10 Questions
Why is it important for the dealer to alert senior management as soon as a mistake or dispute arises?
To prevent any further loss from occurring
What is the significance of closing out a position with agreement from both parties in case of disputes involving an open position or unmatched position?
It ensures equitable resolution and prevents market participants from benefitting
Why should management explicitly specify the dealers authorized to deal in off-premises or after-hours transactions?
To establish a clear procedure for prompt reporting and recording of off-premises transactions
What is the purpose of reporting and recording off-premises transactions according to the text?
To provide a record that cannot be erased without senior management approval
Why is it crucial for senior management to be involved in the early stage of disputes according to the text?
To better deal with disputes as an inter-institutional issue and eliminate the risk of further loss
What should management put in place to ensure clear guidelines for dealers regarding permitted products and limits?
Written guidelines on permitted products and limits
What must dealers be made aware of regarding off-premises trades, according to Principle 15 of FXGC 44?
They are deemed valid and binding
What does the dealing room security measures aim to control?
Access to confidential information and equipment
What is crucial regarding access by developers to production systems according to the text?
Developers should have restricted and controlled access to production systems
What should be available for review according to the text in relation to system actions by users and developers?
A complete audit trail of all actions by users and developers
Learn about the importance of involving senior management in early stage disputes and the best practices for resolving financial disputes in treasury operations. Understand the significance of closing out positions with mutual agreement to mitigate further risks.
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