STATE BANK OF INDIA

GLOBAL MARKETS

MANUAL OF OPERATIONS

CHAPTER 24: FOREX OPERATIONS- FRONT OFFICE

SECTION 24.1: CORPORATE & MERCHANT DESK

SECTION NAME SECTION NO.

OVERVIEW

PUBLISHING OF RATES 24.1.1

QUOTING OF DEALER RATE 24.1.2

ORDER BOOKING AND WATCHING 24.1.3

KHATA/POSITION MONITORING 24.1.4

DEAL PROCESSING 24.1.5

OTHER ACTIVITIES 24.1.6

 OVERVIEW-MERCHANT DESK OPERATIONS

OBJECTIVE:
To establish adequate procedures and controls for front office operations
related to dealing in foreign exchange

INTRODUCTION

Dealers at Merchant desk are engaged in quoting rates for purchase and sale of
foreign exchange to customers. Deals may be concluded with the customers directly
(over phone or through e-platforms like e-Forex, FXT, Fx-All, Fx-Go etc.) and
branches (over phone or through Mercury Fx). The merchant desk activities comprise
of:

• Publishing Card Rates, Online Rates, Libor Rates, Rates for FCNB Premium
Deposits on Mercury Fx platform
• Quote rates for all maturities to customers and Branch officials.
• Interact with customers advising them regarding market trends and
movements.
• Interaction with Branch & RTMU officials.
• Processing of deals concluded with customers/branches in accounting system
Mercury Fx.
 Chapter 24.1.1

PUBLISHING OF RATES
The deal processing of customer deals is done through the system “Mercury –Fx”.
Mercury Fx is an online platform used for booking rates and subsequent accounting
in CBS/Exim Bills and is accessible to all the designated branches.

Every day (except Sundays and designated holidays) in the early morning, merchant
desk publishes foreign exchange rates on Mercury Fx system. These rates are
available to all the designated branches having access to Mercury – Fx. The Branches
can negotiate and conclude deals with the customers based on these rates. The
following types of rates are published by the merchant desk:

• Card Rate (Upto Rs. 10 lakhs & above Rs. 10 lakhs to Rs. 20 lakhs )
• Online Rate
• Libor Rate
• Rates for FCNB Premium Deposit account

Card Rate

Card rate is typically quoted to customers having small value forex transactions and
can be utilized by branches as and when required. These rates are also published on
bank’s Corporate Website.

Tom and spot date verification

After publishing the card rates, dealer verifies and updates, if required, “tom” and
“spot” dates in Mercury Fx for each currency pair. The verification is necessary to
check whether holidays, if any are correctly captured for calculation of “tom” and
“spot” date calculation.

Online Rate

The online rate is published on Mercury Fx based on the current market rate and
appropriate spread. The rate is revised regularly during the day to bring it in-line with
the market rate.
The online rate of USD/INR is maintained/calculated and published in Mercury Fx by
the Khata dealer of merchant desk, whereas the cross currency rates (presently
GBP/USD and EUR/USD) are maintained and published by the interbank- cross
currency desk.
The online rate is quoted by the Branches to mid –sized corporates.
Libor Rate

Libor Rates are taken from information system Refinitiv Eikon page and published on
the Mercury Fx.

Rates for FCNB Premium Deposit account

These rates are published mainly for high value NRI customers wishing to cover their
future foreign currency exposures. NRI intensive branches calculate the expected
yields for their customers. The published rates are for information only and actual
rates are informed by dealing room at the time of booking of transaction.
 Chapter 24.1.2

QUOTING OF DEALER RATE

High value customers are authorized by their respective branches to take rate directly
from the dealing room. Such customers may access dealers directly over phone or
through e-platforms such as e-Forex, Fx-All, FXT, Fx-Go, Refinitiv Messenger etc. to
conclude deals. Minimum amount for booking of rates from dealing room over phone
is USD 250,000 in case of USD/INR and eq. Of USD 0.1 Mio in case of all other
currency pairs.

