Asset managers Similarly, in the course of our consultation with the market, the group found there was considerable variation among asset managers in their understanding of the FX rates used in the indices they were tracking and, perhaps more importantly, considerable variation in understanding how their FX fixing business was being executed in the market.
While asset managers should be able to assume that the market infrastructure was adequately robust and that their counterparties conducted themselves with some degree of appropriate behaviour, at the same time, greater scrutiny and enforcement from market participants is desirable.