Foreign Exchange Operations: Master Trading Agreements, Settlement, and Collateral

Acknowledgments

The Foreign Exchange Committee (FXC) has graciously given me permission to reprint several of its template agreements. The views expressed in this book are those of the author, and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. It should not be assumed that the Federal Reserve Bank of New York or the Federal Reserve System endorse this book or any of the views expressed in this book.

I gratefully acknowledge permission from SWIFT to reprint information extracted from publicly available sources that may be subject to SWIFT copyrights and trademarks. Names and transaction details are fictitious. SWIFT is the trade name of S.W.I.F.T. SCRL. SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy—End-User License Agreement (www.swift.com/about_swift/legal/swiftstandards_ipr_policy). The content of this material has not been reviewed by SWIFT for accuracy, nor is it endorsed by SWIFT.

I express gratitude to FXall for allowing me to reprint several of their transactions screens.

I give thanks to Mr. Bob Pepitone of The Clearing House for assistance in understanding payment systems.

Several persons have been of great assistance to me in the preparation of this book. I wish to give special thanks to John Goh. I also thank Catherine McGuinness, Jason Stemmler, Anu Khambete, Devin Brosseau, Inge Ivchenko, Michael F. Guarino, and Francesca DeRosa.

The author is solely ...