Finishing a Spot Trade

Once you have booked a trade through Spot Trade, you need to add the payment and settlement instructions to complete the deal. Mandatory fields are marked with an asterisk (*).

To finish a Spot Trade

After you book a spot trade, a dialog appears to let you know that your deal has been booked. On the dialog, click Instruct This Deal to finish the deal you just booked, or click Instruct Multiple Deals to complete more than one deal at the same time.

Complete the fields on the Payment Instructions page as follows:
- Beneficiary—Specify where you want to send the payment.
  In the Beneficiary field, start typing a sequence of characters that are in the beneficiary's name.
  As soon as you enter at least three characters, the system starts searching for matches. All beneficiaries with details that match the search criteria you entered are displayed in a dropdown list, and the matching portion is underlined. The more characters you enter, the more refined the search results.
  
  Note: The characters you use to search are not context sensitive, and can include spaces.
  How to send the payment to your Multi-Currency Account
  If you are enabled to use Multi-Currency Account, you can follow these steps to send the payment to your Multi-Currency Account instead of to a beneficiary.
  - Click the Multi-Currency Account toggle, which is located above the Beneficiary field.
    The field name changes to Multi-Currency Account.
  - From the Multi-Currency Account dropdown list, choose the Multi-Currency Account to which you want to send the payment.
    
    Note: When you instruct the payment to go to a Multi-Currency Account, you do not need to complete the Payment Method field; the field displays by default.
    
    After you have select the Multi-Currency Account, you can hover your mouse over the DETAILS label (just below the field) to view summary information.
    
    Multi-Currency Account details include:
    Ledger Balance—The amount that was in the Multi-Currency Account at the end of the previous business day.
    Held Balance—The amount in the Multi-Currency Accountthat is allocated to cover payments that have been scheduled but are still incomplete or outstanding.
    Available Balance—Ledger value minus Balance Held value. This is the amount that is available to use.
- Payment Method—By default, the payment method that is preferred for this beneficiary is selected. If the beneficiary can use other payment methods as well, you can select a different method from the dropdown list.
- Amount—Enter the amount that you want to pay to the beneficiary.
  By default, this field displays the total amount that is available; however, you can change the amount if you want to send payments to more than one beneficiary. As you add additional payments, the value in the Amount field is updated with the remaining balance.
- Payment Reference—Optionally, enter a reference that will be included with the payment.
- Purpose of Payment—From the dropdown list, choose the option that best describes the reason that you are sending the payment to this beneficiary.
- Remitter—If the payment is being sent on behalf of another person, enter the person's name in the Remitter field. In the Remitter field, start typing a sequence of characters that are in the remitter's name.
  As soon as you enter at least three characters, the system starts searching for matches. All remitters with details that match the search criteria you entered are displayed in a dropdown list, and the matching portion is underlined. The more characters you enter, the more refined the search results.
  Note: The characters you use to search are not context sensitive, and can include spaces.
- Optionally, attach any related documents to the payment. For more information, see Attaching documents to payments.htm.
Click ADD PAYMENT.
Optionally, repeat steps 2 and 3 to add additional payments.
If the total of the payments that you enter is greater than the available balance in the Spot Trade, you will see a message that tells you that the remaining balance is not sufficient to cover the payments.

Click CREATE SPOT TOP UP to add the additional funds need to cover the transaction.
Alternatively, you can click CANCEL and then edit the payment amounts so that the total does not exceed the available balance.
Click REVIEW PAYMENT(S).
This tab shows you a summary of the amounts required for the payments and settlement, as well as any Spot Top Up. You can review the details and, if necessary, make any required changes.
If there is a Spot Top Up, the currency chosen to settle the Spot Top Up is your base currency, but if you have an account in a different currency that you want to use, you can choose it from the dropdown list in the Spot section.

Note: The fee amount is displayed on a separate line. This allows you to use a separate account to pay for fees.

If any payments require approval
If any of your payments require approval, you will see those payments listed at the top of the page.

By default, when you click COMPLETE TRANSACTION, all authorized approvers will be notified that there are payments in the approval queue. The beneficiary will receive the payment after it is approved.
If you want to modify the list of approvers for the payments listed on this page, click Manage Approver List, and then click to remove the check beside those approvers you want to exclude.
If the deal includes a Spot Top Up, click GET QUOTE.
The conversion rate and resulting valuation for the Spot Top Up are displayed. The RATE EXPIRY timer indicates the amount of time you have to book the deal at the displayed rate.
Click COMPLETE TRANSACTION to submit the deal.
A confirmation dialog appears.

Note: If the payment requires approval before it can be processed, the message that appears at the top of the page tells you that the approvers have been notified.
Optionally, click View Receipt to view the Deal Confirmation.
If the total of the payments is less that the amount of the deal, the confirmation will show the Uninstructed Amount. This is the amount that can be used for additional payments.