We have amended the Description of FX Transactions

We have amended the Description of FX Transactions. The amended document will enter into force on 1 June 2023. We kindly ask you to read the information on the most important changes below:

1. We are amending the rules for settling FX forward transactions. As of 1 June 2023, the “net” settlement option based on the settlement rate calculated using the reference rate will no longer be available. FX forward transactions will be settled by way of:

  • “delivery of currency” – payment of the transaction amount denominated in the base currency made by the parties in exchange for its equivalent in the non-base currency converted at the forward rate,
  • “net” settlement of the transaction amount, in whole or in part, at the client’s request. In the case of a “net” settlement, the client concludes a closing transaction.

2. We are amending the rules regarding rollover (deferred settlement of FX forward transactions) – we generally do not approve rollovers, but we reserve the right to:

  • approve rollovers on a case-by-case basis, at the client’s justified request. Our decision regarding approving/refusing a rollover will depend, in particular, on:

- the nature of the transaction (whether it is a hedging transaction),
- the way the transaction impacts the client’s financial standing,

  • refuse rollovers without providing any reasons (negative decision of the bank).

3. We are withdrawing Bermudan Barrier Options and will offer only American Barrier Options and European Barrier Options.

4. We introduced editorial and graphic changes, making the document more reader-friendly.

Attached please find the amended Description of FX Transactions. We kindly ask you to read it. The consolidated text of the Description of FX Transactions is also available on our website:


SME and Corporates