FX Spot & Forward Trading — impact tolerance ≤ 4 hours — ITOL

Impact tolerance: ≤ 4 hours — during market hours, for any share of trade-execution volume; settlement-instruction delay ahead of value-date cutoff is more severe (illustrative default — trace the derivation, then replace with your own harm analysis)

Definition: Trading desk service executing spot and forward foreign-exchange transactions for corporate treasury clients hedging cross-border payables and receivables. Distinct from `intl-wire-fx` (Wholesale & Interbank Payments), the cross-border payment rail that consumes rates from this desk. This service is the principal-risk trade-execution book.

Why it is designated: The FX Global Code's settlement-risk principles (35, 50–51) emphasize payment-versus-payment (PVP) mechanisms and timely settlement so that one leg of an FX trade cannot fail alone. Execution tolerance therefore stays tight during market hours, and settlement instructions must clear same-day ahead of value-date cutoffs.