The parties developing IFEMA have recognised that market practices are evolving and IFEMA is expected to be the best market practice at this stage. IFEMA was primarily intended for interdealer exchanges (i.e. where both counterparties to the contract are traders), but can be used by non-dealer counterparties if both agree. IFEMA has been designed in such a way that it can easily add additional guarantees, covenants, etc., necessary for such transactions. The International Exchange Agreement (IFEMA) was published in 1997. It was originally developed by the British Bankers` Association and the Foreign Exchange Committee (an advisory committee sponsored by but independently of the Federal Reserve Bank of New York). IFEMA was published in 1997 by these two groups in collaboration with the Canadian Committee on Foreign Exchange Exchange and the Community Committee on Market Practices in Data Exchange. At the time when IFEMA was developed for foreign exchange transactions, other framework contracts were drawn up by the same groupings for different types of transactions, namely ICOM for international options on the foreign exchange and feoma market, the Framework Agreement on Foreign Exchange and Options, which essentially combines the IFEMA and ICOM agreements and covers foreign exchange and foreign exchange transactions and foreign exchange options. This consolidation of foreign exchange agreements was then supplemented by the International Foreign Exchange and Currency Option Master Agreement (IFXCO) in 2005 (drafted in turn by the same four groups). You can only take steps to correct the FX transaction details indicated in the transaction confirmation if they do not reflect the transaction details already agreed. This is due to the fact that we usually make a match transaction with a bank or other counterparty, while agreeing on an FX transaction with you. For spot contracts, we end the FX service as soon as we have received instructions from you and have released funds in your currency of sale, so you must inform us immediately in case of any error between the confirmation of the agreement and your instructions. For a futures contract, you must inform us within 24 hours.
If we quote you a tariff that is clearly an error on our part as a result of a technical or human error, it is not binding on us. You must notify us as soon as you become aware of the error, and we will reassess the price as soon as possible. You acknowledge that exchange rates may fluctuate rapidly, so the rate we rate you is dependent on immediate compliance with your obligations. . . .