Dealers at Merchant Desk may quote directly, depending on market volatility, to the
customer if the transaction amount is up to USD 2 Mio in case of USD/INR Currency
Pair and Eq. Of USD 0.1 Mio in case of cross currency pairs.

In case transaction amount is above the above threshold levels, merchant desk dealer
asks quote from the interbank desk and passes on the same to the customer.

Once the deal is concluded, dealer gives a reference number to customer/branch for
identification of the deal.

Merchant desk also quotes rates to exchange companies both on phone as well as e-
platform (FXT). These deals are required to be entered directly in Murex on
maker/checker concept.

Matching transactions

The customers of the Bank may have matching inflow and outflow transactions of
forex. The dealer quotes a spot rate for matching transaction. The spot rate for such
inflow and outflow matching transactions is same, and dealers may charge a spread.
The final deal is struck after adding the requisite swap points to the matching spot
rate. Matching transactions are done at prevailing market spot rate. However, on
specific customer requests for particular spot rate during the day, the Chief Dealer
may allow a rate from the day’s range for the deal.

Spot Transfer

Customers having underlying at a different bank may choose to cover their spot leg
at our bank and vice-versa. In this case, on a selective basis, they are allowed to
transfer out/transfer in their spot transactions. Spot Transfer is approved by the GM
(Forex).
 Chapter 24.1.3

ORDER BOOKING AND WATCHING

Customers place orders (to buy or sell a certain amount of foreign currency at a
desired rate) with merchant desk. Customers having access to e-platforms like FXT
may place orders directly with interbank desk.

Types of orders:

Normal orders (Both spot and swap points), Stop loss/Take profit orders, OCO (One
Cancels Other) orders, if done orders.

USD/INR ORDER:

Minimum amount of order should be USD 250,000.

Orders above USD 1 Mio are watched by Interbank Desk. Order up to USD 1 Mio are
watched by Khata Dealer at the Merchant Desk. Status of order fills are advised by
the dealer watching the order.

Once the order is filled, merchant desk dealer informs the customer to confirm the
deal for value date. (i.e. cash, tom, spot or forward deal). After the deal is confirmed
for value date, it is processed in Mercury Fx.

Orders to buy/sell USD/INR currency pair at FBIL Fixing rate are also taken. The rates
for these deals are advised after FBIL publishes the day’s Fixing rate.

Orders are valid till normal market hours as prescribed by FEDAI/RBI from time to
time. Orders after normal markets hours may be taken only for transactions with
value date exceeding the transaction date. Orders will be watched till 10:00 PM.

CROSS CURRENCY ORDERS:

Minimum amount of order should be Eq. USD 100,000.

The interbank Crosses Desk watches orders for all currency pairs other than USD/
INR. Order once filled are advised to customers as mentioned above.
Orders may also be watched overnight. Overnight orders are valid till 9:00 AM of next
working day and customers are subsequently informed whether their orders have
been executed or not after confirming with the crosses desk.

Good Till Cancelled (GTC) orders are also taken in Cross Currency pairs selectively.
 Chapter 24.1.4

KHATA/POSITION MONITORING
Position Monitoring for USD/INR (Khata desk operations)

The “Khata book” is an online portal used for position monitoring maintained by the
merchant desk Khata Dealer. Once spot leg of a deal in concluded, dealer striking
the deal with customer/branch orally relays deal details (amount, side, customer’s
name) to Khata dealer, Khata dealer inputs the details in the portal. He/she updates
the portal every time a deal is concluded with a customer/branch. Khata dealer also
updates the net currency position appearing in Merchant folder of Murex on the Khata
book on a real time basis. Formula have been set in the Khata book, and the net
merchant position at any point of time gets updated in the sheet and is accessible to
interbank dealer for updation of overall bank’s position.

Whenever a reported transaction is executed/committed (order board/spool) in

Mercury Fx, Khata Dealer boards the entry from his sheet as the same is now captured
in net position of Murex.

