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QUESTION

How do I create a Request for Quotation (RFQ)?

ANSWER

Creating an RFQ allows you to place an order to buy or sell banknotes on the Marketplace.

Here, you can choose whether you want to reveal your identity with the RFQ that you send out. You can select the bidding period (with a minimum of 10 minutes and a maximum of 30 minutes), the currency you want to trade in, whether you want to buy or sell currency, the amount, and whether you want to accept quotes for only part of, or the full the amount you had requested. A green open lock icon beside the amount field means you are willing to accept partial quotations, while a red closed lock icon, means only quotations on the full amount are accepted.

Likewise, you can choose to request a rate. The default mid-market rate will be provided and you can edit it to a rate of your choice. A red lock means trading partners can only quote based on the rate you have specified, while a green lock indicates that they can edit your rate and provide their own quoted rate.

Once you have indicated the currency you want to trade in, you will be able to choose from a range of denominations that are specific to the currency you want to buy or sell. You can choose between different quality of banknotes as well.

You can also choose to request for multiple currencies in a single order. Simply add a currency by clicking on the blue “+” tab under Transaction Details

Specify a settlement date and time for when you want to receive or deliver the currency.

Once done, you can Select Counterparties to include or exclude groups of businesses. View Summary to review your selection options and if all is in order click on Send RFQ.

You will receive a Request ID and see how many counterparties with matching criteria your RFQ has been sent to.

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