Changes to the “Foreign Exchange Forwards (FX Forwards) By-laws” and “Description of FX Transactions” taking effect as of 31 July 2018

To comply with MIFID II regulations and KNF’s guidelines on provision of brokerage services on the OTC derivatives market, we have changed the “Description of FX Transactions” and the “Foreign Exchange Forwards (FX Forwards) By-laws”.

The changes should provide clients with a greater degree of protection and transparency with regard to transactions in financial instruments.
The amended Description/By-laws contain information on swap points and their definition. The general description of market risks was expanded with information about risks arising from calculation of swap points and the impact of transaction rollbacks/rollovers on the client’s open positions.
We have also changed the rules for transaction settlement based on the set-off amount for simultaneous settlement of several transactions in the currency delivery mode to make them more precise.

We kindly ask you to read the Description.

Should you have any questions or doubts, please contact your dealer or dedicated customer service specialist.


SME and Corporates