The London 4pm rate is by far the most heavily used. There are a number of other reference rates, with the 2.15pm CET rates published by the European Central Bank quite widely used. 2  FSB (2014), “Public Responses to July 2014 Consultative Document Foreign Exchange Benchmarks”, 20 August. Available at <http://www.financialstabilityboard.org/2014/08/c_140819/>. 3  FSB (2014), “Final Report on Foreign Exchange Benchmarks”, <http://www.financialstabilityboard.org/2014/09/r_140930/>.
BIS central bankers’ speeches  30  September. Available  at  1  The recommendations addressed both the structure of the benchmark process as well as the conduct of participants in the process and can be divided into four main areas: benchmark methodology; execution infrastructure; market conduct; and guidance on central bank reference rates (which I won’t cover today).