FSB urges central banks to ‘take note’ of Iosco FX benchmark principles
Central banks should consider the recommendations as a minumum
The Financial Stability Board's (FSB) final report on foreign exchange benchmarks, published today, urges central banks to consider the International Organization of Securities Commission's (Iosco) principles when setting reference rates.
The report contains broad-reaching recommendations on reforms to forex benchmarks, notably the 4pm London fix, set by WM/Reuters, which is by far the most widely used forex benchmark globally. The European Central Bank also publishes a fix at 2.15pm CET.
An FSB
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