There are certain settings that have to be configured in BFS, to be able to conduct a currency exchange.
Global settings on the Execution Interface (EI)
To access the different execution interfaces navigate to System Data > Execution Interfaces.
The EI is already set up according to how the back office wants them but can be changed for example if we want to change an associated account.
Select Edit in the action menu of the EI.
The settings view will show up with the following properties;
Type: Currency Exchange or Trade
Workflow Buy: Workflow for the currency order.
Workflow Sell: Workflow for the currency order.
Acceptance Difference (spot): measures the difference in the proposed fill price in relation to the previous day's spot price as recorded in BFS. If a value of 50 was entered this means that a difference of 50% will be accepted.
Reservation Multiple: is used to reserve a margin of extra amount when entering the client order, so that there is enough money in the account when the execution is made.
Broker Fee Account: The broker fee account represents an account in BFS where any fees get booked.
Counterparty: Counterparty, could be the house or a legal entity with the setting counterparty.
Counterparty Account: The account that is owned by the selected Counterparty
From Custody Account: A custody account owned by the house and where the From Currency is kept.
Rounding Account: The rounding account represents an account owned by the house and where any rounding differences get booked.
Click Confirm if any changes are made or click Cancel.
The currencies that are used in BFS have to have execution interface settings.
This is often preset, but it is good to know if there is a need to change execution interface for a currency.
Click Edit in the action menu.
Choose another execution interface in the dropdown menu and click Confirm.