The race for a suitable index

While equity and fixed-income benchmarks are plentiful, currency markets have yet to benefit from any truly acceptable benchmark. Paul Lyon reports

The word among asset managers and currency overlay managers is that the banks with major foreign exchange operations, spurred on by the increased interest in forex as an investable asset class in its own right, are actively developing foreign exchange performance benchmarks. But at the moment, these are just rumours – these same banks are tight-lipped about their plans, unwilling to divulge strategies for fear of tipping off potential competitors pre-launch. Morgan Stanley, for example, renowned