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Spot Exchange Settlement and Sale

I. Description
Spot exchange settlement and sale refer to the spot exchange settlement and sale among different currencies (excluding RMB) conducted by customers through ICBC’s foreign exchange trading system within its specified trading hours.
The product is the most fundamental exchange tool between foreign currencies, and the trading structure is simple and easily understandable. On the condition of bearing risk by themselves, customers leverage the product to conduct foreign exchange currency conversion and trading to pursue spread income, or convert one foreign exchange with lower interest rate to another with higher interest rate to pursue spread.

II. Target Customers
This product is applicable to personal customers who have the full capacity for civil conduct, possess adequate risk tolerance and have passed the product suitability assessment.

III. Features and Advantages
1. Multiple transaction modes: in addition to real-time foreign exchange trading, the product also accepts pending orders which include take-profit order, stop-loss order, OCO order, revolving order, one-to-many order, trigger order and supplementary order. Revolving, one-to-many, trigger and supplementary orders are only applicable to the “buy first, sell later” mode for personal customers.
2. Various trading currencies: ICBC supports USD, JPY, HKD, GBP, EUR, CAD, CHF, AUD and SGD to meet customers' diversified needs.
3. Preferential price: as one of the most influential players in the international inter-bank foreign exchange market, ICBC has maintained good relationship with multiple the world-class banks and thus can provide competitive quotations for customers.

IV. Qualification
To apply for spot exchange settlement and sale to ICBC, personal customers must meet all of the following conditions:
1. Domestic and overseas individuals with full capacity for civil conduct.
2. Having opened personal multi-currency settlement accounts at ICBC.

V. Application Process
Personal customers must fully understand characteristics and relevant risks of foreign exchange trading product, carefully read and undertake to abide by the Foreign Exchange Trading Description of ICBC (the “Description”) and the rules, agree to and have the ability to assume the aforesaid risks, and sign the Foreign Exchange Trading Agreement of ICBC. Meanwhile, they shall designate personal multi-currency debit cards or settlement account current passbooks at ICBC as the fund account for foreign exchange trading.

VI. Service Channels and Hours
Personal customers may conduct business through outlets or e-banking channels. Outlets: generally from Monday to Friday and subject to actual business hours. E-banking: (Beijing time) Monday (07:00) to Saturday (04:00).

VII. Operation Guide
1. Application: corporate customers need to submit application for specific transactions. Upon conclusion, ICBC will give feedback on confirmation to them and promptly go through settlement procedures with them.
2. Cancellation and change: before the entrusted transaction is concluded, they may change or cancel pending orders through application. Once pending orders are closed, they cannot be modified or canceled.

VIII. Risk Prompt
Due to uncertainty in the changes of exchange rates, in case that future exchange rate is superior to the spot exchange rate after the customer has completed the trading,  the customer cannot enjoy the extra income brought by the changes of exchange rates in future since he/she has locked the cost or income of the exchange rates.

Note: the information provided on the page is for reference only. Specific businesses are subject to announcements and rules of local outlets.

Global Market