The reference foreign exchange rates will be calculated at 10:00 a.m., 11:00 a.m., 12:00 noon, 1:00 p.m., 3:00 p.m., and 4:00 p.m. There will also be the calculation of two daily averages, at 10:00 a.m. and 1:00 p.m.. The first of these will be the average of all of the rates published at the first four times, from 10:00 a.m. to 1:00 p.m. The second of these will be the average of all of the rates throughout the day that are published at the six determined times. In all there will be the calculation of eight daily indicators. With this launch, BM&FBOVESPA seeks to increase foreign exchange market transparency even further, as well as to stimulate the flow of spot market trading on the electronic platform.

TCRs to be published daily

The price formation for the reference foreign exchange rates (TCRs) will be established based on the weighted average of all of the trades executed in a one minute interval starting 30 seconds before each of the six determined times. There must be a minimum of five trades before the calculation of each TCR. If there are not five trades, BM&FBOVESPA will calculate the rates by the average of a minimum quantity of ten simultaneous buy and sell orders (spreads). If there are not ten spreads, the Exchange will calculate the TCRs with no requirement for a minimum number of trades. If one of the TCRs cannot be calculated in accordance with any of the three forms of calculation, BM&FBOVESPA will not divulge the stipulated time's reference exchange rate. The two daily average foreign exchange rates shall be calculated by a simple average, considering the volume of the rates divulged during the two defined periods.

The reference foreign exchange rates shall be published daily on the BM&FBOVESPA website, on the Reference Foreign Exchange Rates (TCR) page.