WM calculates daily standardized spot and forward rates for global foreign exchange transactions, using rates provided by Reuters. These rates are recognized globally as the standard. The Closing Spot Rates were introduced in 1994 to provide a standard set of currency rates so that portfolio valuations could be compared with each other and their performance measured against benchmarks without having any differences caused by exchange rates. In 1997, the Closing Forward Rates service was launched to complement the WM/Reuters Closing Spot Rates. In 2001, the Intraday Spot Rates service was launched to extend the Spot rates product and meet clients growing requirements. In 2004, the coverage of the Closing Forwards was extended to cover 72 currencies and Intraday Forwards were introduced to make the Forwards service compatible with the Intraday Spots.
In 2016, Thomson Reuters acquired The World Markets Company’s WM/Reuters FX benchmark calculation business from State Street Corporation. Now WM/Reuters delivers the industry’s broadest coverage, with both intraday and closing fixes for spot rates, forward contracts and NDFs. Thomson Reuters’ published and transparent calculation methodology is fully aligned with the IOSCO Principles for Financial Benchmarks. Designed to bring greater transparency to pricing in the FX market, WM/Reuters rates are built with data sourced directly from market transactions, applying multiple validation techniques on captured and calculated rates to result in accurate spot rates for each fix throughout the day.
Key Features and Coverage on RIMES
For this data source, RIMES hosts approximately 715 currencies, including closing spot rates, forward rates, and cross rates.
Some of the data items available include:
- Current items: Date, Base Currency, Description, and Inversion Flag.
- Portfolio items: Forward Days, Forward Rate, Forward Rate Type, and Forward Tenor (One Currency Details Option).
- Historical items: Forward (time period) Ask Rate, Ask Rate (Points), Bid Rate, Bid Rate (Points), Mid Rate, Mid Rate (Points), Years Rate, Years Rate (Points), FX Ask Rate, FX Bid Rate, FX Mid Rate, FX Rate