Advanced Forex Market Concepts: Regulations, Instruments, and Costs

In the main video, we became familiar with the overall structure of the Forex market, currency pairs, the main market participants, market hours, pips, lots, leverage, and the concept of a broker.

This video is optional supplementary training. In other words, we are here to help you complete your knowledge, understand the market more deeply, and develop a more professional view of the details of the Forex market.

The foundation of your activity and learning path is still the main video. Here, we are not going to repeat all the main topics or get into the practical training of MetaTrader, opening and closing positions, and working with platform tools. We will cover those topics fully and directly on the platform in their own practical videos.

[EMPHASIS] The goal of this video is to take your understanding of the Forex market from a basic level to a deeper and more professional level.

In the main video, we said that the Forex market is mainly an over-the-counter, or OTC, market. This means there is no single building, exchange, or global order book where all Forex spot transactions are recorded.

But an important question comes up here: does the decentralized nature of the market mean that Forex has no laws or regulations?

No.

Being decentralized simply means that there is no single regulatory authority for the entire global Forex market. Banks, dealers, financial institutions, and brokers may be supervised by different authorities depending on their country of operation, customer type, and the type of product they offer.

So, when you want to assess the credibility of a broker or a trading product, there are several things you need to check.

You need to know which country you reside in.

You need to know which legal entity of the broker you are entering into a contract with.

You need to know which authority supervises that company.

And you need to check exactly which products and which types of clients that company’s license covers.

[EMPHASIS] A decentralized market is not an unregulated market, but the responsibility for carefully reviewing the broker and the contract rests more heavily on you.

In the main video, we said that retail trading in Forex usually does not mean physically receiving a currency. In many retail accounts, you create a contractual position on changes in currency-pair prices.

But the currency market itself is not limited to this type of transaction.

In a spot transaction, two currencies are exchanged at an agreed rate, and they are settled on a nearby date.

In a Forward contract, two parties determine the exchange rate between two currencies today for a date in the future. Companies usually use this tool to manage exchange-rate risk.

For example, a company that knows it will need to make a payment in U.S. dollars several months from now may set the exchange rate it needs today for that future date.

In an NDF, or Non-Deliverable Forward contract, the two currencies are usually not fully delivered, and the difference in the contract’s value is paid in a settlement currency, such as the U.S. dollar. This contract is used more often for currencies whose delivery, conversion, or transfer involves restrictions.

Another type is an FX Swap.

In an FX Swap, two parties exchange one currency on one date and, at the same time, agree to reverse that transaction on another date at a pre-agreed rate.

One important point is that you should not confuse an FX Swap with the Swap, or overnight holding cost, in a trading account.

An FX Swap is a major tool for currency funding and liquidity management.

However, Swap or Rollover in a retail account is a charge or credit that may be applied when a position remains open from one trading day to the next.

A Currency Swap is another instrument in which the parties usually exchange the principal and payment flows related to two currencies over a longer period. This instrument is used more for managing long-term funding and currency risk.

Another instrument is an FX Option.

An option gives the buyer the right, but not the obligation, to buy or sell a currency under specified conditions and at a specified rate. The option seller, in turn, accepts the related obligation if the contract is exercised.

Currency Futures are also standardized contracts that are traded on an exchange.

The contract size, expiry date, minimum price movement, and settlement method of these contracts are determined by the exchange.

So, you should not treat a currency futures contract as the same thing as an OTC trade with a retail broker.

Finally, we have CFD and Rolling Spot FX products. These products allow the trader to create a leveraged position on changes in a currency pair’s price without physically receiving the currency.

The exact conditions of these products, such as how costs, margin, Stop Out, and negative balance protection are calculated, depend on the broker’s contract and the regulations of that jurisdiction.

[EMPHASIS] Before taking any action, you need to know exactly what product you are trading, not simply know that it is called Forex.

In the main video, we became familiar with the base currency and the quote currency. Now, let’s examine one additional point.

The terms Direct Quote and Indirect Quote depend on the perspective of each individual or institution and its domestic currency.

For a person whose domestic currency is the U.S. dollar, EUR/USD can be considered a direct quote because the price of one unit of a foreign currency, which is the euro, is expressed in dollars.

But in a pair like USD/JPY, the dollar is in the position of the base currency, so the subject is viewed differently.

