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Thomson Reuters Acquires WM/Reuters FX Benchmarks

As reported by Profit & Loss last year, Thomson Reuters (TR) has acquired the WM/Reuters FX
benchmark rate calculation business from The World Markets Company, a State
Street Corporation subsidiary.

Following the acquisition, which is effectively immediately,
TR will own, administer
and calculate the WM/Reuters FX Benchmark,
an instrument widely used for portfolio valuation, performance measurement,
index calculation, and price referencing for financial contracts.

Tobias Sproehnle, head of benchmarks at TR, notes that the
company is “excited about the addition of this essential service to our growing
number of industry benchmarks and indices”. Abel Clark, TR managing director (financial), adds, The FX market continues to evolve and grow in complexity, so it
is increasingly important that FX benchmarks are reliable, transparent and
independent. As the trusted, independent provider of critical data to power the
world’s financial markets, we are committed to ensuring that this benchmark continues
to meet the needs of its many clients.”

James Lowry, senior vice president and head of State Street also
comments on the
acquisition, saying, “the
decision to sell WM/Reuters FX benchmark makes good strategic sense for both
companies”.

Moving forward, the sale will enable State Street “to focus on the delivery of
its core services…We’re confident that Thomson Reuters will ensure the high
standards of the WM/Reuters foreign exchange benchmark are maintained,” adds
Lowry.

TR
will employ WM’s existing team to operate the new service.

andy@profit-loss.com                                    Twitter:
@andyh_forex/@Profit_and_Loss

Andrew Hoy

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