Currency fixing rates

Posted: diny On: 04.06.2017

Currencies are traded electronically around the world and around the clock and not on exchanges with formal opening and closing times and prices, such as the main stock markets or derivatives exchanges.

currency fixing rates

Prices fluctuate ceaselessly from second to second, region to region and bank to bank. So, whether in pounds, euros or Mexican pesos, companies and individuals seeking to establish the value of a currency on any given day will likely seek one or other of these "fixes", set by either a central bank or an officially appointed commercial operator monitoring where the market is at a predetermined time.

The rates are calculated by WM, a unit of State Street Corp.

Thomson Reuters is the parent company of Reuters News, which is not involved in the process. The European Central Bank also has a daily fix in Frankfurt, where the euro's benchmark rates are set and some of the concrete examples given in the legal documentation accompanying Wednesday's fines related directly to it.

currency fixing rates

The manipulation row itself dates back about two years, and centres on how banks dealt with orders from investment managers, who are some of their biggest clients, and how they committed to buy or sell currency at a "fixing" rate as yet unknown, but which would be subsequently published and transparent to all after the deal was done. Given that deals carried out either side of the fixing are naturally done at differing rates in the ordinary ebb and flow of the market, this meant that bank traders tried to minimise their own risk of losing money.

That led to dealers seeking orders they could match off exactly at the fixing and then, at a small group of the bigger banks, sharing knowledge about what orders were about to be placed in an effort to corner pricing going into the fixing. Allegations of collusion and manipulation arose when revelations of this behaviour surfaced.

Currency Fixing (Or Fix) Definition from Financial Times Lexicon

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Currency Exchange Rates and You

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currency fixing rates
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