Currency Data Disclaimers

Currency Data

On Bloomberg.com and Bloomberg consumer mobile applications currency data is delayed 5 minutes (all times in ET). Additional currency data is available in real-time via the Bloomberg Terminal. To learn more about foreign exchange solutions from Bloomberg please [contact us](http://www.bloomberg.com/professional/request-demo/).

• Currency data on Bloomberg.com and consumer apps is delayed 5 minutes Charges & Financial Obligations

Currency rates are representative of the Bloomberg Generic Composite rate (BGN), a representation based on indicative rates only contributed by market participants. The data is NOT based on any actual market trades. All data is provided for information only and not intended for trading purposes; Bloomberg does not guarantee the accuracy of the data.

• Currency rates are indicative composite rates, not actual market trades Charges & Financial Obligations
• Currency data is for information only and its accuracy is not guaranteed Legal Rights & Agreement Rules

BGN is a sophisticated pricing algorithm that produces accurate indications of bid and ask quotes that are derived from hundreds of quality sources, including indicative and executable price quotes from money-center and regional banks, broker-dealers, inter-dealer brokers, and trading platforms. BGN is designed to track executable bid/ask rates and to be resistant to manipulation by market participants.

• Bloomberg describes how its Generic Composite rate (BGN) is produced Inference & Profiling

About BFIX

The Bloomberg BFIX rates are FX reference rates intended to represent FX market prices around publication times. BFIX rates are generated every 30 minutes on the hour and half-hour. The BFIX rates are created by taking a Time-Weighted Average Price (TWAP) of the geometric mid-rates of Bloomberg Generic (BGN) prices leading up to and following the fixing time. BFIX rates are available on the Bloomberg Professional Service on BFIX.

• BFIX reference rates are half-hourly time-weighted averages of BGN prices Inference & Profiling

The Bloomberg “BFIX” are FX rates that are half-hourly snapshots of the BGN, using a time-weighted average price (“TWAP”), around the fixing time. A linear TWAP of quotes will be used in a triangular function with the peak of the triangle at the fix having a 10% weight and linear around that.

• BFIX reference rates are half-hourly time-weighted averages of BGN prices Inference & Profiling

The length of time used in the TWAP will be as follows:

• BFIX averaging window is 5, 15 or 10 minutes before the fix, depending on the instrument Inference & Profiling

• For G10 currencies, spots, and outrights, the linear TWAP will start three hundred seconds (five minutes) before the fix and then decay for six seconds after the fix
• • BFIX averaging window is 5, 15 or 10 minutes before the fix, depending on the instrument Inference & Profiling
• For all other currencies, spots, and outrights, the linear TWAP will start nine hundred seconds (fifteen minutes) before the fix and then decay for six seconds after the fix.
• • BFIX averaging window is 5, 15 or 10 minutes before the fix, depending on the instrument Inference & Profiling
• For metals, the linear TWAP will start six hundred seconds (ten minutes) before the fix and then decay for six seconds after the fix.
• • BFIX averaging window is 5, 15 or 10 minutes before the fix, depending on the instrument Inference & Profiling

Disclaimer

“Bloomberg®,” “BFIX” and the names of the other fixings that are part of the Bloomberg Fixings currency and metals family of fixings (collectively referred to as the “Bloomberg BFIX”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg BFIX. Bloomberg makes no warranties, express or implied, as to Bloomberg BFIX or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages – whether direct, indirect, consequential, incidental, punitive or otherwise – arising in connection with Bloomberg BFIX or any data or values relating thereto – whether arising from their negligence or otherwise. Nothing in Bloomberg BFIX shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or a recommendation as to an investment or other strategy by Bloomberg. Data and other information available via Bloomberg BFIX should not be considered as information sufficient upon which to base an investment decision. All information provided by Bloomberg BFIX is impersonal and not tailored to the needs of any person, entity or group of persons. Bloomberg does not express an opinion on the future or expected value of any currency, security or other interest and does not explicitly or implicitly recommend or suggest an investment strategy of any kind. The Information may not be used as the basis of any product (financial or otherwise) without the express prior written consent of Bloomberg.

• Bloomberg and BFIX names are service marks of Bloomberg Finance L.P. Content & IP Rights
• Bloomberg gives no warranties and does not guarantee BFIX data Legal Rights & Agreement Rules
• Bloomberg and related parties disclaim liability for damages from BFIX data Legal Rights & Agreement Rules
• BFIX data is not investment advice or an offer of financial instruments Legal Rights & Agreement Rules
• BFIX information may not be the basis of any product without Bloomberg's written consent Content & IP Rights

The data included in these materials are for illustrative purposes only. ©2016 Bloomberg. All rights reserved.

• The materials are for illustrative purposes only and carry a 2016 copyright notice Legal Rights & Agreement Rules