Whenever a non-reported deal flows in Murex, Khata dealer updates the Murex
position in Khata book and informs the interbank desk.

Position Monitoring for Currency pairs other than USD/INR

Cross currency positions are maintained directly by the Inter Bank Crosses Desk. The
dealer striking a deal with customer/branch orally relays deal details (currency,
amount, side, customer’s name) to Interbank Crosses Desk.

Whenever a reported transaction is executed/committed (order board/spool) in

Mercury Fx, dealer informs the Interbank Crosses Desk so as to update his position
in the respective currency.

Whenever a non-reported deal is committed, it directly flows in Murex, dealer informs

the Interbank Crosses Desk so as to update his position in the respective currency.
 Chapter 24.1.5

DEAL PROCESSING
Deal processing through Order Board

Deals concluded over phone between dealing room and customers are entered on
the Order Board of Mercury Fx quoting the reference number. Once the dealer
executes the same, it flows to Murex on a real time basis. Once the dealer is ready
for execution, he/she informs Khata dealer who boards the transaction on the Khata
book.
These deals are utilized by branch after matching the deal details with the reference
number. On utilization, the original deal (generated at the time of execution on order
board) get cancelled in the Murex and a new deal with the “utilized” amount is
reissued in Murex. (This is backend function and does not require dealer’s
interventions. This also does not impact currency position.).

Deal processing through Dealer Dash Board

For Customers who are not enabled on the order board, branches report the
transaction in spool giving the reference number. Dealer gives the agreed rate. Once
the rate is accepted by the branch, dealer committees the same after informing the
Khata dealer who boards the transaction in the Khata book.

Deals may directly be reported by the branches on behalf of customers and are placed
in the dealers’ dashboard. The dealers quote ongoing market rate with a suitable
spread for the deals. In case the rate is acceptable to the branch/customer, the
branch “accepts” the deal in Mercury Fx. On acceptance of the deal, the dealer
“commits” the deal, and the deal flows into Murex.
 Chapter 24.1.6

OTHER ACTIVITIES
Start of the Day procedures

At the start of the day, dealers calls up their allotted customers to discuss the likely
market movements during the day and assess if any orders are to be received for the
day.

He/she also informs the customer in case any of its overnight cross-currency orders
are filled. In case of unfilled order, he/she returns the order back to the customer. In
case the customer decides to continue with the same order, the dealer informs the
cross desk accordingly.

End of Day procedures

At the end of the day the merchant dealer performs certain activities such as closing
of all “unutilized” spot orders in Mercury Fx. For unutilized orders, dealer obtains an
undertaking from the branch that these will be utilised on next working day.

Customer database

Due diligence for a customer is done by Branches/RTMUs. After the customer due
diligence is done and in case the customer is found eligible for direct access to the
dealing room, an authority letter is sent to merchant desk for allowing the same.
Branch obtains and keeps all the necessary papers at their end. Based on this
authority letter, the dealer updates the customer details onto a database maintained
at the desk. This database is accessible to all the dealers and is used to verify the
customer credentials in case of direct calls from the customers.

The authority letter should be obtained periodically. Fresh authority letter should be
obtained in case there is any changes in customer details such as name of dealer(s)
or telephone number(s)

In case of e-Forex customers, the Chief dealer approves the access to the e-Forex
platform after checking the requirements as per the details inserted by corresponding
Branch and recommended by respective RTMU.

In the month-end and at the year-end, dealers will update the volumes of the
customers allotted to them and compare the same with corresponding period last
year. They will talk with the customers regarding any large variations and inform the
Chief Dealer.
 SYSTEMS AND CONTROLS

JOB DESCRIPTION RESP

PUBLISHING OF RATES

At the start of the day, inform USD/INR base rate to merchant Merchant
desk for calculating the card rate. The base rate is derived from Dealer/Chief
current market rate and expected market movement. Dealer Spot

Key in the USD/INR base rate in to the card rate spreadsheet. Merchant
Cross currency base rates are taken by the system from Dealer
Refinitiv Eikon information page. The card rate is calculated
automatically on the basis of pre- defined formula in the
spreadsheet.