Therefore, whether a quote is direct or indirect is not a fixed or inherent characteristic of a currency pair. It depends on the currency that you or an institution consider to be the reference currency.

Now let’s move on to one of the most important practical concepts in the Forex market: Bid and Ask prices.

The market usually displays two prices at the same time.

Bid is the best price at which you can sell an asset or contract.

Ask is the best price at which you can buy that same asset or contract.

Typically, the Ask price is higher than the Bid price.

For example, suppose the EUR/USD price is displayed like this:

Bid is 1.08490.

And Ask is 1.08502.

If you want to buy EUR/USD, your trade opens at the Ask price, which is 1.08502.

If you want to sell EUR/USD, your trade opens at the Bid price, which is 1.08490.

Now let’s examine this one step more precisely.

A Buy position opens at the Ask price, but closes at the Bid price.

A Sell position opens at the Bid price, but closes at the Ask price.

This difference is why a trade usually shows a small floating loss immediately after it is opened.

For example, you open a Buy trade at the Ask price. If you decide to close it immediately, you have to close it at the Bid price. Since the Bid is lower than the Ask, the difference between the two prices appears as the initial loss.

In MetaTrader, many OTC charts are built on the Bid price by default. That is why it may seem strange to beginners when a Sell trade is triggered or closed while the Bid chart apparently has not reached the intended level.

The reason is that the Ask price also plays a role in calculating and executing a Sell trade.

[EMPHASIS] To understand a trade correctly, you should always know on which side of the price you enter and on which side of the price you exit.

The difference between the Ask price and the Bid price is called the Spread.

In the previous example, the difference between 1.08502 and 1.08490 is 0.00012.

In a typical currency pair where one pip equals 0.0001, this difference equals 1.2 pips.

So, the spread is one of the initial costs of a trade.

But the spread is not always fixed.

Some brokers offer fixed spreads, meaning they try to keep the difference between Bid and Ask constant, although there may still be conditions and exceptions.

Some brokers offer floating spreads, meaning the spread changes based on market conditions.

The spread may widen when liquidity decreases, at the start or end of the broker’s trading day, during major news releases, holidays, the weekly market opening, strong volatility, or market crises.

So, if the spread of a currency pair is higher than normal at a certain time, it does not necessarily mean there is manipulation. Market conditions may simply have changed.

In the main video, we talked about spread, commission, and Swap. Now, we want to look at the real cost of a trade more precisely.

The first cost is the spread.

The second cost is the commission. Some accounts charge a commission per lot in addition to the spread.

The commission may be stated per side of the trade, meaning one charge when opening and another when closing the trade.

Or it may be stated as a Round Turn, meaning the total cost of opening and closing the trade.

So, if you want to compare two brokers, you need to make sure that their commission figures are stated in the same unit.

The next cost is the Swap, or overnight holding cost.

If your position passes the broker’s rollover time, an amount may be deducted from or added to your account.

The amount of Swap depends on the currency pair, the trade direction, funding rates, the broker’s markup, and the contract specifications.

On a specific day of the week, a multiple rate may be applied to cover non-trading days. But you need to check the exact day and method in the broker’s Specification.

A Swap-Free account does not necessarily mean an account with no holding costs at all. After several days, an administrative fee or another charge may be applied.

Currency-conversion costs are also important. If the currency of profit, loss, or commission differs from your account’s base currency, conversion can create a cost.

Slippage can also increase or decrease the real cost of a trade.

And some brokers may have charges for withdrawals, inactivity, data, or additional services.

[EMPHASIS] The real cost of a trade is not just the spread figure you see on the screen.

In the main video, we became familiar with Pip and Pipette. Now, let’s look more closely at another term: Point.

In MetaTrader, Point usually refers to the smallest displayed price change based on the number of decimal places in a symbol.

For example, in a five-digit EUR/USD quote:

One Point equals 0.00001.

But one Pip equals 0.00010.

So, in this case, 10 Points equal one Pip.

In three-digit yen pairs, 10 Points also usually equal one Pip.

However, you should not apply this relationship to every symbol without checking. In exotic currency pairs, metals, indices, and CFDs, Tick size, Point, and Pip may be different.

That is why the symbol’s Specification section is very important.

In the main video, we said that one lot in many Forex accounts usually equals 100,000 units of the base currency. But this is not a fixed rule for all accounts and all symbols.

