Requote forex definitions

Such principal is also responsible for researching and selecting the independent public accountant that certifies the firm's annual financial statements. The FDM must demonstrate that its system of internal controls provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The FDM must also demonstrate that its system of internal financial controls has no material weaknesses and that it is adequate for establishing and maintaining internal controls over financial reporting by the Member.

An FDM may satisfy this obligation by obtaining an internal control report that is prepared and certified by an independent public accountant who is registered under Section of the Sarbanes-Oxley Act SOX. The internal control report shall contain, at a minimum, a detailed explanation of the examination performed by the accountant and a representation by the accountant that it has examined and tested the FDM's system of internal controls and that the controls comply with the above standards.

If NFA believes that a Member's internal controls are inadequate at any time, NFA's Compliance department may require it to provide to NFA an internal control report that is prepared and certified by an independent public accountant who is registered under Section of the SOX. The internal control report shall meet the above standards. Forex Reporting Requirements Each FDM must be able to properly account for all funds received from and owed to customers.

FDMs should prepare a daily computation showing the total amount of customer funds on deposit, the total amount of customer open positions, and the total amount due to customers. The firm must file with NFA three report types: daily electronic reports showing liabilities to customers and other financial and operational information; monthly operational and risk management reports; and quarterly reports that contain the most-recent performance disclosures required under CFTC Regulation 5.

The daily reports must be prepared each business day, and must be filed by noon on the following business day. The monthly reports must be filed within 17 business days after the end of each month for which the report is prepared. Similarly, the quarterly reports must be filed within 17 business days after the end of each quarter for which the report is prepared.

Submitting these reports certifies that the person filing it is a supervisory employee that is, or is under the ultimate supervision of, a listed principal who is also an NFA Associate, is duly authorized to bind the FDM, and that all information in the report is true, correct, and complete. Each FDM must have a supervisory system in place to ensure that the Risk Management Program is being diligently followed by all appropriate personnel. Written Risk Management Program Each FDM must adopt written policies and procedures that describe the risk management program and those policies and procedures must be approved in writing by the firm's governing body.

The firm must also ensure that any materials changes to the policies and procedures are approved in writing by the firm's governing body. The Risk Management Program must include procedures for the timely distribution of the written Risk Management Program to relevant supervisory personnel.

The FDM is required to maintain records of the persons whom the Risk Management Program is distributed to along with the date of distribution. The RMU must have sufficient authority; qualified personnel; and financial, operational and other resources to carry out the firm's Risk Management Program. The RMU should report directly to the firm's senior management, and must be independent from those employees involved including in a supervisory capacity in pricing, trading, sales, marketing, advertising, and solicitation activities of the FDM collectively business trading unit.

The RMU also must provide to FDM senior management and its governing body quarterly written risk exposure reports, which set forth all applicable risk exposures of the FDM, breaches of any established risk limits, any recommended or completed changes to the Risk Management Program, the recommended time frame for implementing recommended changes; and the status of any incomplete implementation of previously recommended changes to the Risk Management Program.

An FDM must also immediately provide senior management and its governing body with an interim risk exposure report any time the FDM detects a material change in its risk exposure. Elements of the Risk Management Program and Tolerance Limits The Risk Management Program must include policies and procedures to monitor and manage the following risks: market risk, credit risk, liquidity risk, foreign currency risk, legal risk, operational risk, counterparty risk, liabilities to retail forex customers risk, technological risk, capital risk, and any other applicable risk.

The Risk Management Program must set risk tolerance limits for each of these risks. The Risk Management Program must discuss the underlying methodology used in setting these limits; as well as any policies and procedures governing exceptions to these limits and detecting and reporting breaches to appropriate management.

