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Terms and conditions

Disclaimer

AI Search is a pilot project - in beta - that uses GPT4 technology to simplify the process of finding and understanding banking products.

AI Search is trained to answer questions that relate exclusively to the banking products offered by BT, but in certain situations and depending on the questions asked, it may also answer general questions. The answers provided are automatically generated and are to be used for information purposes only. The service may sometimes provide inaccurate or potentially offensive content, which does not represent the views of Banca Transilvania. You are solely responsible for your use of the content generated by this service in any way. Do not rely on this service for financial, legal or other professional advice and do not enter personal data or other confidential information into this service.

Use of AI Search implies acceptance of the Terms and Conditions.

Access to and use of the service implies your unreserved acceptance of these terms and conditions. If you do not agree to them, please do not use this service. By accepting the terms and conditions to use this service provided algorithmically by an artificial intelligence model, you assume the entire risk as to the quality, safety and performance of this service.

Banca Transilvania does not provide any guarantee in relation to the answers provided by this service.

AI Search provides responses algorithmically and these may sometimes contain inaccurate information or potentially offensive language. This information does not express the position of Banca Transilvania and cannot engage the responsibility of the Bank for the content provided.

AI Search does not provide answers to personalized questions, so by using it you are obligated not to provide or enter any personal data or other confidential information in your messages/questions. In case you do not comply with this obligation, by inserting personal data/confidential information in AI Search, you consent to their processing for the purpose of providing the service (answers to the questions you ask), as well as for the improvement of the algorithmic model of the robot by its developer.

Any information provided by users during their interaction with AI Search will be treated confidentially and will only be disclosed to recipients who have a right and need to know.

The content provided by AI Search is for information purposes only.

Users are responsible for the questions and messages asked when using AI Search. Any abuse or inappropriate language may result in the interruption of the interaction.

AI Search does not provide financial, legal or professional advice and is not a substitute for consulting human experts or professionals specialising in the field. Users should not rely on the information provided by AI Search in making decisions.

The Bank reserves the right to discontinue the AI Search service at any time without prior notice.

Terms and conditions may be revised/updated at any time.

What is the "exchange rate"?

Exchange rate (exchange rate) is the price of one unit of a country's currency expressed in units of another country's currency 🌍

How many types of course are there?

⠀Reference rate: at 13:00 on each trading day, the NBR cumulates the arithmetic averages of the exchange rates ( "BID" / "ASK" quotation) of the 10 main banks in the system. 

The resulting value, as an average, is published on the NBR website and in various systems (Bloomberg, Reuters, etc.) and is also picked up by the media. 📈

Thus, this rate has no direct relevance for daytime trading. 

It is just a reference rate, a "midprice" quotation (average of "BID" / "ASK"), set today and used the next day in accounting records, for tax reasons. 🤓


⠀Market price: formed at interbank level, depending on the bid-ask ratio.



What are the market price sizes?

⠀IDB quotation (or buying rate): this is the rate at which the "price-taker" (in our case, the bank) buys the base currency against the other currency.

⠀ASK quotation(or selling rate): this is the rate at which the price " seller" (in our case, the bank) sells the base currency against the other currency.



What are the courses by payment deadline?

Course in sight (SPOT) or FX trade "tdy" ( today); "tom" (tommorow); "spot" (over two days): is a transaction to buy or sell an amount of one currency in exchange for another currency. 

The exchange rate is predetermined and can have 3 settlement dates:

⠀"tdy": today / oggi (t+0);

⠀"tom": tomorrow / demain (t+1);

⠀"spot": in two days (t+2).


⠀Forward (FORWARD) or FX forward transaction*: is a sale/purchase of an amount in one currency in exchange for another currency. 

The transaction is executed on a fixed date in the future and at a pre-determined rate on the transaction date, with the actual settlement of the amounts taking place on the fixed date. 📆

*What is NOT the forward quote:

⠀ Market expectations for spot rates;

⠀indication or estimation of the spot rate in the future.



What determines exchange rate changes?

In a free market, the level of the exchange rate is determined by the relationship between the supply and demand for foreign exchange:

⠀a high demand for foreign currency leads to an increase in price, resulting in a depreciation of the national currency;

⠀a large supply of foreign currency leads to a lower exchange rate, resulting in an appreciation of the national currency.


Factors influencing the demand and supply of foreign exchange will have a direct impact on the evolution of the exchange rate. 💱


Among the most important factors influencing the exchange rate are:

⠀Speculative actions: inflows/outflows of large-value money flows in the short term;

⠀political factors (example of positive factors: legislative stability, long-term projects);

⠀Central bank interventionsin the market: liquidity infusions/withdrawals, currency purchases/sales;

⠀monetary financial factors: market interest rate, trade balance, budget deficit;

⠀domestic economic factors: output volume, labour productivity, quality of goods and services, purchasing power, etc;

⠀external factors: political (alliances, military conflicts), economic (free trade areas, economic crises in trading partner areas), etc.

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