Thomson Reuters has launched a new FX benchmark service that will enable corporates to value, hedge and settle cross-border transactions. According to the company, the Reuters 2pm CET benchmark offers “a reliable, transaction-oriented alternative to the European Central Bank (ECB) 2:15pm CET reference rates”.

The service will be available free of charge to corporates, said the firm in its press release. It stated that it is filling a gap in the market, since the ECB announced plans to publish its euro foreign. Thomson Reuters is therefore providing the 32 rates currently covered by the ECB reference rate with a 30-minute delay at financial.thomsonreuters.com. Additional data in real-time will be available to subscribing customers.

Thomson Reuters also stated: “Unlike benchmarks that are based on composite data, the WM/Reuters 2pm CET benchmark is calculated on available primary market data sourced from global trading platforms such as Thomson Reuters Matching, EBS and Currenex to provide a more accurate and transparent rate. These rates fully align with IOSCO principles for financial benchmarks and are calculated based on a well-established and documented methodology.”