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What is the forex fix? The daily benchmark rate behind many deals

By SendPay Business · · 2 min read

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The forex fix is a set of benchmark exchange rates taken at set times each day. The best known is the WM/Reuters fix at 4pm London time, now run by WM/Refinitiv. Pension funds, index providers and companies use it to value holdings and settle currency deals.

How it is worked out

  • Actual trades and quotes are collected over a short window around 4pm London time.
  • A median rate is calculated for each currency pair.
  • The rates are published and used to value funds and indices worldwide.
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Why trading spikes at the fix

Many large investors ask their banks to trade at the fix rate, so a lot of orders land in the same few minutes. This can cause sharp but short price moves, especially at the end of a month when funds rebalance.

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The fix scandal

In 2013 it emerged that traders at several large banks had shared information to try to move the fix in their favour. In November 2014 regulators in the UK, US and Switzerland fined six banks a combined total of about $4.3 billion. The calculation window was later widened to make the fix harder to manipulate.

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Where SendPay fits

SendPay platforms let customers hold GBP, EUR and USD and exchange between them at a fee the platform owner sets, powered by licensed partners. SendPay doesn't offer trading.

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

When is the forex market open?

See the trading sessions in your time zone.

Forex market hours →
What is the mid-market rate?

The midpoint between buy and sell prices for a currency.

Mid-market rate →
What is the forex market?

The global market where currencies are bought and sold.

Forex market →
What are forex market hours?

When the main currency trading centres are open.

Forex market hours →

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Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.