OTC FX deals are negotiated via Email or WhatsApp with a member of the FX trading team.
The OTC trading platform is open to those companies looking to trade in excess of 20 million USD per month. These trades are usually booked on demand and over personalised communication with a dedicated FX dealer.
After an FX deal has been agreed in principle via Email or WhatsApp an FX dealer will apply the deal to your account and you will receive a notification of a new OTC FX offer via email.
OTC FX deals will have the following terms:
Sell Amount - The amount of currency being sold
Buy Amount - The amount of currency being bought
FX Rate - The calculated rate from sell and buy amount
Expiration Period - The amount of time the deal is valid for
Inward settlement date - The day funds must arrive with Verto in your sell currency wallet
Outward settlement date - The date Verto will deposit funds into your wallet in the buy currency
After accepting an OTC FX deal you must ensure that funds are in your default wallet before the sell currency cut-off time for that currency on the inward settlement date.
If your default wallet has local/global account details attached you can use these for inward fund settlement - otherwise, you will need to send funds to the attached SSIs for the payment.
Funds will be added to the wallet automatically as they arrive - if instructions have been followed appropriately.
Verto's OTC FX system will check the balance of the default wallet for the sell currency every 15 minutes. If funds are available they will be automatically debited and OTC FX order marked as paid. This process will occur starting at 4am (UTC) on the day the trade is due.
Verto will settle buy currency on the outward settlement date into your Wallet for that currency. If you have an FX Balance in the currency funds will always be deposited in this over your wallet.
Once funds have settled into your Wallet/FX Balance you are free to withdraw the funds as required.