This paper examines the consequences of the 2015 reform on the London fixing in the interbank forex market, which …

, and at 4:00 pm London time for transactions between European and US banks and their customers. The two fixings have … different regulations and institutions. The London fix is calculated as a median price during the one minute window around 4 … banks for collusive behaviors to manipulating the price around the London fixing time. It has been mentioned in the media …

scheduled time, 10am in Tokyo and 4pm in London. The fixing exchange rate is then applied to the settlement of foreign exchange … than in the London fixing. (2) The customer orders are biased toward buying the foreign currencies, which is predictable …