The Foreign Exchange Subcommittee has embarked on a project to formalise a rand fixing at prescribed intervals during trading hours. This project is necessitated by the need for local foreign-exchange market players to have a local fixing page for the rand. With the development of the currency futures market, it would provide quicker dissemination of fixing information across the market.
A daily rand fixing will also enhance market transparency and can be used as an objective and verifiable reference rate for the settlement of foreign exchange transactions. Through the FMLG and its subcommittees, a Liquidity Forum has been established, whose mandate is to deliberate on market liquidity including the viability of a collateralised interbank market.