Each FDM's senior management on a quarterly basis and governing body on an annual basis should review and approve the risk tolerance limits. Stress Testing The FDM's RMU must require the FDM to conduct stress tests under extreme but plausible conditions of all positions in the proprietary account and in each counterparty account both retail customers and ECPs at least on a semi-monthly basis. The review and testing should be conducted by qualified internal audit staff that are independent of the business trading unit, or by a qualified third party audit service, which reports to FDM staff that are independent of the business trading unit.

The review must include an analysis of adherence to, and the effectiveness of, the risk management policies and procedures, and any recommendations for modifications to the Risk Management Program. The results of the review must be reported to and reviewed by the FDM's senior management and governing body. The FDM must document all internal and external reviews, and testing of the Risk Management Program including the date of the review or test; the results; any identified deficiencies; the corrective action taken; and the date the corrective action was taken.

Recordkeeping The FDM must maintain copies of all written policies and procedures, changes to the policies and procedures and all required approvals for the period required by CFTC Regulation 1. The FDM must clearly notate any financial information that has been amended. A firm's procedures must cover these key areas: internal policies, procedures and controls reasonably designed to achieve compliance with the BSA and implementing regulations; appointment of a designated compliance officer to oversee the program's day-to-day operations; an ongoing training program; appropriate risk-based procedures for conducting ongoing customer due diligence including, but not limited to: understanding the nature and purpose of developing a customer risk profile; and conducting ongoing monitoring to detect and report suspicious transactions and on a risk basis to maintain and update customer information including identifying and verifying beneficial owners.

Customer Identification Program The AML program must include procedures to obtain information about the customer and to verify their identity. Unlike NFA's "know your customer" requirements, these requirements apply to all customers, not just individuals. A Member must obtain the following minimum information before it transacts business e.

In addition to obtaining this minimum information, the Member must take steps to verify the customer's identity. You do not have to verify the customer's identity before transacting business with the customer but must do so within a reasonable time before or after the first business transaction. The procedures for verifying the customer's identity should: describe those situations where documents will be used to verify identity and list the documents that will be used e.

If a Member cannot identify a customer that is not an individual using its normal procedures, the Member may need to obtain information about the individual with authority or control over the account. Your firm's customer identification procedures should describe those situations where the firm will obtain this information. Members are not required to determine whether a document used to verify identity is valid. If a document appears to be a forgery or there is other evidence of fraud, however, your firm must decide whether it has enough information to form a reasonable belief that it knows the customer's true identity.

The same is true if the information provided by the customer is inconsistent e. A Member may rely on another U. The law provides a safe harbor if the BSA requires the other financial institution to have an AML program, that financial institution enters into a contract with the Member agreeing to annually certify that it has implemented an AML program and will perform the required steps, and reliance is reasonable under the circumstances.

Your firm's procedures must describe any circumstances where it will rely on another financial institution. Although the safe harbor does not apply unless all of the above conditions are satisfied, firms may also choose to rely on U. Your firm should conduct a risk-based analysis before relying on those institutions. Identifying and Verifying Beneficial Owners A Member's AML program must include written procedures that are reasonably designed to identify and verify beneficial owners of legal entity customers for which a new account is opened.

Although the number of beneficial owners for each legal entity customer may vary, each FCM and IB is required to identify at least one beneficial owner under the control prong test. Ongoing Customer Due Diligence CDD and Detecting and Reporting Suspicious Activity A Member's AML program must also include systems and procedures designed to detect and report suspicious activity, such as transactions that do not appear to have a business or other lawful purpose, that are unusual for the customer, or that cannot be reasonably explained.

Your firm and appropriate personnel should know the nature of the customer's business and the customer's purpose in entering into the transactions. Support: A support level is a level where the price tends to find support as it falls. However, once the price has breached this level, by an amount exceeding some noise, it is likely to continue falling until meeting another support level Live Account: This is an account of a trader for trading witn real money in an online platform.

Requote: Occurs when an investor initiates a trade at a certain price, but the broker returns the request with a different quote. This occurs more frequently in fast-moving markets, when the markets are especially volatile, or when the trade is especially large requiring confirmation from the trader.

