---
title: "FX trade (RFQ)"
metaTitle: "FX trade (RFQ)"
order: 7
showPageMenu: true
---

import EndpointBlock from "src/components/endpoint-block";
import WebhookPlaceholder from 'src/components/webhook-placeholder'
import WebhookSummary from 'src/components/webhook-summary'
import Callout from "src/components/callout";

## FX trade (RFQ)

A Request for Quote (RFQ) in the context of foreign exchange (FX) will allow you to request a price up-front for any of our currently supported currency pairs and hold that rate for a set period. 

Once you receive the response with the quote, the rate is held for **45 seconds**. If you decide that you want to initiate the trade, a separate trade request must be submitted within the held rate period. This functionality enhances your trading capabilities by providing a transparent and efficient way to secure the held rates via ClearBank.

 This message flow diagram shows the flow of requesting a rate quote, successfully executing the trade within the held rate period, and the associated trade settled webhook.

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![A message flow diagram detailing a successful quote request and quote execution. The customer uses the POST /fx/v1/quote endpoint to request an FX trade quote from ClearBank. ClearBank sends a 200 OK response which contains the quoted rate and a quoteId. The customer uses the POST /fx/v1/ExecuteQuote endpoint within the 45 second held rate period to execute the trade using the quoted amount. As the trade was executed within the held rate period, the customer receives a 202 Accepted response. This results in a successful trade, evidenced by the customer receiving an FX Trade Executed and FX Trade Settled webhook. This is the end of the message flow.](/assets/images/diagrams/uk/fx-trade/rfq-flow-diagram-success.svg "successful rfq trade message flow")

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 This message flow diagram shows the flow of requesting a rate quote, an attempt to execute the trade outside the held rate period, and the associated 400 error.

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![A message flow diagram detailing a successful quote request but followed by an unsuccessful quote execution. The customer uses the POST /fx/v1/quote endpoint to request an FX trade quote from ClearBank. ClearBank sends a 200 OK response which contains the quoted rate and a quoteId. The customer uses the POST /fx/v1/ExecuteQuote endpoint outside of the 45 second held rate period. ClearBank sends a 400 Bad Request response. This is the end of the message flow.](/assets/images/diagrams/uk/fx-trade/rfq-flow-diagram-cancelled.svg "cancelled rfq trade message flow")

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### Trade examples

You can use our FX trade functionality to perform FX trades between accounts which belong to the same owner. For example, let’s assume that you want to sell **GBP** from **Account A** to purchase **EUR** for **Account B** – in doing so, you will need to ensure that the owner of both accounts is the same. This applies to two accounts that belong to you, that is, the financial institution or your customers.

#### Example: Specifying the sell amount with margin

**Trade Request:**

- InstructedAmount: 1000
- FixedSide: Sell
- BuyCurrency:  USD
- SellCurrency: GBP (This means the fixed side of the trade is GBP and the floating side is USD. Therefore, the margin will be in USD).
- Margin: 0.01 (Where 0.01 represents a 1% margin)
- Assume the ClearBank rate is: 1.40 for GBP/USD
- Margin amount: 1.4 x 0.01 x GBP 1000 = USD 14

**Resulting transactions in respective accounts:**

- Debit to the sellAccount: GBP 1000.00
- Credit to the buyAccount: USD 1386 [USD 1.4 x (1-0.01) x 1000]
- Credit to the specified margin account: USD 14

#### Example: Specifying the buy amount with margin

**Trade Request:**

- InstructedAmount: 1400
- FixedSide: Buy
- BuyCurrency:  USD
- SellCurrency: GBP
- This means the fixed side of the trade is USD and the floating side is GBP, therefore the margin will be in GBP
- Margin: 0.01 (Where 0.01 represents a 1% margin)
- Assume the ClearBank rate is: 1.40 for GBP/USD
- Margin amount:  1400 / 1.4 x 0.01 = GBP 10

**Resulting transactions in respective accounts:**

- Debit to the sellAccount: GBP [1110 (1400 / 1.4 x (1 + 0.01)]
- Credit to the buyAccount: USD 1400
- Credit to the specified margin account: GBP  10

### FX trade cut-off times

 * If a trade is booked in time for same-day settlement, you will receive a webhook notification of the settlement. If it fails to settle (in practice, because there are insufficient funds in the account), you will learn of the failure immediately. ClearBank will then send a [fx-trade-cancelled-v1](fx-trade#fx-trade-cancelled-webhook) webhook.

