MARKET CONSULTATION | Proposed Enhancements to the Use of FX Rates in Index Closing Calculations During Disruption Events | CONCLUSION

In July and August 2025, Solactive conducted a market consultation on proposed changes to the fallback logic for FX rates used in index closing calculations during disruption events. The consultation received over 20 responses from market participants.

While many respondents recognized that the current fallback to the previous day’s 4PM WM/Refinitiv rates can lead to undesirable outcomes in volatile markets, feedback also emphasized the importance of transparency, replicability, and alignment with prevailing industry standards.

Views on the proposed changes were mixed. Only a minority of participants expressed support for introducing synthetic 4PM fixings during unplanned disruptions or using hourly fixings during planned non-publications. Many respondents preferred to maintain the existing approach or suggested alternatives, such as delaying index calculations until official rates are available or performing restatements once final rates are published.

Across the feedback, key themes included the need to preserve consistency with existing market practices and to ensure clear methodology and communication to support replicability.

Overall, the consultation was a valuable opportunity to engage with clients and better understand their priorities. While there was insufficient consensus to implement changes at this stage, the dialogue confirmed a strong interest in methodology improvements. Solactive will continue to build on this engagement, with a focus on strengthening transparency, replicability, and communication in disruption scenarios.