Electronic FX Disclosure
March 29th, 2022
This disclosure provides information for clients using Mizuho Bank, Ltd. (“Mizuho”) 's Global Pricing System or Liquidity Management System (including any successive service thereto, collectively, “Service”) and using the Service through a third party platform or an application programming interface (API).
This disclosure does not override the laws and regulations apply to Mizuho, its clients (counterparties), or any transactions therein. The governing language of this disclosure shall be Japanese. An English translation is for reference purpose only and shall have no effect.
This information is relevant to all clients referred to in the introduction to this disclosure (the “Client”).
This disclosure is separated into 4 parts as follows:
Part A –Services
Part B –Conditions of Access
Part C –Prices
Part D –Last Look
Part A – Services
- The Services may comprise any or all of the following elements:
1.1“Research Service”: enables the Client to view real–time or near real–time price updates derived from exchanges and third party Market Data Vendors (as defined in clause 3 of Part B below);
1.2“Browsing Service”: enables the Client to monitor trade and position data in a way agreed between Mizuho and the Client;
1.3“Execution Service”: enables the Client to place trade orders via the Internet or other means of communication and route such orders directly to Mizuho;
1.4“Reference Service”: enables the Client to access static data (including data in respect of contracts and documentation relating to certain Transactions executed by the Client) which will be updated from time to time.
- The functionality of each element of the Services may be added to, amended or withdrawn by Mizuho in its complete discretion from time to time (each a “Change”) without prior notice. Mizuho shall not be liable for any loss or Damages occurred to the Client by such Change.
Part B – Conditions of Access
- Mizuho shall not be responsible for providing all software, telephone and internet connectivity and other equipment necessary for the Client to access and using the Services and obtaining any relevant licenses and/or consents.
- The Client acknowledges that the Services incorporate encryption technology. Mizuho’s subcontractors and licensors shall not be responsible for any breakdown of any technology used for encryption or electronic transmission of information.
- Mizuho may provide various data of the dealing object, such as the price and quantity (“Market Data”) to the Client through the Services and may terminate the provision of any such Market Data to the Client at any time and without any notice. Certain Market Data may be obtained by Mizuho from third parties (“Market Data Vendors”).
3.1 Mizuho may notify any Market Data Vendor that the Client is a recipient of such Market Data Vendor’s Market Data;
3.2 neither Mizuho nor any Market Data Vendor nor any third party working with Mizuho (including Market Data Vendor, in this clause 3.2 and 3.3 of Part B, “Third Party”) shall be responsible for the accuracy or completeness of any data or for any events including but not limited to delay, interruption, cessation, interference, blackout, failure, systems or service unavailability or failure, hardware or software malfunction or failure, encryption failure, interception by third parties, unauthorized access, theft, modification, or inaccuracy (collectively, “Failure Events”) in relation to transmission of data. The Client agrees that neither Mizuho nor any Third Party to provide software, information, products or services hereunder shall be responsible for any expense, loss, liability, damage or cost (including, but not limited to, costs of investigation and legal fees) of any kind whatsoever (collectively, “Damages”), even if Mizuho or Third Party had been advised of the possibility thereof, arising from: (a) any Failure Event, whether or not the circumstances giving rise to such event may have been within the control of Mizuho or any Third Party; or (b) any other event or occurrence beyond the control of Mizuho or any Third Party, including force majeure circumstances;
3.3 in no event shall Mizuho or any Third Party working with Mizuho to provide software, information, products or services hereunder be liable to the Client for any special, indirect, consequential or incidental Damages, even if Mizuho or any Third Party has been advised of the possibility thereof;
3.4 all title, ownership rights and intellectual property rights in or relating to any Market Data shall remain in Mizuho or the relevant Market Data Vendor;
3.5 the use of Market Data has the following restrictions.
- the Client shall use Market Data for its internal business purposes only and not for any external commercial business purpose.
- the Client shall not redistribute Market Data to any third party, unless authorized by Mizuho or the relevant Market Data Vendor in writing.
- the Client shall not use the Market Data for any illegal purpose.
- The Internet, any third party communication media and any third party websites accessed from the Services by hypertext link are beyond Mizuho’s control and are not in any way endorsed, warranted or supported by Mizuho. Mizuho shall not be responsible for all risk and liability of any such use of the Internet and any such third party websites.
- Mizuho has no obligation to accept any order entered by the Client using any Execution Service. The purchases and sales of financial instruments affected through such Execution Service using a user password (“Transaction”) shall only be executed when:
5.1 the order for such Transaction has been specifically transmitted via such Execution Service; and
5.2 the order for such Transaction has been specifically accepted in all respects and such acceptance has been clearly and unambiguously communicated to the Client via such Execution Service.
- Mizuho may maintain a record of all Transactions processed by such Execution Services for such period as Mizuho shall determine. In the event of a dispute concerning a Transaction, such records shall be conclusive evidence of each party’s intention with respect to that Transaction.
- The Client may from time to time notify Mizuho of limits on the aggregate value of trades for its specified users in respect of specified markets and/or instruments. Execution Service may include the functionality for such limits to be input by Mizuho and Mizuho may, following such notification, input such limits as soon as reasonably practicable. Mizuho has no liability to the Client or any other person for any failure to input or error in inputting any such limit into any Execution Service, for any trading by any user in excess of his/her limit or for any failure of any Execution Service to notify any user of any such limit.
Part C – Prices
All prices and other information provided to the Client through the Services are to be regarded as indicative only and that unless specifically stated otherwise, such prices and other information do not constitute terms on which Client may enter into Transactions.
Part D – Last Look
- When Mizuho receives a transaction request from a Client, typically Mizuho performs a number of checks before deciding whether to accept that request and enter into a Transaction. Such checks are known as a ‘last look’ at a transaction request. These checks may include a credit check as well as confirmation that the requested FX rate remains valid (known as rate validation).
- Mizuho may perform rate validation to check the difference between FX rate requested by the Client and the latest FX rate at which Mizuho is prepared to trade. Mizuho considers that this validation is an appropriate risk control over market volatility, given that the FX rate at which Mizuho is prepared to trade may change since the Client making the request to trade till that request being received by Mizuho.
A request from the Client to trade may be rejected where the FX rate on such request has moved against Mizuho. In addition to the above case, please note that the request may still be rejected due to the outcome of other types of check, including a credit check.
- When Mizuho receives request from a Client, data relating to period of time for last look, specific to that Client, shall be provided to the Client in such manner and format as determined by Mizuho.
Please contact our sales representative if you need further information in relation to this disclosure.
Mizuho has expressed its intention to comply with the “FX Global Code” and executed foreign exchange transactions based on this Code. Please click here(PDF/132KB) for our “Statement of Commitment”.
As a liquidity provider, Mizuho has established the “Disclosure Cover Sheet” recommended by the “FX Global Code”. Please click here(PDF/802KB) for our “Disclosure Cover Sheet”.