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During their business operations, companies might have to face an exchange rate risk if their costs and income (or some of these) arise in different currencies, for instance. In order to avoid this risk, it is possible to set the parameters of later transactions in advance.
Due to the nature of these products (leverage), they are not only suitable for covering the already existing risks but with their help, Customers (speculators, for example) can also assume additional risks (hoping to earn a higher yield).

It is important to differentiate deals made on the stock exchange from OTC (interbank) deals. While in the former case (futures), standardised products can be traded (for example, FX can only be bought/sold for pre-determined dates), in the latter case (forward), it is entirely up to the two parties what conditions they set during the deal. We can also differentiate between these two transaction types from a taxation point of view.

Takarékbank Rt. allows its Customers to convert their high-value instruments outstanding in one currency into another currency during a spot transaction at the current market exchange rate.
The transaction is performed on the spot value date. On the second day following the deal date (T+2), for example, if the Customer buys FX, the counter-value is debited to the account on the same day, whilst the FX bought is credited to the account on the second banking date following the deal date (this is justified by the time required for performing the transaction as well as internationally accepted rules).
Conversion may take place for every FX-HUF pair quoted by Takarékbank Rt. and between any two of these currencies.

The dealer of Takarékbank quotes a spot exchange rate for the Customer (on telephone). This exchange rate is binding Takarékbank if the Customer accepts it promptly, otherwise the quoted price is only informative.
Following the transaction, Takarékbank sends a written advice (by post or fax) about the details of the transaction in accordance with what is set out in the framework agreement.
The further details of spot FX deals and the details of coverage, settlement, performance and other information are outlined in the framework contract. Condition for making a deal

A forward FX deal agreement between the Customer and Takarékbank Rt. about the sale or purchase of a given amount of FX (minimum 100,000 EUR or the equivalent of this amount in some other currency), at a given (future) point of time (7-360 days or within that period), at a given exchange rate.
The forward price depends on the spot (the current) exchange rate and the interest difference of currencies for the given tenor. The difference between the forward price and the spot price is called swap difference (swap scores). There is a premium if the basic FX forward exchange rate is higher than the spot exchange rate, i.e. the swap difference is added to the spot exchange rate. There is a discount if the basic FX forward exchange rate is lower than the spot exchange rate, i.e. the swap difference is deducted from the spot exchange rate.
It can be made against HUF and another currency as well as between two foreign currencies for which Takarékbank Rt. quotes a spot exchange rate.
Takarékbank Rt. applies certain limits and asks for coverage (4-10% of the basic deal) from the customer to cover the performance risk.
In line with the Customer’s request, Takarékbank may make the forward FX deal on both the stock exchange and the OTC market.

The Customer may also make bids to the Bank outside the business hours but the Bank shall exclude any financial liability for potential inaccessibility outside the business hours.

The dealer of Takarékbank quotes a forward exchange rate for the Customer (on telephone, for example). This exchange rate is binding Takarékbank if the Customer accepts it, otherwise the quoted price is only informative.
Following the transaction, Takarékbank sends a written advice (by post or fax) about the details of the transaction in accordance with what is set out in the framework agreement.
The further details of forward FX deals and the details of coverage, settlement, performance and other information are outlined in the framework contract.

Condition for making a deal: Concluding an „OTC option and forward FX sale-purchase framework contract, netting and position closing netting agreement” and signing the related Risk Identification Statement

The FX option is an individual agreement between two parties, which entitles the buyer of the option to sell / buy a given FX amount at a pre-determined exchange rate and point of time. The seller of the option undertakes an obligation towards the buyer to buy / sell the given FX amount at the pre-determined exchange rate and point of time. On making the deal, a premium has to be paid to the buyer as the counter-value of the option.
There are European and American types of options. The European option can only be exercised on the maturity date of the option, whilst the American option can be called any time during the term of the option.
It is possible to give an FX option order for all the currencies that Takarékbank quotes above the defined minimal amount (500,000 EUR or the equivalent of this amount in another currency).
Takarékbank Rt. applies certain limits and asks for coverage (4-10% of the basic deal) from the customer to cover the performance risk.
In line with the Customer’s request, Takarékbank may make the forward FX deal on both the stock exchange and the OTC market.

The Customer may also make bids to the Bank outside the business hours but the Bank shall exclude any financial liability for potential inaccessibility outside the business hours.