Disclosures
What noeud is and is not, how it is paid, how bank quotes reach you, and what its figures can and cannot tell you.
Contents
1 What we are, and what we are not
We are not a bank.
NOEUD Limited is a software company registered in Ghana. It does not take deposits, lend, or buy or sell currency, and it is never a party to your trades. When you trade, you agree the trade with a bank licensed by the Bank of Ghana.
We never hold your money.
No money passes through NOEUD Limited. Whichever bank you trade with, you pay it and it pays you directly. Only requests for quotes, banks’ quotes, the documents you agree to share and your decisions pass through noeud.
2 Our position under Ghanaian law
NOEUD Limited is not licensed or supervised by the Bank of Ghana or the Securities and Exchange Commission. NOEUD Limited does not take deposits, deal in foreign currency, hold client money, execute trades or give investment advice.
The Bank of Ghana’s rules apply to every foreign exchange trade you make, and your bank applies them. Our own fees are stated and payable in cedis.
3 How bank quotes reach you
- Route puts your request for quotes to the banks on noeud’s panel, all licensed by the Bank of Ghana. Before your pilot starts, we tell you which banks are on the panel and whether your own bank is one of them. What noeud routes is a request for a quote, never money.
- Each bank is asked to quote its rate and every charge that will apply, for a period it states.
- noeud ranks the quotes on the all-in amount in cedis (what you would pay or receive), not on the rate alone.
- Where your own bank is on the panel, it can match the best quote, under rules we set out before you use Route. If it does, you trade with it as you do today.
- You decide whether to trade. The trade is between you and the bank, on the bank’s terms. The bank decides whether to deal with you and what documents it needs. noeud does not check or certify documents.
- Every quote you receive through noeud is kept in your record, whether you took it or not.
4 What noeud’s figures are, and are not
- Mark values each open payable and receivable in cedis at market reference rates, updated through the trading day. A Mark value is what an obligation is worth at those rates, not the rate a bank will give you.
- Profile estimates what a move could cost, using statistical models built on the history of the cedi against the dollar, euro and pound. Its figures are given at stated levels of likelihood. A 99th-percentile figure, for example, is a loss the model expects to be exceeded in about one case in a hundred. Rates can move further than any estimate. Where Profile shows the probability of a loss passing your tolerance, that probability is a model’s estimate, and it can be wrong.
- Forward points. Forward points are risk-profiling instruments derived from a conditional distribution of settlement outcomes. They are not a forecast of the cedi, not advice, and not a quoted or tradeable rate.
- When data is late or missing, noeud shows the last figure with its date, or shows no figure and says why. It never presents an old figure as new.
- Purpose. noeud’s figures are for managing currency risk. They are not prepared for financial reporting, hedge accounting or tax.
noeud does not forecast exchange rates, tell you when to act, or make decisions for you. It shows what your exposure is worth, what it could cost and what banks will charge, so the decision is yours.
5 How we manage conflicts of interest
We are paid by customers, may be paid by banks, and may license statistics built from the quotes we see. These interests can pull against yours. If banks pay us according to the value of the trades routed to them, we earn more from banks when you trade. We manage these conflicts as follows:
- your fee does not depend on whether you trade through noeud, which bank you choose or what you save;
- every bank pays us on the same published terms, and nothing a bank pays changes how quotes are ranked;
- quotes are ranked on the all-in amount in cedis;
- NOEUD Limited takes no position in any currency and never trades against you;
- we never sell information that identifies you or your trades.
6 Figures on this website, and Insights
Figures marked “Illustrative figures.” are examples, not any customer’s results. Other figures name their source. Past movements in exchange rates do not show what rates will do next. Insights articles are information, not advice.
7 Questions and complaints
Write to info@getnoeud.com, or call +233 50 332 1794. For complaints about personal data, see section 14 of our Privacy policy.