For exchange-traded instruments, there is
typically a closing price. But what is the
meaning of the ‘end of the day’ in the context of currencies, which trade 24/5, and how can we specify a closing price, such as the exchange rate at the end of a day?
My general guideline to fixings is that all fixings are manipulated, which is exactly why they have been invented. It is quite astonishing that it took several decades to discover this simple fact. Never mind. Now that manipulations of currency fixings have been examined and many fines have been paid, let us recap how the fixing production has been reshaped.
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