Fideres has provided a written response to the FSB Consultation for the reformation of the foreign exchange WM/Reuters fixing. Fideres is broadly supportive of the proposal but recommends that further work needs to be done in particular to address the risk of front running ahead of the fixing window. We also think that some of the proposed reforms may have the perverse effect of increasing transaction costs for users of the fixing and in this way defeat the aim of the reforms.

To access Fideres’ full response, please click here.