2 I will provide a quick summary of what has happened in this space over the past year and briefly highlight some areas where there is still more to be done. In terms of benchmark methodology, we made a number of recommendations concerning how WM calculate the London 4pm fix.
In particular, we recommended widening the fixing window, and as a result, from February 15, WM widened their calculation window from one minute to five minutes. This widening of the window appears to be helping to achieve the intended outcomes and the progress report contains some data analysis to support this.