FIXING TIMES - in the forex market/s

This is a discussion on FIXING TIMES - in the forex market/s within the Forex forums, part of the Markets category; Dageshi - I sent an email off to Currenex about the fixing times and here they are... As per your ...

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Old Jan 28, 2005, 10:40am   #15
Joined Dec 2002
Question Re: FIXING TIMES - in the forex market/s

JTrader started this thread
Quote:
Dageshi -
I sent an email off to Currenex about the fixing times and here they are...

As per your inquiry, the following are the 'Fixings' times for CitiFX Benchmark, in country's local times:

Sydney: 0900 (2200 GMT); 0945 (2245 GMT)
Tokyo: 0955 (0055 GMT); 1100 (0200 GMT); 1300 (0400 GMT); 1400 (0500 GMT); 1500 (0600 GMT)
London: 0900 GMT, 1000 GMT; 1100 GMT; 1200 GMT; 1315 GMT; 1500 GMT; 1600 GMT
New York: 1200 (1700 GMT); 1500 (2000 GMT)

Hope this answers your question Dageshi!
HiIs "CitiFX Benchmark" a standard convention adhered to by all the forex banks/market makers within the interbank market – in setting the prices at “fixed times” – at which deals can go through at the “fixed price”, or is CitiFX Benchmark just part of the policy and proceedures of how Currenex operates?

Therefore are these the standard "fixing times" used by all the banks/market makers within the interbanks market - or does each bank determine their own times and policies regarding fixing times?

Last edited by jtrader; Jan 28, 2005 at 4:11pm. Reason: More detail
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Old Jan 28, 2005, 1:36pm   #16
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Originally Posted by jtrader
Hi

Is "CitiFX Benchmark" a standard convention adhered to by all the forex banks within the interbank market - or is it just the policy and proceedure of how Currenex operates? Therefore are these the standard "fixing times" used by all the banks within the interbanks market - or does each bank determine their own times and policies regarding fixing times?

Cheers

jtrader.
From the replies we've had on this thread, I'd guess that there are no fixed times, altho certain times will be more popular than others.

I can't be certain of that tho.
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Old Jan 30, 2005, 7:25pm   #17
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No, that's not quite right.

While there are indeed various bank benchmark times (a relatively new phenomenon), these aren't all widely used. There are a few fairly widely used fixing times (the ones I mentioned earlier in this thread.) In addition there may well be some commonly used ones in asian time but as I've never had to do a fixing trade outside of London hours I'm not totally sure when they are.

As to who determines which fix time to use, it's generally the choice of the customer requesting the fixing trade, NOT the bank working the order for them. But the reason for the three that I mentioned being more widely used is that they aren't fixed by a particular bank (or at least the 12:00 and 13:15 ones aren't - can't remember who sets the 16:00 one).

Apologies for the delay in preparing the piece that I promised for the knowledge lab. Since I made that promise something has come up and I have been busy for the last few weeks and unable to devote sufficient time to this. As and when I get the time I'll put something together that will hopefully explain it all.

Hope everyone is having a propsperous and enjoyable new year.

GJ
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Old Feb 1, 2005, 8:53am   #18
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Look forward to it GJ - thank you.

One question, are the times you posted in GMT?

HG
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Old Feb 1, 2005, 3:05pm   #19
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Yup - strictly a London boy, so all my times are GMT

GJ
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Old Feb 2, 2005, 5:50am   #20
s-a
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OK, thanks!
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Old Apr 29, 2005, 1:38am   #21
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Further to my post re. who sets the fixings, the 16:00 London one is set by the WM company, which is a Reuters subsidiary service. It's based on a time series snapshot of the market immediately prior to 1600 London time.

GJ
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