Unfunded Spot (beta)
Lock-in a FX rate for out to 2 business days & fund it later
This functionality is still in beta phase and might not be available for you. Please reach out to your Account Manager or our Support to check if it can be enabled for you.
This functionality allows you to lock in an exchange rate for an FX transaction immediately (if you find the rate advantageous) & gives you up to two business days (T+2) to send across the required sold currency funds. This provides crucial flexibility to secure your rate against volatility even when your source funds are not instantly available.
TOM/T+1: refers to a FX trade where you can lock in an exchange rate today and will need to settle it (or exchange the currencies) on the next business day.
SPOT/T+2: refers to a FX trade where you can lock in an exchange rate today and will need to settle it (or exchange the currencies) after two business days.
This functionality is available for doing either currency conversion or an international payout on the back of a conversion.
Margin wallet:
When this functionality gets enabled, we will also open a Margin Wallet in USD for you. For placing any unfunded spot, you must have at-least 5% Margin of the notional trade amount in USD available in your associated margin wallet. You can top-up or withdraw to the margin wallet using the Wallets page under "My Organisation" tab. This margin amount will get blocked till the time the FX transaction gets settled or cancelled.
Cancellation:
You can cancel a scheduled conversion at any time before the conversion date. Any associated p&l from the currency movement will get adjusted to your account.
Settlement:
We will attempt to do the conversion at the start of the settlement day, but please expect for the conversion to fully settle within the day. If there are insufficient funds, we will attempt to deduct the sold currency wallet again couple of times during the day. If before the end of the day we do not receive your sold currency funds, the FX transaction (and associated payout if any) will get cancelled and any associated p&l will get charged to your account.
Workflow:
Updated 5 days ago