FX industry calls for changes to benchmark practices

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As the high-profile regulatory probe into manipulation of foreign exchange benchmarks continues, some market participants have questioned why buy-side firms would want to use benchmark rates in their current format, given the ongoing scandal and the development of more efficient pricing mechanisms.

Many asset managers and pension funds use the WM/Reuters rate at 4pm London time to transact at a set rate and limit the tracking error of a fund against the index of reference, which impacts the

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