Spot Transactions
This is the most common form of foreign exchange transaction. Upon acceptance and execution, this is the locked in rate you receive when you call your Axiom associate for a live rate. Spot rates allow you to take advantage of favourable daily rates with an immediate purchase or sale of a currency. Settlement is within 2 business days, therefore customers can take advantage of booking ahead of time.
For Example: A client wants to purchase $100,000 USD with Canadian funds. They place call direct to their Axiom Associate and he/she quotes a live market rate of 1.1500 USD/CAD. The client accepts that rate. The client is then required to provide Axiom with $115,000 CAD in exchange for $100,000 USD within 1-2 business days.
Placing a trade: it is as easy as calling your Axiom Associate and requesting a rate.
Settlement: Settlement can be made either by wire transfer, certified/draft cheque exchange, company cheque exchange or direct debit within 2 business days.