What is the Goal of EuroFX®?
The former Official Frankfurt Foreign Exchange Fixing, with the participation
of the Bundesbank took place on a daily basis until the end of 1998. The
rates established in this manner enhanced market tranparency and were used
by the German private law, cooperative, and savings banks as the reference
rate for the settlement of foreign exchange transactions against the Deutsch Mark.
This reference instrument had been missing since the introduction of the Euro
and the termination of the Official Frankfurt Foreign Exchange Fixing.
The European Central Bank's
(ECB) daily reference rate, which has been available since the beginning
of 1999, does however not provide an adequate substitute since it is only
a guideline which can not be used as a basis for an effective settlement of
foreign exchange transactions.
EuroFx is a fully-fledged substitute for clients of the participating financial
institutions. It provides a transparent, objective, verifiable and timely
reference rate for the settlement of foreign exchange transactions. The
fixing procedure has been reviewed and approved by the anti-trust