The size of each lot is determined by the Contract Size.

In the Specification section, you can see details such as Contract Size, minimum volume, maximum volume, and Volume Step.

Tick Size and Tick Value are also displayed in this section.

You can also check the margin currency, the profit-calculation method, the Swap-calculation method, and the symbol’s trading hours.

For example, if the Volume Step of a symbol is 0.01, a volume of 0.015 may not be accepted because it does not match the permitted volume increment.

So, before trading a symbol, do not only look at its name. You should also check that symbol’s contract specifications.

To know how much profit or loss a price movement creates, you need to know the pip value.

When profit and loss are calculated in the quote currency, the basic formula is:

Pip value in the quote currency equals the number of base-currency units multiplied by the size of one pip.

For example, in one lot of EUR/USD:

The number of units equals 100,000 euros.

The size of one pip equals 0.0001 dollars per euro.

So:

100,000 multiplied by 0.0001

equals 10 dollars.

This means that, in a typical EUR/USD contract, the pip value for one lot is usually 10 dollars.

If your volume is 0.1 lot, the value of each pip is usually around one dollar.

Now let’s look at an example using USD/JPY.

Suppose your trade volume is one lot, which is 100,000 dollars.

USD/JPY is trading at 150.00.

And the size of one pip is 0.01 yen.

First, we calculate the pip value in yen:

100,000 multiplied by 0.01

equals 1,000 yen.

If your account currency is the U.S. dollar, we need to convert this amount to dollars:

1,000 divided by 150

equals approximately 6.67 dollars.

So, the pip value in this example is around 6.67 dollars, and it changes as the USD/JPY rate changes.

If your account currency differs from the quote currency, profit or loss is first calculated in the quote currency and then converted to the account currency at the relevant rate.

The platform usually performs this conversion automatically, but you should understand the logic behind it.

Now let’s move on to the trade-execution process.

To understand this process, you need to know the difference between three terms: Order, Deal, and Position.

An Order is your instruction to the broker to buy or sell.

A Deal is the actual execution of all or part of your order.

One order may be executed through several Deals.

A Position is the open and remaining result of executed trades on a symbol.

So, in simple terms, you first send an instruction. This instruction may be executed, partially executed, rejected, or canceled. After execution, a trading position is created or changed.

As long as the position remains open, its profit and loss change with the current market price. When you exit the trade through an opposite trade or a Close command, the position is closed and its profit or loss becomes final.

A Market Order is an instruction to buy or sell at the best available price at the time of execution.

But a Market Order does not guarantee that the trade will be executed at exactly the price you see on the screen. In a fast market, the execution price may differ from the price at the moment you submit the order.

A Buy Limit is an instruction to buy at a price below the current price.

A Sell Limit is an instruction to sell at a price above the current price.

A Buy Stop is an instruction to buy at a price above the current price.

And a Sell Stop is an instruction to sell at a price below the current price.

In a Stop Limit order, when price reaches the Stop level, it activates a Limit order. The advantage of this order type is price control, but the order may be activated and still not be executed because an appropriate price is not available.

A Stop Loss is an instruction to close a position when price moves in an unfavorable direction.

A Stop Loss limits risk, but it does not guarantee execution at exactly that price in every condition.

If there is a gap, weak liquidity, or a very fast market movement, the trade may be closed with Slippage.

A Take Profit is also an instruction to close a position at a target level.

One important practical point is that Stop Loss and Take Profit are triggered using different price sides in Buy and Sell positions.

For example, in MetaTrader, Stop Loss and Take Profit for a Buy position are checked using the Bid price, while those for a Sell position are checked using the Ask price.

We will review the practical details of using these orders directly on the platform in the MetaTrader training and strategy-building sessions.

Slippage is the difference between your expected price and the actual execution price.

Slippage can be negative, meaning the trade is executed at a worse price.

And it can be positive, meaning the trade is executed at a better price.

Slippage alone is not a sign of manipulation. Fast price changes, network delay, order size, and liquidity can all cause Slippage.

But if a broker consistently applies negative Slippage, does not pass on positive Slippage, or behaves in a way that does not match its official explanations, this needs to be examined.

A Requote happens when your requested price is no longer accepted and the broker offers a new price.

