WMR FX Benchmarks - The global standard for currency valuation

WMR FX benchmarks were introduced in 1994, providing a standardised way for financial market participants to value foreign assets and measure FX performance for the first time.

For more than 30 years, WMR FX Benchmarks have served as fully independent, objective, and unbiased sources for FX data. We pledge to ensure that the benchmarks remain trusted and fundamental components of market infrastructure – and are continually enhanced as market needs change.

Our published and transparent calculation methodology is fully aligned with the IOSCO Principles for Financial Benchmarks. The WMR Spot, Forward and NDF Benchmark Rates (including London 4pm Closing Spot Rates) are administered by Refinitiv Benchmark Services Limited, authorised as a Benchmark Administrator under EU BMR.

Designed to bring greater transparency to pricing in the FX market, WMR rates are built with data sourced directly from market transactions, applying multiple validation techniques on captured and calculated rates to result in accurate spot rates for each fix throughout the day.

We are the administrator of more than 30 key rates and calculation agent for over 40 critical national and regional interest rates and FX benchmarks in 12 different countries, such as Singapore, Hong Kong and Russia.

• Active and passive fund managers: Those with international portfolios use FX benchmark rates to value assets and assess performance
• Asset owners and company treasurers: They rely on these benchmarks for internal accounting and performance reporting. They also use WMR to validate the FX rates their banks quote them and to perform Transaction Cost Analysis
• Index firms: They use WMR spot and forward rates in the calculation of multi-currency equity and fixed income indices
• Trading platforms, fintech companies, websites and web applications: These entities use foreign currency rates across their business activities and require a standardised way of calculating and reporting FX

A reliable benchmark should be:

• Consistent: It should be widely available, timely and delivered using a transparent methodology
• Representative: Accurately reflects FX market prices throughout the day or at a specific time, where necessary respecting the dynamics and operating rules of local FX markets
• Liquid Represents a liquid market, with the potential to improve liquidity through the amalgamation of trades
• Attainable:  Asset managers wishing to ‘trade at the fix’ to minimise tracking error should be able to attain that FX market price
• Robust: Immune as far as possible from potential manipulation (the benchmark’s methodology should be well-designed and it should consolidate multiple data sources