 * If a trade is booked, but cannot be settled until a later day, and the settlement fails, the [fx-trade-settlement-failed-v1](fx-trade#fx-trade-settlement-failed-webhook) webhook notifies you of the failure. Make sure you subscribe to this webhook if you are making FX trades with a value (settlement) date later than the day of booking.
 
Refer to the below table detailing the cut-off times for all currently supported currencies. Note that all times are in **UK time**.

| Currency             | Currency code | Start time | FX cut-off time (same day) | FX cut-off time (next day/2 days' time) |
| -------------------- | ------------- | ---------- | -------------------------- | --------------------------------------- |
| Canadian Dollar      | CAD           | 07:00      | 13:00                      | 23:30                                   |
| Swiss Franc          | CHF           | 07:00      | 09:30                      | 23:30                                   |
| Danish Krone         | DKK           | 07:00      | 09:00                      | 23:30                                   |
| Euro                 | EUR           | 07:00      | 13:30                      | 23:30                                   |
| British Pounds       | GBP           | 07:00      | 15:00                      | 23:30                                   |
| Norwegian Krone      | NOK           | 07:00      | 09:00                      | 23:30                                   |
| Swedish Krona        | SEK           | 07:00      | 09:30                      | 23:30                                   |
| United States Dollar | USD           | 07:00      | 15:00                      | 23:30                                   |

<br/>

<Callout colour="blue">
Cut-off times are under regular review and subject to change as we actively work to extend current cut-off times and extend our offering of currencies

For more information about cut-off times, please speak to your Client Director.
</Callout>

<br/>

<Callout colour="blue">
Due to public holidays in the US, pricing of all currency pairs for our FX services will be limited or unavailable on the following dates:<br/>

•	**Monday 7th September (Labor Day)** <br/>
•	**Monday 12th October (Columbus Day)** <br/>
•	**Wednesday 11th November (Veterans Day)** <br/>
•	**Thursday 26th November (Thanksgiving Day)** <br/>
•	**Friday 25th December (Christmas Day)** <br/>

While same day trades may be unavailable on these dates, TOM/SPOT trades will be available to book. Please be mindful of TOM/SPOT trades booked in the days leading up to these dates.
</Callout>

### FX trades minimum values

FX trades have minimum trading values defined for each currency. If you try to request a trade below these values, you will receive a 400 error response. For the full list of minimum trade values per currency, see [Foreign exchange trade minimum values](./fx-trade#fx-trade-minimum-values).

### FX trades maximum size

Each FX currency pair has a defined maximum trade size per request. If you request a trade exceeding this limit, you'll receive an error response. The table below outlines the maximum allowable trade size for each currency pair:

| Currency pair | Maximum trade size |
| ------------- | ------------------ |
| EUR/CAD       | 20,000,000 EUR     |
| EUR/CHF       | 5,000,000 EUR      |
| EUR/DKK       | 5,000,000 EUR      |
| EUR/GBP       | 15,000,000 EUR     |
| EUR/NOK       | 5,000,000 EUR      |
| EUR/SEK       | 5,000,000 EUR      |
| EUR/USD       | 15,000,000 EUR     |
| GBP/CAD       | 10,000,000 GBP     |
| GBP/CHF       | 1,000,000 GBP      |
| GBP/DKK       | 5,000,000 GBP      |
| GBP/NOK       | 5,000,000 GBP      |
| GBP/SEK       | 5,000,000 GBP      |
| GBP/USD       | 10,000,000 GBP     |
| USD/CAD       | 20,000,000 USD     |
| USD/CHF       | 5,000,000 USD      |
| USD/DKK       | 5,000,000 USD      |
| USD/NOK       | 5,000,000 USD      |
| USD/SEK       | 5,000,000 USD      |

Maximum trade sizes are under regular review and are subject to change as we work to extend the limits based on demand. For more information about maximum trade sizes, please contact your Client Director.

<EndpointBlock
  type="post"
  title="Request a quote"
  endpoints={[
    {
      path: "/fx/v1/quote",
      version: "1.FXRFQ"
    }
  ]}
/>

<EndpointBlock
  type="post"
  title="Execute a quote"
  endpoints={[
    {
      path: "/fx/v1/ExecuteQuote",
      version: "1.1FXRFQ",
      webhooks: [
        'fx-trade-executed-v1',
        'fx-trade-settled-v1',
        'fx-trade-cancelled-v1',
        'fx-trade-settlement-failed-v1'
      ]
    }
  ]}
/>

<WebhookPlaceholder render='fx-trade-executed-v1' />
<WebhookPlaceholder render='fx-trade-settled-v1' />
<WebhookPlaceholder render='fx-trade-cancelled-v1' />
<WebhookPlaceholder render='fx-trade-settlement-failed-v1' />