Complete the process of preparation of card rate, through

working on various spreadsheets and verification of values.

Check the Card Rates and Upload the same in Mercury –Fx.

Card rate preparation/updation should be cross checked by

separate dealer.

Download the LIBOR from Refinitiv Eikon information page into

spreadsheet and upload and save the LIBOR spreadsheet on
Mercury Fx. FCNB rates are also prepared through a separate
spreadsheet having predefined formulae. Along with this, the
special rates for Thomas Cook and Centrum are prepared and
uploaded to Mercury-Fx with appropriate spreads as advised
though circulars time to time.

The card rates are uploaded on GMUK/IT-TSS portal via FTP.

The PDF of the card rates are forwarded to IT team for
uploading to Bank’s official website. The FCNB file is e-mailed
to IT team and other relevant departments.

Some of the rates are also mailed to Control Desk for publishing
on Intranet site.
 JOB DESCRIPTION RESP

In case the intra-day volatility is too high, take a decision to Merchant

change the card rate in Mercury-Fx. Dealer/Chief
Dealer Spot

Verify the “Tom” and “Spot” dates in Mercury Fx. Ensure that Merchant
holidays if any, have been correctly captured while calculating Dealer
the “Tom” and “Spot” dates

Online Rate- USD/ INR

Upload and update the online rate for USD/INR on Mercury Fx Merchant
based on the current market and the pre-approved spread. The Khata Dealer
spread may be widened in case of extreme volatility in
consultation with Chief Dealer (Spot).
Online Rate- USD/ INR Crosses
The online rate for GBP/USD and EUR/USD are maintained and Desk
published by the interbank- cross currency desk.

Presently, following maximum limits are maintained for online

rates.
USD/INR: USD 3 mio.
GBP/USD: GBP 1.00 mio
EUR/USD: EURO 1.00 mio

These limits can be changed by the Chief Dealer (Merchant) if required.

 SYSTEMS AND CONTROLS

JOB DESCRIPTION RESP.

QUOTING OF DEALER RATE

Request received from customer

Receive call from customer. Merchant

Dealer
Establish authenticity of the customer by verifying the details
with the customer database.

If the person or the contact number is not as per the customer

database, politely refuse the call and direct the customer to
the branch for further discussions. Inform the Chief Dealer of
the incidence.

In case the customer authenticity is established, quote the

dealers rate as stated in section 24.1.2 above.

In case the customer asks to watch the order and gives an

order, proceed to watch the order as stated in section 24.1.3
above.

The e-Forex deals initiated by the customer for negotiation

appear in dealer dashboard of Mercury Fx and the same gets
flown in Murex on successful conclusion of the deal.

The Exchange companies either come over telephone or the

e-platform to take rates. The deals thus concluded are inserted
in murex in case of telephonic deal while the deal done on e-
platform gets flown through STP and verified by another user.

Some customers (mostly PSUs), come on e-platform/phone to

conduct bid between banks for taking rate, wherein, the rate
is conveyed to the respective customer by the dealer and get
the position done at Khata if bid is won.
 JOB DESCRIPTION RESP.

Request received from branches

Quote the rates given by interbank dealer or directly based on Merchant

the current market rate/size of the transaction with suitable Dealer
spread.
In case the Branch agrees to the rate get the deal placed in
Khata and follow deal processing procedure as per section
24.1.5 & 6.