This is normally because of rapid price fluctuations, which means the broker cannot give you the same price you saw when you clicked buy or sell. Scalping: Scalping is a trading strategy that attempts to make many profits on small price changes. Traders who implement this strategy place anywhere from 10 to a couple hundred trades in a single day in the belief that small moves in stock price are easier to catch than large ones; traders who implement this strategy are known as scalpers.

Many small profits can easily compound into large gains if a strict exit strategy is used to prevent large losses. Slippage: Slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed. Slippage often occurs during periods of higher volatility when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade.

Spread: All currency rates include two prices — the buyng bid and selling price ask. Selling price ask is always higher than the buying bid. A spread is the difference between the bid and the ask price of a security or asset. Bid is the price at which you sell a particular currency or asset. Ask is the price at which you buy. FX swap: FX swap is a simultaneous purchase and sale of identical amounts of one currency for another with two different value dates.

When trading intraday, you do not pay interest. If you hold your position opened for more than one day, then you receive interest on the currency you bought and pay interest on the currency you sell. The result of transferring position to the next day may be positive or negative to your account balance and depends on overnight interest rates.

Resistance: A resistance level is the opposite of a support level. It is where the price tends to find resistance as it rises. However, once the price has breached this level, by an amount exceeding some noise, it is likely to continue rising until meeting another resistance level. Technical Analysis: Technical analysis is one tool that investors use to forecast changes in price of a currency.

It is based on reading the charts with the belief that the market moves follow a certain logic and there are recurring patterns, not taking into account recent fundamental data. Analysts generally monitor for specific figures on the charts. Technical indicators: Indicators are used in technical analysis and are calculations based on the price and the volume of a security that measure such things as money flow, trends, volatility and momentum.

Indicators are used as a secondary measure to the actual price movements and add additional information to the analysis of securities. Indicators are used in two main ways: to confirm price movement and the quality of chart patterns, and to form buy and sell signals. Futures: Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price.

Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash Hedge: This is a strategy that is used to reduce the risk of loss.

A common mistake is opening positions in opposite directions to be considered as hedging Target spread: Target spread or also typical spread is the difference between bid and ask of a currency pair that broker tries to keep for most of the time. Basic Forex Trading Concepts What is a related order? Related orders are characterized with their use in more complex trading strategies.

If done order is a pair of orders. The first order is usually a limit but it might be a stop order, and is activated once the desired price is reached.

Forex definitions requote ark crypto explained

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Requotes in the Forex world means that the broker you are dealing with cannot or wants to give you trading based on the price you enter. Generally, this will happen in fast-moving markets. So basically, you have to decide to buy or sell currency pairs at a certain price and press the button to make a transaction. When your broker gets an order, the market will move too fast to execute the advertised price. Requote announcements appear on your platform so you know the price has moved, and then allow you to decide whether you are willing to accept the price or not.

Almost all the prices given are far worse than you requested. This is why leading brokers ask you to set prices first, before trading. If you receive a requote, you will be explained that there is a price change when ordering and when the server receives it. This will make traders less feel uncomfortable or suspicious of their broker. Requotes are part of the Forex trading experience, so you can reach them occasionally. When requotes occur in a quiet market and occur regularly, then it becomes a problem that needs to be noticed.

If you are angry with frequent requotes, maybe switching to a broker is the right reason. Then, you can start looking for Forex brokers without requotes. It is advisable to use an ECN broker to avoid time lags that might cause re-requests. If your broker has an electronic communication network ECN it will reach a faster server which will reduce requotes dramatically. B Balance — the sum of funds on the trading account after finishing the last transaction at a certain period.

Base currency — the currency that stands first in the currency pair. All transactions are made with base currency. Bear — the trader, who counts on the devaluation of currency. Bid — the price at which you can sell currency. Bid price is lower than Ask price. Broker — an individual or company who takes responsibility to be an agent between a buyer and a seller of financial instruments, while charging a fee commission charges. Bull — the trader, who counts on the rise in the exchange rate.

