In response to concerns around the integrity of foreign exchange (FX) benchmarks, the FSB reviewed issues relating to these benchmarks. After consultation with a range of FX market participants across the globe, an FSB working group developed a set of draft recommendations set out in this document for consultation with a wider group of stakeholders. The recommendations related to: the calculation methodology of the WM/Reuters (WMR) 4pm London fix benchmark rates, produced by the WM Company; the publication of reference rates by central banks; market infrastructure in relation to the execution of fix trades; the behaviour of market participants around the time of the major FX benchmark fixes (primarily the WM 4pm London fix); and recommendations from a forthcoming IOSCO review of the WM fixes.

Responses should be sent by Tuesday 12 August to fsb@bis.org with "FXBG comment" in the e-mail title. Responses will be published on the FSB's website unless respondents expressly request otherwise.