Further details about spot exchange rates data

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Overview 

Spot exchange rates relate to foreign exchange market transactions that are executed for settlement in two days time, the standard market practice. 

Data are published for daily rates, and for average and end of period monthly, quarterly and annual rates. These are statistical data and do not constitute any form of official rates, nor should they be considered to carry any special authority of the Bank of England.

The daily spot exchange rates are prepared using multiple sources. Bloomberg BFIX may at times be used as one of these. Queries regarding BFIX should be directed to bfixinquiry@bloomberg.net.

Definitions

Euro and legacy currencies

The euro was formally introduced on 1 January 1999, in accordance with Article 109 L(4) of the Treaty establishing the European Community.  Initially the euro replaced nine national European currencies, but has subsequently expanded to incorporate further EU member state currencies.  Dates of adoption of the euro in EU member states can be found on the European Central Bank website.

Spot rates for individual legacy currencies are published until the date of their replacement by the euro.