referenskurs

Referenskurs, or reference rate, is a benchmark exchange rate used to value and settle financial transactions when a directly observed market rate is unavailable, or to provide a standard for pricing. It serves as a neutral anchor that other rates and contracts can reference.

Referenskurs can be published by central banks, financial data providers, or industry bodies. It may reflect a single published rate, such as a daily central-bank reference rate, or be an average of quotes from a panel of banks. The methodology behind a referenskurs is usually documented and updated periodically, and rates are typically published on a regular schedule.

Common uses include pricing invoicing in foreign currencies, valuing positions for accounting, and determining interest-rate resets on loans or the settlement of derivatives such as forwards, futures, or swaps. For example, a referenskurs might be used to convert an invoice from one currency to another or to adjust a loan’s interest rate at a reset date.

Limitations include potential lag, revisions, and sensitivity to the underlying methodology. A referenskurs is not guaranteed to match the exact market quote at any moment and is often used in conjunction with other current market data. Related terms include benchmark rates such as EURIBOR, SOFR, and historical references like LIBOR, as well as the broader concept of central-bank policy rates.