LONDON : Refinitiv is considering a series of changes to its daily foreign exchange fixing, including lengthening the trading window used to calculate it, a senior company executive said, amid industry concerns over the global benchmark which used to value trillions of dollars of assets.
A European Central Bank-organised FX group said in April 2020 its members were concerned that concentrating end-of-month trading at particular FX fixings was"likely to create additional volatility and pressure on market functioning". Concerns about the fixing and whether investors were getting a good deal have existed for years but resurfaced during the pandemic, encouraging Refinitiv to assess its options.
However, some asset managers say the current system works well and that lengthening the window would solve little because when putting a large order through a defined period, there will always be a 'market impact' others can spot. "Our focus is on getting that optimal, the size of the window versus still having our objective of a price at a specific point in time," she said.
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