................... 189
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SETTLEMENT INSTRUCTIONS.......................................................................... 190 11.1 OVERVIEW ................................................................................................................... 190 11.2 STEPS TO ENTER SETTLEMENT INSTRUCTIONS ............................................................. 190 11.2.1 Step 1: Click Settlement and select Manage Stored Instructions. ...................... 190 11.2.2 Step 2: View the Edit Settlement Instructions page. .......................................... 191 11.2.3 Step 3: Click the Save button .............................................................................. 193 11.3 STEPS TO UPLOAD A FILE ............................................................................................. 194 11.3.1 Step 1: Click Upload on the Settlement menu..................................................... 194 11.3.2 Step 2: Enter the filename or click Browse button. ............................................ 195 11.3.3 Step 3: Click Submit button to set up the upload................................................ 196 11.4 STEPS TO APPROVE A SETTLEMENT INSTRUCTION ON COMPLETED TRADES .................. 196 11.4.1 Step1: Click Settlement and select Apply Instructions........................................ 196 11.4.2 Step 2: Check the Accept column........................................................................ 197 11.4.3 Step 3: Select an instruction from the Settlement Instructions column. ............. 197 11.4.4 Step 4: When ready, click Accept All Checked button........................................ 198 11.5 IMPORTANT NOTES ...................................................................................................... 198
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USER DEFINED FIELDS ....................................................................................... 199 12.1 OVERVIEW ................................................................................................................... 199 12.2 STEPS TO ADD USER DEFINED F IELDS ......................................................................... 200 12.2.1 Step 1: Click Setup on the main menu and select Defined Fields....................... 200 12.2.2 Step 2: Click Add New Field button to add a user-defined field. ....................... 201 12.2.3 Step 3: Enter the details...................................................................................... 202 12.2.4 Step 4: Click Submit button to save the values for use. ...................................... 202 12.3 STEPS TO APPLY UDF S TO EXECUTED TRADES ........................................................... 203 12.4 STEPS TO APPLY UDFS TO TRADES FROM THE INCOMPLETE UDF QUEUE .................... 204 12.4.1 Step1: Click Trading on the main menu and select Apply Defined Fields ......... 204 12.4.2 Step 2: Search for a trade by clicking Refine Search. ........................................ 204 12.4.3 Step 3: Enter the information.............................................................................. 205 12.4.4 Step 4: Click Save and Complete button............................................................. 206 12.5 IMPORTANT NOTES ....................................................................................................... 206
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SETUP........................................................................................................................ 207 13.1 OVERVIEW ................................................................................................................... 207 13.2 COUNTERPARTIES ........................................................................................................ 207 13.3 BANK LISTS ................................................................................................................. 208 13.3.1 Steps to create a new list..................................................................................... 209 13.3.2 Steps to remove a bank(s) from an existing list. ................................................. 209 13.3.3 Steps to delete a bank list.................................................................................... 209 13.4 FUNDS/SUBSIDIARIES ................................................................................................... 209 13.4.1 Steps to add Funds/Subsidiaries ......................................................................... 211 13.4.2 Steps to Delete a Fund/Subsidiary ...................................................................... 211 13.5 DEFINED FIELDS .......................................................................................................... 212 13.6 EXPOSURES .................................................................................................................. 213 13.7 PASSWORD ................................................................................................................... 215
13.8 PRIVILEGES .................................................................................................................. 216 13.8.1 Changing privileges ............................................................................................ 216 13.8.2 User Privileges.................................................................................................... 216 13.8.3 Company Privileges ............................................................................................ 222 13.9 ESP SETUP ................................................................................................................... 224 13.9.1 ESP Subscription................................................................................................. 224 13.9.2 ESP Prices Blink ................................................................................................. 224 13.9.3 ESP Protection Alert........................................................................................... 224 13.9.4 ESP Default Trading Method.............................................................................. 225 14 14.1 14.2 14.3 14.4 14.5 14.6 15 HELP.......................................................................................................................... 226 ABOUT FXTRADES ....................................................................................................... 226 USER GUIDE ................................................................................................................. 226 EMA GIVE UP TERMS .................................................................................................. 228 CONTACT MEMBER S ERVICES ...................................................................................... 228 TRACE.......................................................................................................................... 229 WWW .CURRENEX. COM ................................................................................................. 230 APPENDIX ................................................................................................................ 231 15.1 CALCULATION OF VALUE DATES ................................................................................. 231 15.1.1 FX Business date................................................................................................. 231 15.1.2 Currency Pair ..................................................................................................... 231 15.1.3 Tenor ................................................................................................................... 231 15.1.4 Calculation Rules for Spot .................................................................................. 232 15.1.5 Calculation Rules for Forward Outright ............................................................ 232 15.1.6 Calculation Rules for Swaps ............................................................................... 233 15.2 LIST OF CURRENCIES AND THEIR CODES ...................................................................... 234 15.3 LIST OF CURRENCY PAIRS IN THE INDICATIVE RATES MONITOR .................................. 238 15.4 SHORTCUT KEYS ........................................................................................................ 239 15.4.1 When Currenex Service Navigation page is in focus.......................................... 239 15.4.2 When the Trading- Define Trade page is in focus .............................................. 239 15.4.3 When the Quote Selection page is in focus ......................................................... 239 15.4.4 When Nothing Done page is in focus .................................................................. 240 15.4.5 When Trade Completion page is in focus ........................................................... 240 15.5 SOURCE OF INDICATIVE RATES BY TIME AND CURRENCY PAIR ................................... 240 1
INTRODUCTION 1.1 Overview of FXtrades
The Currenex FXtrades service presents a comprehensive, end-to-end solution for multi-bank trade execution, trade capture, acknowledgement, confirmation, and settlement solution for transactions in Foreign Exchange (FX) and Loans and Deposits. Comprehensive The FXtrades web-based service enables members to do the following activities:
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Receive and trade on live executable streaming prices (ESP) for major Spot FX Place Orders for matching and execution against ESP Negotiate for trades in FX or Loans and Deposits using Price and Order Requests Perform post-trade activities such as rolls, amendments, and settlement approval Track FX trades through sophisticated trade and activity reports
ESP is a service feature that allows banks to send customized executable streaming prices to their customers. Customers can view the prices and send an ESP request for execution (RFE) to a bank to complete a trade at a specific amount for a currently available price. There are parameters set by the FXtrades service and its banks that govern the eligible trades by a customer. Customers can also place ESP Orders or resting orders in FXtrades that are watched by the service which will generate a RFE when a streamed price and other price matching criteria has been met. The FXtrades service also provides Price and Order Request features that allow customers to send specific requests and to one or more bank users who respond with prices. Customers select a price or receive a completed order and users see the results on the screen and also in the form of a trade ticket. Easy The service is very flexible and easy to use, allowing either a mouse or a keyboard for almost every function, and a choice of paths to access or complete each function. Efficient Integration capabilities include the ability to store settlement instructions and apply them to trades in a single or split settlement (as needed by customers) and download the financial and/or settlement details automatically or on demand. Users can also create their own User Defined Fields for the purpose of reporting.
Secure FXtrades is a secure web-based service, accessed through a browser that requires minimal hardware and software installation and maintenance. Users are protected with Digital Certificates, 124 bit encryption and other sophisticated security measures. 1.2 Information about this User Guide
This guide provides instructions for negotiating FX prices using ESP, Price Request or Order Request and other related activities. Each section in this document provides an overview of a feature followed by details for each step and important notes for using it. For clarification, references to specific areas of the service are displayed in special styles:
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Menu items, hyperlinks and names of pages and pop-up windows are highlighted in bold. Keyboard keys are in italics. Selections in the menu, buttons, or other actions that can be performed by pressing ALT+ a key letter simultaneously will appear in the documentation as they do in the service, with that key letter underlined. Note that as long as the applicable window is in focus, the user can always perform the action by holding those two keys. Action buttons are highlighted with a _white text against a blue background._ An exception is when these buttons are used in a chapter heading. Unless otherwise noted, users can select an action associated with a button by clicking the button or pressing ALT + key letter. Most action buttons have an underlined letter, which can be used with the ALT key to initiate the action.
In addition, when needed, special notes are provided in boxed areas below explanations. 1.3 Summary of user privileges and settings
To help comply with internal policies of members, FXtrades allows each member organization to limit each users trading, settlement and administrative activities to any combination that is appropriate for the organization. The organization can set its expiration period for passwords and automatic signoff periods for all the users. In addition, specific variables can be customized for trading users such as currencies supported and tolerance for entry of quotes relative to a market rate. For more information on User Privileges and Settings refer to the Setup section of this document or contact the local Systems Administrator for FXtrades or Currenex Member Services.
1.4
Features of February 2004 Release
Because Currenex understands that fast trading and transparency are important to efficiency, the new release delivers the markets first Multi-Bank Executable Streaming Price (ESP) orders service feature. It is available in a User Interface that includes the following:
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A direct window for customers to see Executable Prices for Spot FX that are pushed by banks and customized specifically for them and place market and limit orders against them Ability to move quickly in and out of the market with 2 click execution of ESPs, and benefit from market transparency without revealing intent to their bank. As a result, they also execute without revealing position to multiple banks Full integration into the FXtrades service, allowing customers to choose the price negotiation method that is best for each situation Ability for banks to define the set of currency pairs and executable prices with advertised amounts that represent the maximum size at which that price is good.
With this release Currenex is also introducing a Chat All function. Users can send a chat message to all their counterparties (logged in to FXtrades) with a single select all feature.
1.5
Overview of Service Main Page

TOOL BAR Quick access to frequently used functions
Currenex FXtrades Service Main Page MENU BAR Centralized navigation to all functionality for all trading methods ESP MARKET - SPOT Best available Executable Prices and Advertised Amounts for a group of Spot currency pairs Double-click on price to request execution ESP DETAIL All available Executable Price and Advertised Amounts for a selected Spot currency pair Double-click on price to request execution
MESSAGES MONITOR Alerts users to status changes on rolls, amendments and orders Click on a message to review or take action
ESP ORDERS VIEW Shows the nearest 5 orders to the ESP Market Spot price. Your entities orders shown in highlighted
Sample rates from February 2004
TRADES MONITOR Quick access to trades in specific stages of trading cycle, number of trades in each folder shown at top Double-click on a trade to see details
Note
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The main page is used to navigate in the service and can be customized by hiding, moving, or resizing components, such as the monitoring tools (for example Messages and Trades), and the ESP Trading Window. The messages monitor and the Done and Pending folders in the Trades monitor can be filtered to show activity for an individual user or for an organization.
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2 2.1
GETTING STARTED Overview
FXtrades is a secure service providing several levels of protection to ensure that only authorized users can access it. However, it is quick and easy for the authorized users establish trading Counterparties and begin trading or settling trades, according to their specified privileges. 2.2 Establishing Trading Counterparties
In advance of any trading, Customers contacts specific banks and agree with those banks the conditions under which they will trade together. They may have an existing credit relationship for direct trading or credit through a Prime Broker. Either scenario can be supported. Customers might also set up new credit and trading relationships with banks on Currenex. In any case, the parties will agree which instruments will be traded on the service. For example, the Counterparties may approve each other for FX trades only, FX and Loans and Deposits, or just Loans and Deposits. The Customer then informs Currenex Member Services who confirm with the Counterparties and then enables each approved banks name to appear in the Counterparties list. For each Request, users select which bank or banks the requests should go to. But, in advance of any trading, the banks designate a primary, secondary or tertiary trader for requests sent to their bank. When a user sends a quote request, the primary traders at the selected banks who have their trading page open receive the request. Secondary traders will only see requests if all primary traders are not on the trading page. A tertiary trader only receives requests when primary or secondary traders (usually in other locations) are not available. To change a priority for a specific customer, the bank should contact a local System Administrator or Currenex Member Services. 2.3 Setting up User in FXtrades
Setting up users is quick and easy. Users can be trained on the service within a matter of hours. Each organization on the service selects one or more local System Administrators. These Administrators advise Currenex Member Services of how they would like to user the service and which users at their organization should be granted
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access to the service. The Currenex Member Services team setup the organization according to the System Administrators direction and assist each user with enrolling in the service. After initial setup, System Administrators can add, modify or delete user permissions for their users at any time via the online Setup function. For more information on refer to the chapter on setup found later in this guide. 2.4 Hardware and Software Requirements
Hardware
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PC 266 Mhz processor 128 MB of RAM XVGA Graphics card capable of 1024x768 resolution (recommended display setting) Sound Card External Speakers
Software
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Windows 98, Windows NT, Windows XP or Windows 2000 operating system. Internet Explorer 5.5 is recommended with the version number 5.50.4134.0600 that includes Service Pack 1 and has 128-bit cipher encryption. If Internet Explorer 5.01 Service Pack 1 is used the version number should be 5.00.3105.0106 Virtual Machine for Java, 5.0 Release 5.0.0.3802 (for ESP Users, the Java 2 Run Time Environment is required) Adobe Acrobat Reader 3.0 or above
Note q In Window95, 98, and Millennium Edition the service performs best if a minimum of other applications are running. This is due to Windows Resource constraints in these older Windows versions. Windows XP, NT, and 2000 do not have these same limitations. q To determine the version number of your browser, choose Help from the browser menu bar and then choose About Internet Explorer. This will display the version number as well as the cipher encryption. To upgrade the Internet Explorer browser, the following URL can be used: http://www.microsoft.com/ie/default.htm 1.
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2.5
Internet Explorer Browser Settings
In the Tools Menu, Internet Options selection, Advanced folder Under Browsing:
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Internet Options: Advanced Folder
Uncheck the setting for Show friendly HTTP error messages. This setting will help to avoid the Page cannot be displayed error that sometimes occurs when using Internet Explorer. Uncheck the setting for Reuse windows for launching shortcuts.
Under Microsoft VM:

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Check the setting for Java logging enabled. Check the setting for Java console enabled (requires restart). Check the setting for JIT compiler for virtual machine enabled (requires restart).
Under Security:
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Uncheck the setting for Do not save encrypted files to disk. Check the setting for Empty Temporary Internet Files folder when browser is closed . Uncheck the setting for Warn if changing between secure and not secure mode.
For Customers using the ESP service feature: Under Java (Sun) Uncheck the setting Use Java 2 v1.41_02 for <applet>(requires restart) Also in the Tools menu, Internet Options selection, in the Security folder, click the Custom Level button, find the setting Dont prompt for client certificate selection when no certificates or only one certificate, and ensure that it is set to Enable. An illustration of the Security Folder settings of the Tools Menu, Internet Options selection is on the next page.
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Internet Options: Security Folder page
This setting is helpful when there is only one digital certificate in use on the PC. In those instances, the logon process will complete faster as the browser will not prompt the user to select a certificate. 2.6 Steps for logging on
1. Go to http://www.currenex.com/login.html
Currenex Log-in page
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2. Enter name and password in upper and lower cases as provided by the local System Administrator or Currenex Member Services. 3. Before the login is complete, a Client Authentication page may appear as a protection, as shown to the right. If the page appears, click the name of the corresponding certificate to go with the username entered, and click _OK_ . If there is only one certificate on the PC, this step can be eliminated by enabling a security setting in the Internet Explorer browser under as described in section 2.2 above.
Client Authentication page
4. The user may also see a security warning before the login is complete, as shown to the right. The user should click _Yes_, to install and run the Currenex service. This warning can be avoided in order to speed up the login process by clicking the checkbox labeled, Always trust content from Currenex, Inc.
Security Warning page
5. At first, the user will briefly see a message like the one shown on the next page.
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Currenex FXtrades Service Navigation Page waiting for application
Note At this stage, users who are using ESP for the first time may see a prompt to download Java 2 Runtime Environment, as illustrated below. This must be done before proceeding to the next step.
Java 2 Run Time Download
The user will be prompted through a number of steps. When presented with Setup Type, the user should select Typical as illustrated below.
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6. After a brief period, a new window will appear that looks like the screen shot shown on the next page, while the login page will remain on the browser. Users may close this login page without disrupting the service. However users may be requested by Member Services to keep the page open to access Java to troubleshoot a problem.
Currenex FXtrades Service Navigation Page Connection Latency Indicator Currenex Logo and Menu
Connection Indicator
The actual look of the application will vary depending on the users last setting, as the areas for the ESP Trading Window, Messages monitor, Counterparties monitor, Indicative Rates monitor, and the Trades monitor can be removed or custom sized. At a minimum, the user will always see the Currenex logo and Menu, Connection Latency indicator at the top and the Connection indicator at the bottom right. 7. Successful login is confirmed when the users name and the Connected message are displayed in the lower right corner.
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The Connected message is displayed in white text with a green background. Other possible states are Connecting and Disconnected. Connecting will have an amber (orange) background, indicating that the connection is in progress. When in this status, the user should wait for the connection to complete before beginning to use the service. Usually, the connection process completes within a minute or two. A disconnected status message would appear with a red background. In case of a connection loss (for example, due to a local internet connectivity problems), the user can select Reconnect on the Setup menu to reconnect to the service without going through the login process again.
8. Connection status while changing pages -- When clicking on other pages within FXtrades, the connection status indicator may change to amber and the status may
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briefly change to Connecting, then back to Connected. When the service is in the Connecting status, please wait until the Connected status returns before attempting to click on any new pages or actions, as these will be unavailable. Generally, the Connected status returns very quickly. If the connection is lost, the indicator will change to red and the message to Disconnected. In this event, click Reconnect on the Setup menu. 9. The latency of your connection will be shown in the Connection Latency Indicator in the upper right hand corner only for users connecting using the HTTP-Blue protocol (AKA ESP users). The indicator is made up for bars and shows the strength (or latency) of the users round trip connection between their PC and Currenex. 4 bars = <200 ms 3 bars = >200ms and <400 ms 2 bars = >400 ms and <800 ms 1 bar = >800 ms <1200ms 0 bars = >1200ms
This indicator has been designed to alter ESP a users that you have poor connection. High latency may be a contributing factor to being unable to execute ESP trades. The prices shown may expire prior to the execution request being processed successfully. Currenex recommends that a user have at least 3 bars showing on average to use the ESP service. 2.7 2.7.1 Custom setup of Main Service Page Overview
At any time while logged on, users can setup their main service page according to their own needs. These settings will be saved when the user logs off so that the custom settings re-appear during the next login. Users can dock or undock the Trading Window, hide or show various monitors, size the overall window, and customize the contents within the Trading Window and monitors. 2.7.2 Customizing Trading Window
The Trading Window consists of the ESP Market Spot and the ESP Details displays, where users can view Executable Streaming Prices and execute on those prices. This
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window can be set for a docked or undocked mode by going to the Setup Menu and Checking or Un-checking Docked, as shown below:
Setup Menu Trading Window in Docked Mode
Alternatively, the user can click the Icon on the toolbar to toggle between docked and undocked. The Setup menu allows the user to add or remove the toolbar by checking or unchecking the Toolbar selection or add or remove any monitor by going to the Monitors sub-menu under Setup, as shown on the next page.
Currenex Service Navigation page- Monitors sub-menu
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As shown in the Monitors sub-menu, the user can also filter the view of the Messages monitor and selected folders in the Trades monitor, hide the titles for the monitors, move the Messages monitor above or below the Indicative Rates and Counterparties monitors, or move the Trades monitor from left to right. Each monitor can be sized by moving the mouse over the edge of its area, until a double arrow can be seen, then clicking and holding down the mouse while moving it to change the size of that monitor. This action is one of the few actions on FXtrades that can only be done by a mouse. 2.7.3 Mine/All functionality of the Monitors
Under the Monitors sub-menu of the Setup menu users will see three selections with a check box: Show All Done, Show All Messages, Show All Pending. When these selections are checked the user will see corresponding details of all the transactions of all the users in the organization for these monitors and folders. The default setting is to have these boxes checked. The settings will apply even when the user logs off and logs in again. If a user unselects a check box, the specified monitor
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or folder will show only that users transaction. Note that these selections do NOT affect the Templates, Drafts, and Orders folders. Note also that these selections will only be available for those users who have the See All Trades privilege in Setup. Those without this privilege will not see other users trades in any Monitor, Folder or Report. The restriction of this privilege is a key component of a profile for a Trading Account user. 2.7.4 Customization of Trade Columns and Messages Monitor
2.7.4.1 Column Availability Right clicking the title bar of any of the Trades monitor folders or the Messages monitor, will show the users a list of columns available for view. Users can check the columns that they would like to view. If a column is not checked, the user will not see it. The settings will apply even when the user logs off and logs in again. If users hide columns, the space will be used to expand or resize other columns. Users can add columns at any time by right clicking and checking desired columns. By default, all columns will be checked for viewing.
Currenex Service Navigation page- Customization of Trade monitor columns
2.7.5
Column Order
Users can reorder columns in any order within the folders of the Trades and Messages monitors by clicking the left mouse button over the column heading and dragging it to the desired location. The settings will remain even when the user logs off and logs in again.
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2.7.6
Use of Indicative Market Spot FX Rates
FXtrades uses Indicative Spot market rates for calculations and display. Major currencies are sourced from Tullett during their primary hours, and all other currencies and situations use the Reuters 10-minute delay. The Tullett rates are Indicative Interbank Rates that update as the market changes. The Indicative Rates monitor displays over 30 pairs of currencies, ranked in assumed frequency of importance for FXtrades members. When the rates update, the display will flash, using arrows to show the direction of last change, and no arrow when the update equals the previous rate. The time of the latest update is also shown, in a column labeled GMT. In addition, where rates are available, an Indicative Rate column in the Templates and Drafts folders of the Trades monitor will show live rates from the designated source (these rates are only available for those pairs already shown on the Indicative Rates monitor). As a convenient reference point, when users prepare trades to send to one or more banks via the Request for Quote (RFQ) pricing method, FXtrades will calculate and displays estimated counter-currency amount for based on the current rate for that pair from the designated source. Details on the source of indicative rates for a given currency pair and time period can be found in the Appendix. 2.8 Setting up User Protocol
After logging in the first time, users should set up their connection protocol by selecting Setup on the main menu and selecting Protocol. Users will see the Protocol window as shown below.
Setup menu- Protocol Window
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Clicking the drop down list enables users to select their connection protocol. In most cases, Currenex recommends the HTTPS-CX Protocol for optimal connectivity. This Protocol requires users to enter information about the Proxy Host and Port if your organization has a fire wall or other access restrictions, both of which can be obtained from their Internet Explorer, Options, Tools, Connection. In the Internet Explorer Options, Tools, Connection menu Currenex recommends that users do not select the Use Java PlugIn checkbox. Finally, selecting _Save_ saves this information. Users must log off and then log in again to enable the use of this setting. Note Users who are using ESP must have their Connection Protocol set to HTTPS-BLUE. 2.9 2.9.1 Important Notes Lost Passwords and other help
For lost passwords and other help, please contact Currenex Member Services in the US at 1-877-939-8723, all others at 1-914-921-8250. For added security, users should periodically change their passwords. A designated System Administrator in each organization controls the frequency of password expiration for that organization. However, users may change their password by navigating to the Setup menu and selecting Password. The Password window shown below enables the user to enter the new password and the change the existing one.
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Setup menu- Password Window
Passwords are case sensitive and must be at least 8 characters in length with one numeric character.
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3 3.1
DEFINING AND EXECUTING TRADES Overview
Users can choose the negotiation method best suited for their trading needs in FX Spots, FX Forwards, FX Swaps and Loans and Deposits. Available negotiation methods are Executable Streaming Prices (ESP), ESP Orders, Price Requests, and Order Requests. FXtrades offers many features to increase the efficiency of the definition and execution of trades. For example, the service provides the ability to save trading preferences and sticky fields to help users define trades more quickly. FXtrades also supports and integrates many pre- and post-trade activities that result in overall increased efficiencies. Examples would include the following functions:
q q q q q
Allocation of portions of trades to different entities and accounts Attachment of settlement instructions with automatic or manual approval Rolling of spots to one or more forward dates Online amendment of trades to revise amounts or correct mistakes Automated Give-up of Trades to Prime Broker or other parties
A comparison of negotiation methods is provided on the following page, followed by illustrations of basic steps for completing trades using each method. The subsequent section describes in details each method and all trading and trade related features.
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3.2
Comparison of Negotiation Methods
The table below provides a comparison of negotiation methods. Note that all of these methods are seamlessly integrated into the FXtrades services, and that all of them support pre- and post-trade preferences and activities, such as allocations and rolls. This table is followed by an illustration of an example for each method.
Method ESP Brief Description Banks publish Executable Streaming Prices and Advertised Amounts to customers. Customers select a price and the service sends the appropriate Execution Request to the bank for acceptance. Customer selects their default ESP trading method: IOC Limit Order or Market Order. . Selecting Limit Order will send and RFE for a specific amount to be executed at the price selected. If an RFE cannot be initiated within 5 seconds or is rejected by the bank, the order request will be cancelled. Selecting Market Order will send and RFE for a specific amount to be executed at the next best price available. If an RFE cannot be initiated within 5 seconds or is rejected by the bank, the order request will be cancelled. Typically, the bank immediately responds and the trade is completed at that price within seconds, however, it is possible for RFE to not complete or be denied by the bank and the trade will not be done. There are system wide limits on the minimum trade quantity and bank specified limits on the maximum quantity per trade. Place resting bids and offers on our server that will automatically generate a Request For Execution (RFE) on their behalf when an incoming price stream matches the specified level of the ESP Limit Order. ESP Orders are evaluated for matches (in the order they were placed in FXtrades) every time a new-streamed price is received. Unlike traditional Orders, ESP Orders are not left exclusively with a single price Maker, but may be executed against any, credit approved, counterparty whose streamed price meets the specified conditions. Customers can specify the time period allowed for the system to work the order. Note: Market orders have priority over Limit orders if two orders are placed with the exact same timestamp. Customer defines a specific trade request and sends it to one or more banks requesting executable prices also known as Request for Quote (RFQ.) Typically, the customer sees responses within seconds and can choose from any of the banks that respond. Customer defines a specific trade and sends an Order Request to one bank with instructions to execute at their Best Price, at a specific Limit, as a Stop or as a Benchmark. Customers can specify the time period allowed for the bank to work the order. The Trade is complete when the bank fills the order according to the customers instructions.
ESP Orders
Price Request
Order Requests
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Method ESP ESP Orders Price Request
Instruments Spot FX for major and selected secondary currency pairs. Spot FX for major and select secondary pairs. FX Spot, FX Forward, and FX Swaps for any currency pair and Loans and Deposits for any currency. FX Spot, FX Forward, and FX Swaps for any currency pair and Loans and Deposits for any currency.
Order Requests
Advantages Effective method for seeing a customized market and quickly executing in these highly liquid instruments. Effective for dealing large position at the level desired. Effective for quickly obtaining executable prices for quantities and instruments not available on ESP, such as small or large major Spot FX trades, or exotics, FX Forwards, FX Swaps, and Loans and Deposits in any size. Effective for small quantities that are ineligible for ESP and are not worth competing. Effective for very large amounts that need to be worked in pieces and for requesting trades under certain conditions.
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3.2.1
MENU BAR Centralized navigation to all functionality
Overview for Executable Streaming Prices (ESP)

