CCY State Chain · State 01
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
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 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.
Market quotation before obligation attaches.
Denomination of the recorded financial event.
Cash or settlement rail actually moved.
Assigned custody currency for maintained balances.
Books maintained for the entity.
Presentation layer for management and filings.
Group currency unifying reporting entities.
Traceable, defendable monetary truth.
Risk if weak
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
Maintain authoritative mappings from pricing sources to instrument categories with explicit hand-off rules into contracting and ERP capture templates.
Transition Logic
Receives From
External market infrastructure — feeds, brokers, exchanges — prior to internal obligation.
Passes To
Transaction currency once commercial documents denominate the financial event.