Change to FX spot rates within Fastmarkets products: price notice
As of May 9, 2023, Fastmarkets will improve the foreign exchange (FX) spot rates published on the Fastmarkets Dashboard and in the Scrap Settlement PDF.
The improvements are as follows:
- From May 9, 2023, clients can view the end-of-day historical FX rate used in any currency conversion they carry out on the Dashboard. By viewing the appropriate FX rate in a Historic Price Table widget, they can see what the rate was on a particular date. Clients should use the Close Bid field — this is the rate taken at or as close to 00:00 UTC.
- Within the Daily Scrap Settlement PDF, as per the announcement recently published, the source will change for FX, but the rates will remain consistent. The enhancement will allow clients to see the same FX spot rates within their Dashboard too. Clients can use a Historic Price Table widget and view the previous day’s date, then select the field Close Bid London — the rate that is taken at or as close to 16:00 London time. This is a synthetic close rate taken at the end of the European market day, and it will match the price in the PDF.
To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter, please contact Sean Barry at firstname.lastname@example.org. Please add the subject heading: “FAO: Sean Barry re: FX spot rates.”
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.