TOOL BAR Quick access to frequently used functions ESP MARKET - SPOT Best available Executable Prices and Advertised Quantities for a group of Spot currency pairs Double-click price to request execution ESP DETAIL All available Executable Price and Advertised Quantities for a selected Spot currency pair Double-click price to request execution
MESSAGES MONITOR Alerts users to status changes on rolls, amendments and orders Click on a message to review or take action
CURRENCY LABEL Click to see ESP Details Click once to replace ESP Details to right; click twice to create independent window
Sample rates from February 2004
COUNTERPARTIES MONITOR Eligible Counterparties available to trade or chat Right click on counterparty to initiate chat session
TRADES MONITOR Quick access to trades in specific stages of trading cycle, number of trades in each folder shown at top Double-click on a trade to see details
Notes:
1. 2. Click on the Dock/Undock Icon to create an independent Window consisting of ESP Market Spot and ESP Detail (can also undock and dock by checking and un-checking the Docked setting under Setup Menu). Customize the set of Currency Pairs by right-clicking in the ESP Market Spot display to see a one-item menu with the word Setup, and then click Setup to add, delete or move Currency Pairs (initial click must be outside of actionable areas, for example not directly on Pips or Quantity). Best is defined as highest bid and lowest offer. In the case of a tie the earliest posted price is treated as best.
3.
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3.2.2
Basic Steps for ESP Order Entry (two methods)
2Click Order Entry

STEP 1. ENTER THE AMOUNT OF YOUR ORDER Users can enter their personal preferred trading amount in the My Amount box of each currency pair panel in the Market Spot view.
Or
Standard ESP Order Entry

(TO SET ADDITIONAL OPTIONS ) STEP 1. RIGHT CLICK ON BID OR OFFER TO DISPLAY THE STANDARD ESP ORDER ENTRY
WINDOW AND ENTER DESIRED OPTIONS (OFFER SHOWN HERE )
To speed completion of the form, the amount will be prepopulated with My Amount (if specified in th e Market Spot view) and the best rate available at the time. EDITABLE AMOUNT AND RATE BID LEVELS IN-THE-MONEY
APPEAR IN RED. O RDERS PLACED IN THE MONEY WILL BE FILLED AT B EST UP TO THE LEVEL SPECIFIED.
CURRENT BEST BID AND OFFER ARE SHOWN

AND UPDATED DYNAMICALLY
BEST BID IS OUTLINED AND SELECTED PRICE IS HIGHLIGHTED CREATE ORDER

DISPLAYS STANDARD ESPO ENTRY ( SHOWN AT RIGHT )
LIMIT OR MARKET GTC OR IOC* *(IMMEDIATE-OR-CANCEL
STEP 2. LEFT CLICK ON BID OR OFFER TO DISPLAY THE RELEVANT RATE SPECTRUM (BID SHOWN HERE ) STEP 3. CLICK ON A RATE IN THE SPECTRUM TO LEAVE AN ORDER AT THAT LEVEL . A POP-UP BOX WILL APPEAR CONFIRMING THAT ORDER HAS BEEN PLACED. Mouse over the desired level. The selected level will be highlighted. 3.2.3 Click again over the selected text 3.2.4 place the order. These Orders to 3.2.5 the following defaults: have 3.2.6 Limit Orders 3.2.7 GTC 3.2.8 Partial Fill (any amount)
O RDERS WILL ATTEMPT T O EXECUTE ANY MATCHING RFES FOR 5 SECONDS, AND THEN
EXPIRE ).
PARTIAL OR FULL FILL PARTIAL FILL IS THE DEFAULT , BUT CAN BE CHANGED TO A LL OR N ONE TO REQUEST A FILL ON THE FULL
AMOUNT OR A SPECIFIC PARTIAL FILL AMOUNT CAN BE SPECIFIED .
STEP 2. CLICK PLACE ORDER WHEN ESP ORDER DEFINITION IS COMPLETE . A POP-UP BOX WILL APPEAR CONFIRMING THAT ORDER HA S BEEN PLACED . Upon placing the order, the service will hold the order until a price match is found or the order expires. A Request for Execution (RFE) will be sent to the Maker with the matching price. This process will repeat until the order is fully filled, is cancelled or expires.
3.2.9 3.2.10
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3.2.11 Overview for Monitoring and Managing ESP Orders

MY ORDER NEAREST THE MARKET The (size) and level of YOUR nearest single order is shown on each side per currency pair. Order amount may be specified in either currency. Click here to toggle. Amounts are not aggregated across identical order levels. Orders may be cancelled via this area (see below). Orders are shown in the base currency amount ESP Market Spot & ESP Details views and ESP Order Monitors. Order amounts are shown in the specified currency in the ESP Orders Folder, the Done Folder of the Trade Monitor and all Trade Tickets & R eports.
ESP ORDERS MONITOR The 5 ESP Orders nearest the market (on each side) are shown beneath the ESP Details area. YOUR Orders will appear shaded.
ORDER EVENTS ARE REPORTED IN THE MESSAGE MONITOR AND ESP ORDERS FOLDER Audible alerts are generated for Request Filled (entire order filled) and Partial Fill.
1.1.1
CANCELING FROM THE ESP ORDERS FOLDER Right click on the appropriate row in the ESP Orders Folder, and then click Cancel.
Canceling ESP Orders

CANCELING FROM THE MY ORDER NEAREST THE MARKET INDICATOR
1.1.2 O
Right click on the nearest order indicator and select the order to cancel within that currency pair, then click Cancel.
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3.2.12 Execution from Market Prices View

VIEW EXECUTABLE STREAMING PRICES View updates as best price 3.2.13 changes. For fast trading, define a Preset Trade Quantity in a designated currency at the bottom of Market Price Panel. CURRENCY PAIR (H IGHLIGHTED
CCY USED FOR ADVERTISED Q UANTITY)
ADVERTISED OFFER QUANTITY (IN MILLIONS)
EXECUTE BY DOUBLE CLICKING PRESET QUANTITY Double click on the on Bid or Offer Pips to initiate a partial Fill Limit Order for the price selected for your Preset Quantity. The service will send one or more multiple Requests for Execution to counterparties who match the price specified.
BID PRICE, QUANTITY,

AND DETAILS
PRESET TRADE QUANTITY

(CLICK CURRENCY
TO SWITCH DENOMINATION)
OFFER BIG FIGURE , PIPS

AND DIRECTION OF LAST PRICE CHANGE
IMMEDIATELY SEE RESULTS Request for Execution window appears with a Status of Pending Acknowledgement. When the Counterparty accepts the request, the status changes to Trade Complete . Trade records are created and available for viewing in the Done folder and are available for download or trade capture.
Notes:
1. 2. 3.
Caution: Typically, trades would be completed almost immediately, but customers should observe the Status message to ensure they receive Trade Complete. Customer is committed at second click on Quantity or Pips, but Bank can reject for Credit or other reasons. Requests of 100,000 or less and requests in excess of the Advertised Quantity may be delayed as the bank considers whether to accept that quantity for the posted price.
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3.1.13 Viewing and Executing from ESP Details

CLICK ON A CURRENCY PAIR TO SEE ALL AVAILABLE PRICES AND ADVERTISED QUANTITIES A single click in the Currency Pair label area replaces the pair in the ESP Detail View. A double click creates an independent window. An independent window can be created for every available pair. BEST PRICES AND ADVERTISED QUANTITIES
3.2.14
VIEW ALL AVAILABLE BIDS AND OFFERS FOR SELECTED PAIR Best prices and Quantity shown on top, followed by table of all Executable Prices for that pair.
ALL ELIGIBLE BANK PRICES AND ADVERTISED QUANTITIES

FOR THIS CURRENCY PAIR
DOUBLE CLICK EXECUTIONS ON ANY PRICE Double click on Pips for the Best Price in the same manner as for ESP Market Spot display. Or, double click on any Bid or Offer Pips from any of your counterparties to send execution request to the bank shown on that row.
Notes:
1.
2.
Repeated executions within a single currency pair may be restricted depending on the volume executed and the time lapse between attempted executions. Any restriction would be brief and limited to the currencies executed. This restriction allows the banks to have sufficient time to re-generate the available liquidity. The Trading Window and the ESP Details window can be minimized by clicking on the dash (-) in the upper right.
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3.2.14 Executing from Trade Definition Window

STEP 1 INITIATE A NEW EXECUTION REQUEST OR ESP ORDER FROM THE TOOLBAR, MENU , OR DRAFTS FOLDER Trades can be initiated by either clicking on the toolbar, selecting Define Trade from the Trading Menu, or selecting a pre-defined trade from the Drafts folder.
DRAFTS ALLOW PRE-FORMATTING OF TRADE DETAILS FOR ONE TIME USE Define Trade page allows for pre-definition of Terms and Conditions for one time use in an Execution Request. While the ESP Market-Spot and ESP Details pages allow for pre-defining a currency and amount, this page allows for more extensive pre-definition, plus the ability to filter a set of streaming prices by Bank Counterparty. Define Trade page supports definition of Sub-account, Action, Currencies, Amount, and a Pending Action. It also provides the ability to select a specific group of Counterparties. Once defined, the Defined Trade can be used to generate the relevant Executable Prices by selecting _Send_ or saved for later use.
IMMEDIATELY SEE RESULTS Request for Execution window appears with a Status of Pending Acknowledgement. When the Counterparty accepts the request, the status changes to Trade Complete. Trade records are created and available for viewing in the Done folder and are available for download or trade capture.
Notes:
4.
5. 6.
FXtrades Customer User Guide almost immediately, but Members Only) 7.1 Caution: Typically, trades would be completedJuly 2003 (Confidential forcustomers should observe the Status 33 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250 message to ensure they receive Trade Complete and not some other message. Customer is committed at second click on Quantity or Pips, but Bank can reject for Credit or other reasons.
3.2.15 Basic Steps for a Price Request

STEP 1 INITIATE A NEW TRADE BY CLICKING THE DEFINE TRADE ICON OR BY USING THE TRADING MENU Trades can be initiated by either clicking on the toolbar, selecting Define Trade from the Trading Menu, or selecting a pre-defined trade from the Templates or Drafts folder.
STEP 2 COMPLETE DEFINITION OF TERMS AND CONDITIONS, AND THEN SELECT _Send_ Many fields will be pre-set according to preferences or are sticky fields that maintain the last used value. Change or complete all required terms, such as currencies, tenors, and amounts. In the Conditions section choose Price Request, and then choose Fast Quote or Timed Quote. If needed, select a Pending Action, such as Pending Roll or add a Trade Instruction. Specify Pre-trade Allocations or User Defined Fields, if desired, by clicking on the section header and completing the page.
STEP 3 SELECT BEST QUOTE BY PRESSING ENTER, PRESSING THE # 1 OR BY SELECTING _Accept Selected Quote_ Users can select any quote by either pressing its number or highlighting the quote with the mouse and pressing Enter or clicking _Accept Selected Quote_.. The user will immediately see a Trade Complete message.
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3.2.16 Basic Steps for an Order Request

STEP 1 INITIATE A NEW TRADE BY CLICKING THE DEFINE TRADE ICON OR USING THE TRADING MENU Trades can be initiated by either clicking on the toolbar, selecting Define Trade from the Trading Menu, or selecting a pre-defined trade from the Templates or Drafts folder.
STEP 2 COMPLETE SELECTION OF TERMS AND CONDITIONS, THEN SELECT SEND Many fields will be pre-set according to preferences or are sticky fields that maintain the last used value. Change or complete all required terms, such as currencies, tenors and amounts. In the Conditions section choose Order and an order type: Either At Best, Limit, Stop or Benchmark. If Stop is used, also select a Stop Type (Bid, Offer, Limit, or Loss). Select Expiration: Either standard close for London, NY or Singapore ;or a specific time and date. Add Pending Action and Trade Instruction if needed choose a Counterparty and select Send.
STEP 3 WATCH THE MESSAGES MONITOR OR TRADE MONITOR TO TRACK STATUS User will see a message indicating the Order is Accepted and another to indicate that an Order is complete. When complete, the Order moves from the Order folder to Done folder in Trades Monitor.
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3.3 Detailed Explanation of ESP Trading Window and Execution Process This section describes details for ESP Trading, including customization of the Trading Window and detailed explanations of how to execute from the ESP Market Spot display, ESP Details, or from the Trade Define page. 3.3.1 Detailed Explanation of Trading Window
The Trading Window provides a rich display of information that can be customized in a number of ways. Users can change the size and position of the window and select and arrange the list of currency pairs to be displayed. 3.3.1.1 Customizing Size and Position of the Trading Window The Trading Window consists of an ESP Market Spot display on the left and ESP Details and ESP Orders display on the right as shown below:
Currenex Service Main Window with Trading Window Docked
The default position of the Trading Window is in a docked position, as shown above. In this docked state, the user can lengthen or shorten the height of the window by dragging the bottom border up. In the docked state, the minimum height is the size that is large enough to show the complete set of information in ESP Details. The user can widen or narrow the size of the ESP Market-Spot display by dragging the right-hand border with the mouse, but the width of ESP Details is fixed. The user can also change the size of the Currenex Main Navigation Window, which in turn will
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change the size of the Trading Window when it is docked. In this case, there are no height and width restrictions. Users who want to exclusively focus on the Trading Window can undock it by clicking the Dock/Undock Icon on the Toolbar or by going to the Setup menu and unchecking Docked, as shown below:
Setup Menu with Docked checked
The window will then look something like the display shown to the right:
Trading Window Undocked Mode
The undocked Trading Window can be minimized or changed in width or height by dragging any of the borders. The ESP Details width remains fixed, and the font size of the information in the window remains fixed, but all the other aspects of the display are reduced or increased as the window size changes, including the height of the ESP Details display.
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3.3.1.2 Customization of Currency Pair List Users can choose specific currency pairs from a pre-set list and determine their order in the ESP Markets Spot display. To customize the Currency Pairs, follow these steps: 1. Access the Setup menu by clicking with the right-mouse button in the ESP Market Spot display. Note that this right-click works in most of the areas in this display, but not on areas that are clickable for trading or other customization (Currency Pair label, Advertised Amounts, and Pips of the price). 2. After right-clicking the user will see a menu with one item: Setup as shown below:
ESP Trading Window with Currency Pair Setup Menu
3. Select Setup to produce the Setup Best Price window shown below: 4. To hide or show a selected Currency Pair, check or un-check the box to the right of the currency pair. To re-order the list, highlight the row for a pair and click the _Up_ or _Down_ button until the currency pair is in the desired place. 5. Note that the Currency Pairs will be displayed in order from left to right. When finished, select _Apply_. The display will now be changed immediately.
6. Setup Best Price
If the user decides not to save any changes, he can select _Cancel_.
Note Setup Best Price window displays the complete list of ESP currency pairs subscribed to by that organization (see Setup(Confidential for Members Only) 7.1 FXtrades Customer User Guide July 2003 ESP).
Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
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3.3.1.3 Selecting Currency Pairs for the ESP Details Display Users can change the Currency Pair shown in the ESP Details display by clicking on the base (highlighted) currency in the Currency Pair label in the ESP Market Spots display, as shown below:
ESP Trading Window Undocked Mode
Users can also create a floating window consisting of ESP Detail for one currency pair by double-clicking on any Currency Pair label. The user can create multiple floating windows, and arrange them according to his preferences, as in the example below:
Multiple ESP Details Windows
Note The number of floating ESP Details windows is limited by the available currency pairs.
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3.3.1.4 Interpreting the ESP Market Spot Price Panels The Price Panels are designed in a way that maximizes the display of important information while leaving out labels to avoid distraction. For interpretation purposes, the panel can be divided into four major areas:
INSTRUMENT (CURRENCY PAIR AND TYPE)
QUANTITY
AVAILABLE AT BEST BID PRICE
QUANTITY AVAILABLE AT BEST

OFFER PRICE
PRESET TRADE DETAILS
The illustration and table below provide a name and definition for every field. For reference purposes, each field is numbered in clock-wise sequence beginning with the Currency Pair label:
1. CURRENCY LABEL 18. My ORDER NEAREST THE BID QUANTITY 17. ADVERTISED BID QUANTITY 2. BID BIG FIGURE 3. BID PIPS 4. OFFER PIPS 5. OFFER BIG FIGURE
7. MY ORDER
NEAREST THE OFFER
8. ADVERTISED OFFER QUANTITY
15. BID PRICE DIRECTION 14. BID TRADE ACTION 13. DENOMINATION OF QUANTITY 12. PRESET TRADE QUANTITY
10. OFFER PRICE DIRECTION 11. OFFER TRADE ACTION
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Definition of fields in ESP Price Panel

Name 1. Currency Label Section Instrument Definition Two Currencies that make up a pair, shown in standard market order, first currency is called Base, second one called Terms The first few digits of the best available Bid Price, commonly known as the Big Figure Possible Values Any one of the eligible ESP currency pairs Comments The highlighted currency is Base, which is the one used to denominate the Advertised Quantity Possible Actions Click to change currency pair in ESP Details, double-click to create ESP Details window with that pair None1
2. Bid Big Figure
Bid Price and Details
3. Bid Pips
Last two digits of the best available Bid Price, commonly known as the Pips
Any valid numeric value, but adheres to market standards for Big Figure for each currency pair Any valid two-digit numeric value
Note that the full Bid price is the concatenation of the Bid Big Figure and the Bid Pips
Note that the full Bid price is the concatenation of the Bid Big Figure and the Bid Pips Trade terms at this price can be seen by floating the mouse over this field if a pre-set Quantity has been entered, it will be displayed as part of the mouse-over Note that the full Offer price is the concatenation of the Offer Big Figure and the Offer Pips As with Bid Pips, Trade terms at this price can be seen by floating the mouse over this field
Click twice to initiate Request for Execution of currency pair at Bid price for preset amount (sell Base and buy Terms)
4. Offer Pips
Offer Price and Details
Last two digits of the best available Offer Price, commonly known as the Pips
Any valid two-digit numeric value
Click twice to initiate Request for Execution of currency pair at Offer price for preset amount (buy Base and sell Terms)
None directly related to this field, however, any non-actionable field can be clicked on with right mouse button to access the Setup of Currency Pairs for ESP Market - Spot
1
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Name 5. Offer Big Figure
Section Offer Price and Details
Definition The first few digits of the best available Offer Price, commonly known as the Big Figure
Possible Values Any valid two-digit numeric value
Comments Note that the decimal place is part of the big figure, and that the pips represent the next digit places
Possible Actions None1
7.Advertised Offer Quantity
The maximum quantity for which the best Offer price is valid. Expressed in millions of the Base currency
Any two digit number
Set by banks according to how much liquidity it wants to provide in each situation. Customer can ask for a higher amount and receive an accepted or rejected request Trade terms at this quantity and the offer price can be seen by floating the mouse over this field my refers to the user who is logged in. This field is not representative of orders placed by other user of this customer.
Click twice to send Request for Execution of the full amount at the Offer Price (buy Base and sell Terms)
6. Offer Order Nearest the market
My Orders
8.Offer Price Direction
This is my Offer order nearest the market. The number represents the pips of the level of the order. The amount in parenthesis is the amount of the order rounded to the nearest million. Direction of change from the previous Best Offer Price.
Any number.
Right click on this number to bring up a list of all my orders for that instrument set. Select Cancel to cancel the desire order.
Green upfacing arrow indicates higher price; Red downfacing arrow indicates lower price
In case of same price, would refer to last change
None
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Name 9.Offer Price Action
Section Preset Trade Details
Definition The direction of the trade for the preset quantity and denomination, if the Offer price is selected
Possible Values Buy or Sell (reverses when the Denomination of Quantity is clicked)
Comments Example, in this illustration, a double-click on the Offer Pips would send a Request for Execution to Buy 7 million EUR vs. USD Executable amounts subject to constraints set for user and organization by administrators and Counterparties By default, the denomination is in the Base
Possible Actions None
10. Preset Trade Quantity
Preset Trade Details
Quantity that would be traded when user executes from Pips
Any valid numeric value, can use standard abbreviations

