Fixing

A fixing is the determination of a benchmark price at a specific moment, usually by observing trading in a short window. Concentrating price determination into a window creates a well-defined target for anyone wanting to move it.

manipulation techniques · updated 2026-10-16

Where does fixing come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• FX fixing — FX fixing manipulation is trading during the short window used to calculate a daily currency benchmark, using advance knowledge of client orders that must be executed at that fix.
• Settlement price manipulation — Settlement price manipulation is trading to move an official settlement price, because that price determines margin, portfolio marks and the payoff on contracts many times larger than the trading itself.

Enforcement actions involving these techniques

See also

• Benchmark — A benchmark is a published reference price or rate that contracts settle against. Because a benchmark converts one number into pay…
• Settlement price — The settlement price is the official end-of-session price used to mark positions, calculate margin and settle expiring contracts. …

Terms that refer here

Benchmark · Foreign exchange market · Settlement price

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