In case the Branch gives an order and asks to watch the order, Merchant
proceed to watch the order as stated in section 24.1.3 above Dealer
Quoting of “matching rate”
Follow the process as stated in points “Matching
Transactions” as detailed in 24.1.2
Merchant
Dealer
 SYSTEMS AND CONTROLS

JOB DESCRIPTION RESP

ORDER BOOKING AND WATCHING

Receive call from customer/Branch. Merchant
Establish authenticity of the customer by verifying the details Dealer
with the customer database.
If the person or the contact number is not as per the customer
database, politely refuse the call and direct the customer to the
branch for further discussions. Inform the Chief Dealer of the
incidence.
In case the customer authenticity is established, and the
customer asks to watch the order and gives an order, receive
request from the customer/branch to watch any order. Crosses
Fill in the details of the order to be watched in the order Desk
register/excel sheet for cross currency orders.
Forward the order book/excel sheet to the crosses- interbank Merchant
desk for order watching. Dealer
Once the order is filled, crosses desk will inform to give the fill.

In case of USD/INR order, enter the details of the order to be Spot Desk/
watched in the order section of Khata book. The order Merchant
automatically gets transferred to appropriate dealer for Khata
watching. Dealer
Once the order is filled, it automatically get updated in
transaction sheet of the respective dealer.

Inform the customer of the order filled. Confirm the deal and
do the final costing, follow the process as stated in “deal
processing” section 24.1.5

In case the Khata desk dealer or the interbank dealer informs

that the order is not filled in, inform the customer regarding Merchant
order status. Dealer
 JOB DESCRIPTION RESP

In case the customer wants to modify/cancel order in the cross Merchant

currency order book or relay information orally in cases of Dealer/Spot
USD/INR. Ensure that order is modified/ cancelled by cross Desk/
checking with interbank/Khata dealer. Merchant
Khata
Dealer/
Crosses
Desk
In the evening, tally with the Interbank crosses desk all the Merchant
pending Crosses orders and advise them about whether the
Dealer
order to be watched overnight or returned back in consultation
with the customer.
In the evening, check with the customer/branch whether
pending USD/INR orders will be watched after normal market Merchant
hours. Dealer
 SYSTEMS AND CONTROLS

JOB DESCRIPTION RESP

DEAL PROCESSING
Relay information to the “Khata Dealer” orally of the deals Merchant
concluded with the customer/branch giving brief detail like Dealer
amount, side and customer’s name.
Based on the oral information received from the dealer, update
the, name of the customer, volume, rate and dealer name in the Khata
Khata book. Dealer

Monitor changes on the Murex deal blotter for changes in the

net merchant desk position. Update the Murex position Cell of Khata
the Khata book in real time for changes in the Murex position Dealer
and average rate.
Dealer matches his pending transaction in the Khata book at
regular intervals and informs the Khata dealer if any anomaly is Merchant
observed. Dealer
Before the end of trading hours, follow up for reporting of deals
with the branches/customer/RTMUs for any pending positions
appearing in Khata book. Merchant
Dealer
At the end of the day, ensure that all the positions in the Khata
book have been committed in Mercury and flown to Murex and
there is no pending position in Khata book. Khata
Dealer

Deal processing on Dealer Dash Board

Deal processing on dealer dash board would include processing Merchant
of covered/uncovered forex purchase, sale and early delivery Dealer
charges transactions. Covered transactions are those
transactions for which customer/branch has already taken rate
from the dealer.
Monitor the dealer dash board for any deals entered by the
branches and pick the deal from the spool.
 JOB DESCRIPTION RESP

Review the deal details and key in the spot rate and/or swap
points.
Note: Swap points will have to be entered in all non-spot deals
such as cash, tom deals, forward contracts, early delivery of
forward contracts, cancellation and rebooking of forward
contracts, cancellation of contracts, negotiation/discounting of
usance bills, crystallisation of bills etc.
Once the branch accepts the rate, the deal goes to “Pending Merchant
Commitment’ section of dealer dash board. Once the deal is Dealer
committed by the dealer, the same will flow in Murex
automatically on a real time basis and Murex ID is generated.
Khata Dealer updates the Murex position in the Khata book and
informs the Inter-bank desk. Khata
Dealer

