WM/Reuters FX Benchmark
a.k.a. WM/Reuters fix, London 4 p.m. fix, The fix, WMR
The most widely used daily benchmark exchange rates, set around 4 p.m. London time, used to value trillions in assets.
The WM/Reuters FX Benchmark (now run under the LSEG/Refinitiv name) publishes reference exchange rates, the most famous being the "4 p.m. London fix". Index funds and asset managers use it to value portfolios, so huge orders are executed around that moment every day.
That concentration of money makes the minutes around the fix unusually busy and sometimes erratic. In 2013 it emerged that traders at several big banks had colluded to nudge the fix, leading to billions of dollars in fines and changes to how the benchmark is calculated.
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