2
11. Denomination of Quantity
Preset Trade Details
Denomination (Currency) in which the Preset Quantity and Advertised Quantity are measured
Either the Base or Terms of that Currency Pair
12. Bid Trade Action
Bid Price Details
The direction of the trade for the preset quantity and denomination, if the Bid price is selected
Buy or Sell (reverses when the Denomination of Quantity is clicked)
13. Bid Price Direction
Direction of change from the previous Best Bid Price.
14. Advertised Bid Quantity
The maximum quantity for which the best Bid price is valid. Expressed in millions of the Base
Green upfacing arrow indicates higher price; Red downfacing arrow indicates lower price Any two digit number
Example, in this illustration, a double-click on the Bid Pips would send a Request for Execution to Sell 7 million in EUR against USD In case of same price, would refer to last change
Can edit by typing in a blank space, deleting an existing value, or highlighting and typing over an existing value Click on Currency to toggle between base and terms, note that this action will reverse the Trade Action labels None
None
Set by bank according to how much liquidity it wants to provide in each situation.
Click twice to send Request for Execution of the full amount at the Bid Price
Standard numeric abbreviations in FXtrades are: k for thousands, m for millions, b for billions FXtrades Customer User Guide July 2003 (Confidential for Members Only) 7.1 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
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Name
Section
Definition currency
Possible Values
Comments Customer can ask for a higher amount and receive an accepted or rejected request Trade terms at this quantity and the bid price can be seen by floating the mouse over this field my refers to the user who is logged in. This field is not representative of orders placed by other user of this customer.
Possible Actions (buy Terms and sell Base)
This is my Bid Any number. order nearest the market. The number represents the pips of the level of the order. The amount in parenthesis is the amount of the order rounded to the nearest million. ESP Window with Mouse Over display for Offer shown
15. Bid Order Nearest the market
My Orders
Right click on this number to bring up a list of all my orders for that instrument set. Select Cancel to cancel the desire order.
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3.3.2
Executing from the ESP Trading Window
Users can execute by double-clicking on any Advertised Quantity or Bid or Offer Pips for a selected Currency Pair. Clicking the Advertised Quantity sends a Request for Execution for the full Advertised Quantity; Clicking on the Pips sends a Request for Execution for the Pre-set amount as illustrated in the examples below. 3.3.2.1 Executing from Advertised Quantity 1. Click twice on the Advertised Offer Quantity to send a Request for Execution at the Offer Price for this amount (in millions).
q q q
Moving the mouse over the area shows the full terms of the Request, as shown below Can click anywhere in immediate surrounding area, as illustrated here Single click highlights the value, second consecutive (i.e. without clicking somewhere else in between) or double-click sends Request (making a second click elsewhere clears first click)
Request for Execution Trade Complete Status
2. Request for Execution Window appears 3. Complete Terms can be viewed in this Window. Status will briefly read as Acknowledgement Pending, then change to Trade Complete (note incomplete) 4. Trade Records created immediately
q
q q
View, print or take action on Trade Record from Done folder or Trade Details Report Record available from other features for Post-Trade action such as Roll, Allocation, or Settlement Approval Records available for Download or Trade Capture
Note User should check to see that the Trade Complete message is received error 3.3.2.2 Executing from Bid or Offer Pips messages for incomplete trades are described later. Alternatively, the User can click on the Bid or Offer Pips to send a Request for Execution for a preset quantity:
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1. Complete the preset amount with the required quantity and currency denomination
Price Panel with Preset Quantity
q
q q
Can use abbreviations for quantity3 Can enter a full amount Can enter more than current maximum (bank will consider whether to accept or not) Change currency by clicking once
2. Double click on Bid or Offer Pips to Send Request for Execution at that price using the Preset Quantity
Price Panel with Bid Pips Highlighted
q
Can click anywhere in immediate surrounding area, as illustrated here Moving the mouse over the area shows the full terms of the Request Single click highlights the value, second click or double-click sends Request
Request for ExecutionPending Status
3. Request for Execution Window then appears, briefly showing Acknowledgement Pending; then Trade Complete 4. Trade Records available for all viewing, download, trade capture, and other relevant activities
3 Standard
numeric abbreviations in FXtrades are: k for thousands, m for millions, b for billions
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3.3.2.3 Executing from ESP Details Executing from ESP Details works in the same manner as from ESP Market Spot, as described above. In this case, the user can click on any Advertised Quantity or any Bid or Offer Pips shown in the ESP Details Display. For example in the example shown here, if the user wanted to sell 5 million EUR, he could click on the second best Bid, which was a tie in price but was ranked second because it was posted later.
ESP Details with Second Best Bid Highlighted
To send the Request for Execution the user can either click on the Quantity or Pips for the Price he is interested in. As with the ESP Market Spot display, clicking the Quantity will initiate a request for the full quantity, while clicking the pips will initiate a request for the Preset Quantity. The user can click on any of the Quantities or Pips shown in the display.
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3.3.3
Sending Execution Requests from Define Trade Page
To allow for efficient ESP trading in circumstances where detailed terms and conditions are required, the service supports the definition of an Execution Request to be sent immediately or saved for later. Both features allow for the definition of a wide range of values, and are described below:
Define Trade Page Execution Request
16. The Execution Request is initiated by accessing the Define Trade page from the Menu or Toolbar. 17. Define and complete the Terms and Conditions: Define Trade Page allows for definition of Account, Pending Action, Trade Action, Currency Pair, and Preferred Counterparties. 18. Once completed, the Defined Trade can be used to generate the relevant Executable Prices by selecting _Send_ or saved for later use. 19. After selecting _Send_, a Request for Execution Window appears that shows the Terms of the Trade and the relevant Prices. 20. Multiple windows can be displayed simultaneously, and left open for an indefinite period. 21. Click twice on a Price to Execute.
To change account: Click drop down and select a previously defined accounts
Note Only the Buy or Sell Price Actions Note q Only the Buy or Sell Price Actions are applicable to an Execution Request. q Execution Requests are only available for Spot trades in a select group of Currency Pairs. q _Save_ and _Save As_ both save the Execution Request as a Draft for one-time use. q Users can save amounts on the Trading Window for repeated use, but there is no FXtrades Customer User ability to save a complete Guide July 2003 an Execution Request. Only) 7.1 Template for (Confidential for Members 48 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250 q More details on the Trade Define page can be found in the section describing Price Requests and Order Requests.are applicable to an Execution Request.
3.3.4
Important notes about trading with ESP
There are several topics that are important to be aware of when trading with ESP:
q q q q
Prime Broker Impact of Changing Prices Requests for Amounts beyond Advertised Range Possible Causes for Incomplete Trades
Each of these topics are described below: 3.3.4.1 Prime Broker Automation Counterparties can apply Prime Broker Automation with ESP by requesting from Member Services an organization setting that will give up all trades to a Prime Broker. The Prime Broker and the Price-Making Banks would confirm the relationships. In these cases, back-to-back tickets will be created. One would be between the Customer and the Price-Making Bank and other between the Customer and the Prime Broker. Examples can be seen in the Ticket section of this guide. 3.3.4.2 Changing Prices Note that if the Price changes in-between the first and second click, the new price is the one sent in the Request for Execution, and the Customer will be committed for that price. 3.3.4.3 Requests for Amount beyond Advertised Range There is a system wide minimum of 100,000 as measured in the base currency, and a specified maximum advertised amount for each ESP. However, a user can send a request for an amount below the minimum or above the maximum by entering a preset quantity and clicking the Bid or Offer Pips. The selected bank will receive and consider the request and can respond with either a Trade Complete message, indicating the price was honored for this amount, or send a Trade Rejected message.
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3.3.4.4 Possible Causes for Incomplete Trades Other than the request for an amount beyond the posted ranges, there are other reasons for an incomplete trade. These are summarized in the table below:
Message Invalid Amount Type of Message Pop-up Definition User doubleclicked on Bid or Offer Pips without having a preset quantity Administrator at users organization has set Maximum Per Trade Limit for User Counterparty has defined daily settlement limits and this trade has exceeded the amount for the current settlement date There is a set time under which a specified quantity can not be executed in repeated trades 4 Solution Enter a quantity and try again or select the Advertised Quantity Send smaller trade amounts or ask Administrator to increase limit Try to execute with a different Counterparty, or contact the original Counterparty and ask for a larger limit
Trade Limit
Pop-up
Exposure Limit
Pop-up
Liquidity Regeneration
Pop-up
Wait and try again
Bank does
4
Trade Timed Out
If the bank is
Contact
The service will restore 1 million in liquidity each second and refresh every 5 seconds FXtrades Customer User Guide July 2003 (Confidential for Members Only) 7.1 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
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Message not respond
Type of Message
Customer disconnects
Not applicable
Definition disconnected or does not respond within a set time period, the Trade will be Incomplete If the customer disconnects before a Trade Complete message is received, the Trade will be incomplete
Solution Member Services, trade may have been completed.
Re-connect, check status in Done folder. May want to contact Member Services, trade may have been completed.
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3.4
Detailed Steps for Trading using ESP Orders
ESP Orders behave as resting bids and offers in the Currenex service, in that they will automatically submit a RFE (Request for Execution) once an incoming price stream reaches (or betters) the level you specified. FXtrades supports two types of ESP Orders: 3.4.1 Limit Orders are orders for a specific level. Market Orders do not have a specified level. These orders will fill at the next best available price to a customer. Placing ESP Orders
There are multiple ways to place ESP Orders. To enter orders quickly access the Quick Entry Price Bar from the ESP-Spot Market currency panels or completing the Quick Entry form also assess from the ESP- Spot Market currency panels. Alternatively, ESP orders can be placed by completing the Trade Definition page. 3.5 3.5.1.1 ESP Orders are entered via the Quick Entry Price Bar from the ESP- Spot Market Currency Panels Click on Bid or Offer to bring up a price spectrum selected your desire level and click to place the order. Orders placed by this method have the following default conditions: Limit, GTC, Partial Fill (no minimum.) 3.5.1.2 ESP Orders are entered via the Quick Entry from the ESP- Spot Market Currency Panels
Right click on the Bid or Offer buttons or select Quick Entry from the price spectrum described above. Enter your order conditions and Select Place Order to submit the order.
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3.5.2
ESP Orders are entered via the Define Trade function
Users specify a Buy or Sell direction, Currency Pair, Amount, Rate and Expiry time, and also have the option of specifying a minimum amount for partial fills, if permitted. The Customer may also specify whether Partial Fills are permitted,
1. Once the details are correct, an ESP Order is presented to the service by clicking Send. If the request to buy is in the money (i.e. above the best offer or below the best bid), a confirmation window will appear:
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2.
Upon successful submission, a popup window will confirm that the ESP Order was successfully submitted and the Active ESP Order will appear in its own folder:
3.5.3
Editting and Cancelling ESP Orders
ESP Orders cannot be edited once they have been placed on the server but may be Canceled. If a customer wishes to change the terms of an ESP Orders, the request must be cancelled and resubmitted. FXtrades provides two way to cancel an order: a Quick Cancel function my order nearest the market from the ESP-Spot Market currency panels and the ability to cancel orders from the ESP Orders folder. 3.5.4 Quick ESP Order Cancel from Currency Panel
To cancel and order, right click on My Order Nearest the Market. A list of outstanding orders for that currency pair will appear. 2. Highlight the order to be cancelled and select Cancel.
1.
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3.5.5
Canceling An ESP Order from the ESP Orders Folder
3. To cancel and order, right click on the row of the order to cancel in the ESP Order Folder and select Cancel. Since ESP Orders are filled on a first-in/first-evaluated basis (and provided all other criteria have been matched), the new ESP Order will not have the same priority as the cancelled ESP Order, but will placed at the end of the current queue. 3.5.6 Viewing ESP Orders
The ESP Orders view is located unter the ESP Detail view. The ESP Order view shows the 5 nearest (unattributed) ESP Orders placed in FXtrades regardless of counterparty relationships. The customers own Orders will be be highlighted. ESP Order size is indicated under Qty, in millions.
Your ESP Orders (highlighted)
Other Customers ESP Orders
3.5.7
ESP Orders Matching and Execution
1. When a matching price is streamed, the request is then checked against any exposure (credit) limits. If credit limits are satisfied, FXtrades sends an RFE to the matching counterparty.
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2. After the bank accepts the RFE, the ESP Order is filled and the executed trade will appear in the Done folder. ESP Order - Fill Completed is displayed in the Message Monitor and the completed ESP Orders is removed from the ESP Orders folder. The customer will hear a verbal alert when this action occurs. Tickets for completed trades can be accessed via the Done folder and the Trade Details report. Whenever a new, streamed price arrives, all ESP Orders will be evaluated for matches (in the order they were placed in FXtrades).
Status of an ESP Orders appear in the Message Monitor
3.5.8
ESP Orders Status Values and Descriptions
Following is list of all ESP Status values and their descriptions.

ESP Orders Status Values ESP Order Fill Complete Description Complete status will be generated when the ESP Order is completely filled (regardless of whether this was accomplished by a single fill or multiple Partial Fills.) The customer cancels the ESP Order. The Order is removed from the ESP Orders folder. If no portion of the Order was filled and the Order reaches its expiry, the customer will hear a sound and the expired request will be moved from the ESP Orders folder to the Drafts folder. If the Order was partially filled and it reaches its expiry, the Order will simply be removed from the ESP Orders folder and a message will appear in the Message Center. If the user wishes to reinstate, they must amend the ESP Orders expiration time and resend it for placement. Replacing the Order will be considered a new ESP Order and will not occupy the same space in the evaluation of Order as the expired ESP Order. Indicates an ESP Order has been placed in the FXtrades service.
ESP Order Cancelled ESP Order Expired
ESP Order Placed
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ESP Orders Status Values ESP Order Partial Fill
Description The customer may allow Partial Fills. When a counterparty streams an amount lower than the total amount requested but greater than any minimum fill amount specified, the Service will send the matching bank an RFE in the amount equal to the stream. When the RFE has been completed, the remaining amount will be replaced in the Service and remain active. If the remainder is equal to or less than any available amount being streamed, another RFE will be generated to continue the filling process. RFEs will be similarly sent to any other counterparty whose streamed prices constitute a match including the previously matched counterparty bank. The ESP Order will continue generating RFEs until: the full amount of the RFE is filled the amount remaining is less than the market floor (currently $100,000 USD.) the ESP Orders is no longer able to be filled due to too many failed RFE attempts. See below for a definition of Attempt Failed status. Each time an RFE is accepted, the executed trade will appear in the Done Folder. ESP Order- Partial Fill is displayed in the Message and the customer will hear a distinct sound associated with this action. The last fill will generate an ESP Order Fill Complete message. Note: if the last remaining amount of an ESP Order is less than the customers specified partial fill amount, attempts to fill the Order will be made regardless of the customers specified minimum fill amount. This status will appear when the ESP Order amount is below the system minimum (currently 100,000 in USD) and the remainder will not be filled. The Order will remain in the ESP Orders folder and must be cancelled to by the customer to be cleared from the ESP Orders folder. If a bank rejects the request, any reason received from the counterparty Maker will be displayed with this message. This message will also appear if the RFE attempt times out before receiving a reply from the Maker or the exposure (credit) limit check failed. The ESP Orders remains active and will be sent to the next available price match until complete or the customer cancels their request or all match attempts with all counterparties have failed.
ESP Order Below Min:
ESP Order Attempt Failed <reason>
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ESP Orders Status Values ESP Order STATUS UNKNOWN: URGENT Call Support
ESP Order Attempt Failed All Match Attempts Failed
Description When a reply to an RFE is not received within the expected timeframe, and it is unknown whether the bank has Accepted or Rejected the trade, the message: ESP Order STAUTS UNKNOWN: URGENT Call Support message will appear in the message center. Call Support IMMEDIATELY to inquire on the disposition of the ESP Order. This trade may or may not have been executed. If the ESP Order cannot be filled it will be removed from the customers ESP Orders folder. The following conditions will trigger this All Matched Attempts Failed status. the ESP Order has had 3 RFE attempts rejected by each counterparty Makers price stream the ESP Order failed all exposure (credit) limit checks
3.5.9
Tracking and Reporting ESP Orders
Two new reports have been created to review the disposition of ESP Orders after the order has been completed, cancelled or expired. Please refer to the Reports Chapter of the User Guide for complete details .
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3.6
Detailed Steps for Defining and Completing Price and Order Requests
This section provides detailed steps for defining and executing new Price and Order Requests. It includes the following topics:
q q q q q
Setup: Step 1: Step 2: Step 3: Step 4:
Saving Trades as Templates or Drafts Create or Select a New Request Complete the Trading Define Trade Page Select the Send button or take other action Complete the Trade
3.6.1
Setup: Saving Trades as Templates or Drafts
For maximum efficiency, uses can choose to pre-define and save partially or wholly completed trade definitions as Templates for repeated use or Drafts for one time use. These pre-defined trades will be available in the Templates and Drafts folders in the Trades Monitor and can also be made available as One-Click Displays. Users can designate these Drafts or Templates to be One-Click displays by indicating their preference when they create the Draft or Template, or can create the One-Click Display anytime afterwards. Drafts can be created and saved in the user interface or created elsewhere and uploaded into FXtrades. Templates can be saved in the user interface. Both methods are explained on the following pages. Note q One-click displays are only available for users who do not use ESP. q ESP users who attempt to set up one-clicks will see an error message that reads No Permission.
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3.6.1.1 Uploading trades to create Drafts 1. Go to the Trading menu and select Upload, or select
Currenex Main Navigation Window with Trading Menu Selected
from the Toolbar.
Upload Trades Window
2. Select _Browse_ to select uploaded files from a local directory as shown below. These must already be formatted according to the FXtrades specification for uploading trade files. 3. Select _Submit_ to send the uploaded trade to the Drafts folder, where it can be retrieved for execution. Note q Uploaded trades can include allocations, if desired, as well as settlement instruction names, complete instructions, and the name of one Counterparty or one bank list. q Users can contact their Accounts Manager for specific-file layout information or to obtain a Program Guide for custom layouts of XSLT stylesheets. q There are two distinct user privileges for upload of stylesheet s and upload of trading records.
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3.6.1.2 Creating Templates or Drafts from the Trading Define-Trade Page Users can create Templates and Drafts for any instrument type by defining trade(s) on the Trading Define-Trade page and then saving them as described below. 1. Enter a complete or partial set of terms and conditions on the Define Trade page and select _Save As_. 2. In the Save As pop-up window i. Select the Draft or Template radio button. If Template is selected, enter a name for easy reference. Names can be up to 50 characters. ii. Indicate if this Draft or Template should be included in the One-Click display by clicking the checkbox as shown below. The One-Click displays provide easy viewing of rates and fast execution of the pre-defined trade. iii. Select _Save_. This action will save the request in the Draft or Templates folder from which it can be retrieved or viewed anytime and sent when ready, and will also save it for the One-Click display if indicated.
Saving a Draft Saving a Template
3. Setting an Alarm. If the user has included the Draft or Template in the One-Click Display, the One-Click Alarm window appears, allowing the user to enter a required price level and set an alarm to be notified if the indicative market rates have reached or crossed their preset targets. To use this feature, users must ensure that Switched On is selected and then select _Set_ as shown in the picture below:
Setting an Alarm
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3.6.1.3 Using Drafts or Templates that have been saved To access a template or a draft for editing or sending, users can double click on the predefined trade in the Templates or Drafts folder to see and use the Trading-Trade Define page. Users can also right click with the mouse on of these trades to see a menu and perform other functions, as illustrated below.
Templates and Drafts Menu
Draft or Template Menu Selections and Definitions

Menu Selection Send Definition Sends the request to the counterparty after validating it for any errors. If there are errors users will see the Define Trade page where changes can be made before sending. Opens the Define Trade page for editing or viewing details. When changes are made, users must select _Save_ to save changes. Selecting _Save As_ will result in the creation of a new template or draft. Deletes the template or draft from its respective folder. Creates a One-Click window for the template or draft if it was not created at the time of defining the trade request. When the user selects this item, the One-Click Alarm pop-up window appears as illustrated below. The One-Click display will be created when the user selects _Set_.
Edit
Delete One-Click
Illustrations of a Template and One-click setup are shown on the following pages:
Template in Edit Mode
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Note
q
When a Template is being edited or Sent, the name of the Template will appear at the top of the Trade Define Page, as shown below. Pre-trade allocations saved with Templates are only applicable when the actual trade has the same action (e.g. buy or sell) as the Template.
Setting up the One-Click display from the Drafts folder
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3.6.1.4 Customizing the One-Click Displays

q
Initial Setup The one-click display window will be hidden until the first one-click trade is created. Once created, it will appear in a docked state, looking something like the illustration below:
One-Click Display Docked (Docked/Undock Icon Highlighted)
Customizing the display Although users share the underlying templates and drafts with other users in their member organization, the one-click displays can be customized per user, and are only available for that user. User can re-order One-click displays by dragging each one into another part of the one-click display area. The one-click window can be docked or undocked by clicking the docked icon on the toolbar (highlighted in the example above) or from the Setup menu. Once undocked, the One-Click display area can be sized horizontally or vertically.
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3.6.1.5 Viewing, Editing, and Using the One-Click Displays

q
When the mouse is moved over a One-Click display, users will see the bank list and the tenor at a minimum. For uneven Swaps, in addition to the tenor and the bank list, users will see the near amount, far amount, price method, and the indicative rates. Market prices shown in the One-Click displays are indicative prices from market sources. When a price request is sent, the bank will see a normal request. There is no reference given to the bank regarding the indicative prices seen in this display. Users can edit various properties or remove each One-Click display by right clicking the mouse on a display and selecting from the menu that appears, as shown below:
Changing Settings of the One-click window
One-Click display menu Selections and Definitions Menu Item Definition Alarm On Turns the alarm on Alarm Off Turns the alarm off Edit Alarm Re-opens the One-Click Alarm pop-up window to allow the user to edit the Alert levels Edit Trade Opens the Trading-Trade Define page to allow the user to edit the Terms, Conditions, Allocations or Defined Fields of the trade Remove Removes the One-Click display. Users will be prompted with a Are you sure? message to which they must either click on Yes or No to proceed with the required action.
Note
q
The Templates and Drafts folder and the One-Click display will show the bid and offer rates only for those currency pairs in the Indicative Rates monitor. Editing the One-Click Trade will change the underlying Template or Draft that is shared with other users. To see a list of these currencies refer to the Appendix of this document. 65
3.6.2
Step 1: Create or Select a New Request.
Trade requests can be initiated from a partially or fully pre-defined request in a OneClick display or the Templates or Drafts folder, or by creating a new request. Each are explained below: 3.6.2.1 Selecting and sending a pre-defined trade request from a One-Click display Users can send a trade from a One-Click display by clicking the action (Buy, Sell, or Price) as highlighted below:
As long as the terms and conditions are complete and the requested Counterparties are logged on, the request will be sent immediately. If the terms and conditions are incomplete users will see an error message and the Define Trade page will appear to make the necessary changes. Users can edit the One-Click displays at any time by double-clicking on the display or choosing edit from the right mouse menu.
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3.6.2.2 Selecting and sending pre-defined trades from Templates or Drafts folder: 1. Go to the Templates or Drafts folder
Service Navigation page - Drafts folder
2. Double click on the trade to be executed in order to review or edit (Double-click to open or right click and click send if no editing is needed) 3. A Trading -Define Trade page appears. If information has been partially filled in, users can complete the remaining fields before sending. If information is complete, users can select _Save_ or press Enter to send to the selected bank or banks. Alternatively, the user could take another action such as validate, save or save as a template or a draft. 3.6.2.3 Creating a New Trade Request New Trade Requests can be initiated from the Toolbar, Menu, or from the Indicative Rates Monitor. Each of these is described and illustrated below: 3.6.2.3.1 Create a New Request from Menu or Toolbar Go to Trading on the main menu and select Define Trade or click the icon on the tool bar, or right click with the mouse on a rate in the Indicative Rates Monitor.
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Trading menu Define Trade Menu selection and Toolbar Define Trade Window
The Define Trade page will appear, allowing the user to define any one of the available instrument types in any currency.
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3.6.2.3.2 Creating a new request from the Indicative Rates Monitor When the user right clicks with the mouse on the Bid or Offer of a currency pair in the Indicative Rates Monitor, he will see a short menu prompting them to indicate which currency will be specified, as shown below:
Indicative Rates Menu Selections
After clicking on or the other, the Define Trade page will appear with the currency pairs selected and the corresponding actions for a Spot trade. Users can also select a Forward or Swap transaction by clicking the required tabs on this page. To complete the trade, the users must specify the amount, the Counterparties and any other conditions.
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3.6.3
Step 2: Complete the Define Trade page
3.6.3.1 Overview of Define Trade page Note that the Define Trade page has the following properties:
q
It is an independent window. Users can minimize or maximize the window when in the floating stage. The window can be closed anytime by clicking the _X_ button on the top. Users can have only one Define Trade window open at a time. Opening a new window using the menu or toolbar, will replace the existing window, losing any work, and bringing a new one to the front. Attempts to open a new window during a bidding round will bring the window to the forefront but will not replace the existing one. Only two sections of the window can be open at any one time: The Terms, shown at the top, and either the Conditions, Allocations, or Defined fields. Opening one of these three automatically closes the other. The last used section will remain open the next time the page is selected. Users can open a section by clicking the arrow next to the name of the section or by pressing the keyboard combination, as underlined on the title of the section. For example, the i in Allocation is underlined, so that the user knows he can press CTRL+I to open that section using the keyboard. At request of the Currenex members, many of the fields on this page are sticky, meaning the last used value remains.
To help expedite the trading process, the curser defaults to the Amount field. Once the amount is specified, users can select _Send _ or press Enter to send if they have a default of at least one bank. Users can also define the trade by changing or filling in all necessary terms and conditions. An illustration of the page is shown below, followed by a detailed explanation of each section of the page.
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Overview of each section in Define Trade page

