Thomson Reuters Launches Benchmark for Corporates Valuing Cross-Border Transactions

Thomson Reuters has launched the WM/Reuters 2pm CET benchmark, a new FX benchmark service designed for corporates looking to value, hedge and settle cross-border transactions. The Thomson Reuters 2pm CET benchmark offers a transaction-oriented alternative to the European Central Bank (ECB) 2:15pm CET reference rates.

With the announcement that the ECB plans to publish its euro foreign exchange reference rates at a later time solely for information purposes, there is a need in the market for a reliable, transparent and independent 2pm benchmark. Thomson Reuters is providing the 32 rates currently covered by the ECB reference rate with a 30-minute delay at The service is available to corporates free of charge.

In addition, customers who require additional data in real-time have the option to subscribe to the 2pm spot rates of the WM/Reuters intraday service, which includes 155 currencies against the EUR, GBP and USD.

Unlike benchmarks that are based on composite data, the WM/Reuters 2pm CET benchmark is calculated on available primary market data sourced from global trading platforms such as Thomson Reuters Matching, EBS and Currenex to provide a more accurate and transparent rate. These rates fully align with IOSCO principles for financial benchmarks and are calculated based on a well-established and documented methodology.

“The changes to the ECB reference rates have left a gap for corporates that need a trusted reference rate to settle cross-border transactions on a daily basis,” said Tobias Sproehnle, global head of benchmarks at Thomson Reuters. “The WM/Reuters 2pm CET benchmark fully aligns to IOSCO principles for benchmark calculation and that it is calculated on primary market data from leading market platforms.”


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