Course determination

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The price determination (also exchange price determination , english "fixing" ) refers to the determination of current market prices of securities , foreign exchange or goods on a stock exchange at a set time , usually once a day, the so-called fixing date (see. Unit price ).

These prices are often used in connection with bonds for linking, so the value of a bond can be linked to the further performance of a price, starting from the fixing date (cf. floater or interest rate cap and interest floor ).

In gold trading, the daily price determination is used to be able to carry out as many transactions as possible with a uniform price (see gold fixing ).

Until the introduction of the European Monetary Union , the so-called "(official) foreign exchange fixing" was carried out daily at 1:00 pm (only on trading days ). By an official exchange broker said the official was exchange rate determined, which was then used in commercial transactions. In the case of foreign currency bonds, it is still relevant to observe the fixing dates; they differ at different trading venues.

In the case of securities for which continuous listing is intended, the so-called opening price is the first price determined after the start of trading; the last price determined on a trading day is called the closing price (see price types ).

See also

Individual evidence

  1. ^ Günter Wierichs, Stefan Smets: Gabler Compact Lexicon Bank and Stock Exchange . 5th edition. Gabler - GWV Fachverlage GmbH, Wiesbaden 2010, ISBN 978-3-8349-1861-1 , p. 143 .
  2. ^ Springer Fachmedien Wiesbaden: Compact Lexicon Economy . 12th edition. Springer Fachmedien, Wiesbaden 2014, ISBN 978-3-658-05790-9 , pp. 86 .
  3. ^ Günter Wierichs, Stefan Smets: Gabler Compact Lexicon Bank and Stock Exchange . 5th edition. Gabler - GWV Fachverlage GmbH, Wiesbaden 2010, ISBN 978-3-8349-1861-1 , p. 144 .
  4. ↑ See Stuttgart Stock Exchange .
  5. ^ Günter Wierichs, Stefan Smets: Gabler Compact Lexicon Bank and Stock Exchange . 5th edition. Gabler - GWV Fachverlage GmbH, Wiesbaden 2010, ISBN 978-3-8349-1861-1 , p. 82 .
  6. ↑ Definition of the opening price. In: FAZ Börsenlexikon. Retrieved March 28, 2016 .
  7. ↑ Definition of closing price. In: FAZ Börsenlexikon. Retrieved March 28, 2016 .