The RateSource component is used to identify the source for the rate information as required by the trade for pricing reasons.
In FX trading of forwards and swaps, the rate of the forward portion is determined at an agreed-upon date and time in the future when the spot rate for the settlement is obtained, commonly referred to as the "fixing". The agreed upon fixing information typically includes the reference source to obtain the information, the source for the benchmark spot rate (if different from the reference source), the local date, time and business center for the publishing of the benchmark rate.
Used in :
| Tag | Field Name | FIXML | Req'd | Comments | |||
|---|---|---|---|---|---|---|---|
| 1445 | NoRateSources | RtSrc | N | Number of rate sources being specified. | |||
| => | 1446 | RateSource | @RtSrc | C |
Required if NoRateSource(1445) > 0 |
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| => | 1447 | RateSourceType | @RtSrcTyp | C |
Required if NoRateSources(1445) > 0 |
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| => | 1448 | ReferencePage | @RefPg | N |
May be used when RateSource(1446)=99 (Other) |
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| => | 2412 | RateSourceReferencePageHeading | @RefHdng | N |
Identifies the page heading from the rate source. |
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| => | 2796 | FXBenchmarkRateFix | @BnchmkRtFix | N |
Specifies the foreign exchange benchmark rate fixing to be used in valuing the transaction. For example "London 4 p.m." or "Tokyo 3 p.m." |
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| => | 3072 | RateSourceSymbol | @Sym | N |
Identifies the currency pair/symbol that the instance of the rate source information is applicable for the fixing. |
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| => | 3073 | FXBenchmark | @FxBnchmk | N |
The source of where to obtain the FX benchmark rate to use for fixing the rate. The value in this field can be different from RateSource(1446). For example, "Bloomberg" can be the reference source identified in RateSource(1446), and FXBenchmark(3073) can be "central bank" - what this says is to use Bloomberg to look up/reference the published central bank rate. Likewise, the BFIX rate for fixing (FXBenchmark(3073)=1 (Bloomberg)) can be sourced from Reuters (RateSource(1446)=1 (Reuters)). If the source for benchmark fixing rate is the same as the reference source (RateSource(1446)), this field, FXBenchmark(3073), can be omitted. |
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| => | 3074 | FXBenchmarkDate | @FxBnchmkDt | N |
Conditionally required when FXBenchmarkTime(3075) or FXBenchmarkBusinessCenter(3076) is specified. |
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| => | 3075 | FXBenchmarkTime | @FxBnchmkTm | N |
Conditionally required when FXBenchmarkDate(3074) or FXBenchmarkBusinessCenter(3076) is specified. |
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| => | 3076 | FXBenchmarkBusinessCenter | @FxBnchmkCtr | N |
Conditionally required when FXBenchmarkDate(3074) or FXBenchmarkTime(3075) is specified. |
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