Thomson Reuters has bought a set of currency benchmarks that became a focal point in the forex scandal.

The data firm is buying the WM/Reuters FX calculation business owned by State Street subsidiary the World Markets Company.

The benchmarks, which act as an exchange rate for various spot FX currency pairs, are now regulated by UK financial watchdog the FCA.

It follows the FX-rigging scandal which led to a host of major banks, including Barclays, RBS and Citi, pleading guilty to market manipulation and paying multi-billion dollar fines.

The illegal scheme involved large trades being placed to deliberately alter benchmark calculations for the WM/Reuters 4pm fix, creating profit for the banks' own currency desks.

Some forex traders at five of the biggest global banks had been doing that for several years.

A Thomson Reuters statement on Tuesday said the acquisition allows the firm to administer and calculate the benchmark.

No financial terms were disclosed.

“We will be working alongside clients, regulatory authorities and market participants as we continue to invest in enhancements to ensure this benchmark series remains a reliable, trusted and fundamental component of market infrastructure," said Abel Clark, managing director, financial, Thomson Reuters.

James  Lowry, senior vice president and head of State Street Global Exchange for EMEA said the decision to sell the WM/Reuters FX benchmark makes “good strategic sense” for both companies.

Thomson Reuters will employ the same WM team to operate the service and stick with the same methodology.