Frequently Asked Questions

What is Day-to-Day Market Rate?

Day-to-Day Market Rate are daily fixings for the various currencies at the applicable times and is publicly quoted by Reuters or other equivalent sources. These represent a standardized, historically reliable and traceable quotation which yields high transparency.
The Bank will use the interest rate specified by another source if this is a rate ordinarily used in the market for the currency in question.

What is an official fixing?

In most countries with a well developed interest rate market, on each banking day a panel of selected banks quotes interest rates for different time periods. On the basis of these the panel then calculates an average interest rate for each of the different time periods. This is the fixing rate for the currency in question.  The fixing rate for USD, among others, is called LIBOR. For more detailed information please see our website

How often is Day-to-Day Market Rate?

Day-to-Day Market Rate is changed daily on all days that are banking days for the currencies in question.

For what currencies can Day-to-Day Market Rate be used?

In principle, Day-to-Day Market Rate can be used for any currency but official benchmark rates are not set daily for all currencies. Please see our web site for a list of the different currencies.

What do BID and ASK mean in an interest-rate context? And what is the bid-ask spread?

The BID rate is the interest rate the bank is willing to pay for a deposit for a specific time period. The ASK rate is the interest rate at which a bank is willing to lend money to/deposit funds in another bank for a given time period. The difference between the bid and ask rates for the same period is called the bid-ask spread.

What is Thomson Reuters?

Thomson Reuters is an international news agency. These days almost all news agencies subscribe to financial information services. Reuters Kobra 3000 is used to find updated news,  interest rates and currency exchange rates and to retrieve historical financial data.

What is an RIC Code?

Reuters Instrumental Code (RIC) is a unique code used by Thomson Reuters to identify market data. This code can be used by anyone who subscribes to Reuters’ news services to find the latest, updated figures and historic information. For instance, the RIC for 3-month NIBOR is OINOK3MD=
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How does changing the source of Day-to-Day Market Rate affect the customer/bank financially?

On the long term, changes of the source of and times for fixing the rate have no financial effect for the bank or for the customer.

What are the advantages for the customer?

The reference rate is set objectively (DNB has no influence on it). Customers can check the daily rates themselves, and download lists of historic interest rates. The interest rate is also more stable over time.

Where can I find the basis for Day-to-Day Market Rate, if I do not have access to Reuters?