FTSE, a global index provider, and Cürex Group, a developer of intellectual property and technologies that link institutional foreign exchange (FX) liquidity with global exchange traded products, have expanded the FTSE Cürex FX Index Series. The addition of seven new streaming benchmark currency pairs enables investors to trade offshore renminbi (CNH) against seven major currencies at an independently calculated benchmark rate. The new indices increase the number of executable currency pair benchmarks included in the index series from 192 pairs to 199 pairs. In addition to the FTSE Cürex FX Benchmark US dollar/CNH FIX published 12 June 2012, the new CNH FIX rates are:
1. FTSE Cürex FX Benchmark EUR/CNH FIX.
2. FTSE Cürex FX Benchmark GBP/CNH FIX.
3. FTSE Cürex FX Benchmark SGD/CNH FIX.
4. FTSE Cürex FX Benchmark CNH/JPY FIX.
5. FTSE Cürex FX Benchmark AUD/CNH FIX.
6. FTSE Cürex FX Benchmark CNH/HKD FIX.
7. FTSE Cürex FX Benchmark CAD/CNH FIX.
The FTSE Cürex FX Index Series is distinguished by its rules-based and transparent methodology which features multiple institutional pricing sources at multiple depths of liquidity. Bid and offer FIX rates and indices are calculated on a 24/5 streaming basis with 15 minute ‘snap’ FIX rates and indices calculated 96 times per day, providing independent, time-stamped valuation metrics to better align net asset value (NAV) calculation with underlying market closing times.
FTSE Cürex FIX rates and FX Indices are fuelling the creation of a new generation in currency risk management tools and investment products that enable an unprecedented real-time link to institutional electronic over-the-counter (OTC) FX market liquidity. FTSE Cürex FIX rates are designed to be executable at the Cürex FX ECN, a unique FX Electronic Communications Network (ECN) marketplace built with patent pending technologies that enable real-time, executable benchmark FIX trading and high-speed index data calculation for OTC markets. Cürex FX was built to accommodate FTSE Cürex FX Benchmark FIX executions on dealable prices streaming from leading OTC FX liquidity providers with unique, third-party price audit systems.
Donald Keith, deputy chief executive officer (CEO), FTSE Group, said: “The emergence of Chinese renminbi [RMB] as Asia’s most important emerging reserve currency has provided a catalyst for the development of new tools that enhance market transparency, and enable more sophisticated currency risk management. With the launch of these additional benchmark pairs, investors can now execute CNH trades at an independently calculated, executable benchmark rate.”
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