IDENTIFIERS
A Currenex Trade ID and an optional Custom Trade ID.
TERMS
Financial terms for a trade such as trading entity, currency, amount and tenor. This section is different for each instrument type.
CONDITIONS
Conditions for negotiating a Price request or Order including Pending Action, Trade Instruction, and selection of one of more Bank Counterparties and instructions if needed.
ALLOCATIONS
Specifics of allocation of the trade to different entities and accounts, if needed. For Spots and Forwards only. Default Allocations can be automatically applied by checking the Auto-Apply selection. This selection will remain checked and automatically apply the allocations when the user selects _Validate _ or _Send _
ACTIONS
Save a complete or partial trade request, validate or send a completed one.
D EFINED FIELDS
Special reporting fields designed by the user that can be entered pre or post trade.
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3.6.3.2 Details of Identifiers Section of Trade Define Page
Field Name
Definition
Possible Values
Sticky
Trade ID
Created automatically when a new trade is saved or as soon as new trade is initiated
15 digits created by Currenex
Mandatory, Optional or System Provided S
Comments
Custom Trade ID
Customers can enter their own internal ID
Customer defined values of up to 15 digits Can be alphanumeric
Trade is assumed to be in draft mode until it is sent, hence the name New Trade will display in this area until saved or sent Customers can enter their own ID at any time. It will appear on the trade ticket for both Counterparties
Note
q
Sticky means that when a new trade is being created, the field remains filled as it was last used (also known as persistent). System provided means that the service will calculate or otherwise provide this information based on other fields or a set routine.
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3.6.3.3 Details of Terms Section of Trade Define Page Users select the type of instrument by clicking on the tab for Spot, Forward, Swap, or Loans & Deposits. They then fill in the mandatory and any desired fields. Each are explained below:
Spot Terms
Field Name
Definition
Possible Values
Sticky
Entity Trading For
Displays the name of the trading entity
Action Selection
Displays whether this trade is Buy, Sell or Price for the selected currency
Possible list of values for sub-entities set up by user. For example ABC Company Buy, Sell, Price (Select when Priced) next to radio button
Mandatory, Optional or System Provided M
Comments
Label for Action of specified currency
Identifies intended action for specified currency
Buy or Sell
Defaults to parent organization for new trades (currency fields are sticky relative to the sub-entity used) Users can click on radio button or label; note that users cannot select Pre-Trade Allocations when using Price Changes when action selection is changed above
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Field Name
Definition
Possible Values
Sticky
Specified currency code
Contains the currency code for any one of the eligible 150 currencies in the database The amount of the specified currency to be traded
Any 3-letter currency code, for example, JPY, USD
Comments
Users can type the code or click the arrow to select from the list that appears 5 Can use b, m, k for billions, millions and thousands or enter exact amount Note that Allocations will not appear or adjust automatically until the user selects _Validate or _Send _
Specified Amount Field
Contains up to 19 digits.
Value Date
The date on which the currencies are exchanged.
Against currency Code
Estimated CounterCurrency amount
Currency Code for any one of the eligible 150 currencies in the database Indicates the estimated amount of the countercurrency using market rates
Any valid date in Currenex full Date format 28 Aug 2003 Any 3-letter currency code, for example, USD, JPY A value up to 19 digits
Appears after selecting _Validate or _Send _ Users can type the code or click the arrow to select from the list below. Appears after selecting _Validate or _Send _
The list begins with 12 frequently used currencies, followed by all others in alphabetical order. FXtrades Customer User Guide July 2003 (Confidential for Members Only) 7.1 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
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Forward Terms Forwards can be defined using standard tenors or customer defined (broken dates).
Forward Terms (Customer Defined Example)
Forward terms have the same mandatory and optional fields as Spot, plus the following
Field Name Definition Values Sticky Mandatory, Optional or System Provided O Comments
NDF
A flag to indicate that the currency is nondeliverable.
Checked or Unchecked.
Tenor
Standard value date periods based on market standards and generally agreed business days and holidays.
Set time periods such as 1M for 1 Month, or Customer Defined (CD), also known as Broken Date
Flag is not automatically checked and there is no additional support for NDF Type or select from the list, see full names when the list is opened, Custom Defined (CD) choice will be seen at the top Users can be restricted to a specified maximum tenor in Setup Privileges Always available to be clicked on; it is a floating window that can be moved (see next page)
Calendar Icon
Allows easy definition of Custom Defined Date (Broken Date)
Any valid date
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Calendar Icon
Notes on Calendar Icon

q
q q q
Calendar Icon can be moved anywhere on the page, but the Trade Define Page cannot be accessed until the Calendar is closed. Months and Years can be changed by selecting the list box to see and choose other periods, or clicking the right and left arrows to move forward or back by one period. Note that the tab and enter keys can be used to move and select the years and months and select _Cancel_ or _OK_,, but the mouse must be used to select a specific date. Going from December to January does not change the year. A double-click on any date will select that date and replace any other tenor with CD for customer defined. Non-trading days are not highlighted, but the user will see a warning when he Validates or Sends the request.
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Swap Terms (Even Swap Example) Swaps can be defined as Even or Uneven, and could be set with a spot and forward date or two forward dates (forward-forward Swap).
Swap Terms (Even Swap Example)
Swap Terms (Uneven Swap Example)
Differential (System provided)
Swap terms have the same mandatory and optional fields as Forward, except for the addition of the following fields:
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Field Name
Definition
Values
Sticky
Uneven check box Far date specified currency
Indicates if the Swap is uneven or even (unchecked) Currency Code for any one of 150 currencies in the database
Checked or unchecked Any 3-letter currency code. E.g. USD, JPY
Mandatory, Optional or System Provided O
Comments
Changes the fields in the Far Date area Users can type the code or click the arrow to select from the list below Mandatory for Uneven, System determined for even Type or select from the list
Far Date Amount
Specified amount for far date.
A value up to 19 digits
M or S
Far Date Tenor and Value Date
Tenor date for Far date
Set time periods such as 1M for 1 Month, or Customer Defined (CD), also known as Broken Date Any numeric value
Reference Rate
Rate for near date requested by customer.
Depends
Differential
Difference between the Near Amount and Far Amount
Any monetary value
Depends
Only appears for Even Swaps, in which case its Optional Only appears for Uneven Swap, in which case its System generated
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Loans & Deposits Terms Users can specify a Loan or Deposit (from their perspective)
Loans and Deposit Terms (Same Day-Overnight Example)
Field Name
Definition
Values
Sticky
Action
Side of Transaction
Loan or Deposit
Comments
Start Date
Day Count Basis
When the Loan or Deposit begins to accrue interest Ratio for determining number of interest days to apply to agreed rate
Any valid date
ACT/360 ACT/365 30/360
End Date
When the Loan or Deposit ends the accrual of interest
Any valid date
In a deposit, the Customer lends money to a bank. Works the same as tenor field Associated with Currency; all but GBP are ACT/360; GBP is ACT/365; can be edited by user The Forward Tenor Limit in Setup Privileges will also limit the end date for Loans and Deposits
Note For Loans and Deposits, Overnight is included as a standard tenor.

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3.6.3.4 Details of Price Request Conditions on Trade Define Page User can negotiate a trade using a Price Request or Order or define an Execution Request. There are many choices of Price Request methods and there are many important nuances of choosing a method and choosing bank Counterparties to send a request to. An illustration is shown below, followed by a table of definitions and additional explanations for Quote Service Periods and Counterparties.
Price Request Conditions
Field Name
Definition
Values
Sticky
Price Request method
Method for price request determining if quotes are sent back immediately or simultaneously.
Fast Quote checked or Timed Quote checked
Comments
The selection determines the relative timing of when quotes are returned6 Loans and Deposits Price Requests only have Fast Quotes available
When Fast Quote is selected, the quotes come back as soon as bank users enter them. With Timed Quote, all bank-entered prices come back simultaneously at the end of a set period. A subsequent section describes the time period for each situation.
6
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Field Name
Definition
Values
Sticky
Price 2- way Flag
Requests bid and offer rates from banks and hides the intended action during the price request process
Check box next to 2way label
Comments
Pending Action
Notifies the participating banks about further action
None, Roll, Allocate, Revised Amount
N7
Can be used in conjunction with Buy or Sell action, in which case, the true action will only be seen by the winning bank; automatically selected when using Price; not available for Loans & Deposits In the case of revised amounts, all recipients of the request are notified Should be used with discretion as this appears on the trade ticket, may not get read by bank, for example an auto-quoting bank will not see it There are many ways to choose banks and set defaults, as explained in the following section
Trade Instructions
Special instructions to be sent to the bank during the request process
Alpha numeric string of characters. Free Format
Counterparties
Groups of banks to send the request to
Bank Groups and individual banks under each group
As a general rule, the Pending Action is not sticky, but a selection of Allocate, will be sticky FXtrades Customer User Guide July 2003 (Confidential for Members Only) 7.1 Member Services UK 00800 349-87233, US 1(877) 939-8723, all others 1(914) 921-8250
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3.6.3.4.1 Selecting Counterparties for a Price Request Customers can select one or more banks to receive a Price Request. They can select a set of banks individually or use a pre -set group. By default, the customer will have a Group called All Direct that includes all direct trading relationships. If a Prime Broker is used, there will be a default Hub group for that Prime Broker with the eligible banks shown as member of the group. The customer can then create sub-groups from either of those groups by going to the Setup menu. To edit selected banks for a particular request, the user can
q q
Select all banks from any one group by double-clicking on that group name Select banks one at a time by clicking once on a group, to put all of the bank names in the middle box, and then click once on each name that the user wants. He can add banks from different groups by using this method (If a bank has already been selected as a direct or indirect, it will be un-available for selection). Clear one at a time by clicking once on the bank name in the middle list or clear all banks by selecting _Clear Selections_
Bank List Default Menu
Customers can create a default for selected groups by right-clicking on a group name in the Groups/Hubs column to see a menu as shown to the right:
Definition of Bank List Defaults Setting Set As Default (Selected) Set As Default (Unselected) Default None Impact All of the banks in the default bank list will automatically appear in the Selected column and additional banks may be added or the trade can be sent to the selected group. All the banks from the default list will appear in the only in the Counterparties column. The user can click on the desired bank(s) one at a time to move to the Selected column. No default list will be selected. The user must first click on a list to have the banks appear in the Counterparties column to start the bank selection or double click on a single list to have the entire contents of the list move to the selected area.
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3.6.3.4.2 Detailed Explanation of Quote Service Periods Each Price Request has a specified period by which quotes must be sent in order to be seen by the customer. A customer can immediately view a quote entered in response to a Fast Quote request. By contrast, quotes entered in response to a Timed Quote request are not seen by the customer until this period has ended. Sample trade request periods are shown below.
Fast Quote Service Time Periods Trade Type Spot (in any G11 vs. another G11) Spot (Crosses and Exotics) Forwards Swaps Loans and Deposits Timed Quote Service Time Periods Trade Type Spot Spot (Currency Cross) Forward Outright Forward Outright w/customer defined date Even Swap Uneven Swap Even Swap with a forward-forward Even Swap w/customer defined date Uneven Swap w/customer defined date Uneven Swap with a forward- forward
Time in Seconds 30 90 90 180 120
Example
USD/CAD, USD/ZAR EUR/GBP, USD/CZK Any Pair Any Pair Any currency
Major 20 40 55 65 55 65 65 65 75 85
Secondary 30 50 75 85 75 85 85 85 95 105
Exotic 55 55 90 100 90 100 100 100 110 120
Note For a Time Quote, the customer has aNote For a Time Quote, the customer has a set time to review and select from the quotes that have been delivered, usNote q Print label on the trade ticket only prints only the details of the trade
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3.6.3.5 Details of Conditions Section of Trade Define Page for Orders Customers specify an Order Request to go to a single bank, along with specific instructions for completing the order. As with Price Requests, the only eligible Counterparties are those that have been approved in advance, but there is no need for Bank Lists, as only one bank receives each request. Customers can use the Pending Action and Trade Instruction fields in the same way as described for Price Requests.
Order Conditions
Field Name
Definition
Values
Sticky
Order Type Stop Type
(new)
OCO Field
Expiry Date
Type of order to be sent Indicates the type of Stop Order Allows one order to cancel the other Date on which the order expires
At Best, Limit, Stop or Benchmark Trade, Bid, Offer or Limit Another Trade ID
Y Y
Mandatory, Optional or System Provided M O
Comments
Defined in a table below Applicable when Stop is selected. See definitions of each type in table below Need to link to a previously sent order Applicable for any order. When a standard c losing time is used; the equivalent time in GMT will appear in the Expiry Time Field (0900 for SG, 1700 for LDN and 2200 for NY) as illustrated above but the banks users will see only the GMT time in
GTC (Good until Canceled) LDN (London Close) NY (NY Close) TOK (Tokyo Close) CD (Customer Defined)
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Field Name
Definition
Values
Sticky
Comments
Expiry Time
Time at which the order expires Indicates the required rate Indicates if client will accept partial fill or not Single bank to which the order must be sent
Required Rate Partial fill Indicator
Any 24 hour time period with hours and minutes 00:00 to 23:59 Any numeric value Select either Partial Fill OK, or All or Nothing
these cases Applicable to all orders
N Y
O M
Counterparty
Bank names only NO LISTS
Applicable to Limit and Stop Loss Orders only Partially completed orders will be allowed and will be recognized as a single trade the default is Partial (new) One bank per order
Order Type At Best (aka Market Order) Limit Benchmarks Stop-Trade Stop-Bid Stop-Offer Stop-Limit
Definition Indicates the customer wants the order to be filled at the best possible price and as soon as possible. Has a limit on the price and/or time of execution Completed in accordance with a pre-determined set of rules by a bank An order to buy/sell becomes a market order when the instrument trades at or above the stop price A stop order becomes a market order when the instrument trades (or is bid) at or above the stop price. A stop order becomes a market order when the instrument trades (or is offered) at or below the stop price. A variation of a stop order in which a trade must be executed at the exact price selected or better. If the order cannot be executed, it is held until the stated price or better is reached again.
Note q The ability to execute Orders is a distinct User Privilege. This privilege can be turned on or off in Setup Privileges. When allowed, a user can execute any instrument type using Orders. q The Stop types can only be selected when Stop is selected. Once selected, click the drop down box to the right of Stop and select a Stop Type.
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3.6.3.6 Details of Allocations Section of Trade Define Page Users can complete allocations in an upload file with trade details, at the time of Trade Definition or after the trade. To define during Trade Definition, the user clicks the Allocation label to open this section and enters amounts, enters percentages, or applies default percentages. The amounts are automatically calculated if the user enters a percentage or applies a default set of percentages. An illustration of the page is shown below, followed by detailed explanations.
Allocation Section of Trade Define Page
Definition of the columns and other fields in Allocations section of Trade Define Field Name Definition Values Sticky Mandatory, Optional or System Provided Allocation ID A customer Any alpha numeric N O defined combination identifier for that allocation.
Comments
Amount
Amount to be allocated to the fund or sub
Any numeric amount as long as the values sum to the original trade, can use k, m, and b as shortcuts for thousands, millions and billions, e.g 1m = 1,000,000.00 Any percentage
M or S
Will be shared with counterparty on trade ticket and can be saved with the Default Will be shown as an absolute number regardless of whether it was a buy or sell; will be calculated when % are used
Percent
Percentage of
M or S
Will be shown as
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Field Name
Definition
Values
Sticky
Mandatory, Optional or System Provided
Comments
the trade to be allocated to the fund or sub
amount
Fund/Sub
The name of the fund or subsidiary that is the beneficiary of this allocation
Any pre-defined fund or sub that the customer has set up in its FXtrades account
Action
The direction of the allocation, e.g. buy or sell
Buy or Sell
Remainder
The remaining amount of the trade that has not yet been allocated
Any numeric value
an absolute number regardless of whether it was a buy or sell; will be calculated when percentages are used; when applied to JPY will round to eliminate decimal places Users can select the same fund or sub as many times as needed. Fund and sub names are shared within an organization. Users can choose either buy or sell, regardless of which action the trade is, as long as all of the allocations sum to that amount The defaults cannot be saved and the trade cannot be sent until the remainder equals zero
Users can move from field to field using the mouse or keyboard. Clicking a field will open up any drop down lists, such as the ones for Fund/Sub or Action. Doubleclicking in the amount or percentage field will allow the user to replace the existing value with the one being typed in. Users can use the tab or arrow keys to move from field to field, and then can use the space bar to open a drop down list.
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Allocation section of Trade Define Page
Definitions of check box and action buttons in Allocation section Button Definition Auto-Apply When checked will automatically apply the Default Allocations
Comments Will apply whatever Allocations are the Default at the time the trade is defined. The allocations are applied when the user selects _Validate _ or _Send _ There is no limit on the number of rows but the user may need to scroll see all of the rows
_Add Row_
Adds a row for another allocation, the default is zero rows Deletes the row currently in focus Clears the values in all rows Applies the saved Default percentages and Allocation ID (if used) to the current trade amount Saves the currently displayed percentages and Allocation IDs (if used)
_Delete_ _Clear_ _Apply Default_
_Save as Default_
This default is a per user setting, not shared with other users in the organization This default is a per user setting, not shared with other users in the organization
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3.6.4
Step 3: Click the Send button when ready or take another action.
Field Name _Save_
_Save As_
Definition Updates an existing predefined Template or Draft with the changes made or prompts user to name a newly pre-defined trade Allows user to save a new Template or Draft
Comments If the trade definition had been saved before, the trade will be saved under the same name
The user will be prompted to create a name and indicate if the trade is to be saved as a Draft for onetime use or a Template for repeated use If the user wants to save a pre-existing Draft or Template with some modifications, he or she should make the changes and select _Save_
_Validate _
Verifies the quote request by calculating the value dates, and the estimated amount
_Send _
Sends the quote request to selected bank or banks
An error message will pop up for conditions that prevent the trade from proceeding, such as nontrading days or an amount that exceeds a Trade Limit for the user or exceeds the Daily Settlement Limit with a selected Counterparty (non trading day errors can be overridden by clicking yes, but the other errors can not) Will check for any error conditions (same as Validate in that regard)
Selecting _Send _ sends the Price Request or Order to the selected bank(s). In the case of a Price Request, the user will see quotes coming in from banks shortly afterwards. In the case of orders, users will get a message that the order is sent and can proceed with other tasks. Prior to sending a price or order request, users can select _Validate _ to verify the quote request by calculating and displaying the value dates and the estimated amount. This activity checks the information in the request versus stored privileges. An error message will pop up regarding any conditions that prevent the trade from proceeding. Customers using EMA may be subject to an exposure limit established by their Prime Broker. Trades that would exceed the exposure limit will generate an error message.
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Invalid Selection and error message on the Define Trade page
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3.6.5
Step 4: Complete the trade (Price Request)
To complete the trade, the user selects his or her preferred price using one of the available methods. Alternatively, the user can choose to decline all prices or allow the quote service period to expire. Each situation is described below: 3.6.5.1 Viewing Quote Selection Page Once the request has been sent, the user will see a Quote Selection page with a list of all banks to which the request was sent. Meanwhile, a draft of the trade has been created and saved in the Drafts folder in the event that the trade is not completed. The user will see one or more executable prices appear almost immediately from the selected bank(s) and can select one, decline all, or all the time period to expire. These prices are ranked from best to worst, with the top row highlighted as shown below8 :
Quote Selection Page (shown for Custom Defined Forward trade)
8 In the event of two identical quotes or a Price Request, there is no highlighted response.
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3.6.5.1.1 Timing of Response from Banks on the Quote Selection Page There is a quote service period specified for each type of trade that governs the time period for each request as described above in the conditions section. In a Fast Quote request, the quotes are seen by the customer, and are executable, as soon as the bank enters them.
q
Banks can update and cancel these quotes during the Quote Service Period until the user selects one or declines all. As a result, the rows with each bank and its quote may move up and down in the list during this time period. In a Fast Quote, banks can apply a setting that automatically expires its quotes after 5 seconds. When a bank has this setting applied the customer will see a * to the right of the number corresponding to that bank.
In a Timed Quote, the quotes are presented to the customer at the end of the Quote Service Period. There is a subsequent customer selection period of five seconds, during which the bank can attempt to cancel a price, but not re-send a new one. 3.6.5.1.2 Interpreting the Columns
Column Prices and Rates Significance The example on the previews page shows the Quote Selection page for a Forward transaction. The will display rates up to 8 decimal places. If the rates are hidden, users can expand the column with by dragging the mouse over the borders of the column to see the rates. Label varies according to the instrument, for example, responses to Spot requests will be labeled as Bid and Offer. Shows the estimated savings from the best quote to each of the others. Used to communicate specific standard messages. The most common message is Claimed, which appears when a bank user claims the request to indicate he or she will respond to the request. Other types of messages are ones that come from AutoPricing engines to indicate a reason for not responding or other messages.
Difference Comment
Definition of ranking criteria for incoming prices

