Fix participation shifted after scandal, says FCA

Lengthening the benchmark window in 2015 made manipulation less likely, but the fix price is harder to obtain

Clock watching
Clock watching: short-term price reversals around the fix decreased steadily from 2013, and vanished in 2015

Short-term price reversals around the 4pm WM/Reuters fix declined gradually after the first reports of benchmark-rigging in 2013, and disappeared completely after 2015, when the fixing window for the rate widened to five minutes, according to a study from the UK’s Financial Conduct Authority (FCA).

The change in price behaviour around the benchmark coincided with shifts in trading behaviour and the participant mix of dealers who trade around the fix.

The FCA study found dealer banks began

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