FX needs mid-rate to solve benchmark issue

Aggregated benchmark could make pricing clearer and boost competition

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Currency markets need an independent and real-time FX benchmark to accurately reflect the traded mid-price at any given time, and to allow market participants to compare and justify their execution performance, say the managing directors of benchmark provider New Change FX.

The comments come after the European Central Bank highlighted the discrepancy between benchmarks with a limited number of input sources and the real market price in a recently published paper on FX benchmarks, as the

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