Buy limit — pending order to buy at a price lower than the current price level buy cheaper than now. It is placed with the expectation that the price will drop to a certain level and then will start increasing again. Buy stop — pending order to buy at a price higher than the current price level buy more expensive than now.

It is placed with the expectation that the market price will reach a certain level and will continue to grow. C Cable — the slang term for pound. It is called this way because the first quotations were sent to America by a trans-Atlantic cable in the middle of the 19th century. Candlesticks — one of the methods of displaying charts of financial instruments' rate changes. Central bank — a bank that provides financial services to the government and the commercial banks of its country. Cross currency pairs — currency pairs that do not include USD.

Currency pair — financial instrument, that is traded on the foreign exchange market. Currency pair is formed by two currencies, which are written as a ratio of one to another. The result is called the exchange rate or a quotation. D Day trading — trading operations that are completed within a day. Dealer — an individual or company, with whom a trader has an agreement, governing the basics of trading operations. The dealer takes the responsibility to act as a second part of the transaction.

Deposit — funds put on the account for further transactions. Diversification — a strategy, that aims to reduce risks by allocating investments in different financial instruments or objects of investment. E Equity — an indicator that characterizes the trader's account status at the moment. Exchange rate quotation — a ratio of the price of one currency to another at a time. For example, 1 EUR can be bought for 1.

Expert Advisor — an automatic system script , that executes trade without the trader's participation based on the predetermined algorithm. F Financial instrument — a market product type of the financial environment namely currency, shares, futures, options, etc. Flat — a period, when the price stays within the same range and does not express the direction of growth or decrease.

Fundamental analysis — a type of market analysis, where the forecast is based on news of financial market; an analysis of economic and political information to predict market movements. G Gap — the breaks on the quotation graphs caused by a mismatch between the open price of one trading period and the close price of the previous trading period. This may take place because of unforseen circumstances e. H Hedging — the use of one financial instrument to reduce risk, which is connected with the influence of unfavorable market factors on the price of another financial instrument, associated with the first one or the cash flows that they generate.

I Indicator — the tools of the computer analysis of price movements on the basis of statistical data used in technical analysis. Instant Execution — the method of order execution, where the order is executed at the price indicated. If the price changes while getting to the trading server, the client gets a notification about the price change requote. The trader can either accept the new price or refuse the order to be executed. L Leverage — an instrument that lets one trade bigger sums, having only a part of the sum.

For example, with a leverage, you can conduct a trade of a USD volume, having only USD 1 of your own funds. Liquidity — the feature of one asset to change for another one. A bigger liquidity gives an opportunity to make a big deal without being affected by a significant change in price.

Lock — the presence of two positions of one financial instrument open in opposite directions at a time. Long — the position to buy. Its profit increases when market price grows. Lot — a certain amount of units or the sum of assets used for executing the trade of a certain instrument for currency pairs, one standard Forex lot is units of the base currency.

Margin — the guarantee required to execute trade with the help of leverage. Margin call — a notification that shows that little amount of funds is left on the trading account and that in case of unfavorable market movement, stop out may take place. Market Execution — the method of order execution, where the order is executed in any case. If the price changes at the moment of order execution, it will be executed at a new, changed price. Market-maker — a large bank or financial organization, that determines current currency rates because of the major part of its operations in the whole market's volume.

N News trading — a type of trading system, the essence of which is in receiving profit on the price gaps at the moments of important economic news release. Non-market quotation — a quotation that matches the following conditions: the presence of significant price gap; the return of price within a short period to the initial level with price gap formation; the absence of fast price dynamic before the appearance of this quotation; the absence of important economic news, which considerably influence the rate of the financial instrument, at the moment of the appearance of the quotation.

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