Nex Data, a Nex Group business which delivers independent
market intelligence and price information for OTC data and Nex Markets, a NEX
Group business which provides electronic trading technology and services, have
launched the EBS JPY Benchmark, which it claims is the first fully electronic,
transaction-backed reference rate for the Japanese yen.
Nex says the creation of the reference rate for JPY seeks to
provide high standards across the market.
Reflecting the USD/JPY rate, the new benchmark is published
daily at 15:00 Tokyo time. It is calculated and distributed by Nex Data using
rates from executed trades during the five minute fixing window on the EBS Market
central limit order book (CLOB).
Nex says the new benchmark has been created using
methodology consistent with the IOSCO Principles for Financial
Because USD/JPY is the most traded currency pair on EBS
Market, the firm says this ensures that the data used is the most detailed and
accurate available for the creation of a benchmark.
“Nex Markets is the market leader within the USD/JPY market,”
says Tim Cartledge, global head of FX and head of product, Nex Markets. “We are
committed to ensuring the Japanese FX Market operates as effectively as
possible and are honoured to contribute to the Tokyo FX Market Committee. We
are pleased to launch the new EBS JPY Benchmark which accurately and reliably
provides a true reference rate for the Japanese market and help customers to
assess their prices.”
Kevin Taylor, managing director, Nex Data, adds, “Creating a definitive index for the purposes
of offering a reference rate for USD/JPY during Japanese trading hours, is an
important milestone for the currency and enhances transparency in this market.
The combination of high quality data and extensive experience in building
indices will ensure the benchmark is well positioned to support traders in the