Thomson Reuters has launched a new FX benchmark service for valuing, hedging and settling cross-border transactions called the WM/Reuters 2pm CET benchmark.

The service offers an alternative to the European Central Bank’s 2:15pm CET reference rates, by covering all 32 rates covered by the ECB with a 30-minute delay free of charge for corporates.

By subscribing, customers gain real-time access to the 2pm spot rates of the WM/Reuters intraday service, which includes 155 currencies against the EUR, GBP and USD.

The benchmark is calculated on available primary market data sourced from global trading platforms such as Thomson Reuters Matching, EBS and Currenex, rather than composite data, and provides a more accurate and transparent rate according to the company.

“The changes to the ECB reference rates have left a gap for corporates that need a trusted reference rate to settle cross-border transactions on a daily basis,” said Tobias Sproehnle, global head of benchmarks at Thomson Reuters.

“The WM/Reuters 2pm CET benchmark provides them with a highly-monitored and robust solution for this task that comes with the comfort that it fully aligns to IOSCO principles for benchmark calculation and that it is calculated on primary market data from leading market platforms.”