RIC codes on market rates

Day-to-Day Market rate is a standardised and neutral interest rate fixing for the individual currency type. The rate is quoted daily at fixed times in the market for the currency in question.

If the bank uses a different source, this will represent a rate that is published, and which is generally used in the market for the currency type in question. For currencies where there is no official fixing or well-developed market for interest rates, the bank is obliged to set the rate itself.

See summary on this page, or here.

Every banking day, in most countries with a well-developed interest rate market, a selected panel of banks quote interest rates for different time periods. Based on the interest rates provided by the banks, the panel calculates an interest rate for each of the different time periods, which then becomes the average interbank interest rate in the currency in question. For example, USD is called the LIBOR rate.

Day-to-Day Market rates are changed daily, provided it is a banking day for the currency in question.

All currencies can be connected to the Day-to-Day market rate in principle, but not all are connected to a public fixing on a daily basis in the individual foreign exchange markets.

BID is the rate the bank is willing to pay for a deposit for a given time period. ASK is the rate at which the bank is willing to lend money/make a deposit in another bank for a given time period. The difference between BID and ASK for the same time period is called the SPREAD.

Thomson Reuters is an international news agency. Currently almost all news organisations subscribe to services that provide financial information. Reuters Kobra 3000 is used to find news updates, continuously updated interest rates and foreign exchange rates and to obtain historical information from public financial information.

Reuters Instrumental Code (RIC) is a unique code that Thomson Reuters uses to identify market data. This code can be used by anyone who subscribes to news from Reuters in order to find the most recently updated figures and historical information. For example, the RIC for 3M NIBOR is OINOK3MD=

Changing the source and times/dates for fixing has no financial impact long term, not for the bank nor the customer.

The reference rate is set neutrally (DNB has no influence over it). The customer can check the interest rate every day, and also download lists of historical rates. Besides, the rate is more stable over time.