Fixing
A rate or price recorded at a set moment under a procedure described in advance.
How to read the number
Fixings exist for settlement: contracts are discharged and positions revalued against them, because every participant has a different last trade.
When the metric lies
The fixing window gathers orders from the whole market and therefore moves the price itself. A trade placed inside the window fills worse than the book suggested before it opened.
Also known as: reference fixing