• Banco Central do Brasil (Central Bank of Brazil) Implemented New PTAX Rate Calculation Procedures, Effective Friday, July 1, 2011

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5886
      • Notice Date
      • 12 August 2011
      • Effective Date
      • 01 July 2011

    • Effective Friday, July 1, 2011, Banco Central do Brasil (Central Bank of Brazil or BCB) modified procedures for determining the daily U.S. Dollar/Brazilian Real spot foreign exchange (FX) benchmark "PTAX rate," which is used for cash settlement at termination for the CME Brazilian Real/U.S. Dollars futures and options on futures contracts. Prior to July 1, 2011, the PTAX rate was a weighted average of the U.S. Dollar/Brazilian Real transactions performed in the interbank FX market with settlement in two business days as calculated and published by Banco Central do Brasil. The new procedures utilize FX dealer surveys.

      For the full Special Executive Report, please click here (PDF).

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