Your order may also be rejected for reasons such as insufficient margin, a closed market, invalid volume, invalid Stop distances, the absence of a suitable price, account restrictions, or server and connection problems.

In a Netting system, there is only one net position for each symbol.

For example, if you have a one-lot EUR/USD Buy position and then execute a 0.4-lot Sell, your net position may decrease to a 0.6-lot Buy position.

But in a Hedging system, you can have multiple separate positions, even in opposite directions, on the same symbol.

In this type of account, opening a Sell does not necessarily close your previous Buy trade. It may create a separate Sell position.

To close the Buy, you need to close that specific position using the Close command or, if the broker supports it, use the Close By feature.

But you need to know that Hedging does not eliminate risk.

Holding Buy and Sell positions at the same time can lock up your capital and may still involve spread, commission, Swap, and margin changes.

In the main video, we said that leverage does not increase your account balance; it only increases the size of the Exposure you can control.

But you need to distinguish between nominal leverage and effective leverage.

Your account may have a maximum leverage of 1:100, but you may not use all of that capacity.

Effective leverage equals the total notional value of your positions divided by your account Equity.

Suppose your account Equity is 10,000 dollars and your total Exposure is 20,000 dollars.

In this case:

20,000 divided by 10,000

equals 2.

This means that your effective leverage is 1:2, even if the broker offers a maximum leverage of 1:100.

[EMPHASIS] It is your trade volume that determines how much leverage you are actually using.

Margin is the amount set aside to open and maintain a leveraged position.

Margin is usually not a cost or a realized loss. It is a portion of your account Equity that is not freely available while the trade remains open.

The simple margin formula is:

Required margin equals the notional value of the position divided by leverage.

For example, if the position value is 100,000 dollars and leverage is 1:100:

100,000 divided by 100

equals 1,000 dollars.

But in reality, margin calculation can depend on the base currency, account currency, the symbol’s margin currency, the exchange rate, Contract Size, volume, symbol type, margin percentage, and the broker’s rules.

[EMPHASIS] The final reference for required margin is the symbol’s Specification and your account contract.

Balance is the recorded balance of your account after deposits, withdrawals, and closed trades.

As long as a trade remains open, its profit and loss usually do not change the Balance.

Floating Profit/Loss is the current result of your open trades. This amount changes continuously with market prices.

Equity is the current value of your account after taking floating profit and loss into account.

In simple terms:

Equity equals Balance plus floating profit, minus floating loss.

Used Margin is the amount of margin set aside for open positions and, in some cases, pending orders.

Free Margin is the amount of Equity remaining after used Margin is deducted.

Free Margin is used to withstand floating losses or open new positions.

Margin Level is the ratio of Equity to used Margin.

Its formula is:

Margin Level equals Equity divided by Margin, multiplied by 100.

As Equity decreases, Margin Level also decreases.

Margin Call is a situation where your account’s Equity or Margin Level approaches or enters the warning threshold set by the broker.

In modern platforms, a Margin Call may only be a status or an automatic warning. You should not assume that the broker will definitely call you or give you time to deposit more funds.

Stop Out is the level at which the broker can automatically close one or more positions to prevent greater losses and a margin shortage.

The method of closing positions differs among brokers. Some systems close the most losing trade first, while others use different rules.

Now let’s look at all of these concepts together through a hypothetical example.

Suppose your account currency is the U.S. dollar.

Your account Balance is 1,000 dollars.

Your account leverage is 1:100.

You are trading EUR/USD.

The approximate EUR/USD price is 1.1000.

Your trade volume is 0.5 lot.

Each lot equals 100,000 euros.

The spread is one pip.

We assume that commission and Swap are zero.

Margin Call is 100%, and Stop Out is 50%.

This example is completely hypothetical and is only designed to help you understand the account mechanism.

A volume of 0.5 lot means that you have 50,000 euros of Exposure.

The dollar value of this position is:

50,000 multiplied by 1.1000

which equals 55,000 dollars.

This means that the trader has created approximately 55,000 dollars of Exposure with a 1,000-dollar Balance.

Now, let’s calculate the margin.

50,000 euros divided by leverage of 100 equals 500 euros.

If we convert this amount to dollars at a rate of 1.10, the required margin is approximately 550 dollars.

So, around 550 dollars of the account Equity is set aside to support this trade.

The pip value for 0.5 lot of EUR/USD is also 5 dollars.

