FX rate for CAD not getting untill 4:20PM

Daily we are trying to fetch (multiple time) for getting CADFX rate. As per the counter party agreement we should use the 12 noon-1:00PM Canadian (Toronto time) timezone which is same as EST time. But the rate we don't see until 4:20PM EST Daily.

Format we request for CAD FX rate:

FORMAT CADFIX *IDN_RDF.ANY.USDCAD=BOFC.NaE[PRIMACT_1] *IDN_RDF.ANY.USDCAD=BOFC.NaE[VALUE_DT1]

Result from Reuters:

2019-03-20 14:16:03,641 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 14:31:06,350 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 14:51:03,669 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 15:16:03,464 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 15:31:05,557 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 15:51:03,602 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 16:16:04,383 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3292 19 MAR 2019]
2019-03-20 16:31:08,126 GatherLineLayout [main] DEBUG: [line: CADFIX +1.3317 20 MAR 2019] -- getting todays rate at 16:31

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Accepted answers

Alex Putkov.1

The RIC "USDCAD=BOFC" you're retrieving is the daily average exchange rate published by Bank of Canada. Bank of Canada publishes this rate once a day by 16:30 Toronto time. See https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/
I suggest you figure out which exchange rate you're supposed to use per your counterparty agreement. If it is the daily average rate from Bank of Canada, then you cannot possibly have it before it is published by the central bank. Between noon and 1pm Toronto time you can only have the previous day's rate. If on the other hand you're supposed to use a different exchange rate, then use the RIC that corresponds to the rate you're supposed to use. E.g. if you're supposed to use current indicative interbank exchange rate contributed to Refinitiv by FX dealers, then the RIC is "CAD=" and it's updated continuously 24/5.

All comments

Alex Putkov.1

subin.john

As suggested for intrabank fxrate I am submitting CAD request in the following fomat and it returns error, can you help ?

request:

FORMAT CADFIX *IDN_RDF.ANY.USDCAD=.NaE[PRIMACT_1] *IDN_RDF.ANY.USDCAD=.NaE[VALUE_DT1]

Reuters respose:

2019-03-22 11:14:52,513 GatherLineLayout [main] DEBUG:
[line: CADFIX #NA(JPMTIB_STATUS_NOT_FOUND)
#NA(JPMTIB_STATUS_NOT_FOUND)]

Alex Putkov.1

Use correct RIC name in your request. The RIC "USDCAD=" that you used does not exist, hence the error.

subin.john

Where can I FIND the correct RIC name for CAD intrabank FXFIX

subin.john

Are you able to give ?

Alex Putkov.1

Generally speaking Refinitiv Helpdesk is the best resource for any content related questions. However before you ask anyone for help I suggest you get a clear understanding for yourself of what rate you're looking for, and get a detailed description of the rate you want to use or better yet an external reference. "CAD intrabank FXFIX" does not refer to anything. Earlier on this thread as an example of the RIC you might want to use I gave you the RIC for indicative interbank exchange rate contributed to Refinitiv by FX dealers. If this is indeed the rate you want to use, then take the RIC I provided. Otherwise get a clear definition of the rate you need to use, as nobody can decide this for you, and then contact Refinitiv Helpdesk to get the RIC corresponding to the rate you need to use. Alternatively, if you have access to Eikon, you can use Eikon to browse various USDCAD exchange rates available and research which one you need to use.

subin.john

I did not understand completely, Is there a number I can contact you ?

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