8.1 FX Rate Quote - REST Service (External Request)

This topic provides the systematic instructions for FX rate quote - rest service.

A new REST service has been developed to handle FX rate quote requests received from an external system.

Request Received

1. The external system sends a rate quote request with the required deal details (customer, currency pair, amount, value date).

Basic Validations in OBTR

2. OBTR validates the incoming mandatory fields. If any required field is missing or does not meet the validation criteria, it does not fetch the rate and instead returns a meaningful error message.
   • External rate source identification: OBTR retrieves the configured rate source for the request based on the configuration maintained in Treasury Customer Currency Spread Maintenance (CYDTRCSP). If no matching configuration is found, OBTR returns appropriate error message.

Additional Checks after Basic Validation

3. After successful basic validations, OBTR performs the following checks:
   • Holiday check for value date: OBTR validates the customer-selected value date against the relevant currency holiday calendars maintained in the Common Core.
     • If the selected value date is a holiday, OBTR derives the applicable value date.
   • Spread Retrieval: OBTR retrieves the applicable Spread based on the configuration for:
     • Customer
     • Currency pair
     • Amount
     • Tenor

Rate Retrieval from External Provider

4. OBTR calls the relevant external rate source API and sends the deal parameters as required by the provider’s API specification.

Response Handling and Final Rate Calculation

5. Process for response handling and final rate calculation.
   • OBTR receives the exchange rate from the provider.
   • The provider response may also include:
     • Value Date for which the rate is applicable.
     • Rate validity time/Period
   • If the provider is unable to return a rate, it sends an error message to OBTR, and OBTR forwards that error to the calling system.
   • OBTR calculates the final customer rate by applying the configured spread to the provider rate.
   • Funds availability check (FX Cash deals only): OBTR checks the availability of funds in the customer’s Settlement Account (the debit account for the Sell Currency). If funds are insufficient, OBTR does not restrict processing or throw an error; it issues a warning indicating that funds are not available

Response Returned to Calling System

6. OBTR returns the final rate along with:
   • Applicable Value Date (as returned by the provider or as derived by OBTR after holiday checks).
   • Indicator whether the value date differs from the customer-selected date.
   • Rate validity time/Period (as received from the provider).
   • A unique Quote ID for the rate quote.