FSB Unveils FX Benchmark Recommendations

The Walkie Talkie building at 20 Fenchurch Street London
Much of the controversy has centered on the London 4 p.m. fix, which is by far the most-used benchmark.

The FSB is an international body comprising the European Commission, Group-of-20 (G20) nations and members of its predecessor, the Financial Stability Forum (FSF), chaired by Mark Carney, governor of the Bank of England. The report analyzes the calculation methodology of benchmarks such as the London 4 p.m. fix, along with increased trading activity around the fix and how this affects market stability, as well as how potentially abusive trading can occur.

Included among its 15 primary

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