Charges & Financial Obligations · Company practice
Currency data on Bloomberg.com and consumer apps is delayed 5 minutes
On Bloomberg.com and Bloomberg consumer mobile applications, the currency data shown is delayed by 5 minutes (all times in Eastern Time). The document says additional currency data is available in real time through the Bloomberg Terminal, and it points readers to a contact link for Bloomberg's foreign exchange solutions. The delay is stated for the website and consumer mobile apps; the document does not describe any other product's delay.
Supporting quotations
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.
Qualifications & exceptions
Times are stated in ET.
Real-time data is described as available through the Bloomberg Terminal, which this document does not describe further.
Not stated here
The document does not say whether the 5-minute delay applies to the BFIX rates described later, or only to the Bloomberg Generic Composite rate.
Charges & Financial Obligations · Company practice
Currency rates are indicative composite rates, not actual market trades
The currency rates shown are representative of the Bloomberg Generic Composite rate (BGN), which the document describes as based only on indicative rates contributed by market participants. The document states the data is not based on any actual market trades.
Supporting quotations
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.
Qualifications & exceptions
BGN is the Bloomberg Generic Composite rate.
Not stated here
The next paragraph describes BGN as derived from both indicative and executable price quotes, so the document's two descriptions of BGN's inputs differ in wording; this card follows the first description and does not reconcile them.
Cross-references
contrast (model-proposed): Bloomberg describes how its Generic Composite rate (BGN) is produced — contrast: The Currency Data section first describes BGN as based only on indicative contributed rates and not on actual trades, then describes it as derived from indicative and executable quotes and designed to track executable rates. Quotes are not trades, so these may not conflict, but the wording differs and the document does not reconcile it.
Legal Rights & Agreement Rules · Restriction or exception
Currency data is for information only and its accuracy is not guaranteed
All currency data is provided for information only. Bloomberg says it is not intended for trading purposes and that Bloomberg does not guarantee the accuracy of the data.
Supporting quotations
All data is provided for information only and not intended for trading purposes; Bloomberg does not guarantee the accuracy of the data.
Qualifications & exceptions
The statement appears in the Currency Data section, separate from the later Disclaimer section.
Inference & Profiling · Company practice
Bloomberg describes how its Generic Composite rate (BGN) is produced
Bloomberg describes BGN as a pricing algorithm that produces what it calls accurate indications of bid and ask quotes. It says these come from hundreds of sources, including indicative and executable price quotes from money-center and regional banks, broker-dealers, inter-dealer brokers and trading platforms, and that BGN is designed to track executable bid/ask rates and to resist manipulation by market participants. This is Bloomberg's own description of its method. It sits beside the statements that the data is indicative, not based on actual trades, and carries no accuracy guarantee.
Supporting quotations
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.
Qualifications & exceptions
The description is of design intent ("designed to") and Bloomberg's characterization, not a commitment to a result.
Not stated here
The document does not say how sources are selected or weighted, or what makes a source "quality".
Inference & Profiling · Company practice
BFIX reference rates are half-hourly time-weighted averages of BGN prices
Bloomberg BFIX rates are FX reference rates meant to represent FX market prices around publication times. They are generated every 30 minutes, on the hour and half-hour, as a time-weighted average price (TWAP) of the geometric mid-rates of BGN prices before and after the fixing time. The document adds that a linear TWAP is used in a triangular function, with the peak at the fix carrying a 10% weight and weights falling linearly around it. BFIX rates are stated to be available on the Bloomberg Professional Service under BFIX.
Supporting quotations
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.
Time-Weighted Average Price (TWAP) of the geometric mid-rates of Bloomberg Generic (BGN) prices leading up to and following 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 rates are available on the Bloomberg Professional Service on BFIX.
Qualifications & exceptions
The rates are described as intended to represent FX market prices around publication times, not as executed trades.
Availability is stated for the Bloomberg Professional Service.
Not stated here
The document does not say whether BFIX rates are shown on Bloomberg.com or the consumer mobile apps.
