Market source
Approved rate feed or quotation source
Identifies which market feed, broker quote, treasury curve, or pricing document produced the pre-obligation currency signal.
CCY State Chain · State 01
Quoted Currency
Quoted currency names the FX or price lens applied before commerce crystallizes into a denominated event. Treasury desks live here hourly; accounting custody does not begin until later states give the movement institutional identity inside books.
Market Signal
Rate visibility without ledger obligation.
Screens, curves, vendor feeds, and negotiation packets quote possibilities. No GL line yet owes its existence solely to a quote — obligation and posting identity emerge only after transition toward transaction currency.
Custody Question
Which currency prism prices this exposure before any obligation posts?
Position in Chain
Quoted Currency inside the chain of custody.
Quoted currency anchors scenario analytics and hedge design yet must not be mistaken for transaction, settlement, or account discipline. Confusing a trader’s quote currency with the account currency that will ultimately carry balances seeds reconciliation fiction downstream.
Quoted Currency
Market quotation before obligation attaches.
Transaction Currency
Denomination of the recorded financial event.
Settlement Currency
Cash or settlement rail actually moved.
Account Currency
Assigned custody currency for maintained balances.
Ledger Currency
Books maintained for the entity.
Reporting Currency
Presentation layer for management and filings.
Consolidation Currency
Group currency unifying reporting entities.
Audit Reality
Traceable, defendable monetary truth.
Evidence Map
Artifacts that make Quoted Currency defensible.
Each state must be provable through artifacts, not asserted through narrative. These evidence classes define what reviewers should be able to inspect before this state passes downstream.
Timing
Quote timestamp and validity window
Shows when the quoted currency applied and whether the quote remained valid when commercial terms moved toward obligation.
Handoff
Commercial-to-finance transition note
Documents how the pricing lens will be preserved or transformed when a transaction is captured.
Control Artifacts
Minimum governance artifacts for this state.
| Artifact | Owner | Purpose |
|---|---|---|
| Approved rate-source register | Treasury | Controls which quoted-currency sources may influence pricing and obligation capture. |
| Quote timestamp log | Treasury operations | Proves rate timing and quote validity before the transaction state begins. |
| Contract pricing memo | Commercial finance | Bridges market quotation language to contractual denomination. |
Risk if weak
Quote anchoring without transition governance
Organizations hedge curves brilliantly yet never document how quoted lenses translate into transaction postings — producing mismatch surprises when obligation differs from the quoting convention traders memorized.
Control logic
Quote catalog discipline
Maintain authoritative mappings from pricing sources to instrument categories with explicit hand-off rules into contracting and ERP capture templates.
Transition Logic
What this state receives and what it passes forward.
Receives From
External market infrastructure — feeds, brokers, exchanges — prior to internal obligation.
Passes To
Transaction currency once commercial documents denominate the financial event.