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  • BC-2.9 BC-2.9 Market regulations — Foreign exchange

    • Currencies

      • BC-2.9.1

        A broker will, in response to an enquiry from any bank, make known the currencies which it elects to quote and to make a service in.

      • BC-2.9.2

        Each broker shall provide, on request by a bank taking a service, general market information on all currencies handled (whether for the time being active or not) by that broker.

    • Brokerage

      • BC-2.9.3

        Brokers shall comply with the minimum scales of brokerage charges (see section BC-4.6) agreed in consultation with the Bankers' Society Council from time to time, or laid down by the BMA.

        In cases where there is no established minimum scale of brokerage charges, no deals shall be transacted until a rate has been agreed. Rates of brokerage in these cases should be agreed in advance, and only by Directors or senior managers on each side, and in no event by the dealers themselves.

      • BC-2.9.4

        Put-through deals may be net of brokerage.

      • BC-2.9.5

        Brokerage should be expressed in US dollars.