What is the minimum ticket size for spot FX?+
The minimum ticket size for spot FX is $10,000 equivalent (or currency equivalent). There is no maximum single-ticket limit for spot FX — large tickets above $5M equivalent are handled by our institutional desk with dedicated pricing. Forward contracts have a minimum notional of $50,000 equivalent. FX options have a minimum notional of $250,000 equivalent.
How is the spread calculated and disclosed?+
The spread is calculated as a percentage of the mid-market rate (BIS reference rate, updated every 2.5 seconds). On every trade, the CCYFX interface displays: (1) the interbank mid-market rate, (2) the CCYFX spread in basis points and percentage, and (3) your final execution rate. There are no hidden markups beyond the disclosed spread. Network or settlement fees (SWIFT, SEPA, etc.) are charged separately and are also disclosed pre-payment. Your tier spread is fixed for the calendar month based on trailing 30-day volume.
Do you offer hedge accounting support for forward contracts?+
Yes. CCYFX provides IAS 39 and IFRS 9 hedge designation documentation for qualifying forward contracts, including formal hedge documentation, effectiveness testing methodology, and periodic valuation reports. These documents are suitable for submission to external auditors and satisfy the formal designation requirements under IFRS 9. A dedicated hedge accounting pack is issued within 2 business days of forward contract execution. Contact your relationship manager to request this service — it is available at no additional charge for Growth and Institutional tier clients.
What reporting is available post-trade?+
CCYFX provides: (1) real-time trade confirmations via email and portal, (2) MT103/MT202 SWIFT confirmations for SWIFT-settled trades, (3) daily consolidated position reports, (4) monthly TCA (Transaction Cost Analysis) reports benchmarked against BIS mid-market rates, (5) quarterly FX exposure summaries for treasury reporting, and (6) annual trade history exports in XBRL and CSV format for regulatory filing. FATCA and CRS reporting is handled by CCYFX — clients receive copies on request.
Can I trade via API or FIX Protocol?+
Yes. CCYFX supports FIX Protocol 4.2 and 4.4 for institutional clients requiring direct market connectivity (typically algorithmic traders, treasury systems, and ERP integrations). REST API is available for all client tiers. ISO 20022 MX connectivity is available for SWIFT-integrated clients. FIX connectivity requires a technical onboarding session — setup typically takes 2–5 business days depending on your system configuration. API documentation, session keys, and sandbox environment are available at developers.ccyfx.com.
What is your best execution policy?+
CCYFX operates under an FCA-compliant best execution policy (as required under MiFID II equivalent standards and FCA PS19/18). Key principles: (1) No last-look pricing — the price shown is the price executed; (2) pre-trade price transparency — mid-rate and spread shown on every ticket; (3) execution via direct liquidity from Barclays and Deutsche Bank without additional intermediary spread; (4) post-trade TCA reports available for client review; (5) CCYFX does not trade as principal against client flow. Our full Best Execution Policy is available on request and reviewed annually by our compliance team.
What settlement options are available for spot FX?+
Spot FX settles T+0 (same-day) for G4 currency pairs (GBP, EUR, USD, JPY) when traded before the relevant cut-off (typically 14:00 GMT for same-day settlement). T+2 settlement is standard for all other pairs. For clients with CCYFX named IBAN accounts in both the buy and sell currencies, FX conversion settles directly within the CCYFX platform with no external SWIFT message required, significantly reducing settlement risk and correspondent bank charges.
Are FX options available to all clients?+
No. FX options are complex instruments and are available only to clients who meet CCYFX's institutional suitability criteria: (1) minimum monthly FX volume of $500K, (2) completion of CCYFX's FX options suitability assessment, (3) demonstrated hedging need (not speculative purpose), and (4) acknowledgement of the FX Options Risk Disclosure Statement. Vanilla European puts and calls are available once suitability is confirmed. Exotic structures (risk reversals, barrier options) are available to Growth and Institutional tier clients with dedicated relationship manager support.