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2. Currencies – Set Up Any of the 182 world recognised currencies can be used on Brokasure Enterprise. Currencies have to be set up in EBA CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 2

3. Currencies – Banking Currencies Once the currencies have been set up you can decide which of the currencies are going to be Banking Currencies. These are also known as Hard Currencies. A Banking Currency in EBA equates to a physical bank account that the broker maintains. One currency has to be designated as the Preferred Currency. This is used as the settlement currency for any original currency that is not a banking currency (Soft Currency) CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 3

4. Currencies- Bureau Settlement Currencies When setting up Banking Currencies consideration should be given to the currencies acceptable by the bureaux as settlement currencies. There are currently 14 acceptable bureau settlement currencies GBP – Pounds Sterling USD – US Dollar CAD – Canadian Dollar EUR – Euro AUD – Australian Dollar CHF – Swiss Francs JPY – Japanese Yen ZAR – South African Rand DKK – Danish Krone HKD – Hong Kong Dollar NOK – Norwegian Krone SEK – Swedish Krona NZD – New Zealand Dollar SGD – Singapore Dollar Only the above currencies can be used as a settlement currency in normal circumstances. For reference if a Non Bureau Settlement Currency is set up as a Banking Currency, the system will use the Preferred Currency for the Bureau Settlement Currency CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 4

5. Currencies – Exchange Rates A standard configuration of Brokasure for a UK broker would require Rates of Exchange (RoE) from any currency to GBP. Most brokers would use the exchange rates published by the Financial Times. Locate the currency for which you are adding new Exchange Rates and enter the new rates against that currency CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 5

6. Currencies – Exchange Rate Import Rates of Exchange can be updated using a.csv file. The user will first update a spreadsheet and save this as a.csv file in a predefined location. They can then import the data from the.csv file in to EBA. The system will show new Exchange Rates outside the fluctuation limit for the currency. Currently only RFIB are testing this facility. CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 6

7. Currencies – Rates of Exchange What are Rates of Exchange used for? The primary function is to create a Sterling equivalent of the transaction that is being processed to the ledger. For non Banking Currencies it creates an estimated settlement amount as seen on the EA ledgers. The RoE is used to calculate the provisional settlement amount where the original currency is not a banking currency. RoE’s are adjusted when the client settles a balance due to a broker. EA will also recalculate the settlement amounts due to insurers. The adjusted settlement amounts should balance with the amounts held by the broker in the physical bank account. CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 7

8. Currencies – Miscellaneous items It is worth noting: If the Original Currency is a Banking Currency then the settlement currency must be the same currency. There are few, if any, exceptions. Exchange Rates should be updated at least once a month so that brokers do not get LPAN’s rejected by the bureaux. RoE’s outside the current tolerance will cause an LPAN to be rejected. Some brokers print the sterling equivalent on their Closing Instructions as we do with LPAN’s. It should be noted that the system will update the Transaction Rate of Exchange to the actual rate and show this a True when the transaction has been fully settled. Changing the RoE to the True rate on the transaction will not recalculate the settlement amounts of the transaction. Non Banking Currencies are also known as Soft Currencies and/or Convertible Currencies CONFIDENTIAL © Xchanging 2012, No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging. 8