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Forward contract

A Forward Contract enables you to fix an exchange rate now and to then take delivery of the currency in the future. It also lets you take advantage of a favorable rate, when it occurs, or protect yourself against possible adverse currency movements.

The following steps explain how a Forward Contract is arranged:

• Firstly, your dedicated dealer will discuss the relevant currency markets with you and highlight any possible opportunities.
• The forward exchange rate is booked over the telephone when you are happy with the exchange rate.
• A Contract Note, faxed, posted or by email confirms the details of the verbal contract. The Contract note also gives a reference number and details of our client trust account, held for us at HSBC.
• You send 10% part payment to the trust account to secure the Forward Contract.
• You send the balance two working days before the forward contract is due for settlement.

WWME realizes that flexibility is essential in the modern business environment and our dealers will work closely with you should you need to change the settlement date or draw down amounts against the contract before the final settlement is due.

Spot Contract

A spot contract is a foreign exchange transaction, based on the exchange rate at the time of the deal, for settlement 2 working days later.

The following steps explain how you arrange a Spot Contract:

• Firstly, your dedicated dealer will discuss the relevant currency markets with you and highlight any possible opportunities. The contract and agreed rate are booked over the telephone.
• A Contract Note, faxed, posted or by email confirms the details of the verbal contract. The Contract note also gives a reference number and details of the client trust account, held for us at HSBC.
• You transfer the agreed funds into the client trust account, to be cleared for the close of business on the following working day.
• You inform us of where we are to pay the purchased currency and we will effect payment immediately on receipt of your funds.

Stop Loss and Limit Orders

Stop Loss and Limit orders allow you to develop highly flexible, 24-hour strategies for managing your foreign exchange transactions.

Stop Loss Orders provide you with a safety net in the markets by setting a minimum trading level on the currencies that you require and then minimizing your exposure to an adverse currency movement. As the market moves, we can move the level of your Stop Loss Order behind the market.

Limit orders are automated market orders to buy or sell currency when the market rises to a beneficial level agreed between you and your dedicated dealer.

Controlling exposure: Running a Stop Loss Order in parallel with a Limit Order means that you will effectively set upper and lower currency trading thresholds, making your currency transactions more predictable with rates guaranteed within a given range.