Inference & Profiling · Procedure
BFIX averaging window is 5, 15 or 10 minutes before the fix, depending on the instrument
The length of the averaging window depends on what is being fixed. For G10 currencies, spots and outrights, the linear TWAP starts 300 seconds (five minutes) before the fix. For all other currencies, spots and outrights, it starts 900 seconds (fifteen minutes) before the fix. For metals, it starts 600 seconds (ten minutes) before the fix. In every case the TWAP then decays for six seconds after the fix.
Supporting quotations
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
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.
For metals, the linear TWAP will start six hundred seconds (ten minutes) before the fix and then decay for six seconds after the fix.
The length of time used in the TWAP will be as follows:
Qualifications & exceptions
Three groups: G10 currencies (spots and outrights), all other currencies (spots and outrights), and metals.
The after-fix decay is six seconds for all three groups.
Not stated here
The document does not define which currencies are G10 or what "outrights" means.
Content & IP Rights · Context
Bloomberg and BFIX names are service marks of Bloomberg Finance L.P.
The document says "Bloomberg®," "BFIX" and the names of the other fixings in the Bloomberg Fixings currency and metals family (together called the "Bloomberg BFIX") are service marks of Bloomberg Finance L.P. and its affiliates, collectively "Bloomberg".
Supporting quotations
are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”).
Qualifications & exceptions
In this section "Bloomberg BFIX" collectively names the fixings family, and "Bloomberg" means Bloomberg Finance L.P. and its affiliates.
Legal Rights & Agreement Rules · Restriction or exception
Bloomberg gives no warranties and does not guarantee BFIX data
Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to Bloomberg BFIX. It makes no express or implied warranties about Bloomberg BFIX or related data, values or results, and expressly disclaims warranties of merchantability and fitness for a particular purpose.
Supporting quotations
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.
Qualifications & exceptions
The wording is about Bloomberg BFIX and data or values relating to it.
Not stated here
The Disclaimer is written about Bloomberg BFIX; the document does not say in terms whether it also covers the delayed currency data and BGN rates in the Currency Data section, which carry their own accuracy statement.
Legal Rights & Agreement Rules · Restriction or exception
Bloomberg and related parties disclaim liability for damages from BFIX data
To the maximum extent the law allows, Bloomberg, its licensors and their employees, contractors, agents, suppliers and vendors say they have no liability or responsibility for any injury or damages, whether direct, indirect, consequential, incidental, punitive or otherwise, arising in connection with Bloomberg BFIX or related data or values. This applies whether the harm arises from their negligence or otherwise.
Supporting quotations
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.
Qualifications & exceptions
The limit applies only to the extent allowed by law.
Covers negligence as stated.
Not stated here
The document does not say which laws limit this disclaimer or how it applies in a particular place.
The Disclaimer is written about Bloomberg BFIX; the document does not say whether it also covers the delayed currency data in the Currency Data section.
Legal Rights & Agreement Rules · Restriction or exception
BFIX data is not investment advice or an offer of financial instruments
Bloomberg says nothing in Bloomberg BFIX is an offering of financial instruments, investment advice or a recommendation to buy, sell, hold or enter any transaction. It says the data is not enough on which to base an investment decision, that the information is impersonal and not tailored to anyone's needs, and that Bloomberg expresses no opinion on the future or expected value of any currency, security or other interest and recommends no investment strategy.
Supporting quotations
Nothing in Bloomberg BFIX shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations
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.
Qualifications & exceptions
The statement is about Bloomberg BFIX data and information.
Content & IP Rights · Restriction or exception
BFIX information may not be the basis of any product without Bloomberg's written consent
The document says "The Information" may not be used as the basis of any product, financial or otherwise, without Bloomberg's express prior written consent. This restricts building products on the information; it does not by itself say what other uses are allowed.
Supporting quotations
The Information may not be used as the basis of any product (financial or otherwise) without the express prior written consent of Bloomberg.
Qualifications & exceptions
Consent must be express, prior and written.
Not stated here
"The Information" is capitalized but not defined in this document; it appears to refer to Bloomberg BFIX data, but the text does not say so.
The document does not describe a process for requesting consent or say what other uses of the data are allowed.
Legal Rights & Agreement Rules · Context
The materials are for illustrative purposes only and carry a 2016 copyright notice