|FTSE Partners With Cürex On FX Indices|
|June 12, 2012 12:32 (CET)|
The FTSE Group has today launched a new foreign exchange index series that will provide real-time bid and offer prices across a wide range of currency pairs.
The FTSE Cürex FX Index Series has been developed in partnership with Cürex, a company that develops technology linking institutional foreign exchange with global capital markets.
The indices aim to bring increased transparency to foreign exchange pricing by using a range of independent contributors to source real-time spot FX indices on 192 current pairs.
The move comes amid a series of complaints by large US institutions that they have been overcharged for FX transactions.
The new indices are published in real time on a 24/5 basis during institutional OTC FX hours. In addition, snap indices will be published every 15 minutes, which FTSE said will provide “an independent, time-stamped valuation metric to enhance NAV calculation and fuel the creation of new currency risk management tools and investment products”.
Mark Makepeace, chief executive of FTSE Group, said: “FX is the world’s largest capital market and currency exposure affects investors in all asset classes. This new series of FX indices will be used by our clients worldwide as a better benchmark for managing currency risk and performance, and will support a wide range of passively managed FX currency funds and strategies.”