Agreement For Foreign Exchange Transaction

An international currency exchange agreement (IFEMA) is a key agreement between two parties for cash and forward currency exchange (Forex) transactions. A framework agreement is a standard agreement between two parties, which sets standard conditions for all these transactions between the parties. The IFEMA agreement covers all facets of these foreign exchange transactions and provides detailed practices for the establishment and settlement of a Forex contract. In addition to the terms of the contract, IFEMA explains the consequences of delay, force majeure or other unforeseen circumstances. At the same time as IFEMA was developed for foreign exchange transactions, other key agreements were developed by the same groupings for different types of transactions, namely ICOM for international market options and FEOMA, the director contract on currencies and options, which essentially includes the IFEMA and ICOM agreements, foreign exchange transactions and exchange options. This grouping of foreign exchange agreements was then completed by the International Foreign Exchange and Currency Option Master Agreement (IFXCO) in 2005 (again drafted by the same four groups). You can only take steps to correct the FX transaction information mentioned in the transaction confirmation if they do not reflect the transaction details already agreed upon. This is due to the fact that we usually enter into a matching transaction with a bank or other counterparty at the same time as the agreement of an FX transaction with you. For cash contracts, we terminate the FX service as soon as we have instructions from you and funds charged in your sales currency, so you must immediately tell us if there is an error between the confirmation of the agreement and your instructions. For a contract in advance, you must inform us within 24 hours. If we quote a quota that is clearly a mistake on our part as a result of a technical or human error, it does not bind us. You should notify us as soon as you notice the error and we will rename the fare as soon as possible. You recognize that exchange rates can fluctuate rapidly, so the rate we insert to you depends on the immediate execution of your commitments.

We reserve the right to rate the price if you do not provide us with the information or funds requested on time. If you ask us to keep your money until your FX statement, you should give us your instructions as soon as possible. If you do not do so within 3 months, we will return the amount we hold to the account we received. We enter into FX transactions directly with you, so we have no responsibility to others. 9. Other requirements for futures Contracts We may ask you to pay a down payment as a partial payment of the futures contract, both at the time of booking and on any date before the due date. We will let you know if a down payment is payable before you validate the futures contract. We will determine the amount of down payments to be paid and will inform you of the amount and date to be paid. If you do not grant a down payment that we have asked you to pay before the desired date, we can close the futures contract.