Subsequent liaison suggested that market participants were attentive to the potential impacts. In some markets, participants looked to bring the timing of their flows forward of month-end. But while the fixings have generally proceeded smoothly, there have been occasions this year where the London 4pm fix has been associated with heightened volatility.
This has prompted discussions – including amongst the GFXC and its member committees – about the fixing process. The GFXC is regularly engaging with the administrator of the W M/R fixes to relay any feedback from the committee and its members. I am encouraged by the increased engagement by them with market participants on the issues.