MARKET CONSULTATION | Proposed enhancements to the use of FX rates in index closing calculations during disruption events | 30th June 2025

Solactive AG is conducting a Market Consultation to gather feedback from stakeholders on proposed enhancements to the use of FX rates in index closing calculations during disruption events.

Currently, in the absence of the WM/Refinitiv 4PM Fixing rate and as defined by the Equity Index Methodology, Solactive’s fallback approach is to utilize the fixing used in the previous close calculation, typically the equivalent WM/Refinitiv 4PM Fixing rate from the previous business day. While this aligns with industry norms, it may lead to economically inaccurate outcomes, particularly during periods of high volatility or market disruption.

Through this consultation, Solactive seeks feedback on proposed changes to the fallback logic, including the use of a synthetic 4PM fixing rate calculated by Solactive in cases of unplanned disruption, and the use of most recent hourly fixing rate published by WM/Refinitiv during planned market closures. These adjustments aim to ensure that index closing levels remain fair, representative, and aligned with prevailing market conditions.

We invite all stakeholders and interested parties to review the proposed changes outlined in the consultation document and share their views, particularly regarding the potential benefits and operational implications of the proposed enhancements.

Responses are requested by July 31, 2025.