We buy Euro with USD on a Ledger to Ledger only
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We have a USD Provider who wish to purchase EURO on a 20/10 discount only and are RWA.
There is no problem going straight to Contract - in fact we prefer it that way provided we have a signed Contract by the EURO Provider with disclosure of codes, Banking details in order that we can undertake due diligence.
My USD provider has checked the revised FED protocol which only allows currency to be moved via Ledger to Ledger for now on.
Therefore a Draft blank contract would need to be amended to incorporate L to L (not MT 103/23) and also include POF via MT 799 B to B.
The Euro Prov will need an account in a Top 25 Western Bank in order for this transaction to proceed.
Our Bank will not deal with offers of currencies coming out of Indonesia or Thailand. They will have to be from a World Prime Bank in western Europe or the USA.