Here are the remarks on the PNR for a RTW ticket originating in London, and sold+ticketed in Bermuda (where the RTW fare is much higher). I queued this ticket for pricing, and purchased, about 3 weeks ago. Anything starting AA* is my message to the rate desk, and anything starting H- is the rate desk's message to me.
Code:
32.AA*PLEASE RE-PRICE TICKET FOR SALE/TICKETING IN BDA
33.H-AA RATE REQUEST RECEIVED 918AM/04JAN/TAQ
34.H-TICKETING RESTRICTIONS APPLY.
35.H-COUNTRY OF PAYMENT MINIMUM CHECK -COP- APPLIED. FLAT FARE
36.H- FROM COUNTRY OF ORIGIN, CONVERTED AT THE BSR TO COUNTRY
37.H-OF PAYMENT CURRENCY, CANNOT BE LESS THAN SAME FARE FROM C
38.H-OUNTRY OF PAYMENT. DIFFERENCE ADDED AS *P* IN FARECALC.
39.H-AA RATE COMPLETED, RATE GUARANTEED FOR 24 HRS.
40.H-THANKS FOR CHOOSING AMERICAN AIRLINES
41.H-0948/04JAN/TAU
42.AA*PER LONE4 FARE RULES, -COP- CHECK NOT APPLICABLE FOR
43.AA*TRAVEL ORIGINATING IN EUROPEAN COMMON AVIATION AREA ‡
44.AA*LGW IS IN THE E.C.A.A. THEREFORE -COP- DOES NOT APPLY ‡
45.AA*PLEASE PRICE AGAIN. THANKS.
46.H-AA RATE REQUEST RECEIVED 1017AM/04JAN/TAQ
47.H-TICKETING RESTRICTIONS APPLY.
48.H--COP- CORRECTED.
49.H-AA RATE COMPLETED, RATE GUARANTEED FOR 24 HRS.
50.H-THANKS FOR CHOOSING AMERICAN AIRLINES
51.H-1032/04JAN/TAU
So they first charged me the higher ex-BDA fare. Then I quoted fare rules, and they returned the lower ex-LON fare, converted to Bermuda dollars.
I've since priced and purchased another ex-LON fare sold and ticketed in the USA, at the ex-LON rate.
That having been said, I do agree with the previous posts that if the ex-BDA rate were lower in this circumstance, I would pay the (higher) ex-LON rate because I'm originating there.