London forex fix moves to 5-minute window on Dec. 14 -WM memo
LONDON Nov 17 (Reuters) - London's benchmark FX "fixings" will move to a five-minute calculation window from one-minute currently as of 2200 GMT on Sunday, Dec. 14, the WM Company said in a memo sent to banks on Monday.
The widening of the window was recommended by global regulators the Financial Stability Board in the results of a consultation with the industry published in September.
The London or "WM/Reuters" fix relates to several exchange rates and is compiled using data on actual transactions from trading systems like those run by Thomson Reuters and ICAP-owned EBS.
The rates for the fixings, at the centre of a global investigation into alleged market manipulation that saw five major banks fined last week, are calculated by WM, a unit of State Street Corp. Thomson Reuters is the parent company of Reuters News, which is not involved in the process.
The memo also said Thomson Reuters Matching trade and order data would be added into the calculation for the euro, yen, Swiss franc and rouble. (Reporting by Patrick Graham; editing by Mike Dolan and Nigel Stephenson)
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