Challenging the FX Benchmark Convention: Drop the Fix
One such area under review is the use of benchmarks, or fixes, in money markets, fixed income markets, and FX. Given the issues concerning Libor and ISDAFix manipulation, and the collusion in FX rates, regulators and market participants are demanding better ways of dealing.
We all know that it was not only sell-side banks who needed to have reviewed their guidance, but also the tremendous number of buy-side firms, and even central banks themselves, in their use of benchmarking to peg their performance as managers of the underlying assets.
One set of interesting thoughts has been produced by Curex:
View Point Vol 16/3: Challenging FX Benchmark Convention: Drop the Fix (May 4, 2016)
It is recommended reading indeed.
President ACI FMA
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