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  • Makers must provide a Market Mid Rate on FX NDF quotes.
  • Makers may need to provide a Market Mid Rate on FX Blocks, FX Swaps and FX Forwards quotes. This will be either be because they cannot meet the terms of the no-action letter noted above, because the quote is for an illiquid currency pair, or because the FX Block or FX Swap includes a non-deliverable component.
  • Makers do not need to provide a Market Mid Rate on FX ON, TN and Spot quotes.
  • TBD - How do we provide a Market Mid Rate for a Cross? There is more than one ‘market’ here. Presumably we compute the cross based on the mkt rates of each component, and take the mid of that?

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