We are now several months on from the release of the report, so it is useful to see what has been achieved in that time. My general assessment is that there has been significant progress on some recommendations but little on others. 1  WM publishes reference rates throughout the course of the day.
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/>.