Foreign Exchange Benchmarks: Report on progress in implementing the September 2014 recommendations
In 2014 the FSB published recommendations for reforms to foreign exchange (FX) benchmarks. The recommendations responded to concerns raised about the integrity of FX benchmarks stemming particularly from the incentives for potential market malpractice linked to the structure of trading around the benchmark fixings. This report draws on assessments of progress made by the main foreign exchange committees, as well as by central banks in other large FX centres, to meet the 2014 recommendations. The report concludes that progress has been made with reforms to the WM/Reuters 4pm London fix but further work is required to ensure that the recommendations are implemented for all FX benchmarks globally.