Currencycloud aims to make it easier for you to grow your business by enabling you to serve your customers every day of the week, 24 x 7. We’ll do the heavy lifting so you don’t have to worry about managing foreign exchange risk or building your own bespoke processes for the weekend.
What is Weekend FX Conversion?
Our Weekend Conversion capability gives you the ability to get rates and create conversions on the weekend by locking in FX rates with Currencycloud.
When will Weekend FX Conversion be available?
Weekend FX Conversion is being piloted during November and December and is scheduled for release during Q1, 2021.
Speak to your Customer Success Manager if you would like to know more about the pilot.
What is regarded as the weekend?
Weekend FX Conversion runs from 5 pm on Fridays to 5 pm on Sundays ET, to coincide with the weekend closure of the FX markets.
What happens if there is no liquidity during the week?
Despite FX markets being open, certain currency pairs may have little or no liquidity at certain hours. These scenarios will not be covered by the initial phase of Weekend FX Conversion solution.
Is there a mark-up on weekend conversions?
Since FX trading is closed on the weekend we manage the risk using Currencycloud liquidity. We may source this from our underlying liquidity providers or add an appropriate mark-up to cover our FX exposure during off-market hours.
What FX Tenors are supported?
Spot only. For most currencies, this is in 2 working days with some exceptions that would be 1 working day.
Forwards are not available on the weekend.
When will the converted funds be available?
Since conversions are spot only the funds will be available in 1 or 2 working days.
Is there a limit on the maximum conversions allowed?
Only the usual conversion limits which are also applied during the week.
How can Weekend FX Conversion be accessed?
Clients need to request access to be enabled – contact your Customer Success Manager.
Are any changes required on the API?
Since only spot conversions are available during the weekend, you can either determine spot conversion dates yourself or allow us to do it by passing the “conversion_date_preference” field with “optimize_liquidity” value in both of the above APIs.
What happens if a non spot conversion date is requested?
A failure is returned as we don’t offer forwards or pre-spot conversions on the weekends.
What currency pairs are supported?
108 currency pairs are supported. Find the full list here.
Can I change the conversion date or cancel a conversion booked on the weekend?
No, these options are not available in phase 1, they will be added shortly.
What happens if I fail to fund in time?
We will roll conversions to the next day just like we do for conversions booked during the week. Failure to send sold currency funds by settlement cut-off time may result in loss which will be added to your invoice.
Will Weekend Conversion impact my margin requirements?
No. Since weekend trading is for Spot only there will be no change to the margin required.