Confirmations should be issued to non-front office personnel only

All confirmations must be sent on the day following the trade date at the latest

Multiple confirmations sent through different distribution channels reduce potential errors

Counterparties should send confirmations, or positively affirm trades within 24 hours of the trade booking

Accounting

Adjustment of bilateral limits

Netting

Nostro reconciliation

ZAR

TRY

MYR

CNY

Auction markets conducted by the U.S. Treasury for U.S. Treasury bills

The repo market

The foreign exchange market

The over-the-counter market for U.S. Government Bonds

May be freely chosen by the quoting party as long as both parties agree on it

Must always be fixed immediately at the current mid rate, to reflect the rate at the time the deal was made

Should be fixed immediately within the current spread, to reflect current rates at the time the transaction was made

Should always be fixed off the current spread in order not to be mistaken for a spot FX transaction

The real-time gross settlement (RTGS) system owned and operated by the Eurosystem

The system used in Germany for settling high value domestic securities transactions

The pan-Europe netting system used for reducing credit risk for derivative transactions

The system used by the European Banking Federation to clear cross border Euro payments

At the discretion of the issuer and after the launch

Only with the consent of the note holders

Always in the case of default payment

Only by the custodian with the consent of the issuer