What is our cut-off time?
Our daily cut-off time is 12:15pm (UK time)
Note: The cut-off time is the same for every currency.
Why do cut-off times exist?
Cut-off times exist to ensure we can execute the underlying market trade and book the specific instrument backing your FTF on the same business day, as well as confirm pricing, settlement, and collateral accurately.
FTFs are backed by real, time-sensitive market instruments. After the cut-off, it is often not operationally or commercially possible to place or confirm those trades.
What happens if you miss the cut-off?
If a client misses the 12:15pm cut-off, the most common outcomes are:
FTF issuance is moved to the next working day as the underlying asset is unlikely to have been traded in time.
The FTF is cancelled and a new subscription is required*.
* For certain FTFs, particularly those where the underlying investment is Commercial Paper, there is no guarantee the product will still be available the following day. This is because issuance windows for these instruments can be short and availability can change quickly. This risk typically does not apply to repo or T-bill based FTFs, which are generally supported by more continuous market liquidity.
Funding your FTF – important timing guidance
While your instruction may be submitted instantly, payments are not received instantly.
Bank payments can be delayed by internal bank security and compliance checks, cut-off times at your own bank, and payment rails which have their own processing windows, cut-off times, and potential delays.
Our recommendation
To reduce the risk of missing the cut-off, we recommend sending funds at least 1 to 2 hours before 12:15pm on the day your FTF is due to start. This helps ensure funds are received, confirmed, and allocated to your FTF in time for trade execution.