WM/Reuters Thai baht benchmarks to be sourced from Matching Clob

The baht benchmarks are now based on trade data rather than indicative rates

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The THB/TOF benchmarks were previously calculated from indicative interbank quoted rates

The WM/Reuters Thai baht spot FX benchmarks are to be sourced from Refinitiv’s anonymous central limit order book Matching, following an analysis by the firm as to the viability of introducing transactional data from FX trading platforms.

Thomson Reuters’s former financial and risk business, which formally became Refin­itiv in October, found that the data from Matching is sufficient in quantity, quality and hierarchy to upgrade the bench­marks to be trade-based per the WM/ Reuters trade methodology. 

The onshore Thai baht THB and offshore TOF benchmarks were previously calculated from indicative interbank quoted rates provided by multiple financial institutions.

“The WM/Reuters FX benchmark is valued by clients worldwide and we are proud to evolve the THB/TOF benchmarks to reflect accurately the new reality of the market, recognising its enhanced liquidity and transparency,” says Stephan Flagel, global head of benchmarks at Refinitiv.

“Our WM/Reuters leadership and colleagues at Refinitiv have unparalled market expertise and work closely with diverse market participants globally to ensure that our benchmarks are compliant with global regulations, are calculated using multiple broad and liquid data sources, and are subject to stringent quality controls to connect and empower the global financial community. The evolved Thai baht benchmarks are a case in point,” adds Flagel.

Refinitiv administers FX benchmarks, including the WM/Reuters 4pm rates, for a number of currencies in line with the International Organization of Securities Commissions’ principles for financial benchmarks.

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