WM Company

WM/Reuters Exchange Rates

Closing Spot Rates for
Mon, 8 Feb, 2010, 1600 UK

	USD	GBP	EUR	JPY
USD	-	1.56415	1.37010	0.01121
GBP	0.63932	-	0.87595	0.00716
EUR	0.72987	1.14165	-	0.00818
JPY	89.24500	139.59255	122.27460	-

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WM/Reuters Service

WM/Reuters deliver accurate, timely and independent exchange rates that are understood, trusted and reliable across all markets worldwide.

Accuracy - Rates are fixed using a patented proprietery Methodology.
Timely - Our rates are published globally within strict timescales.
Transparent - The Methodology used to set our rates is available to our Users.
Reliable - WM set rates for currencies in volatile market conditions on a consistent basis.

WM/Reuters Closing and Intraday Spot Rates Service – Technical Enhancement

As the year comes to a close we want to thank all of our partners for your continued support of the WM/Reuters service. Based on your support, WM/Reuters has continued growing in 2009 even as overall FX volumes fell.

WM/Reuters remains the global benchmark for FX with trading volumes accounting for roughly 10-12% of the global total.

Today, we serve over 1400 clients across 46 different countries.

Currencies coverage includes:
158 Spot rates published over 120 times per week
72 FWD rates published 90 times per week
6 NDF rates published 90 times per week with more to come in 2010

WM/Reuters will continue to grow by providing an accurate, independent spot rate service that evolves in line with changing market and customer requirements. We will continue to base the WM/Reuters Spot rates service on our patented, proprietary methodology. We will continue providing global coverage of all the major currencies including collecting, validating and publishing spot, forward and NDF Rates on an hourly intraday and closing basis. We will also continue to provide the world’s most complete and accurate historical data on spot and forward rates.

Discussions with partners indicated scope for specific technical improvements in certain pairs where better base-line data on FX rates is available. Based on our partner suggestions, we will be using pricing data that is real-time rather than artificially adjusted or throttled, is volume weighted and reflects the new market convention of quotes in tenths of a pip for certain pairs. To this end, we will be introducing data from Currenex for the EURUSD, USDJPY and EURCHF currency pairs. These changes will significantly improve the accuracy of the WM fixings (including the cross rates) and serve as a starting point for further enhancements in 2010. This technical improvement will not materially affect the service and there will be no changes to any of the output or format of the data that you receive.

We look forward to continuing to work with our business partners on further improvements in our service. We can be contacted 24 hours via phone at: +441313155515 or via email at fx.rates@wmcompany.com.

WM/Reuters Non-Deliverable Forwards (NDF) - New Service

As the provider of the WM/Reuters Spot and Forward rates we are constantly striving to improve quality of the service and meet client requirements.

We are pleased to introduce the WM/Reuters Non-Deliverable Forward (NDF) Rates service. This service is Intraday and Closing NDF Rates, the fixing times mirror the current Intraday Forwards Service covering 18 fixes per day. Initially the service will cover 6 currencies and up to 9 time periods per currency and we hope to increase the currencies covered early next year. These Intraday and Closing NDF rates are captured, validated and published in outright terms and use the same methodology and compliment the WM/Reuters Intraday and Closing Forward rates service.

Chinese R. Yuan CNYNDF Indian Rupee INRNDF

Indonesian Rupiah IDRNDF Malaysian Ringgit MYRNDF

Philippine Peso PHPNDF South Korean Won KRWNDF

By using the WM/Reuters Non-Deliverable Forward rates, you can be confident that the currencies are continually monitored throughout the day with further rigorous checks being applied at the fix time.

From Monday 28th September 2009 the new service will be available.

WM/Reuters CNY Forward Methodology Information

The WM Company is constantly researching and monitoring currency behaviour in order to ensure that WM/Reuters rates continue to be as accurate as possible.

To this end due to the new Non-Deliverable Forward Rates service we are introducing, detailed above, we will be updating our methodology for our published Chinese Renminbi Yuan forward rates effective from 7am Sydney time on Monday 28th September 2009 as follows:

CNY Forward rates will no longer be non-deliverable forwards within the WM/Reuters premium/discount forward rate service and they will now be sourced from onshore banks. CNY NDFs will be part of our new WM/Reuters Non-Deliverable forward rates service, captured, validated and published in outright terms.
WM/Reuters Spot & Forward Rates - Methodology Update
As the provider of the WM/Reuters Spot and Forward rates we are constantly looking to improve the quality of the service we offer while continuing to meet client requirements.
Currently for currencies where offshore trading is not permitted we publish Spot and Forward rates in line with local market levels. This means that when local markets are open our published rates will reflect activity in that market. When the local market closes the rates published in each subsequent fix remain unchanged.
This impacts specifically the following currencies: CNY, IDR, INR, KRW, MYR, PHP, THB and TWD.
To aid understanding of this current policy we are now publishing specific market open and close times within our methodology.
From 7am Sydney time Monday 31st August the times detailed below will be adopted. Please be aware that these may be subject to change, with any amendment duly advised.

ISO         Open Time       Close Fix

CNY            01:15            10:00
IDR             00:15            09:00
INR             03:15            12:00
KRW           00:15            06:00
MYR            00:15            10:00
PHP            01:15            08:00
THB            00:15            11:00
TWD           01:15            08:00

We believe clients will find the improved transparency of our methodology beneficial.