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# (v01) 12.8.5 FX Rate Management

## Published FX Rates

The Exchange publishes EUR/GBP and other relevant FX rates \[frequency: real-time / every minute / at session start / specify]. These rates are used for order validation and EUR conversion at the time of order entry.

## Rate Source

FX rates are sourced from \[specify source: Bloomberg, Reuters, ECB reference rates, proprietary calculation]. Rates are displayed on the Trading Platform and via market data feeds.

## Settlement

When a UKA trade executes, the actual cash movement may use:

* \[OPTION A: The FX rate at time of order entry (locked in)]
* \[OPTION B: The FX rate at time of execution]
* \[OPTION C: The day’s official settlement FX rate published at end-of-day]

\[PLACEHOLDER: Specify which option applies]

## FX Risk

\[Add section explaining who assumes fx risk (Exchange or member or both), what risk is it and how we are handling it if at all? \[decide: based on product design decions, what are the fx risks and how we handle them?]]