Assuming a one-pip spread, the position immediately shows around 5 dollars of floating loss.

So, at the beginning of the trade:

Balance is 1,000 dollars.

Equity is 995 dollars.

Margin is 550 dollars.

Free Margin is 445 dollars.

And Margin Level is approximately 180.9%.

Now, if the floating loss reaches 450 dollars:

Equity becomes 550 dollars.

Margin remains 550 dollars.

Free Margin falls to zero.

And Margin Level becomes 100%.

With a pip value of 5 dollars, this loss represents around a 90-pip unfavorable movement.

If the broker’s Margin Call level is set at 100%, the account enters Margin Call status.

If Stop Out is 50%, the critical Equity amount is:

550 multiplied by 50%.

Which equals 275 dollars.

So, the corresponding floating loss is:

1,000 minus 275.

Which equals 725 dollars.

With a pip value of 5 dollars, this loss is approximately equal to a 145-pip unfavorable movement.

In this situation, Margin Level has reached 50%, and the broker can close the trade automatically.

If the trade is closed with this loss and we ignore other costs, the account Balance would fall to approximately 275 dollars.

But in reality, the spread may widen, Swap and commission may exist, the exchange rate may change, and Stop Out execution may also involve Slippage.

[EMPHASIS] Margin Call and Stop Out do not work based on a fixed number of pips; they depend on trade volume, Equity, margin, leverage, costs, and the total group of your open positions.

In the main video, we became familiar with A-Book and B-Book. Now, let’s summarize this topic more precisely.

In the Market Maker model, the broker or dealer may be the counterparty to the client’s contract and may manage the client’s risk internally or hedge it.

Being a Market Maker does not automatically mean fraud. Banks and legitimate dealers also make markets.

The main issue is conflict-of-interest management, transparency, fair execution, and legal oversight.

In the STP model, the broker claims that it transfers the client’s order or risk to other providers through Straight-Through Processing.

But STP alone is not a sufficient label to prove the exact order-routing path.

ECN refers to an electronic network for interacting with orders or prices from multiple parties. Some accounts are offered with raw spreads and separate commissions.

But having ECN in an account’s name does not, by itself, guarantee that every client order enters an independent external order book.

In A-Book, the broker usually transfers or hedges the client’s risk externally.

In B-Book, the broker may retain the client’s risk within its own operation.

Many brokers also use a hybrid model.

So, we should not conclude that A-Book is always good or that B-Book is always fraudulent.

[EMPHASIS] You should assess broker quality through its legal entity, regulation, execution quality, conflict-of-interest policy, fund security, and behavioral history, not just through a marketing label.

To verify a broker’s regulation, first find the legal name of the company that you will be entering into a contract with.

The brand name alone is not enough.

The company’s full name is usually written in the Client Agreement, Terms and Conditions, or at the bottom of the website.

Then, take the license number from the broker’s website, but do not rely only on what the website says.

Search for the company name and license number directly in the official database of the regulatory authority.

The license status also matters. Terms such as Authorised, Registered, Appointed Representative, No Longer Authorised, Revoked, and Applied to Cancel do not mean the same thing.

A company simply being registered does not necessarily mean that it is authorized to provide all financial services.

After reviewing the license, you need to see exactly which products and which types of clients it covers.

A company may have a financial license, but that license may not cover the product it offers to you.

Also, protections available to retail clients may not be available to professional clients.

Then, you need to match the website domain and contact information.

Some fraudulent companies copy the name and license number of a real company. This type of fraud is called a Clone Firm.

So, compare the company’s website domain, email, phone number, and address with the information in the official regulatory database.

Finally, review the company’s disciplinary history. Warnings, fines, restrictions, revoked licenses, and official complaints can provide important information about a broker.

The right broker is not the same for everyone, but several main criteria should always be reviewed.

First, make sure that the broker can legally provide services in your place of residence.

Using a false address, another person’s documents, or bypassing geographical restrictions can create problems during withdrawals or legal disputes.

Second, know exactly which legal entity you are contracting with and under the laws of which country.

Third, review the protection of client funds.

Find out how client funds are held.

Are they separated from the company’s funds or not?

What happens in the event of insolvency?

And is there a compensation scheme that covers your product and your situation?

But keep in mind that segregation of client funds is not the same as a bank guarantee or a guarantee of full repayment.

