Market access

Confirm the instrument identifier, direction, quantity or value, currency and any price or time conditions. Check the account through which the transaction will settle and whether adequate resources are available. Ambiguous instructions should be resolved before transmission.

Different order types involve trade-offs. An instruction prioritising execution may not provide the same price control as one with a limit. A limit does not guarantee execution. Ask how partial fills, amendments and cancellations are handled and when an instruction becomes binding.

For a listed security or fund, review its market, dealing currency, liquidity and relevant documentation. An exchange-traded fund can provide exposure to a basket, but its structure, expenses and underlying risks still matter. Trading liquidity and the liquidity of underlying assets are not identical concepts.

Fixed-income instruments introduce issuer, interest-rate and liquidity considerations. Understand maturity, coupon terms, seniority and any call or other embedded features. A stated yield should be interpreted with its assumptions and costs; it is not a promise that an early sale will preserve capital.

Identify whether a transaction meets a current payment need or changes investment exposure. Review the currencies, amount, value date, rate and charges. A spot conversion and a forward commitment have different obligations and should not be described as interchangeable services.

If a future payment changes, an associated hedge may still need to be settled, amended or closed under its contract. Discuss that possibility before entering it. Currency movements can affect both the transaction and the value of the family's other assets and liabilities.

Physical metal, metal-linked securities and derivatives create different ownership and counterparty arrangements. Establish how a holding is evidenced, valued, stored where applicable and sold. Include dealing spreads, custody and delivery costs in the assessment.

Derivatives and structured products can introduce leverage, collateral calls, issuer exposure and conditional returns. Read the product terms, including adverse scenarios and early-exit provisions. A product that appears to offer a defined outcome may depend on conditions that need careful explanation.

Ask in what capacity the provider acts, how execution arrangements are selected and what charges or commercial relationships apply. A general claim of “best price” is not a substitute for understanding the factors that affect execution, particularly where liquidity is limited or a trade is negotiated.

Confirm how errors, rejected instructions and disputes are raised. Keep the instruction and confirmation records together. If details do not match your understanding, raise the discrepancy promptly through a verified channel rather than submitting a second order.

Execution and settlement are different stages. Confirm the expected settlement date, payment currency and any custody arrangements. Timing depends on the instrument, market and transaction. An expected date should not be treated as evidence that completion has occurred.

After settlement, holdings can create ongoing decisions: corporate actions, maturity instructions, collateral requirements or valuation reviews. Establish who receives notices and who must act. The obligation may continue even when the original transaction no longer appears in the daily activity view.

Markets operate on different calendars and hours. Confirm the relevant dealing channel, local cut-off and holiday arrangements with your relationship contact before a time-sensitive instruction. This website does not promise continuous execution or a universal service window.

• Understand the instrument, risks and potential losses.
• Confirm authority, resources and settlement details.
• Review costs and the provider's capacity.
• Agree price and timing conditions, where applicable.
• Retain records and understand post-trade responsibilities.

The objective is an instruction that can be understood and followed through, with the client aware of the obligations created and the limits of the service.