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To simplify domestic payments

To handle interbank liquidity more efficiently

To accelerate cross-border payments

To minimize settlement risks

May be freely chosen by the quoting party as long as both parties agree on it

Must always be fixed immediately at the current mid rate, to reflect the rate at the time the deal was made

Should be fixed immediately within the current spread, to reflect current rates at the time the transaction was made

Should always be fixed off the current spread in order not to be mistaken for a spot FX transaction

Tell him all you know

Tell him nothing

Give him some of the information because the deal involves a mutual customer

Tell him you will investigate and get back to him with the information

To prevent that a failed order results in a failure to settle that day, which in turn would lead to an incompletely-reconciled account.

To facilitate the handling of complex security transactions.

In order to save data capacity in electronic archiving systems.

To anticipate the fact that clearing houses stop processing in the afternoon, whereas payment orders may still be processed until 6 p.m.