Confirmation – What is a Confirmation in forex trading?

What is a Confirmation?

Definition of Confirmation:
It is a procedure in which two different counterparties engaged in trading put their instructions in a central system. This system in turn does the comparison and if it is agreed by the instructions, it gets the confirmation and it is passed for the future settlement. Normally, in this whole procedure, exchange of documents takes place. The details of the written text offer every detail about the terms of an offered date that include execution time, date, cost, quantity and commission. The confirmation may also affect to legalize a specific drift in the trading market by watching a separate timeframe for gaining extra perspectives on a specific pattern.