Instrument Bid (Selling the Base aka the Lead Currency, for example EUR vs. USD) Highest Spot Highest All-in Rate Highest savings, given the total cost of both transactions (usually Highest Points when the Base currency is sold on the far date) (Deposit) Highest rate Offer (Buying the Base aka the Lead Currency, for example EUR vs. USD) Lowest Spot Lowest All-in Rate Highest savings, given the total cost of both transactions (usually Lowest Points when the Base currency is sold on the far date) (Loan) Lowest rate
Spot Forward Outright Swap
Loans and Deposits
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3.6.5.2 Selecting a Quote on the Quote Selection Page To select the best quote users can do any of the following:
q q q
Type the corresponding number on the left, Highlight the row with the desired quote and select _Accept Selected Quote_. Double-click on any rate to select it.
If the user highlights a row by clicking with the mouse during a Fast Quote, that bank will remain highlighted, even if it changes its relative position in the list. Once the user accepts a quote there will be then be a short delay of about one second while the service confirms that the bank is still connected. After confirmation, the user will see a Trade Complete message with the agreed price and the actual countercurrency amount as shown below:
Trade Completion page
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Once the trade is completed, the newly created draft is removed from the Drafts folder. After completing the trade, the user has several possible actions:
q
q q
Start a new trade by selecting _New Trade_. Selecting _New Trade_ takes the user back to the Trading -Define Trade page where the user can enter details for a new trade. Close the Trade Define Page by clicking on the X in the upper right hand corner Minimize the Trade Page for later use, or just ignore it and go on to some other activity.
Note Details on reviewing the Trade TickeNote q Details on reviewing the Trade Ticket can be found in the Reports section of this document. If the user highlights a row by clicking with the mouse during a Fast Quote, that bank will remain highlighted, even if it changes its relative posNote q For Spots and Standard Tenors the Value Date will be calculated from the date on which the order is filled. q Details on the Trade Ticket can be found in the Reports section of this document.the trade failed the banks credit check). q If the auto quote system can provide a message on why the trade failed/rejected after customers selection, then it will be displayed to the customer in the trade definition/execution window. This not done trade is not written to the Drafts
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3.6.5.3 Declining all quotes If the user is not satisfied with any of the quotes they can let the time expire or select _Decline All_. In either case, the user will see the Not Done message as shown below
Trade Not Done page
From this point, the user has the following choices:

q q
Start a new trade by selecting _New Trade_. Edit the trade details and resend by selecting _Edit Trade_. This action takes the user back to the Trading- Define Trade page where the information was entered earlier and allows the user to change any part of the request or save it for later. Re-send the information by selecting _Re-send_. The request is then re-sent to the same group of banks for another round of requests. Close the Trade-Define window, minimize it, or ignore it and go to another activity. Note The Trade will remain in the Drafts Note q The Trade will remain in the Drafts folder unless the user completes the trade as defined, or selects _Edit Trade_ changes the terms or conditions, and sends newly defined Trade. In this scenario, the previous draft isNote q Only the Buy or Sell Price Actions are applicable to an Execution Request.
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3.6.5.4 Price Request Under other Scenarios 3.6.5.4.1 Request with Price Action Selected When Price Action is selected, the user will see Bids and Offers, with each column ranked independently. He can pick from either column.
Quote Selection Page (shown for Spot Trade)
To select the best quote when using the Price action users can do any of the following:
q q q
Click on the quote once and press enter or ALT+A Press B for the Bid column or O for the Order column and the corresponding # of the desired quote at the same time (e.g. B1 or O1) Use the arrow keys to move down into the quotes and back and forth
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3.6.5.4.2 Examples for Swaps In a Swap request, the action must be determined in advance. Two examples of the quote completion page for Swaps are shown below:
Spot-Fwd Two-Way Swap
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Fwd-Fwd One-Way Swap
NOT53
Note that Swaps with a Near Date Tenor that is less than Spot (e.g. TOM) would have the same layout as the Spot-Forward Swap shown on the previous page.
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3.6.6
Completing the Trade for an Order Request
3.6.6.1 Notification of Order Sent and Accepted When the user defines an Order Request and selects _Send _, the Trading Define Trade page will change to show an Order Sent confirmation.
Notification of Order Sent
This page displays the information about the terms and conditions of the order. All orders (new, uploaded or predefined) when sent are saved as drafts in the Drafts folder until a bank user agrees to work it. Therefore, if the user accidentally closes the window and wishes to see the order information before the bank counterparty agrees to work it, he/she can do so by clicking on the trade in the Drafts folder. After sending the Order Request, the user can take any one of the possible actions:
q q q
Start a new trade by selecting _New Trade_. This takes the user back to the Trading -Define Trade page where the user can define a new trade. Close the Trading- Define Trade page by clicking the X button in the upper right Minimize the Trade page for later use
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The bank has 45 seconds to agree to work the order. When a bank agrees to work an order, the following happens:
q q
The Messages monitor will show the ORDER ACCEPTED (as shown below) The order will be removed from the Drafts folder and will appear in the Order folder
If the bank takes no action within 45 seconds of the order being sent or if the bank declines to work the order, the following will occur:
q
q q
The Messages monitor will show the ORDER INITIATION TIMEDOUT message if the bank takes no action or the ORDER REJECTED NOTICE message if the bank declines to work the order. The order will remain in the Drafts folder. This order can be resent as a price request to one or more bank Counterparties or retained as an order.
3.6.6.2 Notification of Order Completed Orders priced by the bank Counterparties are considered to be automatically accepted by the users. When the bank has completely priced the order, the Messages monitor displays the ORDER COMPLETE message (as shown below). The completed order is moved automatically from the Orders folder to the Done folder. If the user has allowed a partial fill and the bank partially fills the order it will still be seen in the Orders folder. It is moved only when it is completely priced by the bank. Details of the amount filled partially or completely can be found in the Amount, Filled Amt and the Partial Fill Ok columns of the Orders folder.
Series of Order Messages
Note For Spots and Standard Tenors the VaNote q For Spots and Standard Tenors the Value Date will be calculated from the date on which the order is filled. q Details on the Trade Ticket can be found in the Reports section of this document.lue Date will be calculated
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3.6.6.3 Order Updates and Reviews When an Order has been accepted, but has not yet been completed, users can either request to Fill or Kill an order or Request to Cancel Open order. Users can initiate this request by right clicking the order in the Orders folder and selecting one of the two actions as shown below.
Order Update selections
This request will be sent immediately to the bank. Requesting an update locks the order and prevents any other update from being requested. There are 3 possible outcomes of the request.
q
If the bank does not respond to the request for a change, users will see the ORDER UPDATE REQUESTED TIMEDOUT message in the Messages monitor. If the bank fills the order, the users will be notified by the ORDER COMPLETE message. If the bank kills the order or accepts the request to cancel the order, the messages monitor will show the ORDER CLOSED message.
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Users can also double-click an order in this folder to see a summary Order Ticket like the one shown below:
Sample Order Ticket Order in progress for Custom Defined Forward
3.6.6.4 Summary of Order Messages 3.6.6.5 The Messages monitor displays different messages corresponding to status changes of an order. Users will be notified about these changes by a ringing sound.
Message ORDER ACCEPTED PARTIAL FILL ORDER FILLED ORDER COMPLETE ORDER INITIATION TIMEDOUT ORDER REJECTED NOTICE ORDER UPDATE REQUESTED TIMEDOUT ORDER CLOSED Interpretation of messages in the Messages monitor Bank has agreed to work the order Bank has filled a portion of the order, only applicable when partial fill has been allowed by the user Will be seen when the order is completely filled Follows the ORDER FILLED message or the PARTIAL FILL message if the bank has priced the complete order. No action was taken by the bank when the order was sent and the activity has timed out Bank has declined to work the order No action was taken by the bank when a request to update the order was sent Bank has killed the order or accepted the users request to cancel the order
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4 4.1
CURRENEX CHAT Overview
MENU ACCESS Click to see list of all available Counterparties
TRADES OR MESSAGE MONITOR ACCESS Right-click on a completed trade to see list of available users from that Counterparty, once the chat session begins the trade will automatically be linked to the chat COUNTERPARTIES MONITOR ACCESS Right click on Counterparty to select Chat Menu
PLAY SOUND Right click on any green border area of a chat session to see Sound Menu and turn on with check to hear sound for incoming Chat Request and incoming message. Turn off by removing check
INITIATION OF CHAT After selecting a Counterparty, choose a user and begin typing in lower area, press Enter or Click _Send_ to Send
Notes Users can be given the privilege toNotes q Users can be given the privilege to chat in the user Privileges page under the Setup menu. q Can only chat with pre-authorized Counterparties. q Broadcast Chat -- Send a chat message to all your counterparties users simultaneously. To send a message to a broadcast chat message select All from the user list. Any counterparty user who is online in FXtrades and enabled for Chat at the time the broadcast message is sent will receive it. If a user would like to reply back, FXtrades will open an individual chat session in reply. This new chat session will be directed to the user who sent the original broadcast. chat in the user Privileges page under the Setup
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4.2
Chatting and Chat Reporting
CHAT BACK AND FORTH ADD TRADE ID IF NEEDED

Counterparties can maintain a dialog by typing statements and sending at any time. Sender is in BlacNotes
q
Users can be given the privilege to chat in the user Privileges page under the Setup menu. Can only chat with preauthorized Counterparties.
ACCESS PREVIOUS CHATS

Authorized chatters can access any of their own chat records at any time by going to the Reports Menu and selecting Currenex Chat. A search page then appears (portion shown to right) allowing the user to choose any time period, counterparty and user. The report will appear in a .CSV format that is easily accessible in Excel or other programs. Authorized administrators can access all archived chats across an organization at any time. All chats remain archived by Currenex.
Note A message will pop up when a chat reNote q A message will pop up when a chat request is received q Each chat is with a single user, but users can have an unlimited number of simultaneous chats. q Chat windows can be minimized and will flash when a new message is sent.quest is received
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4.3
Logging off Chat
When a Counterparty logs off and a user tries to send a message, he or she will see the following error message
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5 5.1
ROLL PROCESS Overview
Users have the ability to amend an executed Spot or Forward trade by changing the tenor on the whole amount, or splitting the trade into pieces with different tenors and ask the winning bank for points on the new Forward trades. This process can be executed as an upload (New) or through the user interface. 5.2 Steps for uploading a roll
Users can upload rolls by following a Currenex provided Roll Upload Specification. The trades will appear in the Drafts folder following a successful upload. When the user executes one of these Drafts the winning bank will automatically have the roll requests and can price and return for review by the customer. Once the bank has entered points the Roll status updates to Roll Priced in the Messages Monitor, and the user is notified with a ringing sound.
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Once the bank has priced the roll, the user can review the points from the Pending folder or Messages monitor and select _Accept_ or take another action. The available actions are as follows.
Button Accept Revert Abort Action Accepts the rate and concludes the trade process Cancels the specific roll request and the banks response and returns the trade to its pending state Ends this process and removes the trade from the Pending folder, however, if the Pending Roll was aborted by mistake, it can be retrieved by going to Trading on the main menu and clicking Roll. The trade will be found in the Trade Summary Report For Pending Changes. Does not save changes and returns the user to the Pending rolls folder and the Message Center, where this trade or any other can be selected. The user can also go back to the Roll sub-menu item in Trading main menu to access this trade.
Return without Changes
Pending Rolls Point Accept Page
When the user has accepted the points the Roll status in the Messages Monitor updates to Roll Accepted and that roll will be removed from the Pending folder on the Trade Pad.
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Completed trades are then recorded in the service, and handled like any other trades for allocation, settlement or other purposes.
5.3 5.3.1
Steps to Roll a Spot Trade Forward through the user interface Step 1: Indicate Pending Action in Trade Definition
While defining a trade on the Trading - Define Trade page, indicate a Pending Action to request to Roll the trade after execution as shown below. All participating banks will be notified during the price request process. The winning bank and the customer will see the trade in their Pending folder of the Trades Monitor.
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5.3.2
Step 2: Retrieve Trade for Editing
When ready to split and/or roll the trade into one or more Forward dates, the user has 3 methods to choose from to access the trade:
q q q
Select the trade to be rolled in the Pending folder OR Select the trade from the Done folder OR Go to Trading on the main menu and click Roll sub-menu
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Pending roll shown in the Pending Folder
Access from the Pending folder: Users can either double- click on the trade or right-click and select Open. Access from the Done folder: Users can right click and select Roll. Access from the Menu or Toolbar: Users can either select Roll from the Trading menu or the Roll icon on the tool bar. This will open a Trade Summary Report for Pending Changes like the one shown on the next page.
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Trade Summary Report for Pending Changes
The user can select one of the trades shown by clicking the Trade ID. Alternatively, the user can select from the following list of actions on this page.
Label Refine Search Action Takes the user back to the Trade Search page to reenter other selection criteria and reproduce the report. Refreshes the report to include any activity since the report was originally requested. Prints the Trade Summary Report For Pending Changes Page. Enables the user to download the report to a spreadsheet format.
Refresh Report
Print Summary Report Download Summary Report
Any of the methods will open the Trade Ticket for Roll Forward.
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5.3.3
Step 3: Define Split Dates and Amounts
Once the user has selected a trade for editing, the Pending Rolls Split Page appears:
Trade Ticket for Roll Forward
User can define any number of split amounts and add an additional 10 rows at a time by selecting _Add Rows_ for each roll and then identifying the action, amount and tenor for each. Extra rows that do not have amount will be ignored. Users can select either buy or sell actions for each split amount regardless of the original action, as long as the netted amount equals the original trade. Users must select the required action from the Action field drop down list.
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The user can also indicate if each new trade will be allocated or not by clicking the appropriate selection in the Pending Action field. Note that a remainder can be left in the first row if this portion is not ready to be rolled or not going to rolled at all. Just indicate a pending action of Roll Spot for that row if needed. Available actions on this page are as follows.
Button Review Abort Action Formats the Amounts and calculates the Value Dates. Ends this process and removes the trade from the Pending folder, however, if the Pending Roll was aborted by mistake, it can be retrieved by going to Trading on the main menu and clicking Roll. The trade will be found in the Trade Summary Report For Pending Changes. Does not save changes and returns the user to the Trade Summary Report For Pending Changes where this trade or any other can be selected. The user can also go back to the Roll sub-menu in Trading of the main menu to access this trade.
5.3.4
Step 4: Send Split to Bank
When ready, select _Send to Bank_, and the request is sent to the bank that won the original trade (shown on the ticket.) The Roll status now changes to Roll Split in the Pending folder and Messages Monitor. Note There is no time limit for the bank to respond but the user can cancel the request at any time before it is quoted. If the request to Roll is cancelled, the original trade remains in effect.
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Messages and Trades Monitors after Roll Split is Sent
Once the bank has entered points the Roll status updates to Roll Priced in the Messages Monitor, and the user is notified with a ringing sound.
Messages and Trades Monitors after Roll is Priced
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5.3.5
Step 5: Accept or Reject Bank Prices
Once the bank has priced the roll, the user can review the points from the Pending folder or Messages monitor and select _Accept_ or take another action. The available actions are as follows.
Button Accept Revert Abort Action Accepts the rate and concludes the trade process Cancels the specific roll request and the banks response and returns the trade to its pending state Ends this process and removes the trade from the Pending folder, however, if the Pending Roll was aborted by mistake, it can be retrieved by going to Trading on the main menu and clicking Roll. The trade will be found in the Trade Summary Report For Pending Changes. Does not save changes and returns the user to the Pending rolls folder and the Message Center, where this trade or any other can be selected. The user can also go back to the Roll sub-menu item in Trading main menu to access this trade.
Pending Rolls Point Accept Page
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When the user has accepted the points the Roll status in the Messages Monitor updates to Roll Accepted and that roll will be removed from the Pending folder on the Trade Pad. Messages and Trade Monitor after Roll is Accepted
Completed trades are then recorded in the service, and handled like any other trades for allocation, settlement or other purposes. 5.4
q
Important notes Although the market standard is generally to complete the roll process on the same day as the trade, FXtrades will keep a pending roll open beyond the trade date, leaving the enforcement of or exception to any rules or standards to the two counterparties involved. The Roll Status area serves as a reminder to both parties of the number of pending actions and their status. Users can also roll a Forward forward by following the same set of steps as described in the section above. Even if a pending action was not indicated, a trade can be rolled by right-clicking on the trade in the Done folder and selecting Roll. This method would work if the trade had been executed on the same Trade Date as the current date and if the Done folder is viewable. Alternatively, the user can access the trade from the Rolls Menu, as described below.
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1.
Go to Roll sub-menu on Trading menu or click the Roll icon bar.
on the tool
2.
Click Refine Search on the Trade Summary Report for Pending Changes page.
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3.
Unselect the Pending Actions box
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4.
Select another criteria and select _Show Report_.
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5.
Select a trade to be rolled by clicking on the trade ID on the far left.
6.
Roll the trade, following the steps mentioned in the previous section.
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6 6.1
AMENDMENTS Overview
The FXtrades service supports three types of online amendments: 1. The ability to plan for and revise an estimated trade amount. 2. The ability to amend the terms of a trade due to an error. 3. The ability to cancel a trade. Each of these amendments updates the trade record in FXtrades and creates an audit trail of the changes made. Before initiating the online amendment, counterparties should discuss the change by phone or other means. Once both counterparties have agreed about the details of an amendment, the user initiates the online amendment by making the agreed changes to a ticket, and then sends those changes to the bank for confirmation. Upon the banks acceptance of the amendment request, a new trade record and amendment history for the amended or cancelled trade is created. In the event that amendment terms entered by the user do not correspond with the banks understanding of the agreed changes, the bank can reject the amendment and send back comments. 6.2 6.2.1 Steps to Revise an Amount Step 1: Indicate Pending Action in Trade Definition
While defining a trade on the Trading- Define Trade page, indicate in the Pending Action field a request to revise the amount later in the day, on the next page.
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All banks including the winning bank are notified of the request to revise the amount during the trade request process and the winning bank is also notified during the Acknowledgement step. The Pending folder of both the parties update to indicate that a new pending amendment.
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Request to Revise an Amount shown in the Pending folder
6.2.2
Step 2: Edit the Trade with the Revised Amount
When ready to revise the amount for the trade, the user has 3 methods to choose from to access the trade:
q q q
Select the trade to be revised in the Pending folder OR Select the trade from the Done folder OR Go to Trading on the main menu and select Amend or click the amendment icon on the tool bar.
Access from the Pending folder: Users can either double- click on the trade or right-click and select Open. Access from the Done folder: Users can right click the trade and select Revise Amount. Access from the Menu or Toolbar: Users can either select Amend from the Trading menu or the amendment icon on the tool bar. This will open a Trade Summary Report for Pending Amendments like the one shown on the next page.
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The user can select the trade by clicking the Trade ID. Alternatively, the user can select from the following list of actions on this page.
Label Refine Search Action Takes the user back to the Trade With Pending Amendments Search page to reenter other selection criteria and reproduce the report. Refreshes the report to include any activity since the report was originally requested. Prints the Trade Summary Report For Pending Amendments Page. Enables the user to download the report to a spreadsheet format.
Refresh Report
Any of the methods will open the Amendment entry page.
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Amendment Entry Page for FX
Amendment Entry Page for L&D
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6.2.3
Step 3: Enter Agreed Changes
The user can amend the following fields on the on the Amendment Entry page.
q q q q q
Value Date Customer Action Rate/Points Amount Currency
Users can add comments before submitting the request to amend the trade.
6.2.4 Step 4: Select Request to Amend button when ready. Available Actions are:
Button Request to Amend Request to Cancel Trade Abort Amendment Action Sends the request to the winning bank. Sends the request to the winning bank to cancel the trade Ends this process and removes the trade from the Pending folder, however, if the Pending Amendment was aborted by mistake, it can be retrieved by going to Amendment on the Trading menu, searching for this trade, and clicking on it to bring it back to a Pending State. Does not save changes and returns the user to the Pending folder, where this trade or any other can be selected. The user can also go back to the Amendment on the Trading menu to access this trade.
The Pending folder and the Messages Monitor update to Amendment Requested as shown below.
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The bank is notified and either accepts or rejects the request. When the bank accepts or rejects the amendment, the status change to Amendment Accepted in the Messages Monitor.
Amendments are then recorded in the service, and handled in the same way as any other trades with regards to allocations and settlement.
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6.2.5
Step 5: Acknowledge Amendment
If the amendment has been accepted, users can acknowledge the trade by selecting _Acknowledge_. Amendment Acknowledgement Page
This will remove the amendment request from the Pending folder and the Messages Monitor updates to Amendment Acknowledged.
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Clicking _Return without Changes_ does not save changes and returns the user to the Pending folder, where this trade or any other can be selected. The user can also go back to the Amendment sub-menu item in Trading main menu to access this trade at a later stage. If the request is rejected, the user can send a new amendment with the corrected information by starting over and selecting the desired trade. 6.3 Important notes
q
Only those trade terms (for example, rates and points) that are amended according to the procedure above will be recorded within FXtrades; all other original trade terms will continue to be part of the trade record within FXtrades. In the case of a request to cancel, please ensure that this was the trade that was agreed to be cancelled. Once the cancel request has been accepted, this trade will no longer be available for processing of allocations and settlement. The amendment process can be used to override a value date holiday. The user will be warned that the date selected is a holiday for one of the currencies, but can select _Yes_ to override. As with all amendments, banks can accept or reject, so both parties should coordinate in advance to ensure that they agree on the changes. If the amount or currency is revised any previously entered allocation and settlement instruction will be re-specified based on the new trade details. A trade can be amended even after it is done by following a few steps.
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1.
Go to Amend on Trading menu or click the Amend icon
on the tool bar.
2.
Click Refine Search on the Trade Summary Report for Pending Amendments page.
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3.
Unselect the Pending Actions box.
4.
Select criteria and select _Show Report_.
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5.
Select a trade to be amended by clicking on the trade ID on the far left.
6.
Amend the trade, following the steps mentioned in the previous section.
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7 7.1
ALLOCATIONS Overview
Users can allocate a single trade into multiple amounts for settlement by either uploading the allocations, entering them pre-trade on the Trade Define page (new) or making post trade allocations through the FXtrades user interface. Allocations can be broken down into different amounts under the same settlement date. 7.2 7.2.1 Steps to Allocate an Amount Step 1: Indicate Pending Action in Trade Definition.
While defining a trade on the Trading- Define Trade page, indicate a notification to allocate the trade after execution, as shown below.
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The Pending Folder updates to indicate a new pending allocation when the trade is Done. Request to Allocate a Trade shown in the Pending folder
7.2.2
Step 2: Retrieve trade for allocation
When ready to allocate the trade, the user has 3 methods to choose from to access the trade:
q q q
Select the trade to be allocated in the Pending folder OR Select the trade from the Done folder OR Go to Trading on the main menu and select Allocate.
Access from the Pending folder: Users can either double- click on the trade or right-click and select Open. Access from the Done folder: Users can right click the trade and select Allocate. Access from the Menu or the Toolbar: Users can select Allocate from the Trading menu. This will open a Trade Summary Report for Pending Allocations like the one shown on the next page.
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The user can select the trade by clicking the Trade ID. Alternatively, the user can select from the following list of actions on this page.
Label Refine Search Action Takes the user back to the Trade With Pending Allocations Search page to reenter other selection criteria and reproduce the report. Refreshes the report to include any activity since the report was originally requested. Prints the Trade Summary Report For Pending Allocations Page. Enables the user to download the report to a spreadsheet format.
Refresh Report
Any of the methods will open the Trade ticket for Allocations.
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7.2.3
Step 3: Allocate the trade amount.
Any number of allocations can be made. The page allows ten rows to be added. To add rows select _Add Rows_. Unused rows will be ignored. To delete a row, the user can select _Delete Row_. The net amount of all the rows will be shown in the Remainder field. Allocations can be made until the amount totals to zero. If allocations do not net to this amount the user will be notified with a message to limit the amount within the range.
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7.2.4
Step 4: Select Submit button when ready.
The users can also select _Cancel_, which will put the trade back into the Pending folder without any changes. Summary of Available actions are as follows:
Button Add Rows Submit Cancel Action Adds a row. Submits the allocation of amounts. Cancels the action.
7.3
q
Important Notes: Users should contact their counterparties by phone or other means to advise them they will be using the allocations feature within FXtrades and to view the trade tickets for allocation information. Although the market standard is generally to complete the allocation process on the same days trade, FXtrades will keep a pending allocation open beyond the trade date, leaving the enforcement of or exception to any rules or standards to the two counterparties involved. Users can view allocation details by clicking Show Settlement Details on the trade ticket. This trade ticket can be accessed either from the Done folder on the Trade pad or from Reports, explained in the reports section of this document. A trade can be allocated before or after it is done. Allocation instructions can be uploaded at the time the trade is uploaded and before it is executed. To allocate the trade after it is Done, users must select Allocate from the Trading menu or by right licking the Done folder.
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1.
Go to Allocate on Trading menu.
2.
Click Refine Search on the Trade Summary Report for Pending Allocations page.
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3.
Unselect the Pending Actions box.
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4.
Select criteria and select _Show Report_.
5.
Select a trade to be allocated by clicking on the trade ID on the far left.
Allocate the trade, following the steps mentioned in the previous section.
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8 8.1
CUSTOMER REPORTS Overview
FXtrades provides a variety of reports consisting of trade summaries, detailed trade tickets, audit reports and performance analysis. For access to this feature users must contact their local System Administrator responsible for administering FXtrades or Currenex Member Services. Available reports are listed below:
Report Trade Details Description A summary view shows all Completed trades, including Orders, Amendments, Rolls (forwards completed by rolling a spot) as well as Cancelled trades and Not Done (uncompleted) Price Requests. Detailed Trade Ticket view available for all Completed and Cancelled trades. Note that the Audit and Activity reports will contain a subset of the trades and requests available in this report. Access to an invaluable record consisting of all live quotes available at the time the quote was selected and estimated savings based on those quotes. The Audit report is available for all completed trades, but only shows competing quotes and savings when applicable (for example, no competing quotes for Rolls and Orders). Statistics on the number of Price Requests quoted and completed including trades that were subsequently Cancelled, Amended or Rolled, but excluding orders, rolls and the replacement for amended trades. View summary or detailed view by counterparty or instrument type. Does not include statistics for ESP trades and Order Requests. Details of trades that have been amended by customers and accepted by the counterparty. Users will be able to view the original trade and the amended trade details in this report. Details of Currenex Chat message provided in a in a .csv file format.
Audit
Activity
Amendment History Chat
All reports are accessible from the Reports Menu. Trade Details are the most frequently used report, so it is available from several places: the Done folder, the Reports Menu and the Toolbar. Each report has a search feature to find specific information by dates or other criteria. Search results provide summary level reports that lead to more details. Results can be viewed online and printed, and in most cases, downloaded into an excel spreadsheet or other tools for further analysis. Each report appears in an independent window and has a number of properties:
q q
Can be dragged or resized according to the users need. Can be minimized or maximized or close it anytime by clicking _X_ on the top.
The following sections provide information and access points for each report:
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8.2 8.2.1
Trade Ticket and Details Overview
Users can access Details on Done and Not Done Trades from many places, as illustrated and described below:
Access Points for Trade Ticket and Details
Reports Menu (TraderMade and Reuters News are described in the Research section of this guide) Trade Ticket Icons (Trades Report Search on left and Print Todays Tickets on the right) Done Folder (Number of trades in folder shown in parentheses)
Feature Done folder
Location Trades Monitor
Information Available Single row of detail for all Trades Done or attempted to complete for the current day Resets at 5pm NY each day One-click access to Trades Search page
Trade Search
Toolbar and Reports Menu (Trade Details)
Print Todays Trades
Toolbar and Reports Menu
Fast access to printed versions all of the Trade Tickets for the current day (ends at 5pm NY Time)
Possible Actions Hide and arrange columns q Move mouse over row to see additional details q Double-click to see Trade Ticket, or rightclick to see menu and select Trade Ticket q From Trades Search page, create a search and retrieve a summary report of Trades Done and Not Done for any time period q Click on any summary line to see Trade Ticket q Click icon or select menu item to see report with all tickets for current day q Select Print
q
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Instructions on accessing the Trade Ticket and Trade details are provided in the following sections, followed by detailed information on different ticket formats. 8.2.2 Accessing and Printing Trade Ticket from the Done folder
8.2.2.1 Accessing the Ticket Users can click the Done folder within the Trades Monitor, then either
q q
Double-click anywhere in the row of the summary view Right click on a row to see a menu and select Trade Ticket as illustrated below
Right-click menu from Done folder
Right Mouse Menu from Done Folder
Either method will retrieve the Trade Ticket for the selected individual trade, with quick access to a printed version. Note Done folder includes trades attempted and not completed. For example, a Price Request that was sent but not completed because the user declined all.
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By default, the Trade Ticket is shown in Settlement Details view, as illustrated below:
Trade Ticket Example Settlement Details View
Hyperlinks with specific actions
Agreed Terms and Conditions
Allocation Details
Settlement Details
The Settlement View includes:

