What is the rate shown on an asset when the market is closed?

When the market closes, for certain assets the instrument page shows the last traded price for that instrument. After a few minutes this changes to a value known as the ‘closing price’. However, in the trade window, you will always see the last traded price.

The last traded price and the closing price may be different, depending on the market conditions and the level of trading activity during the day. This is because they are calculated differently.

• The last traded price is determined entirely by the supply and demand at the very end of the trading period.
• The closing price is an average of the rates over the last half hour before the market closes.

We display the closing price on the instrument page because it is considered a more accurate representation of market sentiment than the last traded price. By giving equal weighting to rates across a time period, the closing price is less impacted by any last-minute volatility.