What Happened at the Month-End Fix?
October 9, 2025
Market impact metrics were back closer to the average for 2025 at the September quarter-end, with currencies behaving largely as… Read More »
Market impact metrics were back closer to the average for 2025 at the September quarter-end, with currencies behaving largely as… Read More »
Market impact rose from recent months at the London 4pm August month-end Fix, with savings from using the longer 20-minute… Read More »
“Pre-hedging”, or “hedging ahead of the Fix” as it is referred to around the major FX benchmark fixes, remains a… Read More »
It was another subdued month-end Fix in terms of market impact in July, albeit one still offering potential savings of… Read More »
In keeping with what was generally a quieter month in markets, potential savings from using a longer month-end fixing mechanism… Read More »
Although markets settled somewhat in May, the heightened volatility, with the associated nervousness, means that market impact at the month-end… Read More »
Execution costs from using a shorter fixing window rose at the end of what was a busy month in FX… Read More »
Market impact costs rose for the March month-end benchmark fix compared to recent results, although it was very much a… Read More »
A pattern is emerging in the month-end fixes with, for the third successive month, the average savings sitting above $300… Read More »
Although the January month-end Fix showed similar market impact to recent months, there might be some concerns that the world’s… Read More »
The last 12 months have seen a narrowing of the gap in terms of execution costs from using the WM… Read More »
2024 closed out with a relatively quiet month-end benchmark fix, with savings from using a longer calculation window largely in… Read More »
The November month-end FX Fix saw something remarkable – the first time it has occurred in the nearly-four years that… Read More »
The October month-end provided the second lowest potential savings for using a longer calculation window for the London 4pm Fix,… Read More »
It was another relatively quiet month-end Fix in market impact terms, although one pair did record its highest potential saving… Read More »
Have we become too obsessed with best execution? More pertinently, are we even looking in the right direction when judging… Read More »
The run of relatively subdued month-end FX fixes, in terms of market impact, continued in August, although savings were still… Read More »
By historical standards it was a very quiet month end FX 4pm Fix, with the potential savings from calculating over… Read More »
Amidst a generally quieter month end, with savings below average on offer for using a longer fixing window, there were… Read More »
Although still below the average of 2023, May’s month-end Fix provided more serious market impact for users of the five-minute… Read More »
April continued to relatively subdued start to 2024 when it comes to market impact at the month-end Fix, notwithstanding which,… Read More »
Although strictly independent, and looking at the issue from a purely academic standpoint, the recent paper on pre-Fix hedging by… Read More »
For the third consecutive month, the potential savings from using a longer window for the month-end FX Fix were below… Read More »
It was a mixed bag of outcomes at the February month-end FX benchmark fix, with six of the regular currencies… Read More »
Market impact at the month-end FX fix was significantly lower than the average, indeed the potential savings from using the… Read More »
2023 closed out on a nasty note for users of the WM five-minute benchmark fix with the last two months… Read More »
Investors whose funds use the five-minute WM window for the month-end FX fix missed out on potential savings of more… Read More »
The pattern of lower market impact at the month-end FX fix continued in October, with potential savings from using the… Read More »
It was another quieter than average month-end FX benchmark Fix in September, with the good news being that two of… Read More »
The latest changes announced by EBS to its primary FX trading venue are interesting, because they could be viewed as… Read More »
Market impact was once again a factor at the August month-end FX fix with the potential savings from a window… Read More »
It is easy for me to tell that AI is starting to gain traction in financial markets from the number… Read More »
Longer windows to calculate month-end fixes continue to offer substantial potential savings thus far in 2023, however they remain below… Read More »
With The Full FX View As with so many issues in foreign exchange, indeed in financial markets generally, the issue… Read More »
The end of Q2 2023 was a relatively subdued affair around the London 4pm Fix, with the potential savings measuring… Read More »
While algo execution is undoubtedly on the rise in FX markets, as has been the case for the past few… Read More »
Quieter FX markets translated into a relatively low market impact from hedging of flows before the London 4pm Fix with… Read More »
Market impact from hedging ahead of the monthly WM Fix was higher than recent months, with the potential savings from… Read More »
It was another quieter than average month-end fix in terms of potential savings from a longer window, however the overall… Read More »
An occasional question over the data published by The Full FX for every month-end Fix is that the overall savings… Read More »
It was a quieter than usual month-end London 4pm Fix in January, although in the bigger picture there were some… Read More »
The December 2022 month-end FX benchmark fix marked the completion of the first full year of publication of these fixes… Read More »
Potential savings from a longer London 4pm fixing window were pretty much in line with the long-term average at the… Read More »
It was another month of potentially costly FX hedging for those firms using the shorter calculation window for their month-end… Read More »
In its latest Expected Cost Monitor report, BestX carries a feature on the recent Japanese interventions to strengthen the yen,… Read More »
It was a quieter than usual London 4pm month-end fix on October 31 in terms of market impact, with significantly… Read More »
It was another tough month-end for anyone who cares about market impact around the London 4pm WM Fix, with potential… Read More »
It is of probably some relief to users of the WM London 4pm Benchmark Fix that after what was a… Read More »
With The Full FX View As highlighted by the monthly analysis published by The Full FX, price action around major… Read More »
ESMA may not work quickly, but it is persistent and thorough – and for that reason the FX industry needs… Read More »
