Glossary · Quoted Currency — State 01
Quoted currency is the currency in which a price or exchange rate is expressed in a financial market. It is the pre-transaction state of currency — present as a rate before any accounting obligation has been created.
Reference Definition
Quoted currency is the currency in which a price or exchange rate is expressed in a financial market. It is the pre-transaction state of currency — present as a rate before any accounting obligation has been created.
Operational meaning
In financial markets, exchange rates are quoted as the price of one currency expressed in another. The quoted currency is the reference currency in which the price is denominated. In enterprise finance, the quoted rate at which a transaction is executed becomes the basis for transaction currency obligations — but the quoted currency itself carries no accounting weight until an obligation is created.
Position in Chain
Quoted currency is State 01 of the CCY State Chain. It precedes the accounting record entirely. No obligation, no transaction, no accounting entry exists at this stage.
Why it matters
The rate at which a currency is quoted when a transaction is initiated determines the functional basis for FX gain or loss recognition throughout the rest of the CCY State Chain. Rate source discipline — knowing where the rate came from and who locked it — is the first custody question.
Risk if misunderstood
If the source of quoted rates is not governed, disputes can arise over the correct rate for transaction recording, revaluation, and audit support.
Distinctions
Quoted currency is not transaction currency: no obligation posts solely because a screen showed a rate. It is also not settlement currency—quotes precede cash rails and ERP capture.
Custody question
Which quoting convention governs this exposure before obligation attaches?
Evidence discipline
AccountCcy.com glossary entries are reference material only—not accounting, legal, tax, audit, or systems advice. Evidence sufficiency remains your organization's responsibility.
Related Terms
Terminology Discipline
AccountCcy.com glossary terms exist to reduce ambiguity inside multi-currency enterprise finance. Each term is treated as a reference node connected to the Currency State Control Framework, the CCY State Chain, operational risk, and audit defensibility.