q q q q q
Row of hyperlinks with specific actions Financial Details (Terms and agreed conditions) Any allocations Customers settlement instructions (whether approved or not) Bank Counterpartys instructions if approved.
Description Generates an audit report for that Trade ID showing all line quotes at the time of execution and the price method. See illustration below. Hides Allocation and Settlement details of that Trade Generates a PDF Print Format of the trade ticket.
Definition of Hyperlinks Hyperlink Audit Hide Settlement Details Print
Note When the Trade Ticket is accessed from the Trade Details selection on the Reports Menu there are additional hyperlinks for Previous, Next and Back that navigate to other tickets displayed in a search result, as shown in the next section.
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8.2.2.2 Printing a Single Trade Ticket After selecting Print from the Trade Ticket, the user will see a PDF form of the ticket and can select the Print icon to generate a paper copy, as illustrated below:
PDF Printing format of the Trade Ticket
Click here to print
Note Print label on the trade ticket onlNote q Print label on the trade ticket only prints only the details of the trade currently in view (Financial or Settlement) q This Ticket appears in an independent window. The report form of the Ticket remains open and is accessible for other actions. q After selecting Print, the user may see the Adobe Acrobat logo, as the users PC opens up the Acrobat software for displaying the ticket.y prints only the
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8.2.3
Printing all of Todays Trade Tickets
Users can quickly print all of the Trade Tickets for the current day by either of the following methods
q q
Clicking the Print todays Trades icon on the toolbar Select Print Todays Trades from the Reports menu.
In either case, the user will see a display like the one below
Print view of Todays Trades
The first ticket of the day is shown at the top, followed by the others. The number of pages (n of n) indicates how many tickets are available. The user can click the sideways arrows to browse through the tickets or print the whole lot by selecting the Print icon.
8.2.4
Seaching, Accessing and Printing Reports from the Reports Menu or Toolbar
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8.2.4.1 Step 1: Click the Trade Details icon main menu and select Trade Details
on the tool bar or click Reports on the
Currenex Service Navigation page- Trade Details Report selection
Users will see the Trades- Search page shown below.

Trades-Search Page
8.2.4.2 Step 2: Define the Search Criteria
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Users can find required trade tickets using a quick or custom search method. Quick Search Users can quickly search using one of the two following methods:
q q
Click _Get Todays Trades_ to get a summary of the trades done on that day. Enter the Trade ID in the Find Trade ID field if a specific Trade ID is known and click the _Go_.
Custom Search Users can conduct searches using a variety of criteria.

q
To find a trade(s) within a certain date range: Click on the drop down list to view a choice of date ranges, such as last seven days or month-to-date; or select Trade or Value Date ranges. If Trade or Value Date ranges are selected, the user enters specific dates in the additional fields that appear, as shown on the next page.
Trade Details Search Page with Time Periods
To search by other criteria: Click the check box next to the required criteria.
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Enter a specific value or range, if required, as illustrated below
Search Example with Multiple Criteria
Definitions for each search field are provided below:

Criteria Completed Trades Only Trade Type User ID Counterparty Amount range Currency Currency Pair Pending Action Purpose Refines search to only those trades completed and won. Refines search to a specific trade type. Choices are Spot, Forward Swap, or Outright Forward Refines search to trades quoted by a specific user Refines search to trades with a specific counterparty. Limits search to trades within a defined beginning and ending amount range measured in USD equivalent. Refines search to a specific currency Refines search to a specific pair and rate range (cannot be used in conjunction with a Currency choice) Refine search to a particular pending action
Once the search is specified, the user selects _Show Report to see the search results in the form of a Summary Report. Clicking _Clear All_ clears the selection and allows the user to reselect the search criteria. Note The filter labeled Completed Trades Only will exclude Not Done requests and Cancelled trades, and exclude trades that had been Amended or Rolled and replaced by one or more trades.
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8.2.4.3 Step 3: See Summary Report After defining the search criteria either by Quick or Custom Search methods, a summary view of one or more trades appears in the form that looks like the page below.
Trade Details Summary Report Page
The contents include all Completed trades, including

q q q q q
Orders Amendments Rolls (forwards created by rolling a spot) Cancelled Trades Not Done (uncompleted) Price Requests.
From this view the user can sort by clicking on any column, capture this information in various ways or click on a Trade ID to see details for any one trade. The following table shows the various actions that can be taken from the Trade Summary Report page:
Label Refine Search Refresh Report Print Summary Report Download Summary Report Print All Trade Tickets FXtrades Trade ID Description Takes the user back to the Trades-Search page to modify search criteria Refreshes the report to include any new trades since report was last run Prints all pages of the Trade Summary Report Downloads the report in a spreadsheet format (by default) Prints financial details in the form of trade tickets for the trades shown without settlement instructions Clicking this ID on the far left column of the Trades Summary Report page, opens the trade ticket corresponding to that ID.
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8.2.4.4 Step 4: Click on a Trade ID to view and print an individual trade ticket. As with the Ticket accessed from the Done folder, the full details of a trade will be shown. However, when accessed from the Summary Report, the Ticket has additional navigations fields, as illustrated below:
Definition of Hyperlinks Hyperlink Previous Next Back Audit
Show Settlement Details Print
Description Shows the trade Ticket of the previous trade as listed on the Trade Summary Report page Shows the trade ticket of the next trade on the Trade Summary Report page Takes the user back to the Trade Summary Report page Generates an audit report for that Trade ID showing all line quotes at the time of execution and the price method. See illustration below. Shows settlement details of that Trade ID. See illustration below Prints the trade ticket.
Printing works in the same manner as describe for accessing Trade Tickets from the Done folder.
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8.2.5
Detailed Information on Trade Tickets
Explanations of the Financial Details, Settlement and Allocation Details and various examples are provided in the following sections: 8.2.5.1 Financial Details The top of the Trade Ticket shows financial details of the trade, including the defined terms, agreed conditions, and individual participants, including the phone number of the bank user.
Fields Customer Name Trade Date By Time Trade With Executed by Trade For Phone Number Trade Instructions Type Pricing Method Value Date Customer Buys Customer Sells Rate Status Given Up To Definition Name of Customer organization (no label just name) Date of Trade execution Name of person at Customer who executed trade Time of Trade execution, in GMT Time using a 24 hour clock format Name of Counterparty Bank for trade Name of person who provided the quote from the Counterparty Bank Name of Customer Subsidiary Phone number of Executed by Special instruction sent the Counterparty during the quote request process Type of Trade SPOT How the trade was priced either via Price Request, Order Request, or ESP. The date on which the currencies are exchanged Currency Brought by the Customer Currency Sold by the Customer Spot rate agreed for the trade for the currency exchange The disposition of the trade. See above description of possible status values. Prime Broker that the trade was Given Up to. Only appears when a Give Up has occurred.
The status field is a combination of a status and a pending action. If a trade comes from a roll or amendment, there is a reference to the trade ID for the prior trade. An illustration is provided and possible values are explained on the following page.
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Status Field from Trade Ticket
Status Done Acknowledged Cancelled Given Up To
Description Indicates trades Done but not Acknowledged by the winning bank Indicates trades Done and Acknowledged by the winning bank Indicates that the trade has been cancelled in agreement with the bank counterparty Indicates that the trade was given up to another party as part of the automated Give Up process in which the original negotiating parties both settle with a Hub Bank. Field only appear Description Indicates a request to revise an amount is pending Indicates a pending roll. Indicates a pending roll that has been split by the amount and the forward date. Indicates that the roll has been priced by the bank counterparty. Indicates that an amendment has been requested. Indicates that the amendment has been accepted. Indicates a request to cancel a trade. Indicates that the request to cancel a trade has been accepted.
Pending Action Revise Amount Roll Pending Roll Split Roll Priced Amendment Requested Amendment Accepted Cancelled Requested Cancelled Accepted
Trade Ticket Example with Give Up party shown
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8.2.5.2 Settlement and Allocation Fields The lower half of the Trade Ticket shows the Allocation and Settlement fields. An illustration and definitions are provided below:
Field Allocation ID Client Allocation ID Allocation Amount Action Allocation For Customer Instruction Complete Bank Receives Beneficiary Information Name SWIFT ID Account # Bank Bank SWIFT ID Bank Clearing and Routing Code Intermediary Information Bank Name Bank SWIFT ID Bank Clearing and Routing Code
Description Unique ID assigned by FXtrades to each allocation Optional Customer ID assigned to each allocation Amount Allocated Customer action, Buy or Sell Name of Customer subsidiary or fund (beneficiary) to whom the trade is allocated Indication (Y or N) of completeness of the settlement instruction for this allocation. For example, Y (Yes) if the settlement instruction has been applied (finalized) on the trade by the Customer Currency that the bank is receiving for this allocation Group title for a series of fields detailing the settlement instruction where the Bank or Customer would like to receive their funds (The example above shown is for a Bank) Beneficiary Name of receiving counterparty S.W.I.F.T BIC assigned to the beneficiary Account number of the beneficiary at their bank where funds are to be delivered Name of the bank where the beneficiary holds their account S.W.I.F.T BIC of the bank where the beneficiary holds their account Clearing and Routing code of the bank where the beneficiary holds their account Intermediary bank (if applicable) who holds an account for the custodial bank Name of the Intermediary bank S.W.I.F.T BIC of the Intermediary bank where the beneficiary holds their account Clearing and Routing code of the Intermediary bank
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8.2.5.3 Other Ticket Examples

Forward Ticket Financial Details (PDF Printing Format)
Field By Trade With Trade For Trade Instructions Trade Date Time Executed by Phone Number Type Value Date Tenor Customer Buys Customer Sells Spot Rate Pricing Method Forward Points All-In-Rate Status
Definition Name of person at Customer who executed trade Name of Counterparty Bank for trade Name of Customer Subsidiary Special instruction to be sent to the bank during the quote request process Date of Trade execution Time of Trade execution, in GMT Time using a 24 hour clock format Name of person who provided the quote from the Counterparty Bank Phone number of Executed by user Type of Trade FORWARD Value Date for settlement of a trade Standard value date periods based on market standards Customer Currency Brought Customer Currency Sold Spot rate agreed of which the currencies are exchanged How the trade was priced either via Price Request method or as an Order Request. Forward points to be added or subtracted from Spot Rate for outright forward or swap Final total rate of executed trade for spot and outright forward trade. The disposition of the trade. See above description of possible status values
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Spot-Forward Swap Details Financial Details
(also applicable for Swaps where Near Date Tenor is less than Spot)
Field By Trade With Trade For Trade Instructions Trade Date Time Executed by Phone Number Type Near Value Date Tenor Customer Buys Customer Sells Spot Rate Ref Rate Pricing Method Far Value Date Tenor Customer Buys Customer Sells Swap Points Far Rate Status
Definition Name of person at Customer who executed trade Name of Counterparty Bank for trade Name of Customer Subsidiary Special instruction to be sent to the bank during the quote request process Date of Trade execution Time of Trade execution, in GMT Time using a 24 hour clock format Name of person who provided the quote from the Counterparty Bank Phone number of a Executed By user Type of Trade - SWAP Date of settlement of the near leg of Swap trade Standard tenor period that determines value date for near leg Customer Currency Brought Customer Currency Sold Spot rate agreed of which the currencies are exchanged (or Near Rate in case of another Tenor such as TOM, Rate entered by the customer that is requested for the Spot Rate Method used to obtain a price, either Price Request or Order Request. Date for settlement at the far date in a swap. Term for far date of a swap. Customer Currency Brought Customer Currency Sold Forward points to be added or subtracted from Spot Rate for outright forward or swap This is the rate of the far leg of the swap trade The disposition of the trade. See above description of possible status values
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Swap Ticket Details Financial Details
Field By Trade With Trade For Trade Instructions Trade Date Time Executed by Phone Number Type Near Value Date Tenor Customer Buys Customer Sells Spot Rate Near Points Near Rate Pricing Method Far Value Date Tenor Customer Buys Customer Sells Swap Points Far Rate Status
Definition Name of person at Customer who executed trade Name of Counterparty Bank for trade Name of Customer Subsidiary Special instruction to be sent to the bank during the quote request process Date of Trade execution Time of Trade execution, in GMT Time using a 24 hour clock format Name of person who provided the quote from the Counterparty Bank Phone number of a Executed By user Type of Trade - SWAP Date of settlement of the near leg of Swap trade Standard tenor period that determines value date for near leg Customer Currency Brought Customer Currency Sold Spot rate agreed of which the currencies are exchanged Agreed Near Points Addition of Spot and Near Points Method used to obtain a price, either Price Request or Order Request. Date for settlement at the far date in a swap. Tenor for far date Customer Currency Brought Customer Currency Sold Forward points to be added or subtracted from Near Rate for outright forward or swap This is the rate of the far leg of the swap trade The disposition of the trade. See above description of possible status values
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8.3 8.3.1
Activity Report Overview
The activity report provides statistics on the number and types of requests initiated, quoted and won with Counterparties. It includes all executed and cancelled trades originated as price requests and provides the user a summary and a detailed view of each activity. It does not include activity for ESP trades, order requests and activities related to rolls (other than original Spot requests if done as price requests). Like any other report window, an activity report page is floating and can be dragged or minimized according to the need of the user. 8.3.2 Steps to view and print Activity Details
The following sections provide detailed information about how to access and print an activity report while searching for trades meeting different search criteria. 8.3.2.1 Step 1: Click Reports on the main menu and select Activity.
Currenex Service Navigation page- Activity Report selection
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This opens the following Trade Activity Report- Search page

Activity Report Search Page
8.3.2.2 Step 2: Define Search Criteria. To find a details about a particular activity:
q q q
Choose a view by Counterparty or Trade Type9 . Select a date range 10 . User can also search for the current days activity by selecting Today. Click _Show Report_
Selecting trade type will show a summary by trade type, that is, Spots, Forward outrights and Swaps, with the ability to see detail for any category. 10 When using the drop list to select the desired time frame for the report, the user can choose a set time from or select Trade or Value Date Ranges, for which additional fields display providing edit fields for the range for the day, month, and year.
9
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8.3.2.3 Step 3: See Summary Report by Counterparty or Trade Type.

Activity Summary Report by Counterparty
The summary view provides the following details:

Field Counterparty/Trade Type Trades Requested Trades Quoted Trades Done Trades Percent Done USD Equivalent USD Equivalent Done USD Equivalent Percent Done Description The name of the counterparty or the type of trade Total number of trades requested in that period from that counterparty. Total number of trades quoted in that period from that counterparty Trades that were successfully completed of the trades quoted. Percentage of the total trades done against the total trades quoted in that period from that counterparty US Dollar equivalent of the total trades requested in that period from that counterparty US Dollar equivalent of the total trades successfully completed in that period from that counterparty. USD Percentage of the total trades done against the total trades quoted in that period from that counterparty
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Activity Summary Report by Trade Type
8.3.2.4 Step 4: Click on the name of the counterparty or trade type to view report. If the user selects the Activity Summary Report by Trade Type, the Activity Detail Report by Trade Type (for a trade type) will be seen as shown below.
Activity Detail Report by Trade Type
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If the user selects the Activity Summary Report by Counterparty, an Activity Detail Report by Counterparty (for the counterparty selected) will be seen as shown below:
Activity Detail Report By Counterparty
Users have the following options on each of the Detailed View pages.
Label Back Print
Description Takes the user back to the Activity Summary Report By Counterparty/Trade Type Prints the current report page
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8.3.3
Important notes
To Print an Activity Report, click the Print label that appears on the top of the page.
This displays a printable form of the report in Adobe Acrobat. Click the picture of the printer on the tool bar of this report to print it out.
Note
q
Activity report shows statistics on the number of Price Requests quoted and completed including any trades that were subsequently Cancelled, Amended or Rolled, but excluding orders, rolls and the replacement for amended trades. Totals can be a subset of the Trade Details Summary report because that report includes orders, rolls, amended trades and Price Requests that were not completed.
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8.4 8.4.1
Audit Report Overview
The Audit report provides access to invaluable records of all live quotes available at the time the quote was selected in a Price Request or ESP negotiation method. It also records information on completed Order Requests. For trades without a bidding round (rolled children and amendments), the quotes are provided and bidding area and savings area would be blank as these are not applicable. There would be a parent ID shown for these trades. The Audit Report window is floating and can be dragged or resized. 8.4.2 Steps to view and print Audit Details
The following sections provide detailed information about how to access and print an audit report with different search criteria. 8.4.2.1 Step 1: Click Reports on the main menu and select Audit.
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This opens the following Audit Report-Search page.

Audit Report Search Page
8.4.2.2 Step 2: Define search criteria Users can use a quick or custom search to access trades for auditing. Quick Search
q
Click _Get Todays Trades_ to get todays trades. OR Enter the trade ID and click _Go_.
Display Format
q
Choose a view by Counterparty or Trade Type11 .
Selecting trade type will show a summary by trade type, that is, Spots, Forward outrights and Swaps, with the ability to see detail for any category.
11
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Custom Search
q q
Select a date range12 . Click _Show Report_
8.4.2.3 Step 3: See Trade Details On the basis of the type of display type the following view will be seen.
Audit Report by Trade Date
Users have the following options on each Audit Report page.

