The Royal Bank of Scotland launches RBS FiX

The Royal Bank of Scotland Financial Markets (“RBS”), in collaboration with EBSÆ™ has launched the RBS FiX. The RBS FiX is a benchmark of 61 currency pairs that will provide a snapshot of the ‘market price’ a number of times throughout each major trading time zone. The benchmark rates will be published shortly after each ‘fixing’ to Reuters, Bloomberg and Moneyline Telerate etc.RBS FiX is the first currency benchmark to be powered by the EBS Benchmarks. This benchmark algorithm uniquely reflects market depth; i.e. the amount on the bid and offer to ensure a more accurate rate. Deloitte and Touche are conducting a review of the RBS FiX process in accordance with the guidance issued by AICPA in SAS No. 70. Customers will be able to deal with RBS at the FiX rates at pre-agreed spreads, giving full price transparency. Trading is possible via an online trading product bringing automation and...continued

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