Spot rate governance

Operational rules around the CRM spot rates. A user can hold a rate local to themselves alongside the shared global rate; spot has no independent price verification (IPV) because rates are largely observable; a lighter spot verification checks rates aren't too far from market; and finance approval blesses a spot-rate set once traders have closed forward curves. Different approved spot sets can exist for different purposes, so valuations must pick the right one.

• Local vs global: a user may override a rate locally (affects only them) alongside the shared global rate; the UI flags when the global has moved under a local override. Rates can also be shifted by a percentage en masse.
• No spot IPV: there is no formal independent price-verification process for spot — spot is largely observable (some blending aside) and expected to be close to market.
• Spot verification: a lighter check that rates are not too far from market (liquidity-driven), focused on the main currencies (G11).
• Finance approval: once Finance is satisfied and forward curves are closed, spot rates are approved. Multiple approved sets may exist for different purposes; valuation must select the correct set.

• Cross-rates matrix (CRM) — the hub.
• FX currency conventions — verification focuses on G11.