ECB changes euro FX reference rates' publication time
Further changes may be made if transactions linked to rates do not fall
The European Central Bank (ECB) will change the timing of the publication of the euro's foreign exchange reference rates, it announced today (December 7).
From July 1, 2016, the ECB will publish its reference rates every day at "around 4pm" Central European Time (CET). It currently publishes the rates at "around 2:30pm".
The move follows the forex scandal of 2013, which saw multiple major banks pay heavy fines following allegations they colluded to fix foreign exchange rates.
It was "essential"
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