Refinitiv Launches WMR Feedback Initiative
Posted by Colin Lambert. Last updated: October 17, 2023
LSEG’s Refinitiv has launched a Request for Feedback initiative on key aspects of the WM/Refinitiv Spot Rates (WMR) methodology and users’ requirements. Refinitiv, through its wholly owned subsidiary Refinitiv Benchmark Services (UK) Limited (RBSL), is the WMR benchmark administrator and holds the primary responsibility for all aspects of the provision of the WMR. RBSL is authorized and regulated in the UK by the Financial Conduct Authority (FCA).
The firm says the WMR is one of the most widely used suite of FX benchmarks and Refinitiv understands how important these rates are to all users, globally. “The core design principles of WMR produce independent and transparent FX benchmarks that are robust and provide a point in time reflection of a wide range of currency markets throughout the global day,” it states. “Since launching in 1994, the WMR has continued to respond to market changes and to provide solutions for evolving user requirements and Refinitiv remains committed to ensuring the WMR remains the most appropriate FX benchmarks for users.
“Refinitiv looks forward to engaging with all market participants and encourages everyone to use this opportunity to provide feedback and be part of the continuous evolution of the WMR,” it adds.
The survey asks respondents for their thoughts on the length of the fixing window, currently five minutes and, interestingly given this is an idea that has been floated increasingly in the FX market, it also asks whether the month-end window should be longer. Other questions include different types of benchmark calculation, specifically aggregated hourly fixings, and other potential pricing sources.
Feedback can be provided here.