Refinitiv looking at improvements

Changes in the making: US one dollar banknotes in front of a stock graph in this illustration. Currencies are traded across dozens of platforms, making the market highly fragmented. — Reuters

LONDON: Refinitiv is considering a series of changes to its daily foreign exchange (FX) 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.

The 27-year-old WM/R benchmark, which is calculated by its owner Refinitiv, has a five-minute trading window, known as the “fix”, at 4:00pm in London each weekday when investors and banks flood the market with buy and sell orders.