According to an official company press release, Thomson Reuters has acquired the WM/Reuters FX Benchmark rate calculation subsidiary The World Markets Company (WM) from State Street Corporation, effective immediately.
The benchmark is widely used as a price reference for portfolio valuation and performance and index calculation as well as to price related foreign exchange contracts.
The benchmark, until now, was managed by State Street’s subsidiary, The World Markets Company PLC, and which is now owned by Thomson Reuters as per the acquisition.
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Commenting in the press release, Tobias Sproehnle, head of Benchmarks at Thomson Reuters, said “We are excited about the addition of this essential service to our growing number of industry benchmarks and indices,” and added, “The FX market continues to evolve and grow in complexity, so it is increasingly important that FX benchmarks are reliable, transparent and independent. As the trusted, independent provider of critical data to power the world’s financial markets, we are committed to ensuring that this benchmark continues to meet the needs of its many clients.”
State Street Global Exchange’s James (JR) Lowry , senior vice president and head of EMEA said. “The decision to sell WM/Reuters FX benchmark makes good strategic sense for both companies.”
Mr. Lowry added, “It allows State Street to focus on the delivery of its core services, and Thomson Reuters to focus on its fundamental strategy to deliver best-in-class client data and information services. We’re confident that Thomson Reuters will ensure the high standards of the WM/Reuters foreign exchange benchmark are maintained.”