Label Refine Search Print Print Continuously Description Takes the user back to the Audit Report Search page to select other criteria. Prints the current page Prints all the pages of the Audit Report continuously.
When using the drop list to select the desired time frame for the report, the user can choose a set time from or select Trade or Value Date Ranges, for which additional fields display providing edit fields for the range for the day, month, and year
12
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8.4.3
Important notes
Users can print the current view or all of the underlying details by clicking the Print label that appears on the top of the page.
This displays a printable form of the report in Adobe Acrobat. Click the picture of the printer on the tool bar of this report to print it out.
Note
q
Price Method field shows Price Request, Order or is blank (in the case of rolls or trades resulting from an amendment). For trades that did not have competing quotes (e.g. Orders, exclusive requests, Rolled trades and Amendments), the quotes and savings area would be blank as these are not applicable. Estimated savings are always compared to the Best Quote, even if a different quote was selected.
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8.5 8.5.1
Amendment History Report Overview
Amendment history report is a record of all the trades that have been amended. Each of these reports can be viewed with their settlement instructions from the links provided to the users on the report page. 8.5.2 Steps to view and print Amendment History Details
The following sections provide detailed information about how to access and print an amendment history report with different search criteria 8.5.2.1 Step 1: Click Reports on the main menu bar and select Amendment History.
This opens the Amendment History Report- Search page shown on the next page.
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Amendment History Report-Search page
8.5.2.2 Step 2: Define Search Criteria Users can use a quick or custom search to access trades for auditing. Quick Search
q
Click _Get Todays Trades_ to get todays trades. OR Enter the trade ID and click _Go_.
Custom Search
q q
Select a date. Click _Show Report_
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8.5.2.3 Step 3: See Summary View

Trades Summary report For Amendment History
The following report shows the various actions that can be taken on the summary page.
Label Refine Search Refresh Report Print Summary Report Download Summary Report Description Takes the user back to the Trades-Search page to reenter other search criteria. Refreshes the Trades Summary Report for Amendment History Prints the Trades Summary Report for Amendment History page. Downloads the report in a spreadsheet format.
8.5.2.4
Step 4: Click on a trade ID to view details of the each trade.
Users can click on the trade ID and see an Amendment History Report as shown on the next page.
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Amendment History Report
This report provides information about: q The amended trade (with a new trade ticket Id) q The Original trade Users can also see settlement instructions attached to these parent and child trades by clicking Show Settlement Details. The Price Method will be seen only for the Original trade and not for the amended trade.
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Amended trade with Settlement Details
8.6 ESP Orders Report 8.7 8.7.1 Overview There are two reports that summarize the activity related to ESP Orders available in .csv formats: ESP Orders Event Log list each activity related to the execution of ESP orders from an order being placed to multiple fills to RFE denials by counterparty makers. ESP Orders History Log list each trade resulting form an ESP Order.
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8.7.2
ESP Orders Event Log
8.7.3
Steps to view and print ESP Orders Event Log
8.7.3.1 Steps to complete selection criteria You can request all ESP Orders Events for a particular date rate or for a specific ESP Order Request ID. 1. To retrieve report data for a date range, provide a Date Range (in the format shown; searches are case sensitive) and select Download Report. .
Events Report Selection Criteria Page
. 2. Please be patient, even though no progress bar appears. The report is generating. This report may take a few moments to complete. When the report has completed the following dialog will appear.
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3.
Select Save to store the report to the desired directory and provide your desire name. Following .csv report created.
ESP Orders Even Report
8.7.3.2 Understanding the Report The following report shows the various fields.
Label Order Request ID Status Client User ID Action Total Amount Filled Amount Requested Specified CCY Against CCY Tenor Limit Spot Rate Partial Fill Indicator Expiration Trade ID Description The FXtrades ID for the order request The status of the event. Possible statuses are described in the Trading chapter of this Guide. The user who initiated the order request. The direction of the order request: Buy or Sell The total amount of the order filled at the time of that event. Additional amounts of the order may have been filled in subsequent events. The original specified amount of the order. The specified currency of the order. The against currency of the order. The tenor of the order. The specified level that the spot order should filled. Indicates if this order can be filled in partial amounts. The expiry date/time of the order. When the expiry is reached the remainder amount of the order will be cancelled. The FXtrades ID for that resulted from the order request.
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Label Bank ID Bank User Trade Amount Vs. Amount Trade Spot Rate Trade Status
Trade Date/Time
Description The Maker bank who is the coun terparty of the trade The bank user who executed the trade. The amount of this trade. The contra amount of the trade in the against currency. The actual spot rate of the trade. The status of the trade such (i.e., Done, Given-up, Cancelled, etc.) For a full list of trade status please refer the Trade Details report in the Reports chapter of this Guide. The date and time stamp indicating when the trade was executed shown in GMT.
8.7.4
ESP Orders History Log
8.7.5 8.7.6
Steps to view and print ESP Orders History Log
8.7.6.1 Steps to complete selection criteria You can request all ESP Orders History for a particular date rate or for a specific ESP Order Request ID. 4. To retrieve report data for a date range, provide a Date Range (in the format shown; searches are case sensitive) and select Download Report. .
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History Report Selection Criteria Page
. 5. Please be patient, even though no progress bar appears. The report is generating. This report may take a few moments to complete. When the report has completed the following dialog will appear.
6.
Select Save to store the report to the desired directory and provide your desire name. Following .csv report created.
ESP Orders Even Report
8.7.6.2 Understanding the Report The following report shows the various fields.
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Label Order Request ID Status Client User ID Side Total Amount Filled Amount Requested Specified CCY Against CCY Tenor Limit Spot Rate Partial Fill Indicator Expiration Activity Type Activity Trade Date/Time Trade ID Client User ID Bank ID Bank User Comment
Description The FXtrades ID for the order request The status of the event. Possible statuses are described in the Trading chapter of this Guide. The user who initiated the order request. The direction of the order request: Buy or Sell The total amount of the order filled at the time of that event. Additional amounts of the order may have been filled in subsequent events. The original specified amount of the order. The specified currency of the order. The against currency of the order. The tenor of the order. The specified level that the spot order should filled. Indicates if this order can be filled in partial amounts. The expiry date/time of the order. When the expiry is reached the remainder amount of the order will be cancelled. The date and time stamp indicating when the trade was executed shown in GMT. The FXtrades ID for that resulted from the order request. The user who initiated the order request. The Maker bank who is the coun terparty of the trade The bank user who executed the trade.
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RESEARCH
FXtrades provides technical analysis and news from two high quality market sources: TraderMade and Reuters. TraderMade provides a basic technical analysis-charting package for FX. Reuters provides Capital Markets and FX news. Each of these is very intuitive to use. 9.1 9.1.1 TraderMade Overview
TraderMade charting help is a fully interactive, real-time FX technical analysis charting system from TraderMade International Ltd. Using a web browser, users can select the instrument, chart type and time period and then add moving averages, technical studies and oscillators to view the vital information needed to help make FX trading decisions. 9.1.2 Steps to use TraderMade Charting
9.1.2.1 Step 1: Click Reports on the main navigation page and select TraderMade or click the icon on the toolbar.
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9.1.2.2 Step 2: Select _Edit Chart_ button that appears on the following page.
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9.1.2.3 Step 3: Select a currency pair. Users can select from 20 currency crosses by clicking on the drop down box.
Currency
Time Period
Graphing tools
9.1.2.4 Step 4: Select Time period Users can select from six different fixed time periods by clicking on the drop down box. Note Users can also apply other graphing tools. An explanation of the steps to use these tools has been provided in section 8.1.3 of this document.
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9.1.3
Important notes:
9.1.3.1 Steps for adding Oscillators 1. Select _Oscillators_. 2. Select the Oscillator required. Users can add a maximum of 2 oscillators from a choice of 8. 3. Click + key so that a parameters menu is displayed. 4. Click on the parameters required to select. 5. Select _OK_ to display the oscillators on the graph. 6. Click - when the oscillator is highlighted in the Selection box to delete an existing oscillator. 9.1.3.2 Steps for drawing lines 1. Select _Drawing_. 2. Select the Line type: Horizontal Support and Resistance Line or a Trend Line or a Channel Line. Trend lines can further be customized to extend left or right. 3. Select _Draw_ to finally draw the lines. 4. To delete a line right click on the graph and select Delete Lines. 9.1.3.3 Steps for adding Moving Averages and Studies 1. Select _Studies_. 2. Click on the type required and change the number of events (max 100) and click + key. 3. To delete an existing moving average, click - key when the average is highlighted in the box. 4. To apply one of the various studies, select the study and select _OK_. 5. To remove the study, select _None_ and then _OK_.
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10 INTEGRATION 10.1 Overview Currenex provides the ability to construct a customized deal interface for its users unique integration requirements including:
q q
Upload of pre-trade deal details and stored settlement instructions into Currenex. Download of trade activity for reconciliation purposes - All downloads are event based. For example, a trade activity will be available for download only when it is executed. If a trade has been amended, the amendment event becomes available for download. Currenex offers the most complete integration product suite, providing a range of integration solutions or combination of solutions to best meet members' unique requirements. Currenex FXintegrate Custom Users can determine custom trade upload/download formats using XSLT style sheets or other custom solutions as needed. Currenex TMS Packages - Vendor-specific integration capability to CS Lucas, FXpress, Integrity Treasury Solutions, SimCorp, Selkirk Financial Technologies, SunGard Quantum, SunGard GTM, Trema, TWIN, Wall Street Systems and XRT. Currenex FXintegrate On-Demand Users can upload trades, allocations, settlement instructions, and user-defined fields through the FXtrades service and download trades and settlement details via an API or directly through the Fxtrades service. For automated solutions, users can use the HTTPS File Delivery service, to create automated polls and retrieve trade and settlement information through a flexible and secure interface. Users have the ability to:
q
q q
Retrieve new trade information to update treasury workstations or backoffice systems. Retrieve previously downloaded information for reconciliation. Automatically convert the data into a specific custom formats using XSLT* stylesheets13 .
The following pages describe the steps for integration. Note: Users can contact their Accounts Manager for specific-file layout information or to obtain a Program Guide for custom layouts of XSLT stylesheets.
13
* XSLT = Extensible Stylesheet Language Transformation

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10.2 Steps to Upload trade requests and allocations Users can contact Currenex Member services to obtain the most current upload file formats and specifications prior to uploading to the FXtrades service. Users will be helped in developing the correct file format for uploading and testing their files to ensure they will upload without error. 10.2.1 Step 1: Click Trading on the main menu and select Upload Or click the upload icon
Trading Menu - Upload
on the tool bar.
Users will see the following Upload Trades page.

Upload Trades page
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10.2.2 Step 2: Enter the file name for the trade request The file can be created with allocations or specific settlement instructions. OR Select _Browse._ to open the file from any directory. The user will see the following Choose File window to enable the selection of an existing file.
Choose File window
The required file should have a CSV extension. Select the required file by clicking on it and selecting _Open_. The user can select _Cancel_ to exit from this page and return to the Upload page. 10.2.3 Step 3: Click Upload File button to upload the file. Note To upload Stored Settlement Instructions, users can use the Upload feature of the Settlement menu on the main navigation page.
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10.3 Steps to Download a trade and/or settlement details. Contact Currenex Member services to obtain the most current download file formats and specifications prior to downloading from the FXtrades service. Our dedicated professionals will review the download feature with you, setup your accounts to download with the features that best meet your needs, assist with file format translations or integration to treasury workstations or internal system and test your files to ensure they will download as intended. 10.3.1 Step 1: Click Trading from the main menu and select Download. Or click the download icon
Trading Menu - Download
on the tool bar.
Users will see the Trade Download page as shown on the next page.
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Trade Download page
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10.3.2 Step 2: Specify the required information. Download File Format: User can select a file for download with an XML or CSV format.
q q
CSV file types are downloaded and viewed in a spreadsheet format. Selecting the XML format downloads the file in the XML format. Users will be able to download all prices received on a trade including the losing prices.
If users have the XSTL Style Sheet format, they will be able to download all prices received on a trade including losing prices only if such a provision has been made in the process of customizing the Style sheet. Users can also transform the format by checking the Format Transform selection. To use the transformation feature users must have an XSTL Style sheet. To learn more about the file transformation feature contact Currenex Member Services. Note: The Format Transform feature is not provided for CSV files.
q
Download File Type: Users can download files for Trade Details or Settlement Details. The Trade Details download provides financial details of the trade and any user defined fields available. In addition to financial details of trades, Settlement Details provides allocations, settlement instructions and user defined fields if available. Include: Users must select either New Trades Since Last Downloaded or All Trades. Selecting All Trades will bring up the following selections.
For: Users can select trades either by their GMT Time Periods, by Trade or Trade Ids. Selecting Trade will download the last status for any trades for the dates defined instead of downloading all events related to trades. For example, if a trade was executed and later amended, the only trade that would download is the amended trade record, not the original trade execution event. If users select Trade Ids, For provides an entry box to enter individual FXtrades ID to download specific trades.
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10.3.3 Step 3: When ready, click the Download Now button. 10.4 Important Notes: Mandatory User Defined Fields must be added before a trade can be downloaded.
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11 SETTLEMENT INSTRUCTIONS 11.1 Overview Users can store and maintain settlement instructions and apply these instructions online to trades and allocations. Instructions can be added for the users main organization and any subsidiaries or funds that are setup in the FXtrades system. Instructions are S.W.I.F.T. compatible and can support intermediary/correspondent bank instructions as well as beneficiary bank instructions information. STANDARD as well as custom instructions can be entered for repetitive use. 11.2 Steps to enter Settlement Instructions 11.2.1 Step 1: Click Settlement and select Manage Stored Instructions. Settlement Menu Manage Stored Instructions
Users will see the Manage Stored Instructions page as shown below. Manage Stored Instructions page
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Users must click _Add New_ to add a new instruction. Users can view existing instructions by clicking the View link on the extreme left of each instruction. To delete an existing instruction users must check the box against the instruction to be deleted and select _Delete_ . 11.2.2 Step 2: View the Edit Settlement Instructions page. Clicking _Add New_ opens the Edit Settlement Instructions page. Edit Settlement Instructions page
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Users can enter the instruction information where their organization would like to receive its purchased currencies. Users must at the minimum fill in the following details. q The Currency to be added from the drop down list q The Customer Fund or Subsidiary that users want the Settlement Instructions to be associated with. q Category. Users can select between Standard and Manual Entry. Selecting Manual Entry allows users to enter custom instructions for repetitive use. For example Quarterly. Standard instructions will automatically default unless users have requested counterparty specific instructions. Users must manually accept the instruction to change the is instruction complete flag to Yes. Users must contact Currenex Member services to default customized instructions to a particular counterparty.
Beneficiary Name 192
The Bank name
11.2.3 Step 3: Click the Save button The user can also select _Cancel_ to return to the initial setup screen or _Revert_ to clear all the information and start again.
NOTE: Using the FXintegrate Program guide and the Excel Settlement Instructions Template File (both provided by Currenex), enter the currencies and all relevant settlement data. Excel may try to modify long numeric strings (conversion to scientific notation, dropping of leading zeros). Preceding such strings with a single quote will classify the data as a text string (as opposed to a numerical value) and should avoid these problems.
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11.3 Steps to Upload a file 11.3.1 Step 1: Click Upload on the Settlement menu. Settlement Menu Upload
Users will see the Upload Standard Instructions page as shown below. Upload Standard Instructions page
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11.3.2 Step 2: Enter the filename or click Browse button. If the user clicks _Browse._, the Choose File window will prompt the user to enter a filename. Select a file with the extension CSV and click _Open_. Choose File window
Note: If you would like your counterparties to refer to the Fxtrade service to view your settlement instructions, after a trade has been executed on the FXtrades service, SettIement instructions need to be attached to the trade use the following process. Although the market standard is generally to agree in advance with your counterparties about how settlement instructions, FXtrades leaves the enforcement or the exception to any rules or standards to the two parties involved.
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11.3.3 Step 3: Click Submit button to set up the upload. 11.4 Steps to approve a Settlement Instruction on completed trades 11.4.1 Step1: Click Settlement and select Apply Instructions.
This opens the Apply Instructions page as shown on the next page.
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11.4.2 Step 2: Check the Accept column This process allows the user to obtain a preloaded Settlement instruction to the individual trade. 11.4.3 Step 3: Select an instruction from the Settlement Instructions column. These instructions must correspond to the column checked in step2. Users may repeat steps 2 and 3 for any number of settlements they wish to apply.
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NOTE: If the Settlement Instructions assigned is STANDARD, click _Approve All Standard_ to complete the attachment process for all trades. This will accept ALL transactions in the queue where instructions are STANDARD, not just those transactions displayed on the current screen.
11.4.4 Step 4: When ready, click Accept All Checked button. 11.5 Important Notes Users can print settlement tickets by clicking Reports on the main page and selecting Trade Details to access the trade ticket for which the settlement instruction needs to be printed.
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12 USER DEFINED FIELDS 12.1 Overview Users have the ability to add user-definable fields to each trade record in order to document information for supporting FAS 133 or other reporting purposes. This userdefined field feature helps users achieve more effective internal tracking and intelligence as well as facilitates integration with treasury management software and accounting systems. Sample FXtrades Ticket with FAS 133 Information
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12.2 Steps to Add User Defined Fields Initial setup of UDFs on FXtrades To make use of UDFs, the users system administrator must first enable the UDF feature for the company. Click SETUP on the main navigation bar on FXtrades. Select Privileges and then select the User Privileges tab. Check the Update Defined Fields privilege for each user to be authorized. 12.2.1 Step 1: Click Setup on the main menu and select Defined Fields.
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This opens the following Edit Defined Fields page.
12.2.2 Step 2: Click Add New Field button to add a user-defined field. Users will see the Add New User Defined Field page.
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12.2.3 Step 3: Enter the details. If the user chooses Free Format Alphanumeric or Numeric as the UDF type, the UDF setup is complete and will be added to the FXtrades database. If the user chooses List as the UDF type, it will be necessary to specify what values the user wants in the list. Click _Add_ to save the values in the List Value Set box. Users will see Screen Display Value when UDFs are added. Data Feed is the value that will be included in any download of trade details. If no Data Feed value is specified, the Screen Display Value will be included in the download. Populating UDF List values
12.2.4 Step 4: Click Submit button to save the values for use. To exit without saving, select _Cancel_ to return to the Edit Defined Fields page.
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12.3 Steps to Apply UDFs to Executed Trades Pre-Trade: Applying user-defined fields to trades can be done prior to trade execution by including them in any upload request or during while defining the trade.
Note Selecting New Trade on the Trade Definition page immediately begins the setup process for another trade request and defers applying UDFs until later in the trading day. The trade will be available in the Apply Defined Fields Queue for UDF later assignment. However, if the users company is setup with the Auto Download feature, the download file for that trade will not be created until the UDF is completed. Clicking Apply Defined Fields attaches UDFs immediately.
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Post-Trade: User can apply User Defined Fields after the execution of a trade by any of the following methods:
q q
Right click a trade in the done folder and select User Defined Fields. Select Apply Defined Fields on the Trading menu or click Defined Fields icon on the tool bar.
12.4 Steps to apply UDFs to Trades from the incomplete UDF queue 12.4.1 Step1: Click Trading on the main menu and select Apply Defined Fields or click on the Define Fields icon on the tool bar.
12.4.2 Step 2: Search for a trade by clicking Refine Search. or click a Trade ID on the Trades Summary Report
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12.4.3 Step 3: Enter the information.
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12.4.4 Step 4: Click Save and Complete button. 12.5 Important notes Mandatory UDFs must be added before the trade is eligible for download.
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13 SETUP 13.1 Overview The Setup area allows a user or an administrator to specify privileges and profiles of the organization and individual users. It also enables users to customize their interface. For changes made in the Setup menu to take effect, users including other users affected, must log off and log in again. Update Picture
13.2 Counterparties Users can view contact details of their Counterparties by selecting Counterparties. Users will then see the Counterparties window with the list of counterparties on the left. Clicking on the required name will provide details of the users (traders) in the organization.
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13.3 Bank Lists Users can create a bank list for quick access to banks while on their Trading-Define Trade page by selecting Bank Lists. Users will see the Bank List Configuration page for creation a new bank list and modifying or deleting an existing list. Note that changes will not take place until the user has logged off and logged back on:
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13.3.1 Steps to create a new list

q q
Enter a name for the list in the Add New List box and click . Select the required bank from the All Banks Available list by clicking the name of the bank and then clicking . This adds the name of the bank on the Bank in Selected List. This process can be repeated for any number of banks.
13.3.2 Steps to remove a bank(s) from an existing list. 1. Select the bank to be modified from Select Bank List to Modify. 2. Click the name of the bank from the Bank in Selected List. 3. Click . This process can be repeated for any number of banks 13.3.3 Steps to delete a bank list 1. Select the bank group from the Delete Bank List. 2. Click .
13.4 Funds/Subsidiaries Users can add a Fund/Subsidiary by selecting Funds/Subsidiaries.
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This will open the Funds/Subsidiaries page as shown below.
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Users can add funds /subsidiaries or delete them by following a few steps. 13.4.1 Steps to add Funds/Subsidiaries 1. Enter the name of the fund /subsidiary. 2. Click .
13.4.2 Steps to Delete a Fund/Subsidiary 1. Check the name of the fund/subsidiary. Users can browse through the list by clicking any of the required views 2. Click .
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13.5 Defined Fields Users can define their own fields to be added to Trade Tickets by using the following pages:
Edit Define Fields
Fields can be numeric, lists, or free format, using the edit page shown below
Add New User Defined Field Page
Details instructions for setting up and using the User Defined Fields feature can be found in the User Defined Fields chapter of this Guide.
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13.6 Exposures Authorized administrators can configure an Exposure in terms of a daily settlement limit (DSL) for each counterparty. The DSL can be applied to FX Spots and FX Forwards by any trading method, and will prevent execution of trades that would exceed the daily limit. It does NOT apply to FX Swaps or Loans and Deposits. To use this feature, the administrator must first contact Currenex member services to have it enabled. The administrator must also have the privilege to Manage Daily Settlement Limits (User Privileges Setup Administration). Once enabled and authorized, an administrator can define exposures for each counterparty by selecting Exposure in the Setup menu, as shown below, and completing the Counterparty Exposure Limit Tables:
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Counterparty Exposures Limit Table
For each Counterparty, the administrator will select an Exposure type and define a DSL.
Field Exposure Type Values Can be Netted or Aggregate. Comments Netted will cancel out opposing trades. For example, using the Netted setting, a EUR/USD buy of 5 million vs. a EUR/USD sell of 5 million for the same settlement date would have a Net Exposure of 0 The aggregate setting would add together a buy and sell even if they are for the same currency pair and settlement date Setting can be changed at any time by an authorized administrator All trades for a given settlement date will be Netted or Aggregated, according to the setting and applied towards the limit Each settlement date begins as a clean slate, there is no limit for total Exposure DSLs are measured in USD equivalent of each trade, using rates current at the time the trade was executed DSLs can be changed at any time by an authorized administrator
Daily Spot Limit (also known as Daily Settlement Limit)
Can be any valid numeric value
The FXtrades service will prevent execution of trades that would exceed a limit and provides a message to Counterparties regarding status. For example, if a Counterparty sends a RFQ that would have at exceeded the daily settlement limit he will receive a message and will not be able to send the request to the bank or banks whose limits would be exceeded.
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13.7 Password If allowed the privilege, users can change their password at anytime by going to the Setup menu and selecting Password:
Setup Menu with Password Selected
The user will then see the Change Password window, as shown below:
Change Password Window
The user types in the current password, then types the New one twice, and selects Change Password. Passwords are case sensitive and must be at least 8 characters in length with one numeric character. The next time the user attempts to log in, the new password must be used to successfully login.
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13.8 Privileges Users need to be provided with privileges for the process of trading and settlement and setting up lists of banks and funds in the setup area. They also need to set privileges for setting the mode of trading, changing passwords and presetting session time. 13.8.1 Changing privileges A user may change his or her privileges (if he or she has that privilege), or can have the privileges changed by another user within the same entity, or by Currenex Member Services. Privileges that are changed by the user or another user within the entity require the affected user to logoff in order for the privilege to take affect. However, when the privileges are changed by Currenex Member Services the changes go into affect immediately. 13.8.2 User Privileges The User Privileges folder can be used to create a profile the account for another user but not for his own account. The following screen provides details of the privileges allotted to the current user.
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Privileges Page
To allot privileges to another user, users must click on the link on the left representing the user id of another user and check the privileges to be allotted to the user. When complete, users must click _Save Changes_ to save the settings. The affected user must then logoff and log back on for the changes to take effect. Definitions for each of the fields are provided in the following sections:
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13.8.2.1 Trading
q
Execute Spot/Forward Outright: Provides the user with the ability to initiate and execute Spot and Outright Forward Price Requests for currency transactions. Outright Forward trades can be limited by tenor in a separate Privilege and overall trading can be limited by Exposure Limits set up by the users organization or a counterparty. The Privilege to execute Order Requests is a separate privilege. Execute Swaps: Provides the user with the ability to initiate and execute even and uneven forward Price Requests for Swap trades. Execute Loan and Deposit: Provides the user with the ability to initiate and execute Price Requests for Loans /Deposit trades. Exposure Limits set up by the users organization or a Counterparty can limit overall trading. Download Trades: Entitles the user to download executed trades to another source (e.g., treasury workstation, in-house system). Trades can be downloaded periodically or at the conclusion of a trading session. (Contact your Currenex Account Manager for specific file format and system integration requirements.) Upload Trade Request and Allocation: Allows the user to upload currency transactions into FXtrades from another source (in-house system or treasury workstation software). Uploaded trades can be executed immediately or at a later time. (Contact your Currenex Account Manager for specific file format and system integration requirements.) Apply Allocate: Allows the user to allocate at trade to other subsidiaries or to split a single trade into multiple trades. Allow Amendments: Authorizes a user to request a change or cancellation to a completed trade. Allow All Trades View Can be set to No to segregate users so that they cannot see each others trades. This will restrict users from seeing these other trades in all reports, and in all Monitors, including all folder of the Trades Monitor. Allow Rolls: Allows users to send Roll Requests and accept the responses from banks. The user does not need trading privileges to execute Rolls, and does not automatically have Roll privileges if he or she has trading privileges.
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Upload Stylesheets: Allows the uploading of Style Sheets as a separate privilege from uploading Trade Requests and Allocations. Upload Mapping: Not currently used on customer side Allow Execute Order: Allows placement and execution of orders directed to a specific counterparty for all instrument types. Execute Executable Prices: Allows users to execute ESP Trades and ESP Orders. Exposure Limits set up by the users organization or a Counterparty can limit overall trading. Forward Tenor Limit (in days): Limits the tenor for Forward Trades and Deposits for users with privileges to send Price or Order Requests or Rolls. Warn if amount (USD) is over: A numeric entry that defines (by user) an amount, which if exceeded, generates a warning to the trader that he is over this limit. This feature helps prevent errors when executing trades for currencies with high numeric values (e.g., JPY) or which are infrequently traded and may be unfamiliar to the user. Absolute Limit Amount (USD): A numeric entry of zero or greater defined by administrator that cannot be exceeded for an individual trade. Users will not be allowed to execute any transactions over this limit.
13.8.2.2 Settlement
q
Upload Stored Settlement Instructions: This option enables the user to upload stored (standard) settlement instructions to FXtrades from another source. These settlement instructions can then be applied to trades once the trade is completed. (Contact your Currenex Account Manager for specific file format and system integration requirements.) Update Stored Settlement Instructions: Provides the user with the ability to create, view, edit, and delete stored settlement instructions maintained within FXtrades.
Apply Settlement Instructions: Allows the user to apply previously created settlement instructions to completed trades. The user cannot add or modify existing instructions (See Update Stored Settlement Instructions for this permission).
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13.8.2.3 Setup Administration