In case the deal on the dealer dash board is a covered deal for
which rate was taken earlier, inform the Khata desk dealer with Merchant
the requisite details before committing deal. Once the deal is Dealer
committed, it flows into Murex and Murex ID is generated.
Khata Dealer updates the Murex position in the Khata book and
boards the position appearing in the Khata book. Khata
Dealer
Deal processing on order board
Order board has two sections – Spot Order and Swap Order.
Spot leg of a deal is entered in Spot Order section and swap leg
is entered in swap order section. Swap can be entered only when
spot is placed and executed. Entering the Deal on the order
board
Customer calls concludes the deal with the dealer. Both spot rate
and forward points, if any, are agreed upon between the dealer
and the customer, the deal is complete. The dealer confirm the Merchant
deal details such as the value date and final rate after addition
Dealer
of swap points with him and gives a reference number for
identification.
Dealer enters the deal in the order board in related customer
code giving full details of the deal along with reference number.
 JOB DESCRIPTION RESP

The Customer may also book spot rate at one point of time and Merchant
swap rate at the other time. In this case, dealer writes down the Dealer
agreed rate in his/her manual blotter and waits for conclusion of
the remaining rate. Once both the rates are conformed, the deal
is said to be complete and above procedure is followed.
The Customer may also do both spot and forward deals at
various times and at various levels. All the details will be noted Merchant
in the manual blotter and deals will be entered as per instructions
Dealer
of the customer such as a single deal with average rate or
multiple deals at various levels etc.
Dealer enters the deal in the order board in related customer
code giving full details of the deal along with reference number.
Merchant
In case of cash, tom and forward deals, enter the deal details on Dealer
the spot order section, and then enter the swap point details in
the swap order section. Merchant
Dealer

Deals done by the customers (mostly oil companies like IOC, Merchant
BPCL, HPCL) on e-platform with the interbank desk. Dealer
Details of the deal concluded will be provided by interbank desk. Interbank
Enter the deal on order board. Desk

Merchant
Dealer

Execution of Deals
Generally, deals are executed one by one so as to enable khata
dealer to board the transaction on the khatabook and update the
Murex position.
Inform the Khata desk dealer of the deal before executing any
entered deal in the Spot Order section of the order board. Merchant
Dealer
Once the deal is executed, it flows in to Murex and Murex ID is
generated.
Khata Dealer updates the Murex position in the Khata book and Khata
boards the position appearing in the Khata book. Dealer

JOB DESCRIPTION RESP

Once the Spot order is executed, immediately execute the swap Merchant
order Swap orders are to be executed separately for different Dealer
value dates even if they are under the same spot order.
Note: Deals “executed” by dealers have to be “utilised” by
Branches. Branches will “utilise” the deal only when both spot
and swap orders are executed. Once the deal is “utilised” by
branches, the original deal flown in to Murex on “execution” by
dealer is cancelled and a new deal is reissued with the amount
“utilised” by the branch.
Note: Once an order is executed on the order board,
customer code can be changed, but amount, side and branch
code will not be changed. So every care should be taken
before execution of the deal on the order board.

In case orders get filled in for the customers, but costing is not
done on for the same day, enter and execute the deal on the Merchant
order board. Dealer

Deal flows to Murex and Murex ID is generated.

Khata Dealer updates the Murex position in the Khata book and Khata
boards the position appearing in the Khata book. Dealer

All such deals to be monitored by Chief Dealer (merchant) for

early reporting/utilization by the branch. Chief
Dealer
Note: Once the deal is value dated by the customer, next day,
the deal executed earlier in the order board is modified by chief Merchant
dealer through change of date. Dealer
In case Overnight Orders get filled, swaps points are to be Merchant
calculated from the day the Order fill has been advised by the Dealer
Inter bank desk.

