Industry in discussions to change FX benchmark calculation, says ECB official

Senior market participants have suggested widening the time window in which benchmark exchange rates are set in foreign exchange, following allegations of manipulation


The time frame in which foreign exchange reference rates are calculated could widen as a result of the ongoing investigations into alleged manipulation of benchmark rates and this is something senior market participants are already considering, according to a senior official at the European Central Bank (ECB).

Speaking at the end of a keynote address at the FX Week Europe conference in London this morning, Roberto Schiavi, deputy director-general for market operations at the ECB, raised

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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