q
Allow Reporting: Permits user access to the reporting functions of the FXtrades service and the ability to display and print reports. Available reports are:
q q q q
Trade Details: Summary and detail trade information Activity: Trade activity sorted by counterparty or trade type Audit: Trade details including bank quotes and savings Amendment: Historical details for amended or cancelled trades.
Update Privilege: Provides the user with the ability to establish and modify user permissioning. This privilege does not allow the user to change their own options. View Counterparty Information: Permits access to bank trader contact information for each quoting bank. Use Bank Lists: Permits the user to use pre-defined bank lists when initiating trades. This also allows the user to dynamically create a bank list from a drop down list during trade execution. Update Defined Fields: Enables users to add or modify user-defined fields to be appended to the trade. User defined fields (UDFs) can be used to capture additional trade details to assist the back office. Update Bank Lists: Provides the user with the ability to create and modify lists of relationship banks. These lists can be used during trade initiation to determine which banks are entitled to bid on specific currency transactions. For example, separate bank lists may be established by currency or by trade size. As an alternative to fixed bank lists, the user may select specific banks from a drop down list at the time of trade execution. Update Fund/Subsidiary List: Enables the user to define entities (e.g., subsidiaries or funds) for which the user will be executing trades. The Fund/Subsidiary list is used when applying trade allocations or defining stored settlement instructions. Use Fund/Subsidiary List: This function enables the user to select from the predefined Fund/Subsidiary List at the time of the trade or during the settlement process. 220
Allow to Change Password: Provides the user with the ability to reset other users passwords. Allow Chat: Allows user to chat with counterparties. Allow View All Chat: Allows access to Chat report. Update ESP Subscription: Allows user to select additional Currency Pairs in ESP Setup Password Expiration: A date that the password will expire. The user will be prompted to enter the existing password and select a new one. The System Administrator determines the password expiration frequency.
q q q
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13.8.3 Company Privileges
Auto Download: Sets the option for automatically downloading completed trades for integration to a third party system. Silent Mode: By selecting Silent Upon Trading users suppress notification of trading from their counterparties. The Default selection notifies users counterparties that they are logged in and trading. Password Expiration Period (days): Determines the frequency for password expiration. This selection is based on the last date the password was changed. It can be set to zero for organizations that do not require a password reset.
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Session Timeout: Setting for automatic log out. The user will automatically be disconnected when the user has been continuously logged on for this period of time, regardless of activity or inactivity. In these cases the user will see the following message:
Setting this privilege to 0 hours, 0 minutes prevents the user from connecting.
q
Show Bank Competition: If checked would show the number of banks in competition to the receiving banks for all Price Requests that exceed the equivalent of USD 20 million. By default this field is checked. Auto Apply Standard/Default Settlement Instructions: if checked would automatically apply either the standard or default settlement instructions for the organization. In this case, the winning bank would see approved instructions as soon as the trade is completed.
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13.9 ESP Setup 13.9.1 ESP Subscription The ESP Subscription page allows the user to select which currencies he wants his company to receive by going to the Setup menu and selecting ESP Subscription to see and use the window shown below:
Setup ESP Window Update picture
The user, if given the privilege, selects the Currencies he wants his company to see. This will restrict the available list in the ESP Market setup for each user. 13.9.2 ESP Prices Blink A user can select to have ESP Prices blink when the price changes or not. The default setting is to have prices blink. To remove the price blinking uncheck the checkbox. 13.9.3 ESP Protection Alert 13.9.3.1 Overview In an electronic screen-based system such as ESP, prices are sent to the workstation and subsequently displayed as quickly as possible. There can be a small time lag between prices being received and displayed. Moreover because prices are display on a workstation owned and maintained by the user, slow display times may be exacerbate the time-lag due to poor CPU power of the workstation or contention caused by other client applications running on the workstation. Also different users have different
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human response times to visual changes. A user can be attempting to double click a price and a new price slides in while he is dealing. In rare cases it is possible that the new price was received by the workstation but not yet displayed, or that the new price was displayed, but the user had already started to click on the old price, and ended up getting the new one. To help greatly increase the probability that the user has the opportunity to see the price that are available to the user they can user an ESP Protection Alert feature that will allow the user to see an alert under certain conditions if the price widened (moved unfavorably from the clients perspective in comparison to the previous price) just before the user attempts to deal. 13.9.3.2 How it works There are two non-exclusive options of the ESP Protection Alter feature: The time since the last price was received by the users PC and Pips movement. If either one of these parameters are triggered the user will receive the following warning and have to specifically choose to Proceed to continue with execution of the trade even though the price has moved the deal may be done at price other than that originally selected by the user. 13.9.3.2.1 Time Interval Allow users to specify a time interval in tenths of a second whereby the system will display the alert if the price had widened before attempting to deal within that time interval. For example if the user specifies 2 tenths of a second, in the event that the user attempts to deal and the price has widened less than 2 tenths of a second earlier, the alert is displayed. Currenex recommends choosing a default of at least 2 tenths of a second. 13.9.3.2.2 Pips Allow the user to specify a number of pips whereby the alert is displayed if the system detects the price has widened by equal to or more than the specified number of pips. The default should be 0 pips. Ideally the pip warning should be configurable by currency-pair, but for simplicity a single field is adequate.
13.9.4 ESP Default Trading Method
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Users can select the trading method that they would like to be the default when selecting prices via the ESP services. The default is to initiate RFEs. An explanation of all choices follows.
Option RFE IOC Limit Order Description Using this method a Request for execution is immediately sent to the bank providing the price selected for the amount specified. A limit order for the selected price is placed in the service with the expiry of Immediate or Cancel. The service immediately looks for a price that matches the level of the limit order (e.g., the selected price.) If a match is found and RFE is sent to the bank who matched the price that may not may not be the bank that appeared when selecting the price. If the bank accepts the RFE the trade is done. If the bank rejects the RFE, then the service will look for another match for up to 5 seconds and repeat the RFE process. If no immediate match is found or if no a successful RFE request is not made within the 5 seconds IOC limit, then the trade is Not Done. A market order is placed. An RFE is sent for the next best price to the bank that offered that price. If the bank rejects the RFE, then the service will look for the next best price repeat the RFE process. If no a successful RFE request is made within the 5 seconds, then the trade is Not Done.
Market Order
This default trading method applies to all ESP trades executed via the GUI regardless of the price selection method: selecting the pips or selecting the advertised amount. 14 HELP 14.1 About FXtrades This selection provides the user with information regarding the most recent release of FXtrades. 14.2 User guide The user guide provides the user with online help about the service and takes the user through the entire trade process. User guide window
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14.3 EMA Give up Terms Click Through Agreement window
14.4 Contact Member Services This window provides the user with instant access to the phone numbers and the email address of Currenex Member Services.
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Member Services Information window
14.5 Trace
Help menu Trace
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The trace function provides Currenex with diagnostic information that can be used to troubleshoot issues on the users computer.
q q
View allows users to see the logging that takes place. Submit function sends a copy of the logs to the Currenex server for analysis.
Note: For more details about this function, users can contact member services at Currenex.
14.6 www.currenex.com
Help menu-www.currenex.com
This link provides instant access to the Currenex home page.
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15 APPENDIX 15.1 Calculation of Value Dates Value date for a FX deal is the date on which both currency flows are settled. For Loans and Deposits, a Value Date is a date on which a principal and interest amount is delivered from one party to another. Spots and Forward Outrights each have one Value Date. Swaps and Loans and Deposits have two. FXtrades applies standard market conventions for determining value dates in its service, as validated by market experts and the Currenex members. A value date is a function of:
q q q q
FX Business date Currency Pair (including the holidays of the currencies involved) Tenor USD currency (needed for holidays on crosses)
15.1.1 FX Business date The FX business date is the current date according to a GMT Time Zone clock and calendar. However, according to market convention, the end of the day is 5pm NY (regardless of time of year). Trades requested after 5pm are considered to be on the next business day. 15.1.2 Currency Pair Every FX deal includes a currency pair. The currency pair contains the number of business days to spot. Normally this is two. However for USD/CAD and AUD/NZD it is one. Business days are determined by checking the weekend and holiday rules for both currencies in a pair and the USD if the pair is a cross-currency. 15.1.3 Tenor Tenor is a period of time. FXtrades supports a list of tenors that are comprised of three classes 1. Spot and Short Dates: Includes TOM (tomorrow), TOD (today), etc. These each represent a specific number of days.
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2. Standard Tenors: 1W, 3M, 2Y, etc. These are a number plus a time unit. The time units used are W (week), M (month) and Y (year). 3. Customer Defined (CD) Dates (also known as Broken Dates (BD)): This is not actually a period of time. It indicates that the value date is specified by the user. These are used for nonstandard intervals. In this case there is nothing to compute since the user is specifying the value date; however the service will check for weekends and holidays and provide a warning message to the customer user if he or she has selected a non-business day for a value date. The customer can override this warning if needed. 15.1.4 Calculation Rules for Spot Determine the number of days to spot (usually two). Start from the FX Business date and move forward this number of business days to find the spot date. e.g. Business Day = 18 July 2002 for USD/JPY. The spot date = 22 July 2002 Special considerations: q For cross currencies (e.g. GBP/ZAR) the final day must also be a business day in USD. q When counting business days between FX business date and spot, only non USD holidays are used to determine a business day. 15.1.5 Calculation Rules for Forward Outright If the tenor is TOD, TOM or SN (Spot Next), then FXtrades uses the same algorithm that is used for finding Spot. The only difference is the number of days to the next business day. For all other tenors, 1. FXtrades begins the calculation by finding the spot date for this FX business day. This includes holiday considerations. 2. Next it adds the tenor to the Spot Date. a. For 1W, 2W and 3W FXtrades adds 7, 14 or 21 days respectively to the Spot Date (direct add -- no consideration of intervening holidays) and then adjusts for holiday. Adjustment for these week tenors is always forward even across a month end if necessary.
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b. For 1M and greater, FXtrades calculates the value date first finding the month for the value date by adding the number of months to the Spot Date (1Y = 12M). Once this date is found, FXtrades validates that the date is a business date, or moves it forward to the first business date. c. Exceptions 1. If the Spot Date is the last Business Day in a month then the Forward must be the last Business day of the appropriate month. 2. If the next business date goes into the next month, then FXtrades rolls back to the prior month until a business date is found. 15.1.6 Calculation Rules for Swaps For Swaps, FXtrades will find the near value date with the same algorithm as for Spot or Forward. The far date calculation will also be done in the same manner as Spot or Forward, except that the Near Value Date will be the starting point instead of the FX Business Day. If the near value date is a month end, then the far value date must be a month end. Example: Assume FX business day = 29 Jul 2002. SP/1M swap. Dates will be 31/JL, 30/AG (31/AG is Saturday). TOM/1M swap: TOD/1M swap: 30/JL, 30/AG 29/JL, 29/AG
1M/1M swap: 30/AG, 27/SP TOM/ND swap 30JL/31JL
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15.2 List of Currencies and their Codes Note that some of the currencies were re-categorized in December 2002 in response to requests from bank members. Currencies showing in Bold were affected by the change.
Currency Code Long Name CAD CHF EUR GBP JPY USD AUD DKK NOK NZD SEK HKD MXN SGD ZAR ARS BRL CLP CNY COP CZK HUF ILS INR KRW PEN PHP PLN RUR SAR SKK THB TRL TWD AED AFA ALL AMD Canadian Dollar Swiss Franc Euro Pound Sterling Japanese Yen U.S. Dollar Australian Dollar Danish Krone Norwegian Krone New Zealand Dollar Swedish Krona Hong Kong Dollar Mexican Nuevo Peso Singapore Dollar South African Rand Argentine Peso Brazilian Real Chilean Peso Yuan (Chinese) Renminbi Colombian Peso Czech Koruna Hungarian Forint Israeli Shekel Indian Rupee Korean Won Peruvian Nuevo Sol Philippine Peso Polish Zloty Russian Ruble Saudi Arabian Riyal Slovak Koruna Thai Baht Turkish Lira New Taiwan Dollar United Arab Emirates Dirham Afghanistan Afghani Albanian Lek Armenian Dram New Type G-11 G-11 G-11 G-11 G-11 G-11 G-11 G-11 G-11 G-11 G-11 EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EMERGING EXOTIC EXOTIC EXOTIC EXOTIC
234
Currency Code Long Name ANG AOK BBD BDT BGL BHD BIF BMD BND BOB BSD BTN BWP BYB BZD CFP CRC CVE CYP DJF DOP DZD ECS EEK EGP ETB FJD GHC GMD GNF GTQ GWP GYD HNL HRK HTG IDR IQD IRR ISK JMD JOD KES Neth Antil Guilder Angolan Kwanza Barbados Dollar Bangladeshi Taka Bulgarian Lev Bahraini Dinar Burundi Franc Bermudian Dollar Brunei Dollar Bolivian Boliviano Bahamian Dollar Bhutan Ngultrum Botswanian Pula Belarussian Ruble Belize Dollar Pacific Isle Franc Costa Rican Colon Cape Verde Escudo Cyprus Pound Djibouti Franc Dominican Peso Algerian Dinar Ecuadoran Sucre Estonian Kroon Egyptian Pound Ethiopian Birr Fiji Dollar Ghanaian Cedi Gambian Dalasi Guinea Franc Guatemalan Quetzal Guinea-Bissau Peso Guyana Dollar Honduran Lempira Croatian Kuna Haitian Gourde Indonesian Rupiah Iraqi Dinar Iranian Rial Iceland Krona Jamaican Dollar Jordanian Dinar Kenyan Shilling
New Type EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC
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Currency Code Long Name KHR KWD KYD KZT LAK LBP LKR LRD LSL LTL LVL MAD MGF MMK MNT MOP MRO MTL MUR MVR MWK MYR MZM NAD NGN NIC NPR OMR PGK PKG PKR PYG QAR ROL RWF SBD SCR SDP SIT SLL SOS SRG STD Cambodian Riel Kuwaiti Dinar Cayman Islands Dollar Kazakhstan Tenge Lao Kip Lebanese Pound Sri Lanka Rupee Liberian Dollar Lesotho Loti Lithuanian Lita Latvian Lats Moroccan Dirham Malagasy Franc Myanmar Kyat Mongolian Tugrik Macao Pataca Mauritanian Ouguiya Maltese Lira Mauritius Rupee Maldives Rufiyaa Malawi Kwacha Malaysian Ringgit Mozambique Metical Namibian Dollar Nigerian Naira Nicaraguan Cordoba Nepalese Rupee Rial Omani Papua New Guinea Kina Papua N.Guinea Kina Pakistan Rupee Paraguay Guarani Qatari Riyal Romanian Leu Rwanda Franc Solomon Islands Dollar Seychelles Rupee Sudanese Pound Slovenian Tolar Sierra Leone Leone Somali Shilling Surinam Guilder Sao Tome & Principe Dobra
New Type EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC
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Currency Code Long Name SVC SYP SZL TMM TND TOP TTD TZS UAK UGX UYU UZS VEB VND VUV WMD WST XAF XCD YER YUM ZMK ZRZ ZWD ATS BEF DEM ESP FIM FRF GRD IEP ITL LUF NLG PTE El Salvador Colon Syrian Pound Swaziland Lilangeni Turkmenistan Manat Tunisian Dollar Tongan Pa'anga Trinidad & Tobago Dollar Tanzanian Shilling Ukrainian Karbovanets Ugandan Schilling Uruguayan Peso Uzbekistan Sum Venezuelan Bolivar Vietnamese Dong Vanuatu Vatu Wst Sahara MoroccDir Samoan Tala CFA Franc BEAC East Caribbean Dollar Yemeni Rial Yugoslavia New Dinar Zambian Kwacha Zaire Zaire Zimbabwe Dollar Austrian Schilling Belgian Franc Deutsche Mark Spanish Peseta Finnish Markka French Franc Greek Drachma Irish Punt Italian Lira Luxembourg Franc Netherlands Guilder Portuguese Escudo
New Type EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC EXOTIC LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY LEGACY
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15.3 List of Currency Pairs in the Indicative rates Monitor
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15.4 Shortcut keys 15.4.1 When Currenex Service Navigation page is in focus Activity Name Trading Define Trade Settlement Reports Setup Help Key Combination ALT + G ALT + T ALT + M ALT + R ALT + U ALT + H
15.4.2 When the Trading- Define Trade page is in focus Activity Name Spot Forward Swap Price Request Order Clear Selections Save Save As Validate Send Key Combination ALT + P ALT + F ALT + W ALT + Q ALT + O ALT + C ALT + S ALT + A ALT + V ALT + E
15.4.3 When the Quote Selection page is in focus Activity Name Accept Selected Quotes Decline All Key Combination ALT + A ALT + C
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15.4.4 When Nothing Done page is in focus Activity Name New Trade Edit trade Re-send Key Combination ALT + N ALT + E ALT + R
15.4.5 When Trade Completion page is in focus Activity Name New Trade Apply Defined Fields Key Combination ALT + N ALT + D
15.5 Source of Indicative Rates by Time and Currency Pair Currency EUR JPY GBP CAD CHF NZD AUD DKK Tulletts Coverage (in GMT) Europe 0800 - 1300 N.A. 1300 - 2200 All time periods Europe 0800 - 1300 N.A. 1300 - 2200 N.A. Asia 1300 - 2200 2200 0800 Reuters Coverage (in GMT) Asia 2200 0800
NONE Asia 2200 0800 Europe 0800 - 1300
Europe 0800 - 1300 N.A. 1300 - 2200 Europe 0800 - 1300 N.A. 1300 - 2200 All time periods Europe 0800 - 1300 N.A. 1300 - 2200
Asia 2200 0800 Asia 2200 0800
NONE Asia 2200 0800.
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HKD SGD NOK SEK MXN
All time periods All time periods Europe 0800 - 1300 N.A. 1300 - 2200 Europe 0800 - 1300 N.A. 1300 - 2200 N.A. 1300 - 2200
NONE NONE Asia Asia 2200 0800 2200 0800
Asia 2200 0800 Europe 0800 - 1300 Asia N.A. 2200 0800 1300 - 2200
CZK THB AED KWD SAR HUF PLN
Europe Asia Europe Europe Europe Europe Europe
0800 - 1300 2200 0800 0800 - 1300 0800 - 1300 0800 - 1300 0800 - 1300 0800 - 1300
Europe 0800 - 1300 N.A. 1300 - 2200 Asia N.A. Asia N.A. Asia N.A. Asia N.A. Asia N.A. 2200 0800 1300 - 2200 2200 0800 1300 - 2200 2200 0800 1300 - 2200 2200 0800 1300 - 2200 2200 0800 1300 - 2200
All other currencies would use Reuters 10-minute delay at all times.
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Customer User Guide (February 2004)

Member Services in the US 1(877) 939-8723, all others 1(914) 921-8250

IMPORTANT NOTES:..................................................................................................... 137

INTRODUCTION 1.1 Overview of FXtrades

Features of February 2004 Release

Overview of Service Main Page

GETTING STARTED Overview

Internet Explorer Browser Settings

Internet Options: Advanced Folder

Under Microsoft VM:

Internet Options: Security Folder page

Security Warning page

Currenex FXtrades Service Navigation Page waiting for application

Currenex Service Navigation page- Monitors sub-menu

Use of Indicative Market Spot FX Rates

Setup menu- Protocol Window

Setup menu- Password Window

DEFINING AND EXECUTING TRADES Overview

Comparison of Negotiation Methods

Method ESP ESP Orders Price Request

Overview for Executable Streaming Prices (ESP)

Sample rates from February 2004

Basic Steps for ESP Order Entry (two methods)

2Click Order Entry

Standard ESP Order Entry

CURRENT BEST BID AND OFFER ARE SHOWN

BEST BID IS OUTLINED AND SELECTED PRICE IS HIGHLIGHTED CREATE ORDER

LIMIT OR MARKET GTC OR IOC* *(IMMEDIATE-OR-CANCEL

3.2.11 Overview for Monitoring and Managing ESP Orders

Canceling ESP Orders

3.2.12 Execution from Market Prices View

ADVERTISED OFFER QUANTITY (IN MILLIONS)

BID PRICE, QUANTITY,

PRESET TRADE QUANTITY

OFFER BIG FIGURE , PIPS

3.1.13 Viewing and Executing from ESP Details

ALL ELIGIBLE BANK PRICES AND ADVERTISED QUANTITIES

3.2.14 Executing from Trade Definition Window

3.2.15 Basic Steps for a Price Request

3.2.16 Basic Steps for an Order Request

Trading Window Undocked Mode

QUANTITY AVAILABLE AT BEST

PRESET TRADE DETAILS

8. ADVERTISED OFFER QUANTITY

10. OFFER PRICE DIRECTION 11. OFFER TRADE ACTION

Definition of fields in ESP Price Panel

2. Bid Big Figure

Bid Price and Details

Bid Price and Details

Offer Price and Details

Any valid two-digit numeric value

Name 5. Offer Big Figure

Section Offer Price and Details

Possible Values Any valid two-digit numeric value

Possible Actions None1

7.Advertised Offer Quantity

Offer Price and Details

Any two digit number

6. Offer Order Nearest the market

8.Offer Price Direction

Offer Price and Details

In case of same price, would refer to last change

Name 9.Offer Price Action