WMR FX Benchmarks Methodology Document

This document is a technical report detailing the methodology for the WMR FX Benchmarks, which include Spot, Forward, Non-Deliverable Forward (NDF), and Metals Rates. It outlines the history and development of these benchmark services, starting from the introduction of the WMR Closing Spot Rates in 1994 to the latest updates in January 2026. The report describes the management responsibilities of FTSE International Ltd as the benchmark administrator, including the processes for determining and disseminating the rates. It explains the use of Expert Judgement in the calculation of benchmark rates, emphasizing the importance of market activity and data sourcing. The document also details the validation processes and tolerance checks applied to ensure the accuracy and reliability of the benchmark rates. Furthermore, it discusses governance and transparency measures in place to maintain the integrity of the benchmarks, highlighting the periodic reviews of data suppliers and the criteria for determining active markets.