Aurubis Global Deutsch English About Aurubis Products & Services Responsibility Investor Relations Public Relations Career News Important information for all business partners of the Aurubis Group Aurubis - Copper and Copper Recycling Important information for all business partners of the Aurubis Group Hamburg, Friday, May 13, 2016 Change in the foreign exchange EUR/USD conversion basis under our contracts with effect from 1 July 2016 In future, the Aurubis Group will be using the Bloomberg-Fixing “BFIX” published at 2:00 p.m. Frankfurt time to carry out the foreign exchange conversion of metal prices from US dollar to Euro (or other foreign exchange invoicing currencies). This change is necessary because the European Central Bank (ECB) will be delaying its publication of the daily ECB reference rates from 2:30 p.m. CET to 4:00 p.m. CET as of 1 July 2016 in order to actively discourage transactions executed using their ECB reference rates as a benchmark. As a result, the option of executing foreign currency transactions with banks based on the ECB reference rate, so-called fixing-orders, will no longer be possible. On 7 December 2015, the ECB stated that the ECB reference rates are exclusively provided for information purposes and urged market participants to cease using the ECB reference rates as a benchmark for transac-tion purposes. If the postponement of the publication time to 4 p.m. CET does not have the desired effect in reducing transaction activity, the ECB will consider delaying the publication of the reference rates further, potentially until the next business day. The complete Press Release is available on the ECB’s website at https://www.ecb.europa.eu/press/pr/date/2015/html/pr151207.en.html In order to comply with the ECB‘s requirement while maintaining a due and orderly process for all business partners, not only in terms of a timely workflow but also in respect of a consistent foreign exchange conver-sion, Aurubis has decided, after carefully considering all the available options, to use the Bloomberg-Fixing ”BFIX” (2:00 p.m. CET) in replacement of the ECB conversion under our contracts with effect from 1 July 2016. The Bloomberg-Fixing ”BFIX” is a transparent and internationally accepted methodology for FX fixings which is equally accepted by banks for transaction purposes. We will be using the fixing rate established at 2:00 p.m. CET which is publicly available on Bloomberg’s website shortly thereafter at http://www.bloomberg.com/markets/currencies/fx-fixings In respect of the foreign exchange conversion basis, the Bloomberg-Fixing ”BFIX” is established almost at the same time as the ECB reference rates at 2:15 p.m. CET. By replacing the ECB reference rate by the Bloomberg-Fixing ”BFIX” (2:00 p.m. CET), we will be able to continue to use the currently applied conversion model. Apart from that, there will be no further changes with regards to the methodology of the foreign exchange conversion which we will continue to carry out according to the agreed terms of our existing, currently valid contracts. For further information concerning the change of the foreign exchange conversion basis, please contact your Aurubis representative who will be at your disposal at any time. Your Contact Frank Bodendorf Executive Director Corporate Hedging Phone: +49 40 7883-2237 f.bodendorf@aurubis.com Further Contacts for your division are available in our Contact Center. Downloads Information as PDF ( - 0.14 MB) Share this page Print Contact Imprint Data Privacy Terms of Service Sitemap