Room to do the deal…

This is a Bidvest Bank promotional feature

Dealing Room transactions are at the heart of foreign currency activities involving companies and their banking partners.

Though a specialist like Bidvest Bank invests continually in automated systems, many company orders still come in via the dealing room and and depend on word of mouth typically on the phone.

It is a trusted, reliable and extremely time-efficient channel. Though billions move without a hitch every month, basic safeguards should not be forgotten.

When these relationships are set up between bank and the company concerned, the client will sign a 'Authority to Deal’ document and an indemnity document.

The client also submits an authorised list of ‘transactors’ giving the names and positions of those employees who are permitted to place and verify orders with the dealing room.

It is essential this list is kept secure and is regularly reviewed by the client. When changes occur in a company’s employees, the list should be updated and the bank informed.

All phone conversations with dealers are recorded. At Bidvest Bank these tapes are stored on a secure server and kept safe within the bank. Should any recollection issues arise on any verbal instruction, the bank will check the recordings at the client’s request.

Clients typically phone the dealing room, identify themselves and give the particulars of the type of deal they would like to transact. Once concluded, the client is given a deal number for their reference.

Often, they are happy to speak to any member of the dealing room team. In cases where they have developed a personal relationship with a trusted dealer they may request that a specific team member take their call.

Written confirmation from the back office may be requested immediately after a transaction has been done. The client is required to fund their account and will await transaction completion and automatic notification that the relevant account has been debited.