Solid FX Off-market transaction Policy
1. Intended audience
This off-market transaction policy is applicable to all trading clients of the Solid FX platform (SFX) that take liquidity from SFX and submit orders to SFX (so called ‘takers’). By using SFX, a taker agrees that Solid has the right to amend or cancel a disputed transaction.
Solid strives to offer a fair and professional trading environment for all its market participants. If in this light a counterparty receives one or more transactions (order executions) that are considered questionable, the counterparty may contact Solid and request a transaction review. Solid may initiate a transaction review on questionable transactions by its own discretion.
A transaction can be considered off-market when the executed price differs substantially from the prevailing market rate at the time of execution, or from rates of other transactions around that time.
SFX is constantly monitoring received quotes and orders. Based on its own algorithms, SFX removes quotes and rejects orders that could lead to an off-market transaction. These algorithms will be altered if market conditions change. Solid expects from every market participant to take similar precautions to avoid off-market transactions in all circumstances.
4. Transaction review rules
The following rules are applicable for a transaction review request:
- A transaction review should be requested by phone (+ 31 299 769153) within 30 minutes of the execution by the submitter of the order or its representative. Requests received more than 30 minutes after execution may be processed, however Solid reserves the right to decline requests submitted after this period.
- A transaction review request by phone should be followed by an email to
email@example.com with the reason for considering the transaction as off-market, the suggested price and the following order and trade details:
- Client order ID
- Execution ID
- Filled Quantity
- Requested Price
- Filled Price
- A review request of a transaction as a result of a Market or Stop order will not be handled because of the nature of these order types.
- Solid will act as an intermediary between the counterparties in order to reach an agreement.
- Solid use good faith efforts to finalize a transaction review request as quickly as possible, expected to be within one hour after the request has been received.
Solid will execute the following actions upon receipt of a transaction review request:
- Solid will examine the request received. After examination, Solid may request additional information of the requestor.
- Solid may decide not to review the transaction(s). The review request will be closed, and the requestor will be informed about the reason of not handling the review request.
If Solid decides to review the questionable transaction(s), it will execute the following actions:
- Solid will try to contact the counterparties of the disputed transaction(s) by telephone and email and announce the review of the disputed transaction(s).
- Solid will use data sources of its own discretion to determine the prevailing market rate.
- Solid will use good faith efforts to come to an acceptable resolution within reasonable time, expected to be within one hour after the request has been received. The resolution may lead to an amendment or a cancellation of the disputed transaction(s).
- If after a reasonable time the counterparties cannot agree upon a resolution of the disputed transaction(s), or if Solid was not able to contact one of the counterparties, Solid will, in its discretion, determine upon a binding resolution for the disputed transaction(s).
- Solid will notify all parties involved and update the transaction(s) accordingly once a resolution has been reached.
If any of the contents of this policy are subject to interpretation, Solid will decide on the appropriate interpretation.