SYSTEMS AND CONTROLS

JOB DESCRIPTION RESP

OTHER ACTIVITIES

Start of the day activities

Check the Merchant Desk email ID for any Bids. Inform the Merchant
Interbank Desk about the day’s bid details and coordinate with Dealer
respective RTMU/Branch for quoting for the bid.

Call up the allotted customers to discuss the likely movement of

market for the day and assess if any deals to be done or orders
to be received for the day.

Change the date of all unutilized transactions of previous days

placed on Order board in Mercury Fx. Chief
Dealer
Update the rate band in Mercury Fx to avoid any error in rate
Chief
feeding in system.
Dealer
End of the day activities
Ensure that the orders “executed” on the order board on Mercury
–Fx are “utilized” by the Branches in Mercury Fx. Merchant
Dealer
“Close” all unutilized orders on the order board within the Night
prefixed tolerance limit set by the Bank Note: Desk
• The branch will utilize the orders on the order board based Dealer
on the documentation received from the customer. A nominal
amount of the order may remain unutilized for want of
documentation, as the order booked by the customer may be
of an approximate amount. The bank will pre-fix a tolerance
limit for unutilized orders.
• Closing all unutilized orders will reverse the deals earlier
recorded in Murex on execution of the deals in Mercury Fx.
This will ensure that only the deals for which is appropriate
supportings and deal confirmations are available from the
customer are recorded in Murex.
Follow up with the Branch for any unutilized orders above the
tolerance limit.

JOB DESCRIPTION RESP

Fill in the ODA sheet, with details of all orders not filled in till the Merchant
end of the day and valid till 9:00 next day. Handover the same Dealer
to the interbank cross currency dealer. The interbank cross
currency desk, will watch the order, and fill in the same.
Put up the report of orders filled but not entered in Mercury Fx Merchant
for the day to the Chief dealer and DGM (Forex) Dealer
Other Activities
Update the customer database as and when the direct access
authority letter is received from the Branches for the direct Merchant
access customers. Dealer
In the the month-end and at the year-end, update the volumes
of the customers allotted and compare the same with
corresponding period an year earlier. Discuss with the customers
regarding any large variations and inform the Chief Dealer
Broadcast important messages, relating to Mercury Fx from time
to time as per instructions received from Chief Dealer.
Fixing of mark-up on Fx Retail
RTMUs send mail for fixing of mark-up on Fx-Retail. Based on
circular instructions, mark up is decided and note is presented to
DGM (Forex)
Once the note is approved, mark-up is updated on Fx-Retail
platform.
Keep Track of the mails received in Desk mail ID
Erroneous deals
Erroneous Deals are rectified in the system based on the stage
they are categorised as erroneous.

1. Executed on Order board but not utilised (Order board

Deletion).
2. Deals already utilised by the branch/committed by the dealer
in spool but accounting entries not passed in CBS/Trade
Finance (Murex Deletion).
3.Deals where accounting entries have also been passed in
CBS/Trade Finance (Level Rate)

JOB DESCRIPTION RESP

Order Board Deletion
Once the error is identified, make a Contra position in the khata Night
book. Take a print out of the erroneous deal ticket and enter the Desk
details in the deal deletion register. Mention the reason for Dealer
deletion in the register and on the deal ticket print out.
Sign off the register and forward the same to the DGM (Forex) for
sign off.
Sign off the register and delete (Cancel) the deal in Murex. DGM
(Forex)
Murex Deletion
Keep track of all deletion request received from branches and IT- Night Desk
TSS
Update the same in deletion register and communicate with the Dealer
branches and update the circumstances.
Sign off the register and forward the same to the DGM (Forex) for DGM
sign off.
(Forex)
LEVEL RATE
All level rate requests to be entered into the register prescribed
Night
and action taken to be updated.
Desk
Dealer
Scrutiny of Early Delivery Charges (EDC)
All EDC transactions committed during the day to be checked for
Night
correctness. Errors, if any, to be brought to the notice of
Desk
concerned dealer as well as the Chief Dealer for subsequent
Dealer
rectification.