We saw in our previous example that the volume of words interchanged in a FX trade is quite low. This is because spot markets are fast moving and prices change on a second-by-second basis. It is therefore considered professional etiquette for the market taker to respond immediately.
Mine
In the previous example, after the price taker was quoted the pips, it responded with a simple word “mine.” This word tells the market maker the deal is being made at the rate at which the price taker buys the base currency.
Yours
If the price taker was in the market to sell the base currency, it would have been buying the bid or hitting the bid. If it were happy with the bid rate, it would have said “yours” to the market maker, referring to the rate that the market maker buys the base currency. In this case the price taker would sell the base currency at the bid price of USD/HKD 7.7583.
Nothing There
The price taker could of course said “Nothing there thanks” if it didn’t like the price.

Voice/Telephone Trading: Dealing Etiquette

 

Such is the significance of time in this exchange, that even a few seconds delay may give the market maker the right to say “your risk." This means that the market taker has to check on the price before dealing, since it may have changed.
In our first example where the price taker is buying the base currency, we saw how the market maker confirmed the deal, just to be absolutely clear about what has been done. The market maker used the word “paid” and then quoted the applicable rate.
In our second example where the price taker was selling the base currency, as in this case, the market maker would have confirmed the deal by saying “given” and quoted the bid rate.
Do You Know? Paid Versus Given
The frequent use of the word “paid” among traders suggests that the base currency is strengthening. If the word “given” is heard repeatedly it suggests the base currency is weakening.
Good EtiquetteIt is good etiquette for the market maker to confirm the amount being traded and the rate after saying given or paid. In our example, we saw how the market maker confirmed that he was buying or selling USD 10 mio and the rate against HKD. The use of the phrase “mio” to denote million will be covered shortly.
Over the years, traders have introduced particular nicknames for currencies and amounts. This can make it easier for both partners to know the currency pair being traded and leaves less room for mistakes.
Currency jargon may vary between trading centers, but here are some examples (and the origins) of the most popular currency pair nicknames: