ECU's currency management is a discretionary service. This means that all currency trading decisions are made at the absolute discretion of ECU. A client opens an account with an Account Provider (see Selecting an Account Provider) and at the same time mandates ECU to act as discretionary manager of the account via a limited power of attorney. Discretionary management does not allow clients to influence trading decisions or to request that specific currency trades are made. Trading decisions are not discussed with clients before they are made, as would happen with an advisory service. This discretionary management service would not be suitable if a client wants to discuss trading decisions.
ECU manages foreign currency exposure on an aggregated 'portfolio basis'. In other words, all clients' accounts held in each base currency are traded together. ECU does not trade Managed Accounts individually.
Clients mandate ECU to act as discretionary manager by entering into a Client Agreement for Discretionary Managed Currency Account Services. Clients are able to terminate the Client Agreement at any time subject to certain conditions as laid out in the Client Agreement.
ECU charges management and performance fees. The basis on which these fees are charged and the terms and conditions under which ECU provides its discretionary management services are contained in the Client Agreement.