Industry in discussions to change FX benchmark calculation, says ECB official
Senior market participants have suggested widening the time window in which benchmark exchange rates are set in foreign exchange, following allegations of manipulation
The time frame in which foreign exchange reference rates are calculated could widen as a result of the ongoing investigations into alleged manipulation of benchmark rates and this is something senior market participants are already considering, according to a senior official at the European Central Bank (ECB).
Speaking at the end of a keynote address at the FX Week Europe conference in London this morning, Roberto Schiavi, deputy director-general for market operations at the ECB, raised
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