Do not look only at the leverage figure.

Review the leverage for each symbol, margin requirements during weekends or news events, tiered margin, the Margin Call level, the Stop Out level, the method of automatic trade closure, and the margin requirements for hedged positions.

You should also review contract specifications.

Contract Size, minimum and maximum volume, Volume Step, Digits, Tick Size, Tick Value, Stop Level, Swap Long and Swap Short, the day when Swap is multiplied, trading hours, and profit and margin currencies are all important.

A low spread alone is not enough.

You need to view the real cost like this:

Spread plus Commission plus Swap plus Slippage plus Conversion plus other costs.

And finally, assess execution quality, such as normal execution speed, the number of Requotes, rejected orders, positive and negative Slippage, broker behavior in fast markets, and the quality of Stop Loss execution.

Before using a broker seriously, review its deposit and withdrawal methods, supported currencies, processing times, fees, withdrawal limits, required documents, and history of withdrawal issues.

Making a small test withdrawal can provide important practical information.

From a security perspective, two-factor authentication, login alerts, separate trading and viewing passwords, a secure process for changing information, withdrawal controls, and encrypted communication are important.

Broker support should also be accessible, clear, and able to answer questions about contracts, fees, and technical problems.

Insisting that you deposit money or pressuring you to increase your volume is not a sign of professional support.

User feedback is also useful, but it should not be your only selection criterion. You should check whether complaints are repetitive, what they are about, and how the broker responds to them.

In the decentralized spot market, it is natural that all ticks and candlesticks are not completely identical across all brokers.

Different liquidity providers, different spreads, the display of Bid, Ask, or Mid Price, server time, time zone, daily candle closing time, tick filtering, broker markup, and liquidity conditions can create limited differences between charts.

So, one different candlestick wick does not, by itself, prove manipulation.

For a logical comparison, you should compare the same currency pair and the same time period.

Make sure one source is not showing Bid while the other is showing Mid Price.

Align the server times.

Compare the overall movement with several credible sources.

And review unusual price spikes at the same time and on the same symbol.

Prices that are completely separate from the market, repeated asymmetric patterns, and a broker’s failure to answer reasonable questions are issues that should be reviewed.

Warning signs can also include the following:

Promises of guaranteed or risk-free profits.

Guaranteed daily or monthly income.

Claims of a loss-free system.

Unsolicited contact and pressure for immediate deposits.

Requests to install remote-control software.

Requests for account passwords, one-time codes, or Seed Phrases.

An unclear legal entity.

An unverifiable license number.

Receiving money into a personal account.

Requests for fake tax or commission payments to release a withdrawal.

Bonuses that make withdrawals conditional.

Or an account manager who encourages you to increase leverage and volume.

[EMPHASIS] A professional-looking website or the display of a regulator’s logo does not, by itself, prove that a broker is credible.

In the main video, we said that MetaTrader is a trading platform, not a broker, bank, exchange, or regulator.

The broker manages the server, account, prices, symbols, contract specifications, margin, and trade execution. MetaTrader is simply the interface through which you connect to the broker’s server.

The presence of a broker on MetaTrader, or the ability to use this platform, does not mean that the broker is credible or regulated.

A Demo account is useful for becoming familiar with the platform, order types, volume, and account calculations.

But Demo and Live accounts are not completely the same.

In a Demo account, the psychological pressure of real money does not exist.

Execution quality may be different.

Slippage and Requotes may not be exactly the same as in a Live account.

And a trader may accept risks in a Demo account that they would never accept in a Live account.

In this supplementary training, we saw that a more professional understanding of the Forex market is not limited to knowing currency pairs, pips, and lots.

You need to know how different types of currency transactions differ from one another.

You need to understand Bid and Ask prices and the effect of the spread.

You need to know that the real cost of a trade is not just the spread.

You need to be familiar with symbol Specifications, pip value, order types, and trade-execution quality.

You need to understand the difference between nominal leverage and effective leverage.

And you need to know how Balance, Equity, Free Margin, Margin Level, Margin Call, and Stop Out are connected.

We also saw that choosing a broker is not done by looking at a name like ECN or a low spread figure.

[EMPHASIS] The more you understand market structure, contracts, costs, execution quality, and account rules, the more professional your view of the market becomes and the more informed your decisions will be.